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London midday: Stocks fall back after Portugal downgrade

Wed, 06th Jul 2011 12:08

Stocks have sunk below the 6,000 point mark as worries set in again over the Eurozone debt situation.The focus has shifted from Greece to the other side of the Mediterranean after credit rating agency Moody's Investor Service has lowered Portugal's rating to junk status, warning the country may need another bail out. The decision comes despite Portugal agreeing a €78bn rescue package just two months ago.Banks are most prominent among the laggards in the FTSE 100. RBS and Barclays are both down more than 3%.In company news, acquisitive advertising conglomerate WPP is the heaviest faller in the large-cap index. It has been waving its debit card about again, this time acquiring a majority stake in Indian advertising agency, Mindset Advertising. Sportswear retailer Sports Direct's move into the fashion world with the acquisition of 80% shareholdings in the Scottish fashion chains USC and Cruise Clothing for £7m has pleased the market. Cash and carry group Booker is in demand after saying it is on course to meet expectations for the year ending 30 March after seeing a sharp rise in sales in the first quarter. Total sales were up by 9.5% from the same period the previous year (7.4% on a like-for-like basis), and by 9.1% excluding tobacco. Like-for-like tobacco sales were up by 5.7%.Milk supplier Robert Wiseman is in demand after saying trading is in line with expectations. Panmure Gordon said today it thinks having to pay suppliers a higher milk price in the autumn presents it with an opportunity to "recover costs from retailers." The broker ups its target price on stock to 320p from 260p. Turning to smaller companies, shares in Coal of Africa roared higher after the miner said it had been granted approval to build its project at Vele in South Africa. Construction is expected to be completed in six to nine months and production is expected to reach 1m tonnes a year.Advertising and marketing group Cello dropped after saying it expects profits for the full year to fall slightly short of expectations after losing a retail research contract earlier this month and seeing one of its retail clients entering administration. The company expects to incur a full year exceptional charge of about £500,000. But another marketing-type firm, ILA, which supplies women's personal alarms and promotional products, is having a good day. It expects full-year sales to be higher than previously anticipated after successfully penetrating new markets.FTSE 100 - RisersSerco Group (SRP) 565.00p +3.86%Intertek Group (ITRK) 1,949.00p +2.04%Experian (EXPN) 821.50p +1.29%ARM Holdings (ARM) 608.00p +1.08%Tullow Oil (TLW) 1,313.00p +0.92%Antofagasta (ANTO) 1,440.00p +0.35%Unilever (ULVR) 2,041.00p +0.34%National Grid (NG.) 616.00p +0.33%Resolution Ltd. (RSL) 299.10p +0.30%GlaxoSmithKline (GSK) 1,350.50p +0.26%FTSE 100 - FallersRoyal Bank of Scotland Group (RBS) 37.53p -4.24%Barclays (BARC) 251.35p -3.14%ICAP (IAP) 479.10p -2.90%WPP (WPP) 764.00p -2.80%ITV (ITV) 71.65p -2.72%Vedanta Resources (VED) 2,015.00p -2.61%International Power (IPR) 311.10p -2.48%Kazakhmys (KAZ) 1,354.00p -2.17%International Consolidated Airlines Group SA (IAG) 253.50p -2.01%Lloyds Banking Group (LLOY) 47.80p -2.01%FTSE 250 - RisersBrown (N.) Group (BWNG) 284.60p +6.31%Supergroup (SGP) 960.50p +5.03%Booker Group (BOK) 73.95p +4.97%JD Sports Fashion (JD.) 1,018.00p +3.88%BTG (BGC) 298.00p +3.33%WH Smith (SMWH) 515.00p +3.00%Carpetright (CPR) 648.00p +2.45%Domino's Pizza UK & IRL (DOM) 426.00p +2.33%BBA Aviation (BBA) 225.80p +2.22%Savills (SVS) 402.60p +1.87%FTSE 250 - FallersKenmare Resources (KMR) 54.95p -8.19%EnQuest (ENQ) 126.00p -3.52%De La Rue (DLAR) 744.50p -3.50%Ferrexpo (FXPO) 478.80p -3.33%New World Resources A Shares (NWR) 902.50p -2.80%Babcock International Group (BAB) 711.50p -2.53%TalkTalk Telecom Group (TALK) 141.60p -2.34%TR Property Inv Trust Sigma Shares (TRYS) 91.80p -2.34%Misys (MSY) 405.00p -2.22%Lancashire Holdings (LRE) 652.00p -1.95%
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7 Aug 2020 20:11

IN BRIEF: Court Order Sanctions Arsenal's Cello Acquisition

IN BRIEF: Court Order Sanctions Arsenal's Cello Acquisition

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4 Aug 2020 09:05

IN BRIEF: Cello Health Gets Shareholder Approval For Arsenal Takeover

IN BRIEF: Cello Health Gets Shareholder Approval For Arsenal Takeover

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1 Jul 2020 12:10

Arsenal Capital makes £179m offer for Cello Health

(Sharecast News) - Cello Health said on Wednesday it had agreed to a takeover from private venture company Arsenal Capital Partners, valuing the company at £179m.

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13 May 2020 16:18

UK Shareholder Meetings Calendar - Next 7 Days

UK Shareholder Meetings Calendar - Next 7 Days

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8 Apr 2020 12:53

Wednesday broker round-up

(Sharecast News) - Travis Perkins: JP Morgan downgrades to underweight with a target price of 920p.

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7 Apr 2020 12:47

UK TRADING UPDATE SUMMARY: GCP Student Living Terminates Acquisition

UK TRADING UPDATE SUMMARY: GCP Student Living Terminates Acquisition

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6 Apr 2020 15:17

Access Intelligence Records Widened Annual Loss As Expenses Rise

Access Intelligence Records Widened Annual Loss As Expenses Rise

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18 Mar 2020 14:25

Cello Health Profit Falls On GBP2.7 Million Signal Agency Impairment

Cello Health Profit Falls On GBP2.7 Million Signal Agency Impairment

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11 Mar 2020 16:05

UK Earnings, Trading Statements Calendar - Next 7 Days

UK Earnings, Trading Statements Calendar - Next 7 Days

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6 Feb 2020 13:32

Cello Health To Pay GBP1.6 Million Back To Access Intelligence

Cello Health To Pay GBP1.6 Million Back To Access Intelligence

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6 Feb 2020 11:21

Cello Health settles with Access Intelligence over Pulsar sale

(Sharecast News) - Healthcare-focussed advisory group Cello Health updated the market on post-completion adjustments in its sale of the Pulsar platform to Access Intelligence on Thursday.

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16 Jan 2020 12:58

Cello Health Reports "Excellent Year" As Restructures Signal Division

Cello Health Reports "Excellent Year" As Restructures Signal Division

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7 Oct 2019 15:23

Cello Health Secures 11% Holding In Access Intelligence

Cello Health Secures 11% Holding In Access Intelligence

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2 Oct 2019 14:15

Cello Health sells Pulsar business to Access Intelligence

(Sharecast News) - Healthcare-focused advisory group Cello Health has sold its social media analytics software business, Pulsar, to Access Intelligence for £4.5m in shares.

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2 Oct 2019 10:23

Cello Health Sells Social Media Analytics Unit To Access Intelligence

Cello Health Sells Social Media Analytics Unit To Access Intelligence

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