BAE Systems lead the way this week after it announced a £10bn deal with the Saudi government.
The London market edged up slightly this week, driven by a lower oil price and relief that the US economy may be heading for a soft landing rather than a serious slowdown. By mid morning on Friday, the Footsie was up 15 points on the week at 5,915.
Biggest Movers in the FTSE 350 (as at Friday 10am)
BAE Systems
(LSE: BA.)
has had a good week, rising 7% on news of a £10bn deal to sell a fleet of fighter planes. The deal could be worth £20bn once you include maintenance work over a 25-year period.
Elsewhere, miners also did well after BHP Billiton
(LSE: BLT)
said it would temporarily close its strike-hit Escondida copper mine in Chile. The copper price in response and BHP shares climbed 4% during the week. Pure copper play, Antofagasta
(LSE: ANTO)
also gained 4% but the start performer was Vedanta which jumped 10%, helped upwards by bid rumours and positive comment from Goldman Sachs.
Bid speculation also provided a fillip to GCap Media. The owner of Classic FM has had a rotten 2006 thanks to a soggy advertising market and declining audiences for its London flagship, Capital Radio. However, the price may now have fallen far enough to tempt a buyer, and those rumours pushed up the share price by 11.5% this week.
Northumbrian Water was the biggest faller, sliding 6%, after Evolution downgraded the utility from "reduce" to "sell." Going ex-dividend may have also prompted some income-hunters to move on.
Meanwhile British Energy, also down 6%, was hit by disappointing production numbers from its nuclear business. The government's plan to sell shares is also casting a pall over the stock. Shares in Drax fell 4% in sympathy.
Rightmove
(LSE: RMV)
continued to fall as the market digested the government's decision to abandon compulsory home condition reports in the forthcoming home information packs (HIPs). Estate agency group, Countrywide
(LSE: CWD)
, which owns a 21% stake in Rightmove, fared better and rose 3% after announcing positive results.
Champion Shares pick Inmarsat
(LSE: ISAT)
performed strongly, jumping 11% as the market reacted positively to news of high prices paid for wireless services spectrum in a US auction. Losing bidders in the auction may want to use some of Inmarsat's spectrum.
The market next week
Look out for interim results on Tuesday from Persimmon
(LSE: PSN)
and MichelmershBrick Holdings
(LSE: MBH)
which should give some pointers on the current state of the construction industry.
Male shareholders of Hot Tuna
(LSE: HTT)
may be keen to attend the company's AGM on Tuesday, as supermodel Elle McPherson is on the board of the clothing firm. There are two snags however: if you don't own shares, you might not be admitted to the meeting, and The Body might apologise for her absence.
On Thursday, Fool bulletin board favourite Fayrewood
(LSE: FWY)
reports its interim results. Support services group, Rentokil Initial's
(LSE: RTO)
interim numbers could also be interesting.
Notable announcements next week
Monday: TG21
Tuesday: Intercontinental Hotels, Persimmon and Panmure Gordon
Wednesday: Brambles Industries, and Slough Estates
Thursday: John Laing, Ladbrokes, Rentokil Initial and Fayrewood
