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London close: Modest gains as US struggles

Thu, 09th Jul 2009 16:33

Equities held onto gains despite a lacklustre final session as Wall St struggled to make headway. Mining stocks continue to dominate the list of risers. Silver miner Fresnillo is the best performer after being upgraded to "buy" by Citigroup. In contrast the US bank had downgraded gold miner Randgold Resources to "hold" from "buy". Elsewhere in the sector Anglo American jumps on hopes that Xstrata will bow to institutional pressure and pay a premium for control of Anglo should it launch a bid. Among the sector's second liners Peter Hambro is wanted after Citigroup issued a "buy" note. Broker comment also lifts retailers Marks & Spencer and Home Retail, both of which have been raised to "buy" from "hold" by Citigroup. Car insurance group Admiral sails higher after Bank of America moved its stance from "hold" to "buy" while general insurer Legal & General gets a boost from Morgan Stanley, which has upgraded the stock from "equal weight" to "overweight", saying insolvency fears have been overblown. Cairn Energy is the worst performing blue-chip on fears that its Indian subsidiary may be caned by a new "surface rent" tax on oil and gas producers that has been proposed by the Rajasthan state government. In corporate news, shares in Associated British Foods fell after year-on-year growth slowed in the third quarter of its financial year. The group as a whole saw revenue rise 19% in the 40 weeks to 20 June, but growth slowed in the third quarter, with revenues rising just 15%. Housebuilders have been making an attempt to wrench attention away from mining stocks. Barratt Developments said it remains cautious about the outlook and will continue to match work in progress to demand, whilst reducing debt and controlling costs.Smaller rival Redrow said trading results are expected to be around the lower end of analysts expectation in light of the extreme trading conditions experienced in the year. The group legally completed 2,113 new homes in the 12 months ended 30 June 2009 (2008: 3,925), in line with its expectations. Housebuilder and contractor Galliford Try said results for the full year are expected to be in line with company forecasts as the pickup in the UK housing market continues. Fund manager Man Group reported a slight dip in assets under management in the first quarter as customers withdrew funds, but said it is well placed to grow market share. Recruiter Hays said it has been another tough quarter with demand continuing to weaken in both its temporary and permanent placement businesses. Engineering IT systems provider Aveva hits the skids after Exane BNP cut the stock to "neutral" from "outperform" after Aveva said it has started to see the anticipated decline in initial licence sales in the marine sector. Defence firm Cobham has won a $32m contract from the US Navy to provide low band transmittersIn a similar vein, Air New Zealand has placed an order with aero engine giant Rolls-Royce for Trent 1000 engines to power its Boeing 787-9 aircraft. Online poker firm PartyGaming said revenue since 6 April has been in line with that achieved in the first quarter, though full-year distribution costs are expected to be slightly higher than forecast.Genus said it saw further weakness in the North American dairy market in the final quarter caused by low milk prices but still expects a strong increase in profits for the year. The boards of property groups Segro and Brixton have agreed the terms of their merger. IT services firm Morse slides after it said revenue from continuing operations is expected to be slightly below that reported in the first six months.FTSE 100 - RisersFresnillo (FRES) 487.00p +10.06%Anglo American (AAL) 1,651.00p +5.60%Xstrata (XTA) 609.80p +3.87%Rio Tinto (RIO) 1,967.00p +3.77%Vedanta Resources (VED) 1,316.00p +3.62%FTSE 100 - FallersAviva (AV.) 291.00p -3.96%Autonomy Corporation (AU.) 1,322.00p -3.01%ICAP (IAP) 421.50p -2.20%Hammerson (HMSO) 279.00p -2.11%Wolseley (WOS) 1,066.00p -1.93%FTSE 250 - RisersHochschild Mining (HOC) 299.50p +10.11%PV Crystalox Solar (PVCS) 80.00p +8.11%Genus (GNS) 501.00p +7.28%Domino Printing (DNO) 245.25p +5.83%Peter Hambro Mining (POG) 559.00p +5.67%FTSE 250 - FallersPayPoint (PAY) 448.75p -7.76%Redrow (RDW) 201.00p -5.41%Punch Taverns (PUB) 85.00p -4.49%Forth Ports (FPT) 940.50p -4.37%Melrose Resources (MRS) 259.00p -4.07%
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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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