Hi, we've made some changes

London open: Footsie roars away

Related Companies

Related Indices

Related Sectors

News for Spread Betters

PreviousPrevious
NextNext

There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

Get full details about Marketmaker:Investor Edition here. Advertisement

Date: Friday 02 May 2008

  • Market Movers
  • FTSE 100 6,148.90 +1.01%
  • techMARK 1,430.97 +0.96%
  • FTSE 250 10,217.10 +1.43%

LONDON (ShareCast) - Footsie has roared away on the back of a surge on Wall Street and a rally by the banks.

The newly demerged Cadbury leads the way, but Wolseley is also going well. Banks are another strong sector. Barclays is up despite the widely reported departure of Paul Idzik, chief operating officer and one of the key lieutenants in efforts by John Varley, chief executive, to overhaul the bank’s culture and management.

Royal Bank of Scotland is also going well on a report in the Telegraph that private equity firm Texas Pacific Group is considering a bid for its insurance arm. "It is very premature and no decision has yet been made to bid for it, but TPG is interested,"the report said.

Rio Tinto is ahead after its chairman told an Australian paper it might consider a break-up to thwart BHP Billiton's bid.

Property group Capital & Regional has rallied after yesterday's rout on worries concerns that its flagship fund had breached its banking covenants. After the market closed the company acknowledged the “market concern around the capital structure of the Mall Fund”.

Rentokil shareholders face the prospect of a dividend cut after its problems within its parcels business, City Link, hit it hard in the first quarter. Revenue rose by 6.6% to £553.6m but profits slumped by 59% to £14.6 m after a loss of £15.4m at City Link. Excluding City Link, revenue rose by 8% and adjusted operating profit up 0.7%. Rentokil added that its current dividend is not sustainable and will be reviewed.

Reinsurance broker Benfield expects 2008's trading result to be marginally below 2007 due to currency moves and a softening reinsurance market. "Benfield has not been materially affected by the global credit crisis, and although it has had an adverse effect on some reinsurers, the overall impact on the global reinsurance market has been muted," it said in a statement.

Aircraft and car parts maker Hampson Industries has conditionally agreed to buy two US firms for up to $314m (£158.2m) and raise around £65m from a placing and open offer to part fund the acquisitions.

Best of the Best, which displays luxury cars as competition prizes in airport terminals, said profit and revenue for the year will be below expectations.

Digital Look have been voted
"Best Research and Information Provider"

4th Floor, Bankside House, 107 Leadenhall Street, London EC3A 4AF.
Registered in England and Wales (registered no. 3678570).