| CATEGORY: MARKET REPORT - AFTERNOON SECTOR: BEVERAGES |
London afternoon: Footsie extends gains |
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Tue 14 Aug 2007
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Market Movers
techMARK 1,544.05 +0.18%
FTSE 100 6,240.70 +0.35%
FTSE 250 11,159.70 -0.07%
LONDON (SHARECAST) - London’s blue chips extended gains, helped by miners, ahead of what is expected to be a higher start on Wall Street.
British inflation unexpectedly fell below the Bank of England's 2% target. The Office for National Statistics said consumer prices rose 1.9% from a year earlier down from 2.4% in June and against expectations of a 2.3% rise.
Brewer Scottish & Newcastle is leading the risers on renewed talk of bid interest from Danish firm Carlsberg.
Miners reversed earlier losses and are now amongst the risers with Anglo American up after HSBC Holdings raised its recommendation on the miner to "overweight" from "neutral." Other miners such as Antofagasta rose in sympathy, while higher copper prices in New York also helped.
Banking stocks have moved ahead with Northern Rock up, while Royal Bank of Scotland is higher as its consortium announced increasing its holding in takeover target ABN AMRO to 3.25%.
Real estate and housebuilders, such as Hammerson, Liberty International and Barratt Developments, slipped into the risers after the inflation figures were released, having earlier posted heavy losses.
Cadbury Schweppes was the main blue chip faller on talks it could sell its fizzy drinks business for less than expected.
Supermarket group Wm Morrison is down after it said it has withdrawn sliced cold meat products from two of its stores in Paisley, Scotland, as officials investigate a fatal outbreak of e.coli in the area.
Hotelier Intercontinental Hotels said it had a good first half as operating profit grew 5% and added that the outlook for the year looked positive. Operating profit for the six months rose 5% from £106m to £111m, up 17% at constant currency, on revenue that increased from £377m to £422m.
Meanwhile, Credit Suisse Group upped its recommendation on telecoms firm BT Group to "neutral" from "underperform", increasing its price target to 305p from 270p. The broker also cut its price estimate on mortgage lender Bradford & Bingley to 390p
Amongst the midcaps, Newsagent and bookseller WH Smith said it expects the outcome for the year will be towards the top end of market forecasts.
Rail and train operator Stagecoach was lower after rival National Express secured the franchise agreement by the Department for Transport to operate the new InterCity East Coast franchise.
Property services firm Savills announced the appointment of Mark Dearsley as its new finance director.
Legacy software firm Micro Focus said it is on track to meet its full-year guidance with revenue growth of around 19.4%, similar to last year.
Builders merchants and DIY group Grafton saw first half profits and revenue jump thanks to strong performance in both the UK and Ireland.
Specialty pharmaceutical firm Sinclair Pharma plunged after it said that OraPharma, its marketing and distribution partner in the US, has delayed the first commercial sale of Decapinol in the US.
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