Archive for May, 2011
FTSE 100 declined 1.9% or 112.6 points to 5,835.9.
by Greg Secker on May.24, 2011, under Greg's Blogs
UK Report 24th May 2011
UK markets dipped sharply yesterday, with the FTSE 100 index falling to its lowest level in two months, as miners, oil producers and travel related stocks suffered a selloff. Miners, Rio Tinto, BHP Billiton and Xstrata, lost between 2.0% and 2.7%, as base metal prices fell. Oil producers, BG Group, Tullow Oil and Essar Energy, declined between 2.5% and 3.7%, as oil prices recorded a sharp drop. Travel & tourism related stocks, International Consolidated Airlines Group and TUI Travel, paced declines, as UK’s weather agency warned that the ash resulting from the volcanic eruption could threaten trans-Atlantic air traffic and reach UK soon. FTSE 100 declined 1.9% to 5,835.9. FTSE 250 eased 1.6% to 11,795.7.
FTSE 100 rallied 1.1% or 62.5 points to close at 5,923.5
by Greg Secker on May.20, 2011, under Greg's Blogs
UK Report 19th May 2011
UK markets closed higher yesterday, as commodity and realty stocks recorded gains. Land Securities, up 6.4%, led the real estate sector higher, as its annual net income rose 14.0% to £1.24 billion and exceeded market expectations. Miners, Antofagasta, Vedanta Resources and BHP Billiton, added between 1.5% and 2.9%, as base metal prices managed to recover. Precious metal miners, Randgold Resources, Lonmin and Fresnillo also paced gains, in line with a rise in gold, platinum and silver prices. Oil producers Royal Dutch Shell and BP, gained values, as oil prices settled above $100 per barrel. Positive broker reviews benefited the shares of Cairn Energy and ENRC. FTSE 100 rallied 1.1% to 5,923.5. FTSE 250 climbed 0.4% to 11,887.5.
FTSE 100 lost 0.3% or 19.1 points to 5,925.9
by Greg Secker on May.17, 2011, under Greg's Blogs
UK Report 16th May 2011
UK markets closed mixed on Friday, as gains due to positive company updates were offset by losses in financials and utility stocks. A record contract backlog of $12.3 billion saw shares of Petrofac move higher, while BAE Systems rose 1.4%, after bagging a US army contract worth $850 million to manage an ammunition plant. Business outsourcing firms, Capita and Serco, paced gains, as their upbeat trading updates prompted Credit Suisse to upgrade its forecasts higher for the companies. However, the FTSE 100 index ended in the red, as banks, Barclays and Standard Chartered lost values, after Eurozone debt fears resurfaced. Scottish & Southern Energy, down 2.4%, led the utility sector lower, after Citigroup squashed speculation of a bid for the company. FTSE 100 lost 0.3% or 19.1 points to 5,925.9. FTSE 250 gained 0.3% or 32.1 points to 11,999.2.
Comet Electrical is being considered for disposal.
by Greg Secker on May.16, 2011, under Greg's Blogs
Kesa Electricals is said to be considering disposing of its loss making UK chain Comet.
The group, which is the third largest electrical retailer in Europe, is said to be drawing up plans to spin off the ailing retail chain and delist from the London Stock Exchange.
Breaking up the group and cutting Comet loose would allow Kesa to focus on its profitable French operations trading under the Darty brand.
Last week Comet reported a 7.7% fall in like for like sales for the past year and its managing director Hugh Harvey stepped down to be replaced by former commercial director Bob Darke.
Darty, in comparison, reported a 2% increase in sales.
If the plan goes ahead and Comet closes its UK stores, rivals Dixons and Best Buy would be likely to buy up some sites.
Analyst Andrew Wade, associate director of Equity Research Retail says if Kesa were to dispose of Comet it would be a “significant positive” for both the Kesa Group, and for Dixons Retail in the UK if hundreds of competitor stores close.
He adds that Kesa would be left with Darty – a quality French operation of John Lewis standards – “unencumbered by the disproportionate focus that Comet receives”.
Kesa CEO Thierry Falque-Pierrotin has described the UK as the “toughest [electricals] market” in Europe.
Dixons reported a 3% fall in like for like sales for the 12 months to 30 April.
Best Buy, which has been operating in the UK market for 12 months, has yet to report full year results but has seen number of senior management leave the chain in recent months.
U.K. Manufacturing Output Rose Less Than Forecast in March China’s Yuan Convertible by 2016 in Global Poll Marking Big Investor Shift China Inflation Spreading Beyond Food Shows Wen to Persist With Tightening
by Greg Secker on May.12, 2011, under Greg's Blogs
UK News 12th May 2011
U.K. manufacturing rose less than economists forecast in March as production of electrical equipment and durable consumer goods declined. Factory output climbed 0.2 percent from February, the Office for National Statistics said today in London. The median forecast of 24 economists in a Bloomberg News survey was for an increase of 0.3 percent. Overall industrial production rose 0.3 percent, less than the 0.8 percent
forecast by economists. In the first quarter, industrial output rose 0.2 percent, less than the 0.4 percent estimate in gross-domestic-product data published on April 27, the statistics office said. The revision will have a “minimal downward impact” of “less than” 0.05 percentage points on GDP data for that period.
