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London close: Footsie back at 5,900

Fri, 25th Mar 2011 17:19

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 after JP Morgan issued a note in which it opined that the software giant's earnings quality is "poor and deteriorating".George O'Connor at Panmure Gordon remains a fan, however, pointing to a read across from US database software colossus Oracle which, in O'Connor's words, "came out with a blistering set of third quarter results after the US close yesterday"."The results bode well from the enterprise software sector generally, with Autonomy as the prime candidate for a positive read-across. Autonomy is closing the period (end March) and shares should begin the traditional 'lift' - Oracles results are a likely catalyst for the 'lift' to begin. Shares are trading on a current year P/E of 20.3x - the bottom end of the traditional range - and are pretty much where they normally are given the intra quarterly pattern," O'Connor says.Engineer Invensys recovered some of the losses seen yesterday following the abrupt departure of its chief executive, Ulf Henriksson. Evolution Securities said the share price setback represented a great buying opportunity.Credit Suisse reiterated its 'outperform' rating on satellite operator Inmarsat, but the shares lose altitude as the broker cut its target price from 840p to 720p, citing the disappointing fourth quarter results that revealed slowing growth.African Barrick Gold has had further successes with its drilling programme on the Nyanzaga project in Tanzania. Infill drilling continues to show good continuity of gold mineralisation throughout the Tusker deposit with further wide zones encountered on several sections.Euromoney Institutional Investor, the business publisher and exhibitions organiser, is trading in line with expectations and will make at least £40m in the half-year to 31 March. "Sales trends over the past three months have been broadly positive, particularly for the events businesses for which the third quarter is the most important of the year," the firm said Friday.Canary Wharf owner Songbird Estates' recovery continued in the second half of last year as property values picked up and occupancy rose to 97.1%. Online gaming company 888 said that the Nevada Gaming Commission has approved the relationship between Dragonfish, 888's business-to-business arm, and Caesars Interactive Entertainment. The ruling relates to state law in Nevada that covers Nevada gaming companies conducting gaming outside the state of Nevada."We believe the clearance is the first for a foreign operator and potentially paves the way for other foreign online gambling operators to enter into a joint venture with US based gaming companies (initially outside of the US)," noted Shore Capital.That's probably the reason behind strong interest in the shares of other online gaming firms today such as Partygaming and Betfair. Elsewhere in the sector online gaming software specialist Cryptologic is flying after it launched a full strategic review, which could result in it putting itself up for sale. Europe-focused Aurelian Oil & Gas has run into problems at the Siekierki multi-frak well Trzek-2 where the stabilised flow rate is now likely to be less than originally expected. The firm, which had been predicting a flow rate of about 8m standard cubic feet per day of gas, said the test had been delayed by two weeks due to mechanical problems.North Sea oilfields operator Xcite Energy is not fazed by tax changes in the Budget this week. According to the company's calculations, the increased benefit of the heavy oil tax allowances will have a material offsetting effect on the increased supplemental corporation tax charge. Xcite's loss before tax in 2010 widened to £2.45m from £0.78m in 2009 as the company invested heavily in its drilling programme. HMV, the entertainment media retailer, had bears rushing to cover their short positions as it confirmed press speculation that is exploring strategic options in respect of Waterstone's and HMV Canada. Cancer drug developer Antisoma was sharply lower after the company said that no transactions which might result in any offer for the issued share capital of the company remain under consideration and none are now envisaged. The company put up the "for sale" sign at the beginning of February after it discontinued development of a leukemia treatment it was working on, following a disappointing phase III trial.FTSE 100 - RisersInvensys (ISYS) 353.10p +3.49%Reckitt Benckiser Group (RB.) 3,160.00p +3.13%Schroders (Non-Voting) (SDRC) 1,408.00p +2.03%GKN (GKN) 198.00p +2.01%FTSE 100 - FallersAutonomy Corporation (AU.) 1,586.00p -3.41%Resolution Ltd. (RSL) 281.80p -2.59%ITV (ITV) 80.65p -2.24%Marks & Spencer Group (MKS) 351.10p -1.95%FTSE 250 - RisersSVG Capital (SVI) 249.00p +4.18%Drax Group (DRX) 387.40p +4.17%Centamin Egypt Ltd. (CEY) 137.70p +4.00%PartyGaming (PRTY) 193.00p +3.54%FTSE 250 - FallersRedrow (RDW) 129.60p -4.85%CPP Group (CPP) 270.80p -3.90%Barratt Developments (BDEV) 112.50p -3.43%Exillon Energy (EXI) 396.70p -3.15%- - -jh
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18 Dec 2009 16:43

London close: Late decline wipes out gains

Footsie ended lower having spent most of the day in positive territory. Financials led the market down and cruise operator Carnival's lower quarterly profit did not help. Most of the miners ended the day higher but they lost some of their earlier gains. Having been hit hard yesterday following the

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18 Dec 2009 14:21

London afternoon: Stocks in consolidation mode

Blue-chips moved sideways over the lunch-time session, consolidating the morning's gains. Goldman Sachs has given a lift to the oil sector, tipping BP as the 'clear winner' among oil companies next year, though it also rates UK operators BG and Royal Dutch Shell over their continental European coun

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18 Dec 2009 12:10

London midday: Stocks amble higher

Leading shares are mixed with a slightly firmer bias, helped by the strength of resource stocks. Gold miner Randgold Resources leads the mining sector higher as the gold price stabilises after falling heavily overnight. Elsewhere in the sector BHP Billiton, Kazakhmys and Antofagasta catch the eye.

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18 Dec 2009 08:45

London open: Footsie shrugs off bank weakness

London's blue chips have opened higher despite another weak showing from the banks after harsher than expected recommendations from the Basel Committee yesterday. Shares in all four fell heavily yesterday on the news and Barclays, Lloyds, Royal Bank of Scotland and Standard Chartered are all lower

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18 Dec 2009 07:34

London pre-open: Early gains expected

The top share index is expected to post modest gains in early dealings. Port operator Forth Ports said it expects full year results to be at the lower end of expectations due to weak trading in its Nordic recycling division and in its container services operations at Tilbury port near London. But

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18 Dec 2009 07:14

Partygaming upbeat after 'solid' trading

Online gaming group Partygaming expects underlying earnings this year to be slightly ahead of market forecasts after solid trading since September. The company, which has been in the spotlight lately amid speculation it is in talks with Austrian peer Bwin about a merger, said revenue is expected to

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14 Dec 2009 16:58

London close: Financials lift Footsie

Footsie began the week with good gains as the day got off to a strong start following news that Abu Dhabi is to bail out its troubled fellow Emirate Dubai. Investors piled into LSE, Standard Chartered and HSBC as the threat of possible huge bad debts recedes. An upgrade by Credit Suisse, which hi

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14 Dec 2009 14:52

London afternoon: Footsie up over 1%

The UK's leading shares are finding plenty of support after a strong start on Wall Street and the Dubai bail-out. Investors have piled into LSE, Standard Chartered and HSBC as the threat of possible huge bad debts recedes. An upgrade by Credit Suisse, which highlighted the low exposure to Dubai a

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14 Dec 2009 12:11

London midday: Dubai gives general boost

London's bue chips are still posting healthy gains, helped by the decision of Abu Dhabi to bail-out Dubai, its financially embarrassed neighbour. LSE, Standard Chartered and Royal Bank of Scotland are up on the Dubai news, which should lift the cloud of possible huge bad debts hitting the sector.

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13 Dec 2009 11:20

Sunday newspaper round-up: Cadbury, Barclays, Bonuses

Crunchie to Crème Egg chocolate maker, Cadbury, will tomorrow unveil its formal defence document, spelling out why the future is so creamy that it doesn't need Kraft Food's £10bn hostile takeover bid which has caused a furious response. Chairman Roger Carr and chief executive Todd Stitzer are expect

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9 Nov 2009 16:31

London close: Miners power Footsie gains

Mining stocks were at the vanguard of a strong advance from FTSE 100 as commodity prices were boosted by plans outlined by world leaders over the weekend to continue with stimulus measures. Kazakhmys, Fresnillo, Rio Tinto and Vedanta were some of the best performers in the mining sector. Mining g

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9 Nov 2009 14:23

London afternoon: Cadbury rejects Kraft bid

After all the waiting and speculation, the formal bid for Cadbury from US group Kraft Foods proved a disappointment, but it has not dampened sentiment in a buoyant London market. Kraft formally announced a bid for Cadbury on the same terms as the indicative offer announced at the beginning of Septe

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9 Nov 2009 11:58

London midday: Footsie bursts through 5200

With the price of gold crashing through the $1,100 and other metal prices on the up, miners are leading a strong advance by Footsie. Demand for mining stocks has been spurred by comments at the close of the G20 summit pledging a continuing commitment to providing economic stimulation to the world e

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9 Nov 2009 07:56

Partygaming buys World Poker Tour

Online poker giant PartyGaming has bought the owner of the World Poker Tour brand. The company has paid £12.3m in cash for WPT Enterprises. An additional minimum aggregate payment of $3m is payable over the next three years relating to an ongoing revenue share agreement. ‘This deal brings together

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20 Oct 2009 16:50

London close: Footsie slips back

There was no shortage of company news to give Footsie direction but it was the release of housing data in the US that ultimately dragged the leading share index into the red. Housing starts increased to a seasonally-adjusted annual rate of 590,000 last month, up 0.5% above a revised 587,000 in Oct

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