Investment & financial news
09 May 2008
- Kazakhmys rejects ENRC approach
Copper miner Kazakhmys has rejected an indicative £7.05bn bid approach from fellow Kazakh miner Eurasian Natural Resources (ENRC). - Claimar FD departs
Shares in care services firm Claimar slumped after the group said finance director David Jackson resigned from his post by mutual consent yesterday, ahead of the release of its interim results next month. - London close: Week's gains surrendered
London ended the week on a dull note, giving up all of the gains seen earlier this week, with fallers today outnumbering risers by three to one among Footsie constituents. ENRC's rejected bid approach for Kazakhmys came after the bell and too late to affect proceedings. - Repossessions approach early 90s high
The number of home repossession claims in England and Wales soared by 16% in the first quarter of 2008 from the same time last year, near to levels last seen in the recession of the early nineties. - Reposessions approach early 90s high
The number of home repossession claims in England and Wales soared by 16% in the first quarter of 2008 from the same time last year, near to levels last seen in the recession of the early nineties. - Monitise joins forces with Carphone Warehouse
Shares in AIM-listed mobile banking and payments firm Monitise powered ahead after it said it is joining forces with Carphone Warehouse to start a mobile money scheme using a pre-pay card. - Patagonia Gold in Argentina joint-venture
Patagonia Gold has formed a strategic alliance with a government-owned company to develop Patagonia's mining properties in the province of Santa Cruz, Argentina. - Broker tips: Wm Morrison, pub groups, Next
JP Morgan has reiterated its 'overweight' rating on Wm Morrison and raised its price target by 20p to 340p, saying that the market is underestimating the supermarket operator's potential. - Broker snap: JPM still cautious on pubs
JP Morgan has raised its ratings on pub groups Greene King and Marstons and downgraded JD Wetherspoon in a reassessment of the pub sector. - Broker snap: SG sees Next improving
SG Securities has lifted its recommendation on Next to 'hold' from 'sell' and raised its target price to 1,317p from 910p, following the fashion group's trading update yesterday. - Broker snap: Wm Morrison overlooked, JPM says
JP Morgan has reiterated its 'overweight' rating on Wm Morrison and raised its price target by 20p to 340p, saying that the market is underestimating the supermarket operator's potential. - FX round-up: Dollar slightly down
Dollar was slightly lower against the euro after the ECB kept rates on hold. - Sotheby's hammered by reduced commissions
Auctioneer Sotheby's saw its shares knocked down after falling into loss in the first quarter. - EDF made lone bid for British Energy, report says
French utility company EDF is going it alone in its bid for the UK government's 35% stake in nuclear power station operator British Energy, newswire Reuters reported sources as saying. - Core markets boost Coffeeheaven sales
Same store sales at Coffeeheaven rose by 16% in the year to March 31, but slowed towards the second half due to the timing of Easter and the impact of the stronger Czech currency, the central European coffee chain said today. - US open: Slide continues
US stocks are still reeling from yesterday's announcement by insurance giant AIG that it plans to raise $12.5bn to repair its balance sheet after taking substantial write-downs in the first quarter. - Europe: Oil prices weigh on markets
Europe's leading exchanges were lower, in line with US futures, with oil prices above $125 a barrel weighing on the broader markets. - Sector movers: Sage downgraded to
Business software group Sage ran up good gains yesterday following results but sees most of them evaporate today after Investec Securities downgraded the stock to "hold" from "buy". - Results Round Up
Full year revenue fell 8.1% at Magners cider group C&C Group to €679m, reflecting weak market conditions linked to low consumer confidence and poor weather. - 40,000 finance jobs face chop
Up to 40,000 jobs in the UK's financial services sector could be lost over the next three years as the credit crunch forces banks and insurance companies to tighten their belts. - Caza soars after hydrocarbon finds
Shares in Caza Oil and Gas gained more than 20% Friday after it reported hydrocarbon finds at two of its Texas wells. - US pre-open: Stocks seen lower
US stocks are set to be on the back foot on Friday as insurance firm American International Group posted big losses raising credit fears. - Week ahead: HSBC, Wolseley, Land Securities, Enterprise Inns
The banking sector and property-related stocks have been among the main victims of the credit crunch, so trading statements from HSBC and building supplies group Wolseley will be closely watched Monday. - Wincanton admits to TDG bid approach
Logistics firm Wincanton has confirmed an approach for smaller rival TDG worth around £229m in cash, or almost £236m if the dividend is included. - IPO values MHP at $1.7bn
Mironovskiy Hleboproduct (MHP), a leading poultry producer in Ukraine, has priced its IPO at $15.00 for each global depositary receipt, implying a market capitalisation of about $1.7bn. - TechMARK movers: Psion sees H1 in line
Psion said order intake in the first four months of 2008 has been strong and the mobile computing solutions firm expects that results for the first half will be in line with expectations. - FTSE 250 movers: Cooker sales slump cools Aga
Software company Micro Focus is on the slide after Goldman Sachs downgraded the stock to "neutral" from "buy" on valuation grounds, while kitchen equipment maker Aga Foodservice is cooling off after it said trading is mixed. - New Issues Round Up
Czech coal miner New World Resources (NWR) priced its IPO at £13.25 per share, raising £1.1bn. - London midday: Financials reeling after AIG losses
The list of FTSE 100 constituents is a sea of red today, with financials leading the retreat after US insurance giant AIG announced $7.81bn of losses in its first quarter results. - Hochschild pleased with early performance
Precious metals producer Hochschild Mining is pleased with its operational performance in the first four months and is confident of achieving full year production target of 26m attributable silver equivalent ounces. - Diageo to reorganise Irish brewing operations
Guinness brewer Diageo is to invest in new brewing facilities in Ireland and close down two smaller breweries at Kilkenny and Dundalk. - Asia: Stocks slump lower
Asian stocks posted big losses with Japan's Nikkei down on a profit warning from car maker Toyota and the stronger yen. - Flomerics rejects 104p Mentor bid
Flomerics has rejected a 104p per share cash offer from Mentor Graphics, saying it undervalues the simulation software specialist. - Tinopolis agrees £44.7m takeover
Private equity firm Vitruvian Partners has launched a recommended 45p a share cash offer for AIM listed TV production company Tinopolis worth £44.7m. - West Coast moves to block Dobbies cash call
West Coast Capital, the vehicle of Scottish entrepreneur Tom Hunter, has moved to block garden centre group Dobbies' recently announced £150m cash call, in the latest round in its battle for control with supermarket giant Tesco. - Friday tips round-up: Diageo, Lonmin, RSA
Spirits giant Diageo does not want to be regarded as a defensive stock (a good reputation for now, but not racy enough in a bull market). However, broker Merrill Lynch reckons that is exactly why investors should pile in. A prolonged financial crisis would kybosh the group's defensive qualities, but others will suffer long before Diageo does. Buy says the Independent. - Aggreko wins Vancouver Olympics contract
Temporary power and temperature control supplier Aggreko has won a contract from the organising committee of the 2010 Olympic and Paralympic Winter Games/ - Br Energy nears bid deadline
German utility giant RWE will not bid for nuclear power group British Energy, according to German newspaper Handelsblatt today, a claim it first made a week ago. - Oakdene profits down
Housebuilding and property firm Oakdene Homes saw profits for the year fall and said home sales will be at lower levels for the rest of the year. - Buhlmann new CEO of Aegis Media
Aegis has appointed Jerry Buhlmann as new chief executive of Aegis Media to succeed Mainardo de Nardis with effect from 2 June. - London open: Footsie makes sluggish start
London's blue chips have made a sluggish start in early dealings with most attention focused on a string of announcements from FTSE 250 firms. - BG says Origin talks inconclusive but ongoing
Talks regarding BG Group's £6.2bn (A$12.9bn) bid approach for Australia's Origin Energy are ongoing, but have been inconclusive, the UK oil and gas giant said Friday. - Fresnillo raises £905m in London float
Mexican gold and silver producer Fresnillo raised £905m in an initial public offering priced at 555p a share. - Smurfit Kappa sees margin pressure
Paper-based packaging products manufacturer Smurfit Kappa warned that a number of factors will have an impact on margin throughout 2008. - Cider slide slams C&C profits
Full year revenue fell 8.1% at Magners cider group C&C Group to €679m , reflecting weak market conditions linked to low consumer confidence and poor weather. - Cattles confident on 2008 outlook
Money lender Cattles has seen a strong start to the year and is confident in its prospects for the full year. - London pre-open: Footsie tipped to open lower
London is heading for a sluggish start with traders tipping Footsie to shed 40 points in early dealings. - UBM trading "modestly ahead" of expectations
Publisher United Business Media said the positive start to the year has continued with overall trading performance "modestly ahead" of expectations. - IMI organic growth up 7%
Engineer IMI said revenues for the four months to April 2008 show organic growth of around 7%, with all its five businesses contributing to the growth. - Laird sees good start to 2008
Electrical components maker Laird said it has made a strong start to the year, with trading in line with expectations. - Aga Foodservice says trading mixed
Cooker and kitchen equipment maker Aga Foodservice said trading is mixed as sector data indicates the value of cooker sales has fallen in most international markets this year. - Intertek makes strong start, trading in line
Testing and inspections company Intertek said it has made a strong start to the financial year with trading in line with management expectations. - HMV sees FY profit at upper end
Music and games retailer HMV reported a 10.1% rise in like-for-like sales in the 16 weeks ended 26 April and said it expects full-year profits before tax and exceptional costs to be towards the upper end of market expectations.
