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London open: Quiet start despite Wall St rally

Wed, 03rd Feb 2010 08:50

Hopes of a strong start have been dashed with Footsie limping along at present even though Wall Street posted its second triple-digit gain in two gains overnight.Data search software Autonomy reported fourth quarter and full year figures that were in line with expectations and gave a confident outlook for 2010. Revenues for the fourth quarter rose 53% to $223.1m, while adjusted net profits were $80.5m compared with $53.5m last year.Power supplier Scottish & Southern Energy is on course for a 'moderate increase' in underlying profits this year, while the dividend for the year will be at least 70p, a 6% hike. Over the nine months to December the number of electricity and gas supply customer accounts in the Great Britain market increased by 200,000 to 9.2m. Life assurance firm Standard Life announced a 'significant increase' in flows and sales in the fourth quarter. Life and pensions net inflows more than tripled to £1.3bn from £0.4bn a year earlier. Life and pensions sales of £4.2bn were a sizeable improvement on both the prior year (£3.2bn) and the third quarter (£3.0bn).Hot on the heels of Tuesday's engine order from Sichuan Airlines, Rolls-Royce has announced another engine order, this time from Turkish Airlines. The contract is worth up to $170m to Rolls-Royce.Ex-dividends are proving a drag with AstraZeneca and Carpetright both knocked back. The carpet retailer also reported sales overall rose by 7% recently despite problems with cold weather. UK and Ireland were the star turns with the sales in the 13 weeks to January up 7.7%, with like-for-like sales up 2.3%. A net four stores opened, increasing the total to 5,942.Mining giant Eurasian Natural Resources (ENRC) said production volumes in the three month ended 31 December further improved on the levels of the previous quarter, in line with expectations. Ferrochrome production increased 56.7% compared to last year and 5.7% from the previous quarter. Output increased to 351,000 tonnes during the period from 224,000 tonnes last year. Iron ore extraction was up 74.1% year-on-year, while saleable ore jumped 79.5%.Educational and financial information publisher Pearson has snapped up Medley Global Advisors, a company that provides macro intelligence to the world's leading investment banks, hedge funds and asset managers. PartyGaming, which owns the PartyPoker.com online gambling site, said fourth quarter sales surged 32% from the year before and it remains confident about the full year outlook.
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22 Oct 2010 12:22

London midday: Shares sit lower as IPOs take centre stage

Shares are struggling to move into the blue on a sluggish day's trading, with IPOs hogging much of the limelight. AIA, the Asian arm of the American insurance giant AIG, is raising $20.5bn from the float, which it priced at HK$19.68, at the top of the indicated range. The price values AIA at $30.5b

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22 Oct 2010 08:46

London open: Blue chips lower as IPOs roll-out

London has opened lower, with attention distracted by the huge AIA float in Hong Kong and Betfair's listing in London. AIA is raising $20.5bn from the float, which it priced at HK$19.68, at the top of the indicated range. The price values AIA at $30.5bn - exactly matching the price Prudential event

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22 Oct 2010 07:55

Duffy to chair PartyGaming-bwin business

Internet gambling firm PartyGaming, which is merging with rival bwin Interactive Entertainment, raised revenue by 9% in the third quarter and has named Simon Duffy as chairman of the enlarged group. Revenue increased to €85.3m during the three months to 30 September, up from €78.3m a year ago, wit

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6 Aug 2010 16:49

London close: US unemployment rise sinks Footsie

London's leading share index gave up a brief rally to close in the red after a jittery day in which well-received company results were overshadowed by disappointing US unemployment figures. The economy shed 131,000 jobs in July, according to figures from the Labor Department, with 143,000 public se

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6 Aug 2010 15:31

London afternoon: Footsie bounces back

Footsie has crept higher after a spell in negative territory on the back of disappointing US jobs data. The economy shed 131,000 jobs in July, according to figures from the Labor Department, with 143,000 public sector census workers being laid off. Over here, the results stream has continued, albe

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6 Aug 2010 13:05

London midday: Footsie maintains early momentum

Footsie is still well ahead, though all eyes are on the 1.30pm announcement of US non-farm payroll figures. Consensus is for a job loss figure of between 65,000 and 100,000, anything worse than that would be considered very bad news. Within the numbers, economists will also watch for private emplo

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6 Aug 2010 12:37

Broker tips: Rio Tinto, PartyGaming, Trinity Mirror

Yesterday's profit from Rio Tinto was a record and better than expected, but the shares aren't trading far from where they were at February's finals, too low for Charles Stanley. The miner made US$5.8bn in the six months to 30 June, up from £2.6bn in the same period last year on sales of $26.8bn co

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6 Aug 2010 11:58

Broker snap: PartyGaming worth a bet

PartyGaming's numbers reveal the online gaming firm is trading "relatively well" in KBC Peel Hunt's view, and well enough for it to repeat 'buy' advice Friday. The increase in revenue to €181m beat Peel Hunt's forecast of €179m, while the clean EBITDA figure of €48.1m topped expectations of €44.8m.

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6 Aug 2010 08:44

London open: Bright start as RBS pleases

London's blue chips have made a bright start with Royal Bank of Scotland dominating the morning headlines after the bank returned to the black. Royal Bank of Scotland (RBS) is "on track" to achieve goals set out in its five-year recovery plan after posting a pre-tax profit of £1.16bn for the second

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6 Aug 2010 08:05

PartyGaming upbeat as profits rise

Online gaming firm PartyGaming grew underlying interim profit by 14% and has continued to trade in line with expectations at the start of the second half. The group, which is merging with Austrian rival bwin, reported underlying earnings before interest, tax, depreciation and amortisation (EBITDA)

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3 Aug 2010 14:08

Brokers urge 888 to seek deal

Online gaming firm 888 Holdings is glad to see the back of the FIFA World Cup as trading during July returned to historical seasonal patterns. Total operating income in the second quarter of 2010 was much the same level as the year before at $61m, but was down on the $69m of revenue in the first qu

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30 Jul 2010 13:17

Broker tips: BAE Systems, Pace, Partygaming

Strong results and upgraded full year profits guidance has not been enough to overcome investor concerns about future prospects for BAE Systems, a situation acknowledged by Nomura Securities' decision to slice its price target for the defence systems firm. The broker is sticking with its "buy" reco

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30 Jul 2010 13:01

Broker snap: bwin a good match for Party

Scale matters in online gaming which is why Peel Hunt is a fan of Partygaming's proposed merger with Austrian rival Bwin, describing it as potentially 'a match made in heaven.' 'In online gaming, scale matters. However, not only will a bwin/PartyGaming merger bring scale - it creates a balanced pr

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30 Jul 2010 12:14

PRESS RELEASE: Fitch: Online Consolidation Puts Pressure on UK Bookmakers

Fitch Ratings-London-30 July 2010: Fitch Ratings says the recent merger between two leading European online gaming companies, Partygaming and bwin, could reshape the online gaming industry by creating a leader across each of the core products of sports betting, casino and poker. This will put more p

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30 Jul 2010 10:47

MARKET TALK: Collins Stewart Raises PartyGaming Price Target

0947 GMT [Dow Jones] Collins Stewart raises PartyGaming (PRTY.LN) price target to 350p from 265p, following its proposed merger with bwin (BWIN.VI). Says the fit with bwin looks particularly strong, and the group would have an even balance between poker, casino, sports and a good spread of country r

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