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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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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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