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London open: Banks give Footsie a boost

Fri, 15th May 2009 08:48

Banks have helped Footsie make a bright start with reports that Barclays is considering new offers for its iShares arm boosting the whole sector.Barclays may backtrack on a deal to sell its iShares unit to CVC, the private equity group, and instead offload its entire asset management division for £6.5bn, the Times suggested this morning.The FT adds that the talks on the potential sale of BGI are the outcome of an initial auction for iShares, which Barclays agreed to sell to CVC Capital Partners, the private equity group, for $4.2bn last month. Lloyds and Royal Bank of Scotland are up in sympathy.Rio Tinto, the world's third-largest miner, has received clearance from an American investment body that keeps its $19.5bn (£13bn) fundraising with China's Chinalco on track. Rumours continue to circulate that it is looking at new alternatives, despite Rio insisting it is committed to the deal.Petrofac has made a strong start to the year, chairman Rodney Chase will tell shareholders at today's AGM, with the oil and gas facilities provider's backlog doubling to $8.2bn at the end of April. Chase is confident 2009 will be another year of strong growth after its biggest business, engineering and construction, bagged $5bn of new contracts in the first quarter of the year.Punters did well at the Cheltenham Festival in March, but that was bad news for bookmaker Ladbrokes which saw profits plunge 34% in the first four months of 2009. It blamed the profit slump on abnormal gross win margin in March, increased free bets and unfavourable cost phasing in eGaming against the previous year.PV Crystalox Solar, which produces silicon wafers for use in solar power generation systems, expects first half revenues to take a 10% dive from last year's half-yearly revenues. The company has seen a further decline in demand for its products since its preliminary results announcement at the end of March and has had been helping out some customers with temporary discounts.Product tester Intertek has made good start to the first four months of the year, boosted by the weakness of the pound. Total revenue for the first four months of 2009 increased by 42% at actual exchange rates.IT services company Computacenter said it expects first half profit to be well ahead of the same period the previous year after seeing strong trading in the first four months of 2009.Revenues slumped in the first four months of 2009 at radio and TV broadcaster UTV, with the Ulster-based media group also cautious over the rest of the year.Book publisher Bloomsbury has issued a mixed trading statement, with the UK and US trading well but German operations experiencing difficulties. The company said that, while UK retailers are returning more books than anticipated trading is in line with expectations. The US business is in line with budget, Bloomsbury said,Coal miner UK Coal said production since the end of the first quarter has continued broadly in line with expectations. Poor weather hit surface mine production at the start of the year, as did a relatively increased focus on stripping overburden, but this production is expected to be recovered during the year.
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17 Mar 2014 07:01

Sunday share tips: Tesco, Next, Ideagen

Sell shares of Tesco, the Sunday Telegraph's Questor column advised. Britain's biggest retailer's market share is large at 28.7% but it is falling. Tesco has not yet cut prices in its attempts to revive its fortunes. WM Morrison has promised to cut prices and Tesco could follow but, along with plann

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27 Nov 2013 09:11

PV Crysatolx Solar Rises As It Proceeds With Share Consolidation

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19 Nov 2013 13:39

PV Crystalox Solar Continuing To Conserve Cash, Shares Up 5%

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19 Nov 2012 08:48

PV Crystalox Solar to return cash to shareholders

PV Crystalox Solar saw shares rise strongly on Monday morning following news that is to return some of its cash pile to shareholders. In an interim management statement, the manufacturer of components for solar power cells, announced: "The group has a strong net cash balance and the board is contin

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16 Aug 2012 08:48

Dark ages continue for PV Crystalox

Cash conservation remains the name of the game at solar power systems component maker PV Crystalox Solar, dashing the hopes of those shareholders hoping the company would distribute some of its cash pile. At the end of June the company was sitting on €122.4m of cash, up from €22.6m at the end of 20

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15 Aug 2012 17:57

Thursday preview: Hikma, PV Crystalox, retail sales

Acquisitions are set to put a gloss on the interim results of pharmaceuticals firm Hikma on Thursday. Peel Hunt is expecting the group to report sales of more than $500m, up 25% on the first half of last year when, admittedly, results had been negatively affected by the so-called Arab Spring. Sale

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12 Aug 2012 16:01

Sunday share tips: Genel, Barclays, Crystalox

Genel, the oil investment vehicle headed by Tony Hayward, the former chief executive of BP, has been unloved by the stock market. Genel had 1.8bn dollars (1.15bn pounds) of cash when it gave its last trading update. Last week it spent 240m dollars buying an additional 21 per cent interest in a Kurdi

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18 May 2012 16:53

London close: Footsie battered again

Footsie finished not far off its low for the day after a lunch-time rally fizzled out. With speculation rife in Spain that a ban on short-selling stocks might be reintroduced, holders of stock in UK banks Lloyds, Royal Bank of Scotland and Barclays could be forgiven that might not be such a bad id

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18 May 2012 13:18

PV Crystalox Solar soars on cash settlement

Shares in PV Crystalox Solar, a solar wafers supplier, rocketed after the firm reached a cash settlement relating to a terminated wafer supply contract that exceeded its market cap. The €90m sum will be recognised as income for the first half of 2012 by the company, which has seen its market capit

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28 Mar 2012 10:34

Crystalox Solar sees tough 2012 ahead

Solar wafers supplier PV Crystalox Solar warned of tough times ahead but said it remained committed to the solar industry after experiencing a difficult 2011. The company blames its woes on a dramatic increase in worldwide production capacity in the photo voltaic (PV) industry, driven by companies

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22 Sep 2011 14:30

Sector movers: Commodity prices drop, miners unwanted

Mining stocks led the sell-off on Thursday as the US Federal Reserve yesterday painted a gloomy picture of the state of the US economy, dampening sentiment across global stock markets. "Information received since the Federal Open Market Committee met in August indicates that economic growth remains

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19 Aug 2011 06:47

Friday tips round-up: Savills, Soco, Sage...

The last time we looked at the Savills, we opted to buy, reasoning that its international reach, coupled with exposure to the resilient upper end of the UK market, gave it an edge. Yesterday's half-yearly results confirmed our confidence. The group said revenues in the six months to the end of June

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18 Aug 2011 12:20

Broker tips: Henderson, Cineworld, PV Crystalox

UBS scaled back its numbers for fund manager Henderson Group on Thursday as a consequence of "lower market levels and lower flows." "Given the cautious outlook for the retail segment, we are now looking for modest outflows in [the second half] from this segment, versus healthy net flows of circa £4

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18 Aug 2011 12:18

Broker snap: Merchant Securities upgrades PV Crystalox to hold

Merchant Securities has upgraded its rating on PV Crystalox Solar, the solar power wafers manufacturer, from sell to hold after the stock's recent underperformance. Revenue was up from $59.6m to $78.7m in the six months to 30 June, while adjusted pre-tax profit (excluding a currency impact) rose fr

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18 Aug 2011 08:31

PV Crystalox Solar still in the shade

Despite a significant rise in pre-tax profit for the six months to 30 June, PV Crystalox Solar has decided not to declare a dividend because of "challenging market conditions". The solar power wafers manufacturer's pre-tax profit was up $14.5m to $15.9m after exploration write-off before tax of $6

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