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London close: Heavy losses for Footsie

Thu, 02nd Jul 2009 16:37

Footsie closed the day nursing triple-digit losses as investors took fright following poor US monthly jobs figures.WPP was the day's worst performer as Citigroup downgraded the UK advertising firm to sell from hold, saying a continuation of the trends in the second quarter would suggest a 7.5% organic sales decline in fiscal 2009 and limited growth in fiscal 2010.Rio Tinto also fell despite a strong response to its $15.2bn rights issue. Shareholders have taken up 96.97% of the shares offered to them, with major shareholder Chinalco has taken up its entitlement in full.London Stock Exchange fell after it announced a new pricing scheme yesterday. The stock market operator says the new tariff would have resulted in £3m worth of trading fee reductions between January and March.Diageo, which announced yesterday it is cutting 900 jobs in Scotland as part of a major restructuring, topped the risers.Carphone Warehouse and Vodafone have ended their three year row over monthly contract sales. Vodafone stopped using the retailer for deals involving monthly contracts in October 2006, after it tied itself to an exclusive deal with Phones4U, Carphone's main high street rival.Argos owner Home Retail suffered a major revolt over a new director remuneration package at its AGM today, with 35.6% of shareholders voting against the deal.Nick Prettejohn is quitting his job as chief executive of Prudential's UK and Europe business after three and a half years in the role, having missed out on the top job earlier this year.Pub groups are one of the strong sectors. Brewing and pub group Greene King reported profits ahead of forecasts made at the time of its rights issue in April that raised over £200m for the group. Enterprise Inns, Marston's and Punch are all up in sympathy.Specialist computer and video games retailer Game Group reported a 15.4% drop in like for like sales in the 21 weeks to 27 June, but said it remains confident in the outlook for the full year. The shares have taken a bashing, even so.Oilfield support services firm Petrofac has landed a gas compression project worth over $350m. Petroleum Development Oman (PDO) has awarded Petrofac a contract for the Kauther gas-field depletion-compression project. Intermediate Capital Group (ICG), a leading investor in and manager of buyout debt, today announced a fully underwritten 7 for 2 rights issue to raise £351m.Shares in Elan rallied on news that Johnson & Johnson will acquire substantially all of the assets and rights of the Irish drug firm related to its Alzheimer's Immunotherapy Program. Johnson & Johnson, through its affiliate, will invest $1bn in Elan in exchange for newly issued American Depositary Receipts of Elan which will represent 18.4% of its outstanding ordinary shares.Flexible pipeline supplier Wellstream Holdings has secured 90% of 2009's anticipated revenues at the halfway point.Serge Crasnianski is to take over as interim boss at photo booth operator Photo-Me International until the company finds a permanent replacement for Thierry Barel. Crasnianski is the company's major shareholder and was made deputy chairman yesterday.Speciality pharmaceutical company ProStrakan has avoided a legal battle with Aventis Pharma by settling a tax issue out of court.Tikit said trading in the second quarter proved to be disappointing and warned that it expects its market in the second half of the year to remain difficult. Sierra Leone-focused miner African Minerals has raised £63.8m ($105m) from a cash placing with institutional investors in North America and the UK.The share price of turnaround investment company Volvere continued its good run as the chairman said all of the company's businesses have performed extremely well in 2009.FTSE 100 - RisersDiageo (DGE) 905.00p +0.89%Petrofac Ltd (PFC) 683.00p +0.52%Friends Provident Group (FP.) 68.09p +0.18%Admiral Group (ADM) 877.50p +0.11%FTSE 100 - FallersWPP Group (WPP) 384.50p -7.01%Anglo American (AAL) 1,726.00p -5.81%Rio Tinto (RIO) 2,035.00p -5.70%London Stock Exchange Group (LSE) 663.50p -5.48%Lonmin (LMI) 1,157.00p -5.01%FTSE 250 - RisersCarpetright (CPR) 579.00p +3.67%Intermediate Capital Group (ICP) 505.50p +3.16%Greene King (GNK) 422.25p +2.99%Enterprise Inns (ETI) 133.50p +2.89%Britvic (BVIC) 293.00p +2.63%FTSE 250 - FallersGame Group (GMG) 142.00p -13.41%Dunelm (DNLM) 212.75p -7.50%Aquarius Platinum Ltd. (AQP) 210.00p -7.18%Regus (RGU) 61.50p -6.82%Aegis Group (AGS) 86.50p -6.23%
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7 Nov 2011 12:20

London midday: Stocks off the bottom

UK prices are off the bottom, but investors are keeping a wary eye on developments in Italy, where reports suggest that Il Cavalieri, Silvio Berlusconi, could resign the post of Prime Minister within a matter of hours. CHOPPY WATERS AHEAD FOR WEIR Scottish engineering firm Weir, the company which

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7 Nov 2011 09:37

Digital Look broker talk -UPDATE

RBS: "At c0.45x TBV, the shares already discount a lot of negative news. The group prospects are uncertain and vulnerable to downturns in the economy and financial markets. Our recommendations of Barclays and the two Far Eastern banks are more analysable. However, RBS does now look oversold to us, e

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7 Nov 2011 09:20

London open: Recession fears spook investors

You will search in vain for positive features among FTSE 100 index constituents, as every stock that belongs to the top-share index is lower, after consultancy BDO LLP's UK output index, which tries to gauge output over the next three months, declined in October to the lowest level in more than two

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7 Nov 2011 08:30

Carphone will return cash after simplifying Best Buy relationship

Carphone Warehouse is to close its 'big-box' Best Buy stores in the UK, sell off its interest in Best Buy Mobile and return a chunk of money to shareholders. "The eleven Best Buy UK 'Big Box' stores have performed exceptionally at the level of customer satisfaction, but they do not have the nationa

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22 Jun 2011 15:40

Thursday preview: It is no longer a PC world at Dixons

Dixons Retail, operator of edge of town electrical goods barns trading under the Currys and PC World brands, was a wanted share on Wednesday ahead of the company's results on Thursday, but that had more to do with bid speculation than any expectation that the company will announce a sparkling set of

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20 Jun 2011 16:34

Sector movers: Charter pressures engineers lower

Engineering business Charter International saw shares plummet on Monday, dragging the industrial engineering sector lower. Shares were over a quarter lower after the group warned that figures for 2011 are expected to be below forecasts given in its last update in April as a mixed trading picture em

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14 Jun 2011 14:48

'Big Box' stores weigh down Carphone Warehouse

Mobile phones seller Carphone Warehouse is waking up to the idea that entering a market in which established operators such as Dixons and Comet are already struggling may not have been a smart idea, with the group's Best Buy UK group suffering larger losses than anticipated. In its preliminary resu

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13 Jun 2011 17:37

Tuesday preview: Tesco, Glencore, Carphone Warehouse

Warm weather and a string of bank holidays recently has been good news for many consumer-facing companies lately and the broker Panmure Gordon expects supermarket giant Tesco to report a return to like-for-like (LFL) sales growth in the UK in the first quarter. "Food sales will have been helped by

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10 Jun 2011 12:51

Week ahead: Tesco and Sainsbury's to post sales growth

Warm weather and a string of bank holidays recently has been good news for many consumer-facing companies lately and the broker Panmure Gordon expects supermarket giant Tesco to report a return to like-for-like sales growth in the UK in the first quarter. "Food sales will have been helped by the de

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5 May 2011 17:25

Carphone Warehouse raises earnings guidance

Mobile phones seller Carphone Warehouse has raised its earnings guidance for fiscal 2010/11 after having a quick tot up of the fourth quarter numbers. The company now expects full year earnings per share will be in the range of 14.5p to 15p, up from previous guidance of 13.5p to 14.0p. Prior to the

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4 May 2011 18:36

Thursday preview: BoE rate decision, Lloyds, Morrisons ...

It is a big day for central banks on Thursday with the Bank of England and the European Central Bank both set to announce their interest rate decisions, though neither is expected to alter course ... yet. For the Bank of England's Monetary Policy Committee (MPC), the pressure to lift interest rates

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19 Jan 2011 06:40

Wednesday tips round-up: Burberry, Pearson, Chemring...

The extraordinary rise of Burberry, since the brand was reinvented and rescued from chavdom, appears to be accelerating. Like-for-like sales in the first half of the financial year were 9% ahead; in the third quarter, including Christmas, they were up 14%. The shares, below six quid at the start of

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18 Jan 2011 16:42

London close: Shares buoyant as updates impress

The top share index closed near its highs, helped in part by well-received company updates. Burberry was in fashion after bumper demand for outdoor coats and other luxury accessories meant a storming third quarter for the luxury goods group, with revenue up by 30% and profits now set to hit the top

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18 Jan 2011 14:35

London afternoon: Gains get trimmed

Share prices came off the boil over the lunch time session though Footsie remains firmly in the red, as things continue to look rosier in the eurozone. Burberry is in fashion after bumper demand for outdoor coats and other luxury accessories meant a storming third quarter for the luxury goods group

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18 Jan 2011 11:31

Best Buy boost for Carphone Warehouse

Mobile phone retailer Carphone Warehouse has lifted its full-year guidance following a strong performance from its partnership with the US electronics group Best Buy. It raised its guidance for Best Buy Europe's full-year profit share from Best Buy Mobile US to £90m to £100m from £85m to £95m previ

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