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Date: Friday 10 Oct 2008

  • Market Movers
  • techMARK 1,081.94 -7.51%
  • FTSE 100 3,932.06 -8.85%
  • FTSE 250 6,778.31 -5.59%

LONDON (ShareCast) - Footsie ended a bad week with more losses, falling to its lowest level for more than five years, as fears of a global recession gripped the global markets.

Footsie finished down over 8%, European markets slipped around 7% while Wall Street’s Dow is currently down 5%.

HBOS continued its volatile path, shedding almost one-fifth of its value as it falls way below the price indicated by Lloyds TSB’s all-share offer for the company.

Barclays was another to suffer a double-digit percentage fall after it confirmed it is considering a number of options, including a possible fund raising. Rumours persist that the bank is looking to raise funds from existing shareholders as a means to boost its tier 1 ratio to the levels required by the government.

As stock markets across the globe plummet, fund manager Schroders was also hard hit, while other financials are also amongst the losers. Life insurer Friends Provident released a statement late Friday reconfirming its strong capital position.

Fears that a global recession will sap demand for commodities prompted a cut in metal prices, which undercuts the likes of miners Rio Tinto, BHP Billiton, Xstrata and Fresnillo.

Billionaire shop owner Philip Green has denied talk that he has picked up a 3% stake in supermarket giant Sainsbury’s from forced seller Robert Tchenguiz. Monaco-based Green, who owns the Arcadia fashion group and made a fortune by turning round Bhs, was responding to an article in the Daily Mail that said he paid £125m, or 250p a share, for the stake.

Admiral was all at sea despite saying it is on track to “hit or exceed” analysts' consensus profit estimates for 2008 following a good third quarter, the car insurance giant claimed Friday. Analysts are concerned at increasing competition for the group’s Confused.com insurance quote comparison site, where margins are being squeezed.

Oil and gas group Soco International rallied hard after receiving an early stage bid approach.

Oil & gas facilities service provider Petrofac says demand remains robust over the past three months with a continuing positive outlook for new project awards. "Trading performance to 10 October has been in line with our expectations and cash balances at the end of September were in excess of $650m," it added.

Fallen High Street retail giant Woolworths was wanted on rumours that Sir Alan Sugar is building up a stake.

Indian outsource group Infosys will not raise its 600p offer for business software group Axon, seemingly leaving the way clear for a higher rival offer from HCL. Axon withdrew its recommendation of Infosys's offer after HCL trumped it with a 650p per share cash bid.

Abacus Group has agreed terms to a recommended offer from Avnet Inc worth 55p a share in cash, valuing the electronic components distributor at £42.2m.

E2V's first half will show good progress with the growth in electronic tubes offsetting slower growth from sensors and semiconductors.

Engineer Renishaw said trading for the three months to end September had been strong and while worldwide economic conditions are uncertain, the group remains confident of prospects for the current year.

Enterprise Inns edges higher despite broker Teathers reducing its target price on the heavily indebted pubs owner to 122p, after removing the impact of conversion to a REIT from its valuation model.

Real Office Group, floated in September last year to buy commercial interiors businesses, has received an offer to buy a 74.4% stake in the firm. A possible cash partial offer from Leander, which owns two commercial interiors firms CFC and Pacific Interiors, has been pitched at 16p a share.

FTSE 100 - Risers
Thomson Reuters (TRIL) 1,101.00p +0.09%
Admiral Group (ADM) 880.50p -2.17%
Capita Group (CPI) 611.00p -3.32%
Next (NXT) 947.50p -3.81%
Marks & Spencer Group (MKS) 218.00p -3.86%
InterContinental Hotels Group (IHG) 574.50p -3.93%
British Energy Group (BGY) 690.00p -4.30%
Sage Group (SGE) 168.20p -4.32%
Pearson (PSON) 519.50p -4.42%
G4S (GFS) 159.50p -4.72%

FTSE 100 - Fallers
Schroders NV (SDRC) 547.50p -28.90%
Royal Bank of Scotland Group (RBS) 71.70p -25.31%
Schroders (SDR) 680.00p -25.19%
HBOS (HBOS) 124.20p -19.09%
3i Group (III) 500.50p -16.23%
Legal & General Group (LGEN) 74.70p -16.07%
Invensys (ISYS) 150.60p -15.11%
Barclays (BARC) 207.50p -14.17%
Standard Chartered (STAN) 999.50p -14.06%
Vedanta Resources (VED) 755.00p -13.22%

FTSE 250 - Risers
ITV (ITV) 37.50p +4.17%
Benfield Group (BFD) 335.00p +3.08%
Kier Group (KIE) 761.00p +3.05%
Berkeley Group Holdings Units (BKG) 748.50p +2.96%
Soco International (SIA) 1,150.00p +2.31%
Wincanton (WIN) 193.75p +1.97%
Balfour Beatty (BBY) 282.25p +1.62%
Dairy Crest Group (DCG) 359.00p +1.56%
WH Smith (SMWH) 350.00p +1.45%
BH Macro (BHME) € 12.20 +1.16%

FTSE 250 - Fallers
Aricom (ORE) 11.75p -27.69%
Pantheon International Participations (PIN) 542.00p -18.50%
PV Crystalox Solar (PVCS) 104.00p -16.63%
Aveva Group (AVV) 755.00p -15.78%
JPMorgan European Investment Trust Growth Shares (JETG) 122.00p -15.13%
Elementis (ELM) 53.00p -14.17%
Henderson Group (HGI) 64.25p -14.05%
Melrose Resources (MRS) 300.00p -12.98%
Goldman Sachs Dynamic Opportunities EUR (GSDE) € 1.04 -12.97%
JPMorgan Emerging Mkts Inv Trst (JMG) 264.75p -12.70%

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