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London close: Another tough day despite banks rally
Thu, 08 Jan, 2009
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London close: Another tough day despite banks rally
Thu, 20 Nov 2008, 16:21:00
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Percent
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Royal Bank of Scotland Group
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IG Group Holdings
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London's blue chips had another tough day despite a rally from the bailed-out banks sector and a bit of cheer for shops from better than expected retail sales figures.<br /><br /><b>Royal Bank of Scotland</b> was the top riser ahead of today's vote on its new fund raising. Shareholders are expected to follow in the footsteps of their Lloyds TSB counterparts and approve the refinancing plans. Meanwhile, <b>HBOS</b> is going well after <b>Lloyds </b> shareholders approved the merger of the pair yesterday.<br /><br />Retailers enjoyed a little bit of support after retail sales dropped 0.1% in October. Analysts had predicted a drop of 0.9% following a 0.4% slip in September. Today's report, which puts the annual rate up to 1.9% from 1.7% in September, contradicts recent results from High Street giant such as Marks and Spencer. <b>Next</b> and <b>Kingfisher</b> both picked up on the data. Department store <b>Debenhams</b> and Comet owner <b>Kesa</b> race ahead.<br /><br />Insurers and miners were the major fallers today. The relentless downward trend of equity markets worldwide is raising concerns about the investment portfolios of insurers, resulting in large share price falls today for <b>Aviva</b>, <b>Prudential</b> and <b>Legal & General</b>.<br /><br />Similarly, asset managers are out of favour, with <b>BlueBay</b> and <b>F&C Asset Management</b> among the worst performing second tier stocks. UBS chipped in with a 'sell' recommendation on BlueBay and 'neutral' ratings on <b>Schroders</b> and <b>Ashmore</b>. <br /><br />Miners are weak on worries over the US economy following a cut in the output forecast from the US Federal Reserve yesterday. Concern that the US car makers may not get a bail-out from the US government is also unsettling metal markets. <b>Vedanta</b>, <b>ENRC</b>, <b>Rio Tinto</b> and car auto catalyst specialist <b>Johnson Matthey</b> are the major fallers in the sector.<br /><br /><b>Rolls-Royce</b> added to the gloom, saying it will axe around 4% of its workforce in 2009, with 140 likely to go at the engine maker's assembly and test facility in Derby.<br /><br />Oil company <b>Cairn Energy</b> is marked down on reports that its 65% owned subsidiary Cairn Industry has received a knock-back from the Indian cabinet in its application for a licence to drill in a deep water block in the Mumbai basin.<br /><br />Pharmaceuticals giant <b>AstraZeneca</b> has put a temporary block on sales of a rival's generic version of Astra's Pulmicort Repsules asthma treatment.<br /><br />Car and bicycle parts retailer <b>Halfords</b> boosted profit by 3% during the first six months, but like for like sales fell 1.1% and have slowed further since the end of the half-year. <br /><br />Babycare retailer <b>Mothercare</b> saw group pre-tax profit more than double at the interim stage thanks to rapid growth overseas and in the direct sales channel. <br /><br /><b>Daily Mail and General Trust</b> saw underlying profit drop 9%, but the newspaper group plunged into the red on a statutory basis and admitted the short term outlook remains difficult. <br /><br />Power provider <b>National Grid</b> is trading in line with expectations and is "well positioned to deliver low risk, organic growth." <br /><br />Traditional bookies <b>William Hill</b> and <b>Ladbrokes</b> are sharply higher but spread better <b>IG Group</b> is on a loser after it said it has seen a rise in doubtful debts during October. <br /><br />Military decoy producer<b> Chemring</b> said earnings for the year remain in line with expectations, adding that it is confident that its prospects for 2009 are 'excellent'. The group's order book now stands at £409m, up 26% since October 2007. <br /><br />Supply chain solutions provider<b> Wincanton</b> has agreed to merge its chilled consolidation activities in the UK with Culina Logistics with effect from 28 March 2009. <br /><br />Oilfield services company <b>Petrofac</b> has completed the refit of the Northern Producer floating production installation within its target schedule.<br /><br />Electronic payment services group <b>PayPoint</b> has grown interim profits by 6% and traded in line with expectations since the end of September.<br /><br />Pub group and real ale brewer <b>Young and Co's Brewery's </b> like for like sales on a same outlet basis fell over 3% during September and October and it doesn't expect conditions to improve in the short term.<br /><br />Dutch mining engineer <b>Bateman Engineering</b> has warned results for the current year will be "materially" below current market expectations due to cancelled orders and the strong dollar.<br /><br /><b>FTSE 100 - Risers</b><br />HBOS (HBOS) 72.00p +11.98%<br />Royal Bank of Scotland Group (RBS) 46.00p +8.75%<br />Lloyds TSB Group (LLOY) 125.30p +5.74%<br />Next (NXT) 970.00p +4.30%<br />Inmarsat (ISAT) 388.25p +4.02%<br /><br /><b>FTSE 100 - Fallers</b><br />Aviva (AV.) 292.75p -16.77%<br />Prudential (PRU) 246.00p -16.33%<br />Eurasian Natural Resources (ENRC) 191.40p -14.46%<br />Legal & General Group (LGEN) 60.30p -13.49%<br />Vedanta Resources (VED) 387.75p -11.47%<br /><br /><b>FTSE 250 - Risers<br />Mecom Group (MEC) 2.30p +52.32%<br />Euromoney Institutional Investor (ERM) 250.00p +11.11%<br />Ladbrokes (LAD) 161.00p +9.52%<br />PartyGaming (PRTY) 103.50p +8.95%<br />GKN (GKN) 72.00p +7.87%</b><br /><br />FTSE 250 - Fallers<br />IG Group Holdings (IGG) 166.00p -27.27%<br />BlueBay Asset Management (BBAY) 105.00p -22.22%<br />Mapeley (MAY) 110.00p -18.82%<br />SIG (SHI) 129.50p -18.04%<br />Shanks Group (SKS) 102.00p -17.58%.
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