FTSE 100 movers: Cairn not home and dry yet

4th Jul 2011 15:55

Real estate investment trusts are wanted, led by British Land, which is higher on the back of a "buy" recommendation from Deutsche Bank.The German bank thinks British land is set for a surge in the growth of it net asset value (NAV).Broker Killik has also pitched in with an upbeat note on the sector. Killik's Jonathan Jackson says: "Companies with prime assets in attractive segments will be able to deliver continued NAV growth."Scottish energy company Cairn Energy gives back all the gains and more that it made on Friday, when the Indian government finally gave the nod to the sale of the company's Indian oil assets to Vedanta Resources. A report in the India Times suggests that while Cairn may have finally won over the Indian authorities, the compay - or Vedanta - may still have a hard task on its hand persuading the board of Cairn India to accept the government's ruling that royalty payments on the Rajasthan oilfields must be recoverable from oil sales. That means royalties wil be deducted from the sales proceeds before profits are split between the partners and the government.FTSE 100 - RisersPearson (PSON) 1,207.00p +2.55%British Land Co (BLND) 630.50p +2.44%ARM Holdings (ARM) 607.00p +2.27%Weir Group (WEIR) 2,187.00p +2.15%Land Securities Group (LAND) 884.00p +2.02%Tate & Lyle (TATE) 631.50p +2.02%InterContinental Hotels Group (IHG) 1,300.00p +1.96%Hargreaves Lansdown (HL.) 627.00p +1.79%Aggreko (AGK) 1,978.00p +1.75%Essar Energy (ESSR) 422.90p +1.66%FTSE 100 - FallersCairn Energy (CNE) 406.70p -2.82%Lloyds Banking Group (LLOY) 50.04p -1.52%Glencore International (GLEN) 481.60p -1.51%Royal Bank of Scotland Group (RBS) 39.25p -1.11%Serco Group (SRP) 542.50p -1.09%Capita Group (CPI) 712.00p -0.70%Rexam (REX) 392.30p -0.68%Barclays (BARC) 264.05p -0.56%Old Mutual (OML) 134.80p -0.52%--jh