London close: Banks lead rally
25th Nov 2011 17:12
Every day this week and last the Footsie has been stuck in reverse gear but today it jolted forward, thanks to a little help from Wall Street, which opened higher. Banks led the advance on hopes that there is truth in the rumours that European policy makers are set to drop the requirement for priva
Read moreSector movers: Premier Foods' new FD gets warm welcome
25th Nov 2011 15:59
Cash-strapped food manufacturer Premier Foods is to get a new chief financial officer and his first job is likely to be the negotiation of the refinancing of the group's longer term debt. The stock led the Food Producers sector higher after Mark Moran, previously finance director at Durex condoms
Read moreFTSE 250 Movers: Christmas comes early for Thomas Cook
25th Nov 2011 13:23
Thomas Cook and market competitor TUI Travel were both on the up after it was reported that the cash-strapped Thomas Cook is set to survive though the Christmas period thanks to the support of its banks. According to speculation, the firm will recieve £100m to keep it afloat in the coming days. A
Read moreLondon midday: The only way is down
25th Nov 2011 11:38
London experienced a quiet morning, but the trend remained down, with the US market expected to open lower when it resumes trading today after yesterday's Thanksgiving Day holiday. US markets will close early today to enable traders to join the throngs of shoppers enjoying - or enduring - 'Black Fri
Read moreLondon open: Miners drag down Footsie
25th Nov 2011 09:01
With the US closed yesterday for the Thanksgiving Day holiday, London has no lead to follow in terms of market direction so it has resorted to its default setting of 'reverse'. Mining stocks are taking the low road as metal prices soften, and are taking the blue-chip index with them. The biggest b
Read moreLondon pre-open: Strasbourg hangover
25th Nov 2011 07:16
Residual disappointment with the outcome of yesterday's meeting of German, French and Italian leaders in Strasbourg is set to dampen sentiment at the outset, with City sources predicting the FTSE 100 will open down 21 points from yesterday's close of 5,128. The markets had hoped the meeting would
Read moreBig task facing new FD at Premier Foods
25th Nov 2011 07:12
Cash-strapped food manufacturer Premier Foods is to get a new chief financial officer and his first job is likely to be the negotiation of the refinancing of the group's longer term debt. Mark Moran, previously finance director at Durex condoms maker SSL International, will replace Jim Smart early
Read moreFTSE 250 Movers: Thomas Cook regains lost ground
23rd Nov 2011 15:33
Thomas Cook was regaining lost ground after plummeting on Tuesday on the revelation that it would delay the release of its results until it has asked its banks about borrowing more money. The company is running short of cash due to a "deterioration of trading in some areas of the business in the cur
Read morePremier Foods director bites again
18th Nov 2011 16:02
Ian Deste, group sales director at struggling firm Premier Foods, has served himself up a helping of shares. The director purchased 186,746 shares 5.20p just a few weeks after the firm's bankers agreed to defer the company's end-of-year loan covenant tests by three months, in a move which forms pa
Read moreFTSE 250 Movers: Chemring comes under fire
18th Nov 2011 15:21
Military decoy flare and mine detection firm Chemring was the biggest faller after it said unexpected delays in customer orders means full-year revenues will be around 5% below the board's expectations, while operating profit will be shy of market projections. In contrast, struggling foods manufac
Read moreLondon close: Financials lower as euro fears persist
14th Nov 2011 16:40
Financials led the decline on Monday, bearing the brunt of Eurozone contagion fears. All eyes were on the bond market as yields on Italian and Spanish debt crept higher. ALL EYES ON BOND MARKETS The Italian Treasury met its target after issuing €3bn in five-year debt today, and while demand improv
Read moreFTSE 250 Movers: Premier Foods drops... again
14th Nov 2011 14:19
Premier Foods was leading the way lower after UBS downgraded the stock from neutral to sell, and slashed its target from 21p to 2p, saying it's "difficult to see a way back from here". The group announced last week that it had negotiated a deferral of the next financial covenant test from December
Read moreBroker tips: Premier Foods, Electrocomponents, Dairy Crest
14th Nov 2011 13:28
UBS has downgraded struggling food manufacturer Premier Foods from neutral to sell, saying it's "difficult to see a way back from here". "Acknowledging the banks' understandable reluctance to take outright control of Premier via a debt/equity swap, it is our belief that they are now in a position t
Read moreLondon midday: Footsie retreats after positive start
14th Nov 2011 12:18
The early optimism faded in late morning trade, with the Footsie now trading nearly 1% lower despite a positive start early on, after an Italian bond sale saw significantly higher yields than last month's. Meanwhile, investors will still be digesting the latest shake-ups in Italian and Greek politic
Read moreDigital Look broker talk - UPDATE
14th Nov 2011 10:39
Premier Foods: "The banks overriding priority must be to get their money back as quickly as possible and whilst this requires Premier to make profits/ generate cash, we are concerned that the interests of equity shareholders are now subordinate" [UBS]. Electrocomponents: "With the rating at the low
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