This Week's Market Movers

Published in Company Comment on 17 November 2006

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)

Risers
1.Northern Foods (LSE: NFDS) +19.1%
2.CSR (LSE: CSR) +11.9%
3.Hikma Pharma (LSE: HIK) +10.6%
4.Avis Europe (LSE: AVE) +10.5%
5.Luminar (LSE: LMR) +10.1%


Fallers
1.Vedanta (LSE: VED) -10.3%
2.Lonmin (LSE: LMI) -6.8%
3.Rio Tinto (LSE: RIO) -5.6%
4.Ladbrokes (LSE: LAD) -5.2%
5.Randgold Resources (LSE: RRS) -5.2%


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.

AllianceBoots (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.

LondonStock 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.

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