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London close:Dull end to the week

Fri, 22nd Oct 2010 16:24

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.Two well-received IPOs couldn't make much impact after an initial burst. AIA, the Asian arm of the American insurance giant AIG, is raising $20.5bn from the float, which it priced at HK$19.68, at the top of the indicated range. The price values AIA at $30.5bn - exactly matching the price Prudential eventually baulked at paying earlier this year after months of shilly-shallying.Meanwhile online betting firm Betfair has priced its London float at 1,300p, valuing it at a more modest £1.39bn.Legal & General is red-faced as it revealed its third quarter results more than two weeks early after sending them to analysts last night by mistake. Included were figures revealing total worldwide new business on an annual premium equivalent (APE) basis of £466m in the three months to 30 September, taking the nine-month number to £1.35bn, up 27% on 2009. Elsewhere, BSkyB is higher after it added more customers than expected in the first quarter, boosting revenue by 15% and profit by 25%, but there's no word on News Corp's bid to take over the satellite broadcaster. Net customer growth of 96,000 in the three months to 30 September took the total to 9.96m, while a 12% increase in net product growth of 989,000 was a record. African Barrick Gold's profit fell 8% during the third quarter and revenue dipped 1%. Net income dropped to $40m during the three months to 30 September from $43m a year ago and sales of $209m compare with $211m in 2009. The company, which recently slashed production forecasts at its Buzwagi operation following a huge fuel theft, blamed the quarterly drop in revenue on a drop in ounces sold, though this was partially offset by 29% increase in the average realised gold price to $1,233 an ounce.Home credit group Provident Financial played down the possible impact of the government's welfare and spending cuts even though its core customer base are low to middle income earners. Events and publishing group UBM's trading environment is improving steadily with revenue for the nine months up 3.9% to £643m (Sept 2009: £619m) and underlying revenue up 2.1%.Internet gambling firm PartyGaming, which is merging with rival bwin Interactive Entertainment, raised revenue by 9% in the third quarter and has named Simon Duffy as chairman of the enlarged group.Broadcast and photographic equipment supplier Vitec says that trading is stronger than expected. The evidence of the period between the 1 July and 21 October is enough to suggest that Vitec will report better than expected 2010 figures. Analysts had been forecasting a 2010 profit of £23m-£24m.FTSE 100 - RisersTUI Travel (TT.) 211.50p +3.17%Resolution Ltd. (RSL) 259.40p +2.90%Essar Energy (ESSR) 539.00p +2.86%Lloyds Banking Group (LLOY) 71.85p +2.12%Marks & Spencer Group (MKS) 426.20p +1.89%Next (NXT) 2,313.00p +1.72%Intertek Group (ITRK) 1,890.00p +1.67%Royal Bank of Scotland Group (RBS) 46.18p +1.36%Inmarsat (ISAT) 626.00p +1.21%Sage Group (SGE) 275.00p +1.10%FTSE 100 - FallersReckitt Benckiser Group (RB.) 3,386.00p -4.62%Man Group (EMG) 257.00p -2.39%Eurasian Natural Resources Corp. (ENRC) 907.00p -2.16%Vedanta Resources (VED) 2,157.00p -1.91%Investec (INVP) 500.50p -1.86%Prudential (PRU) 641.00p -1.84%Weir Group (WEIR) 1,608.00p -1.71%Lonmin (LMI) 1,796.00p -1.64%Bunzl (BNZL) 756.50p -1.63%National Grid (NG.) 585.50p -1.43%FTSE 250 - RisersMicro Focus International Plc (MCRO) 411.50p +7.58%Provident Financial (PFG) 808.00p +4.53%Elementis (ELM) 114.50p +4.47%RPS Group (RPS) 215.00p +4.32%Fidessa Group (FDSA) 1,630.00p +3.89%Ultra Electronics Holdings (ULE) 1,887.00p +3.68%Premier Foods (PFD) 18.60p +3.33%JD Sports Fashion (JD.) 830.00p +3.11%Dunelm Group (DNLM) 490.50p +3.02%Avis Europe (AVE) 214.00p +2.69%FTSE 250 - FallersDaejan Holdings (DJAN) 2,528.00p -5.88%Stagecoach Group (SGC) 206.40p -4.40%Bodycote (BOY) 279.60p -4.38%Taylor Wimpey (TW.) 23.13p -4.10%Stobart Group Ltd. (STOB) 142.90p -3.97%Barratt Developments (BDEV) 80.20p -3.95%Hochschild Mining (HOC) 465.00p -3.57%Mondi (MNDI) 542.50p -2.69%Aquarius Platinum Ltd. (AQP) 365.00p -2.54%Big Yellow Group (BYG) 325.60p -2.19%
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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 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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