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London close: Footsie weakness continues
Wed, 08 Feb, 2012
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London close: Footsie weakness continues
Wed, 27 Jan 2010, 17:27:00
Shares continued their weak run of recent days, with the FTSE 100 ending the day deep in the red. Mining stocks fell on enduring concerns that the Chinese authorities will introduce further measures aimed at cooling down the country's overheating economy. <b>Xstrata</b>, <b>Fresnillo</b> and <b>Anglo American</b> are the worst hit, but <b>Lonmin</b> defied the trend. Mining giant <b>Vedanta Resources</b> fell despite seeing core earnings soar in the last quarter thanks to higher volumes and recovering commodity prices. Hedge fund group <b>Man</b> suffered after Credit Suisse cut its price target for the stock from 320p to 300p. <b>Royal Bank of Scotland</b> and <b>Barclays</b> banks lower, not helped by a report that veteran banker and former Lloyds TSB chairman and bank legend Sir Brian Pitman is set to become chairman of Richard Branson's finance arm, Virgin Money, has also unsettled the two UK banks. Supermarket <b>Morrisons</b> has found a replacement for chief executive Marc Bolland, who left in December to take the helm at Marks & Spencer. Dalton Philips, chief operating officer of Canadian retail giant Loblaw Philips, will take over as Morrisons chief exec on March 10. <b>Tullow Oil</b> was in the doghouse after announcing plans to raise almost £1bn to fund its exploration and production activities a day after shareholders rubber-stamped its purchase of Heritage Oil's 50% stake in Blocks 1 and 3A in Uganda. It is placing 80.43m shares with institutional investors at an as yet undisclosed price. Platinum specialist <b>Johnson Matthey</b> had some good news. It expects results this year to come in slightly better than market estimates as recovery comes through in a number of markets. Group sales excluding precious metals for the third quarter were 9% ahead of the same period last year. <b>International Power</b> has completed the financing for Thai National Power 2 (TNP2), a new 110 megawatt (MW) gas-fired cogeneration project in Thailand. Brewer <b>SABMIller</b> was a rare bright spot among first-liners, after Credit Suisse reiterated its 'buy' recommendation, claiming that the share price's recent pull-back represents a great buying opportunity. There were a few bright spots to be found among FTSE 250 stocks such as Britvic, Renishaw, Greene King and WH Smith. Soft drinks firm <b>Britvic</b> has seen 'robust' market conditions in the last quarter, but said it remains cautious about the outlook for consumer confidence and spending. The group also said that adverse weather conditions in the early weeks of January have resulted in a marked slowing of demand, while sales pressure in Ireland is continuing. Newsagent chain <b>WH Smith</b> reported a drop in sales, but said it remains confident in the outcome for the full year. Total group sales were down 2% with like for like (LFL) sales down 4% for the 21 weeks to 23 January. LFL sales in the High Street division fell by 5% and 4% in the 11 and 21 weeks respectively. Brewer <b>Greene King's</b> trading over the last nine weeks has remained 'relatively strong' despite the freezing weather, with food sales going well and Scottish arm Belhaven again doing a star turn. A near-doubling of orders over the past six months put some gloss on a sharp fall in interim profits at high-tech precision tool maker <b>Renishaw</b>. The order book increased from £9.7m in June to £17.6m by end December with orders exceeding revenue in the each of the past six months, the group said. Stockbroker <b>Charles Stanley</b> said third quarter revenue rose 5.2% from the same period a year earlier after seeing a solid performance in all three of its divisions. For the three months to 31 December 2009 revenue rose to £28.4m from £27.0m the same quarter a year earlier. Shares in <b>System C Healthcare</b> perked up after it reported a 49% increase in first half pre-tax profit and said it expects full year profit to be in line with market forecasts. <b>Plant Health Care</b> expects to report a significantly reduced full year loss for 2009,but the natural plant supplement supplier said at least one third of sales previously expected to fall in 2010 are now likely to fall in to the following year. <b>FTSE 100 - Risers</b> Resolution (RSL) 81.55p +2.39% SABMiller (SAB) 1,693.00p +1.56% British American Tobacco (BATS) 2,070.00p +1.22% ICAP (IAP) 384.30p +1.13% Cobham (COB) 233.10p +1.13% Cadbury (CBRY) 830.00p +0.97% British Sky Broadcasting Group (BSY) 554.00p +0.82% Associated British Foods (ABF) 883.00p +0.68% Amec (AMEC) 745.00p +0.61% BAE Systems (BA.) 355.30p +0.57% <b>FTSE 100 - Fallers</b> Man Group (EMG) 246.00p -6.50% Royal Bank of Scotland Group (RBS) 32.99p -5.20% Tullow Oil (TLW) 1,160.00p -4.61% Fresnillo (FRES) 672.00p -3.72% Wolseley (WOS) 1,384.00p -3.55% Barclays (BARC) 266.85p -3.32% Anglo American (AAL) 2,379.00p -3.17% Compass Group (CPG) 430.00p -3.15% Xstrata (XTA) 1,050.00p -3.14% Legal & General Group (LGEN) 77.65p -2.76% <b>FTSE 250 - Risers</b> Britvic (BVIC) 431.70p +6.75% PartyGaming (PRTY) 292.00p +5.11% Informa (INF) 315.60p +3.68% Paragon Group Of Companies (PAG) 135.00p +3.37% Ecofin Water & Power Opportunities (ECWO) 139.50p +3.33% Melrose Resources (MRS) 320.00p +3.23% Brewin Dolphin (BRW) 136.10p +3.11% Chemring Group (CHG) 3,276.00p +3.08% Dechra Pharmaceuticals (DPH) 480.00p +2.24% Greene King (GNK) 442.60p +2.22% <b>FTSE 250 - Fallers</b> 888 Holdings (888) 113.00p -5.28% Ashmore Group (ASHM) 220.00p -4.35% Persimmon (PSN) 440.00p -3.53% PV Crystalox Solar (PVCS) 57.70p -3.19% DS Smith (SMDS) 110.80p -3.15% DSG International (DSGI) 32.25p -3.04% Davis Service Group (DVSG) 405.40p -3.01% Petropavlovsk (POG) 931.00p -2.97% Xchanging (XCH) 191.80p -2.89% Barratt Developments (BDEV) 122.00p -2.87%
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