13.09.07
Uncertain Footsie on busy day for second line reports
13.09.07
Uncertain week with value buying and oil sector gains
12.09.07
Mixed opening on Footsie after the huge rise seen yesterday
Authorised and regulated by the Financial Services Authority
A small bout of strength at the open was wiped out by another surge of selling as traders continued to react to Friday’s poor jobs numbers in the US. The usual suspects were marked down with weakness seen in some mining stocks, financials and property stocks. Scottish & Newcastle edged up after press reports that it is considering telling Carlsberg to put up or shut up after becoming exasperated by repeated suggestions from the Danish brewer that it fancies bidding for the group. Resolution, which announced changes to the structure of a planned merger with Friends Provident today, said it would still consider alternative bids, but had received no such offers so far.
Elsewhere it was a busy day for corporate news, with Associated British Foods helped by a good performance from its retailing arm Primark which offset the problems of higher wheat prices in the bakery arm. It added that profit from the sugar businesses was strongly ahead of last year driven by the first year contribution from Illovo. Bovis delivered a more upbeat interim statement than expected, and the group added that it expected an upturn in volumes in the second half, even though interest rate rises had softened the market. Sports Direct improved despite another dull statement, with the group stating that weather conditions in the UK had a material impact. Since the end of July trading had improved, but market conditions remained difficult.
