NEW! Investment Companies Centre
- Login to your account
- Free Membership to Digital Look
- Site Map
- Company A-Z
- Finance A-Z
- News Archive
- Events
- Give Us Feedback
Digital Look
- News Archive
- News Maps / Most Popular
- Expert Views
- Press Centre
- Market Reports
- Company News
- Small Caps News
- New Issues
- Economic News
- International News
- Commodities News
- Currencies News
- Bonds News
- Regulatory News
- Strategy Articles
- Technical Analysis Articles
- Investment Companies News
Ocean Finance Loans:
London afternoon: Undermined by German bank collapse
Related Companies
Related Indices
Related Sectors
News for Spread Betters
Previous
There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...
Date: Monday 06 Oct 2008
- Market Movers
- techMARK 1,266.49 -3.20%
- FTSE 100 4,737.99 -4.86%
- FTSE 250 7,586.30 -5.12%
LONDON (ShareCast) - Technology stock Autonomy is the sole Footsie stock in the blue today as the market shifts sharply into reverse following the collapse of Hypo Real Estate in Germany amid fears of more problems to come in Europe and elsewhere.
Predictably banks are getting it in the neck but fears of a worldwide recession and the effect it is likely to have on demand for minerals is hurting miners even more, with Kazakhmys, ENRC, Xstrata and Fresnillo leading the sector lower. Ukraine-based miner Ferrexpo is holding up reasonably well, however, after its majority shareholder Fevamotinico sold a 20.8% stake Ferrexpo to Czech coal producer New World Resources at 83p per share.
Following the sale Fevamotinico, which is run by Ukrainian billionaire Kostyantin Zhevago, will own 51% of Ferrexpo while RPGI, which is the majority shareholder of New World Resources (NWR), will own 20.8%.
Among banks, Royal Bank of Scotland, Barclays and HBOS are the major casualties, while elsewhere in the financial sector hedge fund manager Man Group is also nursing a double-digit percentage fall.
Industrial ceramics group Cookson said overall trading in the third quarter showed a strong improvement in performance, reflecting the addition of Foseco's contribution and continuing currency translation gains.
Easyjet increased the number of passengers it flew in September as travellers continued using budget airlines amid tough economic times. About 4.2m passengers flew with EasyJet during the month, compared with around 3.4m in September last year.
Business outsourcing specialist Xchanging has acquired a 75% interest in Indian IT services provider Cambridge Solutions for approximately £83m. The consideration will comprise of 3,172m Indian rupees (equivalent to £45m at current rates) and the issue of 15.2m new Xchanging shares.
Engineering consultant WS Atkins has boosted its position in the nuclear sector with the acquisition of consultant MG Bennett & Associates Ltd for £2.5m cash.
Smart card and ID management software specialist Intercede said it has generated a profit at both pre and post tax level for the six months to September. Sales for the first half of the current financial year are more than 25% higher than for the comparable period last year, it said.
Beer flow monitoring company Brulines expects results for the half year ended 26 September to be in line with market expectations as while gas cylinder supplier Pressure Technologies expects to be ahead of forecasts.
Private firm Progressive Board has made a recommended cash offer for the remaining shares it does not own in the business media outfit SPG Media. The offer values SPG Media at approximately £11.85m.
Citigroup has issued a downbeat assessment of the UK pub sector, cutting its ratings for JD Wetherspoon and Marston’s while reducing the price targets for a host of other pub groups. JD Wetherspoon’s rating is cut to “sell” from “hold” and Marston’s to “hold” from “buy”, as the groups suffer from the squeeze on consumer spending and get to grips with rising costs.
Sportswear retailer JJB Sports is on the back foot after broker Altium Securities cut its price target. Altium, which maintained it “sell” recommendation on the stock, has trimmed its price target from 35p to 27p.
Nasstar, which designs software that allows users to access desktop applications over the internet, is a rare bright spot after signing a three-year deal with London planning consultant CGMS.