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MARKET COMMENT
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As usual, the results schedule is very sparse during the Christmas fortnight. The London market will close at 12:30pm on Christmas Eve and re-open at 8am on Monday 29 December. The market will also close at 12:30pm on New Year's Eve and re-open at 8am on Friday 2 January. On Monday 22, the last quarterly change to the FTSE UK Index Series this year takes place. The changes are based on the closing prices of companies on 10 December. British Airways (LSE: BAY) and Hays (LSE: HAS) will be rejoining the FTSE 100 while Provident Financial (LSE: PFG) and Mitchells & Butlers (LSE: MAB) drop down into the FTSE 250. Other companies involved in the reshuffle are Paladin Resources (LSE: PLR), Victrex (LSE: VCT), Ebookers (LSE: EBR), Holidaybreak (LSE: HBR), Ultraframe (LSE: UTF) and BTG (LSE: BGC) who leave the FTSE 250. They will be replaced by Northumbrian Water Group (LSE: NWG), Regus (LSE: RGU), Filtronic (LSE: FTC) Enodis (LSE: ENO), Arla Foods (LSE: ARU) and St Modwen Properties (LSE: SMP). Monday also sees a few other notable events. HHG, the UK life operation of AMP, commences trading. According to a recent report, institutional investors have not embraced the floatation with much enthusiasm. Concerns over the business structure and a lack of dividends until 2006 have been cited as reasons for the cool reception. Canary Wharf Group (LSE: CWG) is holding an Extraordinary General Meeting where shareholders will be asked to vote on the disposal of 5 Canada Square and 25 Canada Square. The company said the disposals are vital if a takeover offer from Silvestor UK, led by Morgan Stanley, is to proceed. Monday also sees results from Peel Holdings (LSE: PEEL), the owner of Liverpool's John Lennon Airport and Manchester's Trafford Centre, and Coffee Republic (LSE: CFE). Coffee Republic recently raised £1.9m to finance the conversion of its existing cafe format into a US-style deli layout. The company believes that this should help increase average spend per customer and reverse its negative like-for-like sales growth. The writer has a beneficial interest in British Airways.