London afternoon: Slide accelerates after US open
2nd Jul 2009 15:00
Investors are bailing out of equities in the US ahead of the long holiday week-end in the States, prompting the decline in UK equities to pick up pace. Rio Tinto is the day's worst performer despite a strong response to its $15.2bn rights issue. Shareholders have taken up 96.97% of the shares offer
Read moreHome Retail rocked by pay rebels
2nd Jul 2009 12:49
Argos owner Home Retail suffered a major revolt over a new director remuneration package at its AGM today, with 35.6% of shareholders voting against the deal. The scheme, which could see senior management receive bonuses of more than 150% of their salaries, had been slammed by the Association of Br
Read moreLondon close: Footsie closes flat
18th Jun 2009 16:34
A late afternoon rally fizzled out to leave Footsie little changed after a volatile day. Economic stories dominated the news with mixed data in the UK offset by better than expected intial jobless figures in the US. UK mortgage lending eased in May from the month before and was 58% lower than the
Read moreLondon afternoon: US rally lifts Footsie
18th Jun 2009 15:03
Better than expected US dole queue figures have lifted Footsie in the afternoon session, despite very mixed economic data here at home. Mortgage lending eased in May from the month before and was 58% lower than the same time last year, figures showed today. The Council of Mortgage Lenders (CML) s
Read moreLondon midday: Economic data knocks retailers
18th Jun 2009 12:02
Leading shares drift lower after disappointing retail sales and weaker mortgage lending in May. The economic data proved to be a double-whammy for DIY retailers Home Retail and Kingfisher, which feature prominently among the main fallers. Elsewhere in the retail sector fashion chain Next and Currys
Read moreSerco chief raises stake
16th Jun 2009 17:08
Serco chief executive Christopher Hyman has bought shares and exercised options in the support services firm. Hyman purchased 38,303 ordinary shares at a price of 404.50p per share, which are to be held as Investment Shares under the terms of the company's deferred bonus plan. In addition, Hyman e
Read moreTechnical Analysis: Retailers paring gains
15th Jun 2009 14:09
Last week's disappointing retail sales figures for May which showed a 0.8% dip in like for like sales, has prompted some profit-taking in the general retail sector after several months of significant gains. The sector has had a good run since the beginning of the year, rising over 40%, however it
Read moreLondon close: Banks boost Footsie late
11th Jun 2009 16:33
London rallied strongly late on, helped by gains for banks, which outweighed profit taking among the big mining stocks and weakness among oil users as the price of crude rose again. Speculation is growing about the timing of the government's withdrawal from ownership of large stakes in Royal Bank
Read moreLondon afternoon: Banks in demand
11th Jun 2009 14:47
London is having a languid day, with Footsie lacking direction. Banks are strong but their gains are counterbalanced by losses on mining stocks. Banks are in focus as speculation grows about the timing of the government's withdrawal from ownership of large stakes in Royal Bank of Scotland (RBS), L
Read moreUpdate: Home Retail boss cautious despite higher sales
11th Jun 2009 13:29
Retailer Home Retail posted better than expected sales at Argos and Homebase, but the firm's shares were little changed after its chief executive cautioned against reading too much into supposed green shoots of economic recovery. Total first quarter sales at Argos grew by 0.9% in the 13 weeks ended
Read moreLondon midday: Leading shares remain mixed
11th Jun 2009 11:54
Leading shares continue to tread water, with little sign of strong influence from Wall Street, which is expected to open moderately firmer. Home Retail Group is slightly off the pace after this morning's trading statement. The retailer said both Argos and Homebase enjoyed better than expected sales
Read moreBroker tips: Glaxo, Home Retail, engineers
11th Jun 2009 11:44
The share price of drugs giant GlaxoSmithKline has moved sideways since the start of March and has some catching up to do in relation to the share price performance of its European peers, reckons Morgan Stanley. The US bank has upgraded its rating on the stock from 'underweight' to 'equal weight' a
Read moreBroker snap: Home Retail benefits from rivals' demise
11th Jun 2009 11:43
Home Retail Group looks to be a major beneficiary of the collapse of Woolworths after its Argos division reported this morning that consumer electronics sales continue to grow while toy sales are strongly ahead of last year. Meanwhile, the demise of MFI could be a major factor in the growth of kitc
Read moreFTSE 250 movers: Premier Farnell update well received
11th Jun 2009 11:19
Investors are focusing on the positives from electronic components distributor Premier Farnell's statement today. The firm saw first quarter profit slump 63% as the poor market trends it experienced in the fourth quarter persisted but said its year on year sales performance in April and May showed a
Read moreLondon open: Shares drop slightly
11th Jun 2009 08:20
London's blue chips are slightly lower in early dealings with commodity stocks among the main fallers following yesterday's stellar gains. Mining giants Lonmin, Rio Tinto, Eurasian Natural Resources and Xstrata are all down. Home Retail Group said both Argos and Homebase enjoyed better than expect
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