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CFD Traders DiaryCommodity prices begin to pick up18/1/2007
A
better start in London was led by the miners as
commodities improved for the first time this week, with gold back above $630. Xstrata, Vedanta Resources and BHP Billiton were up around 2% early
on. Elsewhere, the morning’s results
produced some good statements, with strong demand for flat screen TVs and
laptop computers ensuring robust sales at Kesa Electricals over Christmas.
Total group revenues for the period 1
November 2006 to 8 January jumped 7.3% and 6.4% on a like-for-like basis,
and all its businesses delivered good sales growth.
Weir Group shares were up as pre-tax profit before exceptionals
for the full year were seen substantially ahead of 2005 and at the upper end of
market estimates. Hikma pulled back after good rises
recently as the pharmaceutical group said it expects to deliver sales growth in
2007 in the mid-20% range, but cautioned that margins will be lower than
2006. Misys was higher as it announced the departure of finance director
Howard Evans at the end of its financial year, while the head of its healthcare
division Tom Skelton resigned after an unacceptable performance from the
unit. The market was pleased with
pre-tax profit up to £29.3m in the six months to 30 November from £27.1m the
year before. Mothercare said international sales in the 13 weeks to 12 January
rose 5.1%, while the group said total UK sales during the quarter rose 1.3%.
In other news, the London Stock
Exchange announced an increase of up to £250m in its existing share
buyback programme today as the group looks to fight off a hostile bid from US rival Nasdaq.
3i group reiterated that its offer for Countrywide was final and it would not reconsider terms or alter
the bid, unless another party announced it was making competing offer. NETeller
announced its immediate withdrawal from the US market as a result of new anti-online gambling laws
and the arrest earlier this week of two if its founders.
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