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London midday: Stocks tread water
Wed, 08 Feb, 2012
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London midday: Stocks tread water
Mon, 5 Jul 2010, 11:35:00
The London stock market ended the morning little changed, with the general air of lethargy reinforced by the absence of any directional input from the US market, which is closed today. <b>BP</b> is the strongest blue chip on reports that the governments of Kuwait, China and Singapore could inject funds under a £6bn plan designed to shore up the oil group's finances in the wake of the Gulf disaster. The cost of the clean-up has now exceeded $3bn. Ahead of its first quarter trading update on Wednesday retailer <b>Marks & Spencer </b>is wanted, as is fellow clothing store <b>Next. </b> Markets are fretting once more about a slow-down in global economic growth, and this has put <b>African Barrick Gold</b>, <b>Rio Tinto</b>, <b>Xstrata</b> and <b>BHP Billiton</b> under pressure. Bank shares are also out of favour with <b>Royal Bank of Scotland</b> and <b>Barclays</b> the weakest. Elsewhere in the sector, part-nationalised lender <b>Lloyds Banking Group</b> is selling a portfolio of 40 private equity investments in its Bank of Scotland Integrated Finance (BoSIF) unit to a newly formed joint venture for £332m in cash. The new joint venture, called Cavendish Square Partners, will be majority owned by private equity investor Coller Capital, with Lloyds Banking Group retaining a stake of around 30%. <b>Premier Oil</b> has upgraded reserves estimates for Catcher and Catcher East to between 60mn barrels of oil (mmbls) and 100 mmbbls after striking oil again at the lucrative field in the UK Central North Sea. Premier and other stakeholders in Catcher - <b>Encore Oil</b> (15%- operator), <b>Nautical Petroleum</b> (15%), Wintershall (UK North Sea) Limited (20%) and Agora Oil & Gas (15%) - are looking to buy "a number" of new site surveys over potential drilling locations in Block 28/9. Investors in<b> Falkland Oil and Gas</b> hungry for news on the Toroa F61/5-1 exploration well will have to wait an extra week due to "minor operational issues and weather related downtime". Wickes owner <b>Travis Perkins</b> has got its name on BSS after the pair agreed a cash and share bid worth 436p per BSS Share and valuing the plumbing supplies firm at approximately £558m. The terms are in line with the initial approach from Travis in May. Outsourcing specialist <b>Serco</b> has won a long term contract to provide and operate a new prison at Belmarsh West, London. This is the first prison contract to be awarded in the UK to an alliance of the private and voluntary sectors and is worth about £415m to Serco. Construction works will begin right away and the contract will run for 26½ years. Distribution and outsourcing group, <b>Bunzl</b>, has snapped up Belgian cleaning and hygiene consumables firm Etablissements Glorieux SA. The Belgian company, which trades at Global Net, is being acquired from the owners, Olivier and Luc Glorieux. Last year it turned over €19.6m. Property developer <b>St. Modwen Properties</b> returned to the black at the interim stage and has resumed dividend payments. Net asset value (NAV) per share at the end of May had risen to 214p, a rise of 6.8% from the NAV at the end of November 2009. R&D consultant <b>Sagentia</b> is trading so strongly it now expects its first half results not only to beat estimates but also to exceed the forecasts for the whole year. After a bumper set of full year figures last month, Aim-listed component distributor <b>Elektron</b> predicts its next set of interims will also be 'significantly ahead' of its expectations. Publisher <b>Dods</b>, which changed its name from Huveaux last month, admits it's received a number of bid approaches, as speculated in the press recently. <b>FTSE 100 - Risers</b> BP (BP.) 332.40p +3.23% Marks & Spencer Group (MKS) 342.50p +2.82% Pearson (PSON) 885.00p +2.08% Next (NXT) 2,020.00p +1.56% ARM Holdings (ARM) 274.50p +1.48% Schroders (SDR) 1,171.00p +1.47% Aggreko (AGK) 1,409.00p +1.44% Kingfisher (KGF) 210.60p +1.35% Compass Group (CPG) 512.00p +1.29% Cable & Wireless Worldwide (CW.) 86.05p +1.24% <b>FTSE 100 - Fallers</b> Royal Bank of Scotland Group (RBS) 39.06p -2.50% African Barrick Gold (ABG) 602.50p -1.95% Autonomy Corporation (AU.) 1,769.00p -1.78% Rio Tinto (RIO) 2,882.50p -1.77% Barclays (BARC) 262.55p -1.65% BHP Billiton (BLT) 1,696.00p -1.57% Xstrata (XTA) 857.50p -1.56% Antofagasta (ANTO) 765.50p -1.54% Fresnillo (FRES) 952.00p -1.24% Anglo American (AAL) 2,278.00p -1.11%
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