FTSE 100 movers: RSA lifted by bid talk

15th Jul 2009 11:21

Insurance group RSA is moving up on talk Italian group Generali may be interested, but broker Panmure Gordon still believes the shares are worth buying anywhere, particularly after RSA made a "smart move" this week in reducing the group's pension scheme exposure. "The shares have fallen back recently, as the perceived less defensive life sector has staged a recovery of sorts, but trading at 1.1x 2010E net tangible assets (102p/share) and with an attractive 6.8% 2009F dividend yield, the shares offer great upside potential," Panmure analyst Barrie Cornes believes. Cash-strapped real estate investment trust Land Securities has made good progress selling off assets since its rights issue and with the share price having shifted into reverse since the company's May trading update, the time is right to buy the shares, broker KBC Peel Hunt asserts. The broker has upgraded the stock from "hold" to "buy" while leaving its earnings forecasts unchanged. "The company has made good progress selling down post the rights issue with over £500m of sales since 31 March (this is roughly half what we expect the company to sell post the rights issue)," KBC stated.ICAP is lower after an in-line trading update. The interdealer expects underlying profit for the year to March 2010 to be in line with expectations, providing exchange rates remain at current levels for the remainder of the year. Revenue grew by over 10% in the quarter ended 30 June 2009 compared with the same period in the previous year. FTSE 100 - RisersXstrata (XTA) 649.60p +5.75%Kazakhmys (KAZ) 672.50p +5.00%Tullow Oil (TLW) 935.50p +4.99%Legal & General Group (LGEN) 56.32p +4.86%Man Group (EMG) 270.25p +4.14%Rio Tinto (RIO) 2,101.00p +4.04%Prudential (PRU) 382.50p +4.01%HSBC Holdings (HSBA) 530.15p +3.79%FTSE 100 - FallersICAP (IAP) 425.75p -3.89%Reckitt Benckiser Group (RB.) 2,795.00p -0.99%Home Retail Group (HOME) 275.25p -0.81%Marks & Spencer Group (MKS) 318.75p -0.62%Cable & Wireless (CW.) 129.90p -0.54%Experian Group (EXPN) 444.50p -0.28%Inmarsat (ISAT) 551.00p -0.27%Petrofac Ltd (PFC) 682.00p -0.22%