FTSE 100 movers: Upbeat TUI offsets Alliance concerns

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Tour operator TUI Travel narrowed underlying pre-tax losses in the first half, thanks to strong trading in the UK and Nordics and a 'significant' turnaround in France.

The group, formed last year by the merger of TUI’s travel business and UK travel firm First Choice, also said that discussions with Lufthansa regarding a potential merger of Germanwings and TUIfly are ongoing.

Underlying losses before tax came in at £294m in the six month to 31 March compared with a loss of £339m last time. Underlying revenue was up 9% to £5.16bn.

Alliance & Leicester shares slumped by more than 10% at it revealed more impairment charges and a sharp slowdown in new lending in the first four months of 2008, again raising questions over whether it can maintain its dividend.

A&L took a total charge of £391m for impairment of derivatives and securitised investment vehicles. Some £189m of that was taken through the profit and loss account and the rest through reserves. HBOS and Lloyds TSB fell in sympathy.

Shares in ITV fell after Goldman Sachs changed its recommendation on the company to ‘sell’ from ‘neutral’, saying the market is being overly optimistic.

While forecasts for other broadcasters are falling, estimates on ITV do not fully factor in the effects of lower advertising spending in 2008. Trends in the advertising market are likely to be mentioned at ITV’s annual meeting on May 15, Goldman said.

FTSE 100 - Risers
Imperial Tobacco Group (IMT) 2,547.00p +1.88%
TUI Travel (TT.) 262.25p +1.16%
HSBC Holdings (HSBA) 891.50p +1.08%
SABMiller (SAB) 1,179.00p +0.94%
Vedanta Resources (VED) 2,366.00p +0.68%
Vodafone Group (VOD) 163.00p +0.62%
Experian Group (EXPN) 420.25p +0.60%
InterContinental Hotels Group (IHG) 853.50p +0.59%

FTSE 100 - Fallers
Alliance & Leicester (AL.) 458.00p -10.28%
G4S (GFS) 226.25p -5.73%
HBOS (HBOS) 485.00p -4.06%
Cairn Energy (CNE) 3,344.00p -3.94%
ITV (ITV) 64.50p -3.44%
BG Group (BG.) 1,306.00p -3.12%
Kingfisher (KGF) 147.30p -2.90%
Lloyds TSB Group (LLOY) 412.50p -2.88%

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