Date: Monday 30 Jul 2007
- Market Movers
- techMARK 1,517.98 -0.77%
- FTSE 100 6,206.10 -0.15%
- FTSE 250 11,071.70 +0.79%
LONDON (ShareCast) - Footsie was volatile for most of the day, eventually settling slightly in the red despite the stellar gains posted by ICI.
The chemicals giant topped the risers after it a rejected a higher offer of 650p per share from Akzo Nobel, the Dutch group says. Akzo, which joined with German group Henkel for the new bid, said ICI considered that the offer did not reflect its full value. Akzo made an indicative offer in June worth 600p per share.
Stronger metal prices meant mining heavyweights dominated the blue chip leader board, with Vedanta Resources, Rio Tinto, Antofagasta and BHP Billiton standing out.
Confectionery group Cadbury Schweppes was down as it continued to suffer from last week’s news that the sale of its Americas Beverages drinks business has been delayed due to the volatile debt market.
General financials also weighed on the market with the likes of 3i Group and Man Group lower.
HSBC announced better-than-expected interim profits of more than $14bn. The bad debt charge, though, went up $6.35bn, most of it relating to the US sub-prime market.
Drugs group Shire saw Merrill Lynch upgrade it to ‘buy’ from ‘neutral’, while amongst the midcaps, Lehman Brothers upgraded buy-to–let mortgage specialist Bradford & Bingley to 'overweight' from 'equal-weight'.
Elsewhere, Dutch bank ABN Amro has withdrawn its backing of a takeover bid from Barclays. ABN's boards -- the supervisory board and managing board -- said they were currently not in a position to recommend the offer from Barclays or the competing offer from the Royal Bank of Scotland consortium. Barclays said it would continue with its offer regardless.
Meanwhile, DSG International was higher as it confirmed new chief executive John Browett will join on 5 December 2007.
FT owner Pearson raised its full -year guidance after underlying sales rose by 6% to £1.7bn in the first half of 2007. Adjusted profit before tax was up to £54m from £31m.
Away from Footsie, food group Cranswick reported sales in the first quarter increased by 25% compared with the same period last year to £151m. Food sales showed an increase of 26% of which 22% reflects organic growth.
Banknote printer De La Rue confirmed that it is being investigated by the police following allegations of corruption.
Insurer Beazley toasted record half year profits Monday, more than doubling from the same period last year. Profit before tax for the six months to 30 June leapt to £60.2m from £28.3m a year earlier. The combined ratio, which measures claims and costs as a percentage of premiums, was better at 87% versus 90% in 2006.
Menswear retailer Moss Bros saw first half like-for-like sales rise by 2.5% thanks to improved sales in the last ten weeks but said it is planning for the trading environment to remain demanding.
Support services firm Spice said it has agreed to take over Revenue Assurance in a cash and share deal valuing the group at about £102.9m.
French IT services provider Groupe Steria has agreed terms of a recommended proposal to buy outsourcing and IT group Xansa for 130p a share, valuing the UK firm at around £472m.
FTSE 100 - Risers
Imperial Chemical Industries (ICI) 618.50p +7.19%
Vedanta Resources (VED) 1,701.00p +5.13%
Antofagasta (ANTO) 702.00p +4.15%
Rio Tinto (RIO) 3,451.00p +3.39%
BHP Billiton (BLT) 1,403.00p +3.09%
Next (NXT) 1,842.00p +2.56%
Compass Group (CPG) 317.25p +2.01%
Kazakhmys (KAZ) 1,248.00p +1.79%
DSG International (DSGI) 153.00p +1.73%
Rexam (REX) 490.00p +1.55%
FTSE 100 - Fallers
Man Group (EMG) 546.00p -3.02%
3i Group (III) 1,050.00p -2.14%
National Grid (NG.) 686.00p -2.14%
Prudential (PRU) 650.00p -2.11%
Imperial Tobacco Group (IMT) 2,136.00p -2.06%
Vodafone Group (VOD) 148.10p -2.05%
Mitchells & Butlers (MAB) 774.50p -1.96%
British Airways (BAY) 382.75p -1.92%
Punch Taverns (PUB) 1,132.00p -1.91%
ICAP (IAP) 458.50p -1.82%
FTSE 250 - Risers
FKI (FKI) 110.25p +9.16%
JKX Oil & Gas (JKX) 346.00p +8.29%
Soco International (SIA) 1,894.00p +7.31%
SThree (STHR) 425.00p +6.25%
Northern Foods (NFDS) 112.00p +5.91%
Rathbone Brothers (RAT) 1,286.00p +5.84%
Hochschild Mining (HOC) 358.00p +5.76%
BlueBay Asset Management (BBAY) 378.00p +4.93%
Galiform (GFRM) 125.50p +4.80%
RPS Group (RPS) 338.25p +4.80%
FTSE 250 - Fallers
Capital & Regional (CAL) 907.00p -4.12%
Assura Group (AGR) 171.00p -3.93%
Candover Investments (CDI) 1,810.00p -3.72%
Ultra Electronics Holdings (ULE) 1,059.00p -3.11%
Aegis Group (AGS) 124.75p -3.11%
Minerva (MNR) 284.50p -3.07%
De La Rue (DLAR) 748.50p -2.86%
EMAP (EMA) 836.00p -2.56%
Johnston Press (JPR) 381.25p -2.43%
IG Group Holdings (IGG) 324.50p -2.11%
