| CATEGORY: MARKET REPORT - CLOSE SECTOR: PROPERTY |
London close: Footsie slumps after rally peters out |
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Tue 14 Aug 2007
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Market Movers
techMARK 1,526.41 -0.96%
FTSE 100 6,143.50 -1.21%
FTSE 250 10,998.60 -1.52%
LONDON (SHARECAST) - London began to rise steadily after a weak start but things were turned on their head by the end of the day. Wall Street started to head lower in the middle of the afternoon and Footsie’s gains evaporated as it followed suit. Footsie slumped towards the close and ended just above its low for the day.
Not even good economic news could sustain the earlier share price rises and there were only a handful of shares in positive territory.
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.
Real estate and housebuilders, such as Hammerson, Liberty International and Barratt Developments, couldn't make up their mind which way to go. After a weak start they took heart from the positive inflation figures but this rebound proved short lived and they headed back down.
It was a similar story for miners which reversed early losses to move into positive territory but ended up down on the day. Even an upgrade from HSBC Holdings, which raised its recommendation on the miner to "overweight" from "neutral" couldn't stop Anglo American falling. Other miners such as Antofagasta followed suit, as copper prices fell in New York. Platinum miner Lonmin bucked the trend and rose as IFC invested $20m in its shares.
Banking stocks slipped back after early strength. Royal Bank of Scotland lost earlier gains even though its consortium announced that it had increased its holding in takeover target ABN Amro to 3.25%.
Cadbury Schweppes was another blue chip faller on talk that it might sell its fizzy drinks business for less than expected.
Supermarket group Wm Morrison declined after it said it has withdrawn sliced cold meat products from two of its stores in Paisley, Scotland, as officials investigate a fatal outbreak of e.coli in the area.
Brewer Scottish & Newcastle was one of the few risers on renewed talk of bid interest from Danish firm Carlsberg.
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 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.
FTSE 100 - Risers
Lonmin (LMI) 3,114.00p +1.70%
Scottish & Newcastle (SCTN) 580.00p +1.31%
BT Group (BT.A) 310.50p +0.81%
Capita Group (CPI) 739.00p +0.75%
British Airways (BAY) 403.00p +0.50%
Kelda Group (KEL) 805.50p +0.44%
Reuters Group (RTR) 611.00p +0.16%
Centrica (CNA) 349.00p +0.14%
Kingfisher (KGF) 211.75p +0.12%
Next (NXT) 1,910.00p 0.00%
FTSE 100 - Fallers
Yell Group (YELL) 454.50p -3.81%
Johnson Matthey (JMAT) 1,627.00p -3.73%
BHP Billiton (BLT) 1,298.00p -3.71%
Experian Group (EXPN) 534.50p -3.69%
Rexam (REX) 504.50p -3.54%
Carnival Corporation (CCL) 2,183.00p -3.54%
Man Group (EMG) 494.50p -3.42%
Cadbury Schweppes (CBRY) 556.00p -3.39%
Barclays (BARC) 637.00p -3.26%
Enterprise Inns (ETI) 591.00p -3.04%
FTSE 250 - Risers
Millennium & Copthorne Hotels (MLC) 518.50p +2.88%
QinetiQ Group (QQ.) 176.25p +2.62%
Findel (FDL) 726.50p +2.47%
Petrofac Ld (PFC) 426.25p +2.10%
Debenhams (DEB) 123.00p +2.07%
Expro International Group (EXR) 981.00p +1.82%
SIG (SHI) 1,263.00p +1.36%
Greggs (GRG) 4,890.00p +1.35%
Galiform (GFRM) 131.75p +1.35%
Hikma Pharmaceuticals (HIK) 424.50p +1.31%
FTSE 250 - Fallers
International Personal Finance (IPF) 186.50p -6.40%
Kier Group (KIE) 1,876.00p -6.15%
Grainger (GRI) 500.00p -6.10%
Dimension Data Holdings (DDT) 58.00p -5.69%
Signet Group (SIG) 97.50p -5.57%
Daejan Holdings (DJAN) 3,400.00p -5.56%
CSR (CSR) 696.00p -5.31%
De La Rue (DLAR) 725.00p -5.17%
Stagecoach Group (SGC) 196.00p -5.08%
Mapeley (MAY) 2,379.00p -5.07%
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| HMSO - Hammerson |
 |
| Latest Prices |
| Name |
Price |
% |
| Hammerson |
368.60p |
+0.19% |
| Anglo American |
2,463.00p |
+0.26% |
| Antofagasta |
1,082.00p |
-1.10% |
| Bradford & Bingley |
0.000p |
0.00% |
| Barratt Developments |
102.40p |
+1.59% |
| BT Group |
135.60p |
-0.80% |
| Cadbury |
0.000p |
+0.12% |
| Capital Shopping Centres Group |
344.70p |
+0.79% |
| Grafton Group (Units) |
€ 2.85 |
+1.79% |
| InterContinental Hotels Group |
1,046.00p |
+0.29% |
| Lonmin |
1,577.00p |
-1.87% |
| Micro Focus International Plc |
309.80p |
+2.96% |
| Morrison (Wm) Supermarkets |
291.50p |
+0.21% |
| National Express Group |
235.70p |
+1.59% |
| Royal Bank of Scotland Group |
46.15p |
+0.76% |
| Scottish & Newcastle |
0.000p |
0.00% |
| Stagecoach Group |
182.70p |
+3.16% |
| WH Smith |
414.70p |
+0.19% |
| Sinclair Pharma |
26.75p |
-1.87% |
| Savills |
321.00p |
+0.66% |
| |
| FTSE 100 |
5,369 |
+0.05% |
| FTSE 250 |
10,149 |
+0.88% |
| FTSE 350 |
2,834 |
+0.16% |
| FTSE All-Share |
2,772 |
+0.17% |
| techMARK |
1,672 |
+0.27% |
| techMARK 100 |
1,841 |
+0.66% |
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