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CFD Traders DiaryMining stocks see early selling19/1/2007 Despite takeover activity
seeming to appear from all corners of the globe, the FTSE 100 index saw a wave
of early selling this morning with the mining sector once again in the
forefront. By mid-morning the index was
down 40 points, with Vedanta holding
the wooden spoon showing a loss of 4%, and the mining majors were down around
2%.
In M&A news, the LSE has again rejected Nasdaq's latest offer, claiming
that it undervalues the group and fails to reflect the unique strategic
position and the powerful earnings and operational momentum of the business. The LSE forecast a 58% rise in adjusted basic
eps to 50.4p in calendar 2006. Vodafone has sold its minority 25%
stake in Swisscom back to the Swiss company for SFr 4.25bn, which was a higher
figure than expected. Britvic shares are up over 6% after an
investor, thought to be potential bidder Permira, picked up a £68m stake in the
group in a dusk raid last night. BAT Industries edged higher on a
report that it has ruled itself out of launching a counterbid against Japan
Tobacco for Gallaher, after
deciding that the latter is too expensive.
Most of this morning’s corporate results were in line. Hanson
said second-half trading has gone well and full-year operating profit will be
more than 10% better than last year. Wilson Bowden confirmed that trading was
in line with expectations for the year. David Wilson Homes remains on target to meet its volume expectations
with the benefit of slight margin progression in the second half, and it enters
2007 with its strongest order book in recent years. The big second-line winner was Wood Group,
where the shares shot ahead by 11% after the group said that earnings for 2006
were to be ahead of expectations.
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