| CATEGORY: MARKET REPORT - AFTERNOON SECTOR: GAS, WATER & MULTIUTILITIES |
London afternoon: Earnings hopes bolster stocks |
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Mon 20 Feb 2006
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Market Movers
techMARK 1,378.65 -0.27%
FTSE 100 5,853.40 +0.12%
FTSE 250 9,450.60 -0.23%
LONDON (SHARECAST) - There was scant change for London’s top flight shares in the afternoon, as hopes of a strong week for earnings and renewed takeover talk brought investors back into the market.
Ahead of Thursday’s results Centrica was one of the better performers, despite a “neutral” rating by Merrill Lynch following last week’s decision to hike customers’ gas bills by 22%.
Schroders was also doing well ahead of tomorrow’s full year figures from the fund manager though Barclays was down at heel despite reports that the bank will reveal a near-40% increase in profits on Tuesday.
DIY retailer Kingfisher was a strong riser after renewed talks that it could be facing a possible bid. Reports have suggested that US firm Lowe’s is planning a swoop in Europe.
Chemical firm BOC could be poised to agree a bid, according to press talk, with rumours suggesting the group is set to seal an £8bn deal with German rival Linde with the suitor prepared to up its offer to 1,600p per share.
News of an approach last week for Lonmin continued to stoke interest in the sector with reports that Xstrata could also be getting some M&A attention. BHP Billiton and Rio Tinto were also trading higher.
Elsewhere a rising oil price gave the likes of BP and Royal Dutch Shell were given a lift as the price of crude jumped by more than $1 per barrel following reports of new threats against oil facilities in Nigeria.
Northern Rock shrugged off speculation of a tie up with Bradford & Bingley today as brokers dismissed the reports. WestLB turned seller on the mortgage lender saying the shares are a touch expensive.
JP Morgan issued a mixed note on the European telecoms sector today, downgrading Vodafone to 'underweight' from 'neutral' as it said there is not much positive newsflow expected in the near term.
Water utility Severn Trent was on the way down after press reports over the weekend suggested there was "deliberate manipulation" of its regulatory accounts over several years.
Concerns over legislation in the US continued to dampen down the spirits at PartyGaming today as the online poker giant topped the fallers.
Away from the FTSE 100, Morgan Crucible's chief executive Warren Knowlton will be retiring at an appropriate time during the third quarter this year, the engineer says. Chief financial officer Mark Robertshaw will take over as chief executive at that time.
Cleaning and support services specialist Mitie has snapped up Lyndhurst Services for £9m. The deal will see £7.9m paid on completion and the rest depending on performance.
Paper manufacturer DS Smith has warned that it will take a £22m hit this year following the closure of its Sudbrook Mill, of which about one third will arise from redundancy and other cash costs.
European Motor Holdings says trading has remained at a satisfactory level during the second half of its financial year and the board expects that the group's results will exceed market expectations for the year to February 2006.
Exhibition group ITE says current sales and the trading outlook remain in line with the its expectations. Advance sales for events in the 2006 financial year continue to enjoy growth of 10% on a comparable basis to last year and as a result, the board remains confident of the prospects for 2006.
Ark Therapeutics has unveiled plans to test a new chemotherapy treatment for cancer that will put an end to side-effects such as hair loss, nausea and vomiting.
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| CNA - Centrica |
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| Latest Prices |
| Name |
Price |
% |
| Centrica |
325.40p |
-1.81% |
| Ark Therapeutics |
4.75p |
0.00% |
| Barclays |
312.70p |
-0.89% |
| BHP Billiton |
1,901.00p |
-0.11% |
| BOC Group |
0.000p |
0.00% |
| BP |
391.80p |
+0.78% |
| European Motor Holdings |
0.000p |
0.00% |
| ITE Group |
152.00p |
-0.33% |
| Lonmin |
1,577.00p |
-1.87% |
| Morgan Crucible |
207.00p |
-0.19% |
| Mitie Group |
205.20p |
+1.68% |
| Northern Rock |
0.000p |
0.00% |
| PartyGaming |
270.70p |
+0.59% |
| Royal Dutch Shell 'B' |
1,722.00p |
+0.09% |
| Rio Tinto |
3,483.00p |
-0.51% |
| Schroders |
1,400.00p |
+1.16% |
| DS Smith |
140.70p |
+0.93% |
| Severn Trent |
1,331.00p |
+0.99% |
| Vodafone Group |
157.45p |
-0.35% |
| Xstrata |
1,089.50p |
+0.09% |
| |
| FTSE 100 |
5,371 |
+0.09% |
| FTSE 250 |
10,141 |
+0.80% |
| FTSE 350 |
2,835 |
+0.18% |
| FTSE All-Share |
2,773 |
+0.20% |
| FTSE Small Cap |
2,840 |
+0.87% |
| FTSE4 Good Europe 50 Index |
2,874 |
-0.20% |
| FTSE4 Good Europe Index |
3,436 |
-0.12% |
| FTSE4 Good Global 100 Index |
3,851 |
+0.17% |
| FTSE4 Good Global Index |
4,695 |
+0.37% |
| FTSE4 Good UK 50 Index |
4,519 |
+0.08% |
| FTSE4 Good UK Index |
4,494 |
+0.19% |
| techMARK |
1,673 |
+0.31% |
| techMARK 100 |
1,840 |
+0.64% |
| techMARK Medisc. Index |
0 |
0.00% |
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