London shares fell this week as news of a foiled bomb plot unsettled the market. BP slid on Alaskan outage, and gaming companies are unsettled by fresh regulatory worries.
London shares fell this week as news of a foiled bomb plot unsettled the market. At mid morning on Friday, the FTSE was down 49 points at 5,889.
Biggest Movers in the FTSE 350 (as at Friday 10am)
Airline shares slipped on news that British police had thwarted a plot to blow up aircraft in mid flight between Britain and America. British Airways
descended 1% to 374p losing almost its entire 4% rise earlier in the week after brokers gave it the nod. EasyJet
dropped 3% to 418p and Ryanair
dipped 3% to €7.38.
was also under the cosh after it was forced to shut a leaking oil pipeline in Alaska. Its shares slid 2% to 621p and accounted for almost a-third of the FTSE's decline on the week. But BP's loss was Royal Dutch Shell's
gain as the oil major, unchanged at 1,944p, is now the FTSE's biggest company.
Volatile gaming shares were other notable casualties this week as the industry digested fresh regulatory worries from Germany. PartyGaming
lost 9% to 109p, and 888 Holdings
folded 7% to 152p, when the Federal State of Saxony threatened to revoke a licence to Austrian gaming group Bwin. Elsewhere, BetonSPORTS
is to close its US-facing operations, and FireOne
, which provides payment services to online gaming companies, jumped 11% to 228p on bumper results.
also made headway, up 18% to 276p, after it confirmed a possible bid approach. Meanwhile, Fibernet
surged 54% to 60p, and MonsterMob
shot up 64% to 69p, when they too confirmed that they had been approached. However, oven maker Enodis
cooled 23% to 168p after suitor Manitowoc
terminated takeover talks.
reversed 10% to 488p this week over doubts about future growth. The car dealer said the new car market may register a fall 4% fall in sales for the year. Meanwhile, Carpetright
sagged 3% to 1,197p as the searing summer heat too its toll on sales.
Sticking with retailers, Tesco
, which rose 1% to 369p, may become the UK's largest non-food retailer by the end of the year. According to market researcher Verdict, Tesco may overtake the current leader Argos Retail Group, which is set to demerge from GUS
in October. Elsewhere, shares in electrical retailer Homebuy
were suspended at 207p pending the outcome of negotiations for new funding arrangements.
Other companies in the news included Standard Chartered
, which dipped 2% to 1,311p on results, and ITV
was static at 101p after the company said boss Charles Allen will step down. Elsewhere, a doubling of first-half profits saw International Power
pile on 6% to 315p, a narrowing of interim losses lifted Spirent
14% to 43p, and inkjet specialist Xaar
sank 24% to 127% on a Chinese import duty probe.
The Market Next Week
Look out for results from estate agency Countrywide
, which could provide useful insights into the housing market. There are also figures from miner Xstrata
and publisher Haynes
Notable announcements next week
Monday: Michael Page and Xstrata
Tuesday: British Land and Countrywide
Wednesday: Balfour Beatty and British Energy
Thursday: Hayne, SCI Entertainment and Weir
Friday: T Clarke and WPP
David owns shares in Royal Dutch Shell