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London afternoon: Footsie pulled both ways

Tue, 20th Oct 2009 14:19

Footsie is struggling to find any sense of direction despite some big movements in individual companies' share prices.Fast growing software company Autonomy is finding the market hard to please. Despite another spell of strong organic growth in the third quarter, the shares are the worst performers among Footsie stocks. The data search specialist said revenues in the three months to 30 September rose to $191.61m from $121.11m in the third quarter of 2008. Barclays is also lower after Qatar's sovereign wealth fund said it was selling half of the warrants it holds in the bank. Qatar Holding is selling 379.22m shares that it is converting from warrants at an exercise price of 197.775p each, but said it will remain a long-term shareholder in the bank.But speculators have put two and two together and surmised that the Barclays sale could be a prelude to Qatar making a renewed assault on supermarket group Sainsbury, where it has a 26% stake. The two parties had a protracted courtship during 2007 which ended with the sovereign wealth fund opting not to make a bid for the UK's third largest supermarket group by sales.Among second liners online gaming firm Partygaming lost more than a tenth of its value in early trade as founder Anurag Dikshit said he will sell up to 75m shares in the company. Even taking into account today's sharp fall, Partgaming's shares are at the twice the level they were at a year ago.Back in the top flight Lloyds Banking Group is also in a selling mood, offloading the Bank of Scotland Portfolio Management Service and two other private client businesses to Rathbone Brothers for £35.4m.Elsewhere in the financial sector investors are spurning insurers such as Old Mutual and Friends Provident and properties such as SEGRO and Liberty International.Education group and FT publisher Pearson is ahead after it upped its estimate of full year earnings after trading better than expected in recent weeks. 'Pearson is trading ahead of expectations and we now expect full year adjusted earnings to be at or above 60p per share, assuming that the current exchange rate of £1:$1.64 prevails in the fourth quarter,' it said.Swiss mining company Xstrata's operating and financial performance in the third quarter remained strong. The company had a mixed spell on the production front, with increased volumes of thermal and semi-soft coal, platinum group metals (PGMs), refined nickel, zinc in concentrate and lead metal compared to the third quarter of 2008, but lower volumes of ferrochrome and copper. Balfour Beatty has snagged a batch of contracts in the US, the majority of which are with the US military. The construction and engineering contractor announced details of $449m of new contracts in the US states of Virginia, South Carolina, Georgia, Texas and North Carolina.Bakery chain Greggs is taking a pasting despite serving up a 2.5% rise in third quarter sales. On a like for like basis, sales were only up 0.2% year on year.Car dealer Inchcape's full year results are expected to be significantly ahead of previous expectations, but cautioned that conditions are expected to remain challenging well into the second half of 2010.Oil companies provide some cheer. Oil and gas exploration company Sterling Energy has finally sold off its US business for an initial $90m after initially putting it up for sale in April 2008. Meanwhile, shares in Petroceltic surged after the company said a post-fracture stimulation had substantially increased the flow rate at its AT-1 well. Completing the triumvirate of oil companies issuing good news, AIM-listed oil explorer Global Petroleum has had a positive result on the fifth well of its part-owned Leighton project.Earthport executive chairman Mike Harrison has decided to pass all executive responsibilities on to chief executive officer James Bergman after the electronic payments firm said full year losses had doubled. Harrison remains as non-executive chairman.Assets managed by private client stockbroker and fund manager Hargreaves Lansdown jumped by more than 20% in the past three months as rising stock markets 'galvanized investors into action'. Total assets under management jumped by 22% to £14.5bn at end September, compared to £11.9bn at end June and £10.3bn a year ago.FTSE 100 - RisersSainsbury (J) (SBRY) 347.00p +5.12%Pearson (PSON) 859.50p +4.56%Man Group (EMG) 367.00p +1.94%National Grid (NG.) 597.00p +1.88%BG Group (BG.) 1,167.50p +1.83%British Sky Broadcasting Group (BSY) 585.50p +1.83%Cable & Wireless (CW.) 141.30p +1.80%Diageo (DGE) 990.50p +1.80%Centrica (CNA) 245.60p +1.66%BT Group (BT.A) 136.40p +1.64%FTSE 100 - FallersAutonomy Corporation (AU.) 1,490.00p -6.58%Barclays (BARC) 364.45p -4.61%Burberry Group (BRBY) 562.50p -2.43%Wolseley (WOS) 1,430.00p -2.32%Liberty International (LII) 510.00p -1.92%Friends Provident Group (FP.) 82.15p -1.79%Old Mutual (OML) 113.00p -1.74%ICAP (IAP) 455.00p -1.39%Aviva (AV.) 437.40p -1.38%Rexam (REX) 277.00p -1.35%FTSE 250 - RisersInchcape (INCH) 35.39p +7.67%BlueBay Asset Management (BBAY) 381.30p +5.71%International Personal Finance (IPF) 228.10p +3.92%Forth Ports (FPT) 1,200.00p +2.74%Imagination Technologies (IMG) 237.80p +2.54%Robert Wiseman (RWD) 455.00p +2.25%Ferrexpo (FXPO) 170.00p +2.16%Brown (N.) Group (BWNG) 265.20p +2.00%Ashtead Group (AHT) 88.45p +1.90%Trinity Mirror (TNI) 193.40p +1.84%FTSE 250 - FallersPartyGaming (PRTY) 246.00p -13.53%PayPoint (PAY) 444.90p -5.84%Heritage Oil (HOIL) 497.70p -5.20%Greggs (GRG) 445.00p -4.36%Stobart Group (STOB) 123.30p -3.97%Travis Perkins (TPK) 847.00p -3.75%Carpetright (CPR) 881.50p -3.34%Daejan Holdings (DJAN) 2,741.00p -3.14%Sports Direct International (SPD) 104.30p -2.98%Premier Oil (PMO) 1,324.00p -2.79%
More News
25 Mar 2011 17:19

London close: Footsie back at 5,900

Blue chips closed the week just above 5,900 with decent gains across a range of sectors helped by a smattering of broker recommendations. Reckitt Benckiser is wanted after Bank of America Merrill Lynch upgraded the stock of the Cillit Bang maker to "buy" from "neutral", while Autonomy is in the red

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25 Mar 2011 15:28

FTSE 250 movers: African Barrick rises on Tanzanian success

African Barrick Gold is a top performer after having further successes with its drilling programme on the Nyanzaga project in Tanzania. Euromoney Institutional Investor, the business publisher and exhibitions organiser, is among the fallers after its pre-close trading update underwhelmed investors.

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25 Mar 2011 14:07

London afternoon: Gaming firms in demand

Leading shares are mixed after the strong opening prompted traders to bank some profits at the end of a week which has seen the top share index advance by around 170 points. Broker commentary is behind the share price movements of the Footsie's best and worst performers. Reckitt Benckiser is wante

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4 Mar 2011 06:43

Friday tips round-up: Cobham, Aviva, Amec...

Yesterday's full-year figures from Cobham have much to recommend them. Underlying pre-tax profits were up by a healthy 4% to £306m, on revenues broadly flat at £1.9bn, thanks to an improvement in margins to 18.3%. Cobham is also working hard to insulate itself from the ructions over defence spendin

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3 Mar 2011 16:39

London close: Shares soar on Libya deal hopes

Reports that the Libyan situation might be resolved through mediation rather than violence sent UK shares sharply higher. The Arab League is said to be considering a proposal to end the fighting in Libya sending oil prices higher. Heavy oil users such as airline International Consolidated Airlines

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3 Mar 2011 15:28

FTSE 250 movers: PartyGaming surges as sales rise

Online gambling firm PartyGaming is the best performer on the FTSE 250 after 2010 revenues rose by 15%, after casino games, bingo and sports betting offset weakness from the company's poker operations. Cobham was also higher despite statutory pre-tax profits for 2010 falling to £189m, from £245m, h

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3 Mar 2011 14:33

Revenues soar at PartyGaming

Casino games, bingo and sports betting drove revenues higher at PartyGaming in the year to 31 December, offsetting weakness from the company's poker operations. Revenues rose by 15% from the previous year to €357.3m (£300m) to €310.1m, with casino revenues jumping to €151.4m from €136.3m, bingo rev

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3 Mar 2011 14:13

London afternoon: Footsie cruises towards 6,000

Footsie has 6,000 within its sights once more as stocks bounce back strongly on hopes that the Libyan situation might be resolved. Reports that the Arab League is considering a proposal to end the fighting in Libya have boosted sentiment, and has sent the price of oil into reverse. Heavy oil users

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28 Jan 2011 15:56

FTSE 250 movers: BTG and IG Group on the decline

BTG is on of the heaviest fallers despite yesterday's announcement that the speciality pharmaceuticals developer expects its recurring revenues will grow by £5m following the Biocompatibles acquisition. IG Group is following suit after the its was reported yesterday that the spreadbet firm has one

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17 Dec 2010 08:12

PartyGaming's casino keeps year on track

PartyGaming, the internet gambling firm that's merging with rival bwin, has traded in line with expectations during the fourth quarter, with a stronger casino business offsetting weakness in poker and bingo. The company said trading since the end of September has been "solid" overall, thanks mainly

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15 Nov 2010 08:04

Sportingbet confirms talks

Online bookmaker Sportingbet has confirmed it is in talks about 'potential opportunities', rumoured to be with Swedish rival Unibet in a deal that could be worth up to £600m. "The company confirms that it has had and will continue to have discussions with different parties in relation to a variety

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22 Oct 2010 16:24

London close:Dull end to the week

London has closed lower as Wall Street failed to arouse much enthusiasm and miners fell back with a weak dollar. Talks about currency tensions at this weekend's G20 meeting in Korea are also making traders cautious. Lonmin, Eurasian Natural Resources Corp, Vedanta and Anglo American are lower. Tw

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22 Oct 2010 15:25

London afternoon: Gloomy mood continues

Blue chips are stuck in the red as Wall Street failed to arouse much enthusiasm and miners continue to wallow in negative territory as dollar strength trims commodity prices. US company earnings have been largely well-received, but talks about currency tensions at this weekend's G20 meeting in Kore

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22 Oct 2010 12:54

Broker tips: GSK, PartyGaming, Debenhams

Panmure Gordon has not changed its forecasts for GlaxoSmithKline following third quarter results that failed to rouse much excitement. The drugs firm's results were broadly in line with the broker's expectations reporting revenues of £6.81bn and earnings per share of 28.2p. The broker recently dow

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22 Oct 2010 12:44

Broker snap: Exciting future ahead for PartyGaming

KBC Peel Hunt expects that the completion of PartyGaming's merger with bwin Interactive Entertainment to be one "well worth waiting for". The internet gambling firm's third quarter results were in line with forecasts with revenues at €85.3m. This represented a 6% decline compared with the last quar

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