Broker snap: FirstGroup's National Express bid is opportunistic
29th Jun 2009 11:49
The bid by FirstGroup for rival train and bus operator National Express is opportunistic, according to Panmure Gordon, given the latter's problems on its East coast franchise which are pushing the company into the red. "With the exception of rail, National Express's assets are quite attractive, alt
Read moreFTSE 250 movers: Approach sends transport firms both ways
29th Jun 2009 09:54
FirstGroup is among the heaviest fallers after making a merger approach for fellow bus and rail group National Express. National Express said it 'does not consider it appropriate to enter into discussions with FirstGroup. Informa is the top riser even after it warned that half-year organic revenues
Read moreNational Express rejects FirstGroup bid approach
29th Jun 2009 09:49
National Express has rejected an unsolicited bid approach from fellow bus and rail group FirstGroup. "National Express confirms that on 19 June 2009 it received a highly preliminary approach regarding a potential share for share merger on unspecified terms from FirstGroup," a statement read Monday.
Read moreLondon open: Footsie makes steady start
29th Jun 2009 08:32
London's blue chips have made a steady start with banks pushing on and insurers making gains. Lloyds and Barclays are both ahead with the new government paper on regulation of the sector likely soon and expected to see a defeat for the ideas of Bank of England governor Mervyn King. Outsource gian
Read moreMonday newspaper round-up: National Express, Vodafone, Madoff
29th Jun 2009 06:22
National Express has rejected an unsolicited takeover bid from its larger rival FirstGroup in a surprise development likely to put further pressure on the bus and rail operator. News of the board's decision to spurn the offer comes ahead of a trading update on Wednesday and only a week after the co
Read moreSunday tips round-up: FirstGroup, Standard Chartered, Kier
28th Jun 2009 12:57
FirstGroup shares were 657p last summer but today they are 370¾p. The stock has been affected by concerns about transport companies in general, concerns about fuel costs and concerns about debt. But First is in a far better position than most other transport groups, its debt is being paid off stea
Read moreThursday tips round-up: FirstGroup, Compass, Land Securities
14th May 2009 06:02
Worsening trends in employment mean that FirstGroup's UK rail business is not out of the woods - but merely in a better position than the rail operations of unprotected peers, such as National Express. However, at 365p, up 5¾p, or less than nine times earnings, and yielding 5.1 per cent, First is wo
Read moreLondon close: Footsie takes a dive
13th May 2009 16:31
Footsie gave up its recent indecisive spell to dive into the red after an unexpected fall in US retail sales tempered recent talk that we are on the cusp of an economic recovery. Financial shares were the worst performers in London, not helped by disappointing trading updates from Legal & General a
Read moreLondon afternoon: US retail sales data jolts London
13th May 2009 14:28
Poor US retail sales figures prompted a quickening in the decline of blue-chip prices in London. US retail sales had been expected to rise in April but unexpectedly fell, bringing in to doubt hopes that the US economy is on the mend. Financial shares are the worst performers in London, not helped b
Read moreLondon midday: Miners and properties slide
13th May 2009 12:04
After a moderately firmer start, London's leading shares quickly turned lower in the morning session, with mining shares and properties weighing heavily on the FTSE 100 index. Property giant Land Securities saw its net asset value slashed by two-thirds in 2008 in what it described as 'unprecedented
Read moreFirstGroup profit ahead of forecasts
13th May 2009 07:57
Greyhound bus operator FirstGroup reported full year profit ahead of forecasts and said it is well placed to withstand economic headwinds. Adjusted profit before tax rose to £326.4m for the year ended 31 March 2009 from £249m the year before. Analysts had pencilled in a profit of £320m. Revenue gre
Read moreWednesday preview: Compass, Sainsbury, FirstGroup
12th May 2009 15:40
Supermarket giant J Sainsbury seems to have recovered its poise and purpose in recent years, despite being overtaken in terms of UK market share by first Tesco and then Asda. Though widely assumed to be at the posher end of the supermarket spectrum, it has more than held its own in terms of market
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