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CFD Traders DiaryFocus moves to second line stocks26/1/2007
After
the big fall in US indices last night, the FTSE 100 index was marked down
around 30 points at the open, but as the morning progressed there have been
signs of buying although volume is fairly low so far. On a quiet day for blue chip news, Royal
Dutch Shell have said the company will continue to look for business in Russia
where it last year had to cede part of its flagship Sakhalin-2 oil and gas project
to state monopoly Gazprom.
Most of the other news of note has been in second line
stocks, with JJB Sports down 4%
following news that David Whelan, its founder, is to sell up to 20.5m shares,
reducing his own and his family's holding to approximately 29%. There were a string of poor reports from
smaller companies, with I-Mate warning
of a second half loss as revenues slowed in the fourth quarter. Sales for the year will be $190-200m with
revenues of $48m in the third quarter and in the range $30-40m in the fourth
quarter. Torex Retail also said that results are expected to be
significantly below market expectations and it has requested a temporary
suspension of its shares as borrowings climb.
Casino and sports betting operator 32Red is continuing talks with its bankers after warning that full
year operating results will fall significantly below current market forecasts.
There was happier news from Harvey Nash
which said that trading for the current year to the end of January will beat
market forecasts. Property investment
firm Warner Estate has announced
details of a recommended offer of 700p per share in cash for JS Real Estate, a
10% discount to last night’s closing price of 780p. Sanctuary cut its operating loss from £136m to £57m in the year to
end –September, and the board is currently considering opportunities that may
enable it to realise value from the disposal of parts of the group.
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