FTSE 100 movers: Pending stake sale cheers Inmarsat

8th Feb 2011 14:14

Shares in Inmarsat have risen on the back of last night's news that Harbinger Capital Partners intends to sell its remaining 14% stake in the satellite operator. Last October, Harbinger raised £410m from the sale of 65m shares at 630p each. The remaining shareholding was subject to a 180 day lock-up arrangement with Credit Suisse and UBS Investment Bank but this has been waived.A bookbuilding process will close by the end of business on 8 February.Bank of America-Merrill Lynch has raised its recommendation for Inmarsat from neutral to buy. There has been a positive reaction to the appointment of Laura Wade-Gery as the head of the e-commerce operations of Marks & Spencer. She was poached from Tesco where she was chief executive of Tesco.com and Tesco Direct. The date of her move to Marks & Spencer has not yet been confirmed. BG Group grew fourth quarter profits by 3% thanks to higher energy prices and a lower exploration charge. Operating profit edged up to $1.8bn in the last three months of 2010 from $1.76bn the year before.Miners are in decline. That includes Xstrata, whose 2010 profit before tax jumped to $7.11bn, excluding exceptional items, up from $1.87bn.FTSE 100 - Risers Inmarsat (ISAT) 714.00p +3.78%GKN (GKN) 204.70p +2.71%Marks & Spencer Group (MKS) 368.60p +2.45%African Barrick Gold (ABG) 529.50p +1.83%Smiths Group (SMIN) 1,395.00p +1.53%BG Group (BG.) 1,458.50p +1.28%Land Securities Group (LAND) 695.00p +1.24%Reed Elsevier (REL) 576.00p +1.23%British Land Co (BLND) 533.00p +1.23%AstraZeneca (AZN) 2,991.50p +1.17%FTSE 100 - Fallers Cairn Energy (CNE) 420.90p -3.33%ARM Holdings (ARM) 592.00p -3.11%Lonmin (LMI) 1,788.00p -2.51%Petrofac Ltd. (PFC) 1,517.00p -2.13%Eurasian Natural Resources Corp. (ENRC) 1,023.00p -2.01%Anglo American (AAL) 3,344.00p -1.96%Kazakhmys (KAZ) 1,600.00p -1.90%Standard Chartered (STAN) 1,668.50p -1.51%Vedanta Resources (VED) 2,398.00p -1.40%Fresnillo (FRES) 1,429.00p -1.38%