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London midday: Share prices steady down

Mon, 30th Nov 2009 12:09

UK share prices are stabilising at lower levels after hopes of a continued rebound from the Dubai-inspired shake-out on Thursday were quashed by disappointing UK consumer confidence figures.Figures from market research firm Gfk NOP showed consumer sentiment fell to -17 from -13 in October.Middle East stock markets have plunged dramatically after reopening for business following the four-day Muslim holiday of Eid, and although investors had been braced for falls, the size of them seems to have rattled the banks, where the likes of Lloyds Banking, Royal Bank of Scotland and Standard Chartered are sharply easier. HSBC defies the trend and is nursing a small gain.Properties are also out of favour after HSBC said the real estate investment trust (REIT) sector is poised to suffer a 'double-dip correction' and that shares within the sector are 'grossly over valued'.SEGRO and British Land are the hardest hit among the big guns of the sector while among second-liners Daejan and Grainger are laid low.In contrast, defensive sectors such as tobacco and utilities are seeing some support as the market waits to see whether the situation in Dubai will have a ripple effect on other economies. IMPs is going well in the former while Severn Trent and National Grid catch the eye in the latter.A ray of sunshine has been provided by travel operator Thomas Cook, which posted full year pre-tax profits that were ahead of expectations as increased ticket prices offset falling customer numbers. The company posted an adjusted pre-tax profit of £308.2m, down slightly from £309.3m the previous year, as revenues climbed to £9.27bn from £8.75bn. The shares have relinquished their early gains but sector peer TUI Travel, due to declare figures on Tuesday, is still in the blue.Aberdeen Asset's purchase of businesses from Credit Suisse gave assets under management a boost in the year to September, but the fund manager still suffered a 20% slump in profits. Underlying profit before tax fell to £85.1m from £95.1m a year ago, but dived to £10.5m from £60.5m after exceptional items, such as costs related to acquisitions, redundancy payments and other rationalisation charges.Oil and gas firm Cairn Energy is to make oil exploration company Capricorn a wholly owned subsidiary by buying out minority shareholder Dyas's 9.99% stake for $95m, to be satisfied through a mixture of newly issued shares and cash. The board of pub group Mitchells and Butlers has approached the Takeover Panel to rule whether a group of shareholders has been trying to gain control of the board after they blocked three potential candidates for chairman. Reports over the weekend suggested that one of those candidates was Archie Norman, the former head of Asda and recently appointed chairman of ITV.Elsewhere in the sector, fellow pub groups Enterprise Inns and Punch Taverns are markedly lower.Irish banking group Allied Irish Banks (AIB) has confirmed its participation in the National Asset Management Agency (NAMA) asset acquisition programme. NAMA has yet to specify which of Allied Irish's loans it intends to buy under the scheme, but expects it will be land and development loans totalling €24.2bn on a gross loan basis. Expectations are that AIB will have to take around a 30% 'haircut' on the value of its assets in return for the boost to liquidity.Bank of Ireland also plans to join the NAMA scheme. The company said the portfolio of potential eligible bank assets to be transferred could comprise a gross book portfolio of around €16bn.FTSE 100 - RisersTUI Travel (TT.) 248.10p +1.81%Severn Trent (SVT) 1,055.00p +1.44%Compass Group (CPG) 438.30p +1.13%Cairn Energy (CNE) 3,069.00p +0.95%Marks & Spencer Group (MKS) 387.20p +0.91%Imperial Tobacco Group (IMT) 1,792.00p +0.90%Bunzl (BNZL) 630.00p +0.72%HSBC Holdings (HSBA) 711.10p +0.68%British Airways (BAY) 195.00p +0.62%National Grid (NG.) 661.50p +0.53%FTSE 100 - FallersLloyds Banking Group (LLOY) 55.35p -5.55%Royal Bank of Scotland Group (RBS) 33.28p -4.15%Legal & General Group (LGEN) 78.35p -3.21%Resolution (RSL) 82.30p -2.49%Invensys (ISYS) 280.50p -2.43%Standard Chartered (STAN) 1,486.50p -2.20%Lonmin (LMI) 1,745.00p -2.13%SEGRO (SGRO) 331.00p -1.90%British Land Co (BLND) 451.30p -1.85%Kazakhmys (KAZ) 1,215.00p -1.78%
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16 Aug 2013 07:08

Daejan on track for first quarter

FTSE 250 property group Daejan confirmed income was in line with expectations in the first quarter of the year. A brief quarterly statement reported no significant sales had been made in the period to end-June in UK or USA, but that the second quarter should see more interest. The group's major p

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29 Nov 2012 10:35

Daejan back in profit

FTSE 250 property business Daejan bounded back into profit in the first half but warned it was "by no means clear" when sustained growth would return to its markets. The firm posted pre-tax profits of £23.3m in the six months to the end of September, up from a £121,000 loss the previous year. The

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16 Aug 2012 07:47

Daejan plodding along nicely

Daejan Holdings, a FTSE 250 property business, has reported net rental income in line with expectations for the first three months of the financial year. During the period the firm continued to make progress with its major project to refurbish and extend its existing property Africa House in Kings

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11 Jul 2012 15:11

FTSE 250 movers: Britvic dives after recall cost soars

Soft drinks group Britvic plummeted after saying the recall of its Robinsons Fruit Shoot and Fruit Shoot Hydro drinks could cost the company up to 25m pounds. Added to this, poor weather conditions and weak consumer sentiment means the group now expects to deliver a full-year results at the bottom e

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11 Jul 2012 10:43

Daejan profits halve but divi inches higher

FTSE 250 property business Daejan more than halved its pre-tax profits for the year ended March 31st but kept investors on side with a total dividend of 76p per share, up 1p on last year's payout. Pre-tax profit declined from £84.4m to £41.8m, gross rental income for the year came in at £92.96m (2

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17 Aug 2011 13:01

Daejan makes steady progress

Property business Daejan has reported that its net rental income for the period ending 30 June was in line with expectations. In a statement the company said: "There were no significant sales of property in the first quarter. "The major project to refurbish and extend our existing property Africa

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10 Feb 2011 13:18

Small caps round-up: Enegi Oil, Assura, Pressure Tech...

Enegi Oil says the pressure results from the ongoing chemical soak at its PaP#1 Garden Hill South (GHS) well in Newfoundland are "positive". A second chemical soak is planned to improve connectivity even further. Chemicals and acid will be injected down the wellbore at a significantly higher pressu

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22 Dec 2010 14:28

FTSE 250 movers: CSR extends gains

Bluetooth chip specialist CSR is leading the risers, closely following by property group Daejan Holdings and sports chain Sport Direct International. Weather disruptions are sending some stocks lower with retailers Dixons, Dunelm and SuperGroup among the worst performers, and public transport group

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7 Jul 2010 14:45

Daejan Holdings FY Pretax Profit GBP61.13M Vs Loss GBP248.04M

LONDON (Dow Jones)--Daejan Holdings PLC (DJAN.LN), said Wednesday that it made pretax profit of GBP61.13 million for the year ended March 31, compared with loss of GBP248.04 million MAIN FACTS: -Gross rental income GBP85.88 million versus GBP83.92 million -Basic and diluted Earnings per

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17 Aug 2009 13:12

Daejan's rental income on track

Property group Daejan Holdings said net rental income in the period from 1 April to 30 June in both the UK and USA is in line with expectations. Sales of properties are rarely evenly spaced throughout the year and this year is no exception with no significant sales of property to report in the fir

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15 Jul 2009 17:50

Daejan dives into the red

Property group Daejan Holdings slumped into the red in the year to end-March after taking a £262m hit on the value of its properties. In the year to 31 March 2009 the company made a loss before tax of £248m, versus a pre-tax profit the year before of £47.1m. Gross rental income rose to £83.9m from

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