Date: Tuesday 29 Mar 2011
- Market Movers
- techMARK 1,872.47 -0.16%
- FTSE 100 5,888.99 -0.26%
- FTSE 250 11,610.23 -0.23%
LONDON (ShareCast) - The top share index is struggling to find any sense of direction for the second day in a row. Building supplies group Wolseley’s results found favour, but BP is under pressure.
BP is also under pressure after major shareholder Standard Life told it to walk away from its troubled deal with Russian state oil company Rosneft.
BP wants to push ahead with the share-swap that would it buy a 9.5% stake in Rosneft, taking its holding to 11%, while the Russian group would take 5% of the UK oil giant.
David Cumming, Standard Life's UK equities head, said in an interview: "At the moment we don't think BP has got a Plan B so unless there is some clear commercial benefit to BP shareholders for doing this deal...we're not supportive at the moment," he told the BBC. Broker Collins Stewart has downgraded its rating on BP to “sell” from “hold”, partly due to the problems in Russia.
Building and plumbing supplies giant Wolseley is in demand after it bounced back into profit and reinstated its dividend as its core markets in Europe and the US both stabilised. Profits for the half year to January came in at £195m, compared to a loss of £261m, with trading profits up 64% at £275m. Revenues rose by 5% to £6.6bn. The interim dividend is 15p.
Hedge fund giant Man again needed the help of recent acquisition GLG as market uncertainty following the earthquake in Japan took its toll on its core AHL fund. Funds under management over the past three months edged up to $69bn from $68.6bn at December, though AHL’s performance “turned sharply down with markets after the Japanese earthquake but has since partially recovered”. A positive performance at GLG also counterbalanced a negative period for AHL, Man said.
Travel company Thomas Cook has kept its estimate of disruption from the uprisings in Egypt and Tunisia to £20m and says, overall, the business is performing well. Bookings, capacity and booked load factors across all markets are lower than previously reported for winter season holidays though, mainly due to cancellations following the unrest in North Africa. But summer holiday bookings are ahead of last year in many areas.
Defence firm Cobham has won a contract worth more than £18m to provide chaff and flare defensive aids systems for the Eurofighter Typhoon fighter jet Tranche 3A programme.
Africa-focused oil and gas firm Afren notched up its first full year of post-tax profit in 2010. Though revenue eased to $319.4m in 2010 from $335.8m in 2009, profit before tax surged ahead to $78.8m from $0.5m the year before.
CPP Group has collapsed after yesterday's announcement that the FSA has raised sales-related issues with its identity protection products and this will reduce its profit in 2011. The identity theft and credit card insurer said that the FSA is concerned about sales calls with customers. CPP has decided to suspend all new sales of identity protection via its own sales force.
Fashion retailer SuperGroup confirmed that its chief operating officer Diane Savory has decided to step down from the board and to leave the company for personal reasons. Savory will leave 6 May 2011 once the handover of her responsibilities to others in the group is completed.
Shares in outsourced services provider Mouchel plunged 29% after it rejected takeover offers from Interserve and Costain and as it posted a 73% drop in half year underlying profit. Mouchel said the offers, "significantly undervalue the business and that Costain's proposal has an unacceptably high level of execution risk to warrant further discussions.”
Exillon Energy, the oil company with assets at Timan-Pechora (TP) in Northern Russia and West Siberia (WS) has raised £93.8m ($150m) from a share placing. It sold 23.44m new shares at 400p each, giving it $42m to fund infrastructure projects in WS like oil processing facilities, infield pipelines, equipment for gas utilisation and power generation.
FTSE 100 - Risers
Vedanta Resources (VED) 2,221.00p +2.07%
Next (NXT) 2,063.00p +1.93%
Wolseley (WOS) 2,129.00p +1.91%
British American Tobacco (BATS) 2,450.00p +1.77%
BHP Billiton (BLT) 2,390.00p +1.12%
Rio Tinto (RIO) 4,322.50p +1.02%
InterContinental Hotels Group (IHG) 1,241.00p +0.98%
Lonmin (LMI) 1,675.00p +0.96%
Tullow Oil (TLW) 1,430.00p +0.92%
Anglo American (AAL) 3,213.00p +0.91%
FTSE 100 - Fallers
BP (BP.) 466.00p -2.33%
Amec (AMEC) 1,158.00p -1.53%
Serco Group (SRP) 559.50p -1.50%
Aggreko (AGK) 1,514.00p -1.43%
ITV (ITV) 79.45p -1.43%
Petrofac Ltd. (PFC) 1,408.00p -1.33%
Barclays (BARC) 288.55p -1.32%
Unilever (ULVR) 1,868.00p -1.27%
Hargreaves Lansdown (HL.) 606.00p -1.22%
Antofagasta (ANTO) 1,388.00p -1.21%
FTSE 250 - Risers
Rank Group (RNK) 155.60p +3.87%
Babcock International Group (BAB) 598.50p +3.55%
Ocado Group (OCDO) 227.80p +3.08%
Fidessa Group (FDSA) 1,821.00p +3.00%
BTG (BGC) 230.00p +2.95%
Charter International (CHTR) 795.00p +2.58%
Afren (AFR) 168.20p +2.56%
Devro (DVO) 290.00p +2.47%
Dunelm Group (DNLM) 419.30p +2.17%
Savills (SVS) 376.90p +1.89%
FTSE 250 - Fallers
CPP Group (CPP) 135.50p -51.61%
Mothercare (MTC) 454.20p -4.82%
Keller Group (KLR) 620.50p -3.65%
Chemring Group (CHG) 712.00p -3.33%
Big Yellow Group (BYG) 332.60p -3.29%
Lamprell (LAM) 321.90p -2.75%
Hochschild Mining (HOC) 630.00p -2.55%
Premier Oil (PMO) 1,959.00p -2.39%
Aberdeen Asset Management (ADN) 204.70p -2.29%
Premier Foods (PFD) 27.15p -2.20%
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