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CFD Traders DiaryBig rise in J Sainsbury after bid interest revealed2/2/2007
It
was another good session for US stocks and this has helped the FTSE 100 index
push higher after the dynamic move yesterday.
The big winners this morning are supermarkets, after private equity
firms CVC , Kohlberg Kravis Roberts and
Blackstone said they were in the early stages of assessing a possible bid for J
Sainsbury. This came after the company
disclosed yesterday that the Sainsbury family trust had sold 40m shares,
cutting its stake to 13.9%. The shares are
currently up 14%, and Wm Morrison
is also up 6%.
The main results today came from British
Airways, which reported operating profits down by 27% in the
third-quarter to December as fuel costs climbed. The figures were affected by higher fuel
costs but overall there were no surprise and the shares were up slightly
mid-morning. Bellway predicted record operating profits for the year to
end-July as completions in the first half rose 10% from a year ago to 3,264,
with average selling prices rising to £173,000 from £167,000. Micro
Focus said that revenue growth for this year should meet or marginally
exceed the top end of its previously estimated range of 7% to 10%.
On a quiet day for news, Universal
Salvage has received a bid approach worth 200p per share, valuing it
£57m. Cashbox has noted the recent movement in the company's share price
and confirms that it has received expressions of interest which may or may not
lead to an offer being made to acquire the company.
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