Wednesday 26 September 2012
QUOTE OF THE DAY
Success is relative. It is what we can make of the mess we have made of things
- TS Eliot
THIS MORNING IN LONDON
FTSE 100
5,792.35
-67.36 -1.15%
FTSE 250
11,785.97
-145.46 -1.22%
FTSE 350
3,087.71
-36.20 -1.16%
FTSE All Share
3,022.46
-35.06 -1.15%
AIM 100
3,187.42
-36.56 -1.13%
AIM All Share
703.47
-5.34 -0.75%
11:50 am
Eurozone strife rattles markets
Stocks spent the morning session stuck in reverse gear, with civil unrest in Spain and Greece setting investors' nerves on edge.
Yesterday saw anti-austerity protests in Madrid while today will see a 24-hour strike in Greece in protest at spending cuts.
Mining stocks are getting hammered on concerns over slowing global growth. Anglo American said it plans to cut back on coking coal output over the next few months as costs rise and prices drop.
The company also revealed that its Anglo American Platinum subsidiary continues to experience low attendance levels at its Rustenburg operations in South Africa, which are the subject of unofficial industrial action. Turnout rates are less than 20%, the company revealed.
In other company news, first half profits from international home emergency business Homeserve will be higher than in the corresponding period of last year, and therefore higher than some broker estimates. Adjusted pre-tax profit for the six months ending September 30th is expected to be higher than the £23.5m achieved at the interim stage last year, principally due to the benefits of increasing ownership of Domeo from 49% to 100%. Broker Peel Hunt had forecast £20m.
Waste management group Shanks said it now expects results for the year to March 31st 2013 to be slightly below the current range of expectations after market conditions in the UK and Dutch solid waste markets deteriorated significantly in the first half. Shanks said its organics, hazardous waste, and UK municipal businesses continued to perform robustly and in line with company expectations.
Performance across ICAP's voice and electronic businesses has remained more muted than anticipated at the time of the inter-dealer broker's annual general meeting in July. On the plus side, although activity in global markets has remained subdued in the last six months or so, there has been some improvement in trading volumes in September. As a result, group revenue in the six months ending September 30th is expected to be around 14% lower than the previous year.
Growth has slowed at pizza delivery firm Domino's Pizza. Like-for-like sales in the UK in the third quarter were up by 3.7%, versus 4.1% the year before and 5.7% in the first six months of the financial year.
Experian, the information company, has announced its sale of price comparison site PriceGrabber has fallen through in acrimonious circumstances.
The $175m disposal was announced back in May, but Experian says the purchase deadline has now passed and that it believes the putative buyer, Indian outfit Ybrant Digital, is "in breach of contract".
FTSE 100 - Risers
British American Tobacco (BATS) 3,210.50p +0.23%
Intertek Group (ITRK) 2,718.00p +0.22%
Carnival (CCL) 2,345.00p +0.13%
SABMiller (SAB) 2,732.50p +0.04%
Rexam (REX) 441.30p -0.05%
SSE (SSE) 1,396.00p -0.14%
Capita (CPI) 774.00p -0.19%
United Utilities Group (UU.) 728.00p -0.21%
GlaxoSmithKline (GSK) 1,453.50p -0.21%
Diageo (DGE) 1,748.00p -0.34%
FTSE 100 - Fallers
Evraz (EVR) 239.40p -4.24%
RSA Insurance Group (RSA) 114.10p -3.88%
Barclays (BARC) 215.70p -3.36%
Vedanta Resources (VED) 1,012.00p -3.34%
Anglo American (AAL) 1,837.50p -3.31%
Royal Bank of Scotland Group (RBS) 261.10p -3.30%
Kazakhmys (KAZ) 694.00p -3.14%
Weir Group (WEIR) 1,755.00p -3.09%
ARM Holdings (ARM) 567.00p -3.08%
Lloyds Banking Group (LLOY) 39.41p -2.97%
FTSE 250 - Risers
TR Property Inv Trust Sigma Shares (TRYS) 79.00p +9.87%
Rank Group (RNK) 149.40p +2.33%
UK Commercial Property Trust (UKCM) 67.50p +1.28%
Savills (SVS) 401.40p +1.01%
Euromoney Institutional Investor (ERM) 776.50p +0.98%
Grainger (GRI) 110.00p +0.92%
Menzies(John) (MNZS) 642.50p +0.86%
JPMorgan Indian Inv Trust (JII) 362.50p +0.81%
London & Stamford Property (LSP) 114.10p +0.71%
BH Macro Ltd. GBP Shares (BHMG) 1,988.00p +0.66%
FTSE 250 - Fallers
Imagination Technologies Group (IMG) 472.00p -9.23%
Shanks Group (SKS) 82.80p -8.25%
Ferrexpo (FXPO) 195.60p -5.87%
Bumi (BUMI) 160.40p -4.52%
Morgan Crucible Co (MGCR) 264.20p -4.45%
Domino's Pizza Group (DOM) 538.00p -4.44%
ICAP (IAP) 329.70p -4.13%
Petropavlovsk (POG) 405.30p -3.73%
Talvivaara Mining Company (TALV) 152.00p -3.31%
Ladbrokes (LAD) 179.90p -3.23%
FTSE TechMARK - Risers
Skyepharma (SKP) 96.00p +4.35%
Ark Therapeutics Group (AKT) 3.50p +2.94%
Optos (OPTS) 197.00p +2.87%
E2V Technologies (E2V) 134.00p +2.68%
FTSE TechMARK - Fallers
RM (RM.) 77.25p -4.04%
Promethean World (PRW) 23.00p -2.65%
Timeweave (TMW) 21.75p -1.69%
Wolfson Microelectronics (WLF) 204.00p -1.45%
TIP OF THE DAY
A report by GECR
- Intandem Films has announced it has been appointed as worldwide sales company and is to distribute in the UK British comedy film 'Jadoo', which is currently in post-production.
- This adds to a burgeoning slate of films for the international film company which offers the services of executive production and international sales.
- The recently launched UK distribution arm is led by Robert Mitchell, who was fundamental in the setting up of the renowned Buena Vista UK (part of Walt Disney) and has been responsible for numerous UK box office successes including comedies such as 'When Harry Met Sally' and 'Calendar Girls', and Terry Dove, a former 20th Century Fox executive who has been involved in a series of major film releases including 'Titanic', 'X-Men' and 'The Full Monty'.
- Investment into the business and some delays in the existing slate see reductions to our near-term earnings projections - but even on the revised current year numbers the rating continues to look much too harsh and we continue to rate the shares a long-term buy.
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THE LATEST ON THE CRAZY BOARD
The top 5 hot company threads on the Bulletin Board:
Falkland Oil & Gas
Micro Focus
Black Mountain
Imagination Technology
The Running Trading Thread
Click here to discuss shares with other ShareCrazy members
BOOK OF THE WEEK
By John Cassidy
A book review by Ross Jones
I am very interested in behavioural economics and have therefore read quite a few books covering similar subjects to what John Cassidy, a writer for the New Yorker, looks to address in his book How Markets Fail: The Logic of Economic Calamities. However, none of the other books I have read come close to the excellent way in which Cassidy analyses the roots, the progression and the ultimate outcome of the US credit bubble. Unlike other books, Cassidy does not just focus on the events which unfolded immediately before the collapse, but traces the origins of economic thought and ideas right back to Adam Smith's 18th century invisible hand teachings, and analyses exactly why and more importantly, how, the credit bubble occurred and subsequently popped.
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