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London mid-morning: Footsie slides
Wed, 08 Feb, 2012
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London mid-morning: Footsie slides
Mon, 16 Aug 2010, 09:36:00
After a moderately firmer start equities have sleepwalked their way into negative territory, with just a couple of mergers and acquisitions developments managing to generate much interest in a torpid market. <b>Cairn Energy</b> moves ahead after saying it has sold a 51% stake in its Indian business to mining giant <b>Vedanta</b> for $8.5bn (£5.4bn). The deal will result in a cash windfall for shareholders in the Scottish oil explorer. The money will give Cairn financial flexibility to focus on an active multi-year exploration and drilling programme in Greenland and also consider "further material growth opportunities", said Cairn chief Bill Gammell. Vedanta is also higher. Insurer <b>Aviva</b> has given u pearly gains. The company outlined its reasons for rejecting a proposal from rival <b>RSA</b> to acquire Aviva's general insurance businesses in the UK, Ireland and Canada. Aviva said it received a conditional proposal to for RSA to buy the assets for £5bn on Wednesday, but rejected the proposal as it considered that "the highest value to shareholders will be delivered by retaining these businesses within the group". Hotels and coffee shops owner <b>Whitbread </b>is a little off the pace. The company completed an issue of private placement notes with an equivalent sterling value of about £102m. The proceeds will be used to repay drawings under existing shorter-dated bank facilities. In the mid-cap index, a rise in permanent recruitment and improved confidence levels helped <b>Michael Page</b> deliver a surge in half yearly earnings. The recruiter posted profit before tax of £61.4m in the six months to 30 June 2010 from £43.2m the same time a year before. Revenue for the period increased to £393.5m from £364.7m. Oil services group<b> Hunting</b> is to acquire Innova-Extel, a Texas-based supplier of 'harsh environment' electronics technology for $125m. <b>Balfour Beatty's</b> share of work on the first phase of the Eagle P3 commuter rail project in the Denver area is put at £560m, the infrastructure specialist said. <b>Gulfsands Petroleum</b> is disappointed that the first reservoir target at its Lambouka-1 well in Tunisia looks to be water-bearing, although it's looking on the bright side. Vouchers and Christmas hampers supplier <b>Park Group</b> has received £1.9m back from the taxman after appealing against the VAT accounting treatment of commission paid to agents. Aim-listed insurance broker <b>CBG</b> warned 2010 will be another tough year and, despite ongoing cost cuts, it is not likely to reach current market expectations for the full year. The share price of <b>Landkom </b>is back in double figures after the Ukrainian grain and oilseeds grower said it expects to benefit from higher wheat prices caused by hot weather . The company's crops missed out on the worst of the heat damage that is ravaging crops in the east of Ukraine and Russia.
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