A good performance by telecoms and utilities lifts the FTSE. Miners are down in the doldrums, and there are results from Alliance Boots, Mothercare and Burberry.
A good performance by telecoms and utilities lifted the FTSE this week. By mid-morning on Friday, the benchmark index was up 29 points on the week at 6,237.
Biggest Movers in the FTSE 350 (as at Friday 10am)
Vodafone
(LSE: VOD)
was in good form after half-year results beat expectations. Vodafone, up 3% to 139p, also said it is on track to meet key targets for the full year. BT Group
(LSE: BT.A)
rose 1% to 283p as it agreed to buy broadband provider PlusNet
(LSE: PNT)
for £67m, and satellite communication group Inmarsat
(LSE: ISAT)
beamed 5% to 401p on third-quarter results.
National Grid
(LSE: NG.)
shot up 7% to 740p after it announced plans to demerge its mobile phone mast business. The news accompanied mid-year results that showed a 12% rise in profits. Scottish Power
(LSE: SPW)
firmed 2% to 757p as its interim profits surged 77%, and Scottish & Southern
(LSE: SSE)
hardened 3% to 1,433p on a 35% jump in first-half profits.
Vedanta
(LSE: VED)
tumbled 10% to 1,283p after it announced plans to diversify into the energy sector. The move appeared to raise questions about the sustainability of the bull run for commodities. Rio Tinto
(LSE: RIO)
receded 6% to 2,720p, Randgold
(LSE: RRS)
reversed 5% to 1,147p, and Lonmin
(LSE: LMI)
lost 6% to 3,000p after annual results missed forecast.
Northern Foods
(LSE: NFDS)
put on 19% to 106p after better-than-expected profits, and Robert Wiseman
(LSE: RWD)
surged 8% to 485p following news that higher milk prices helped to lift first-half profits. Healthy food sales was also behind Sainsbury's
(LSE: SBY)
60% profit rise. But its shares dipped 1% to 414p.
Alliance
Boots
(LSE: AB.)
held firm at 815p. The high street chemist said mid-year revenues rose 3%, and preparations for Christmas had gone well. Mothercare
(LSE: MTC)
toddled forward 3% to 374p on a 12% rise in first-half profits, and Burberry
(LSE: BRBY)
racked up 6% to 600p after the fashion house checked in with an 11% increase in sales.
London
Stock Exchange
(LSE: LSE)
was down 6% to 1,210p when seven European investment banks said they planned to create a pan-European trading platform. Meanwhile, HSBC
(LSE: HSBA)
was static at 1,000p despite a fall in profit at its US division, and a possible bid lifted life insurer Resolution
(LSE: RSL)
5% to 667p.
Amec
(LSE: AMEC)
, which climbed 7% to 427p, has also been approached. But it said it has rejected the approach from Texas Pacific and First Reserve. In other takeover news property developer London Merchant Securities
(LSE: LMSO)
rose 3% to 290p after it agreed to be bought by Derwent Valley
(LSE: DWV)
, which dipped 2% to 1,958p.
Luminar
(LSE: LMR)
sprang 10% to 662p on hopes that it may be close to selling its entertainment unit, and Avis Europe
(LSE: AVE)
sped ahead 10% to 74p on vague bid speculation. Meanwhile, ITV
(LSE: ITV)
took on 4% to 115p on a report that European commercial broadcaster RTL is mulling a bid.
Other companies in the news included Acambis
(LSE: ACM)
, which plunged 31% to 110p after it was cut out of a key American smallpox deal, and Chinese fertiliser outfit Bodisen Biotech
(LSE: BODI)
sank 58% to 235p as it faced potential legal action in the US. Ladbrokes
(LSE: LAD)
, down 5% to 400p, said it had been hit by a winning streak by punters, and Babcock International
(LSE: BAB)
scampered 9% higher to 415p on soaring profits.
The Market Next Week
There are results from electrical retailer DSG International
(LSE: DSGI)
and bicycle specialist Halfords Group
(LSE: HFD)
. Look out also from debt advisor Debt Free Direct
(LSE: DFD)
and jewellers Signet
(LSE: SIG)
.
Notable announcements next week
Monday: Care UK, Cranswick, Debt Free Direct, Thus and Workspace
Tuesday: British Land, Enodis, Enterprise Inns, Signet and SSL Int'l.
Wednesday: DSG Int'l., Johnson Matthey, Mice and Speedy Hire
Thursday: Amstrad, Daily Mail & General Trust, Domestic & General and Halfords
Friday: Fuller Smith & Turner and Trifast
David owns shares in Vodafone group.
