Pennon performing in line
30th Jul 2009 08:02
Water firm Pennon Group said it has been performing in line with management expectations and intends to offer £120m of senior unsecured convertible bonds. The group also said its water arm, South West Water, is considering OFAT's recent Draft Determination and will be responding before the final de
Read moreLondon close: Ten out of ten for Footsie
24th Jul 2009 17:13
The FTSE 100 index made it ten days of rises in a row, despite tailing off towards the close as investors looked to bank profits ahead of the week-end. It capped the best rally by the blue-chip index in five years. The rise was achieved despite dismal gross domestic product data. UK output contract
Read moreFTSE 100 movers: Vodafone eases concerns
24th Jul 2009 17:01
Friday's quarterly trading update from telecoms giant Vodafone was well received and contained nothing worrying enough to persuade Morgan Stanley to changes its favourable stance on the stock. The US bank has maintained its "overweight" recommendation for Vodafone, saying the "valuation thesis rema
Read moreTechnical Analysis: Water stocks get a soaking
24th Jul 2009 16:06
This week's decision by Ofwat to propose cuts in water bills between 2010 and 2015 has seen the publicly quoted shares in the water sector take a hit. The fear is that the companies' profitability will be hit as the regulator has stipulated that the planned £21bn of investment will not be affected
Read moreLondon afternoon: Financials find favour
24th Jul 2009 14:11
Footsie eased back a little over the lunchtime session but thanks to firm financials the blue-chip index continues to shrug off this morning's gloomy data on gross domestic product (GDP). UK output contracted 0.8% between April and June after a 2.4% decline in the first quarter, according to the Of
Read moreLondon midday: London shrugs off GDP shock
24th Jul 2009 11:54
After a shaky opening the market is moving steadily ahead, despite receiving a jolt from much worse than expected gross domestic product (GDP) figures. Output contracted 0.8% between April and June after a 2.4% decline in the first quarter, according to the Office for National Statistics' flash est
Read moreFriday newspaper round-up: FSA, Lloyds/RBS, National Express
24th Jul 2009 06:11
The world's biggest banks could be penalised with onerous surcharges, forcing them to set aside proportionately far more capital than smaller rivals, Lord Turner of Ecchinswell, chairman of the Financial Services Authority, suggested yesterday. Lord Turner, speaking after the FSA's annual meeting,
Read moreLondon close: US surge extends Footsie's winning streak
23rd Jul 2009 16:32
Footsie's winning streak extended to nine days as US markets surged ahead on better than expected June home sales and forecast-busting results from a number of US household names. Trading had been quiet up until mid-afternoon, but as soon as the US markets started to pick up buyers returned in earn
Read moreLondon afternoon: Footsie regains 4,500
23rd Jul 2009 13:46
The Footsie's eight day winning streak looks set to become nine days as the blue chip index hit 4,500 again amid more gains for US stocks. On the positive side, miners Fresnillo, Kazakhmys, Vedanta Resources, Rio Tinto, BHP Billiton, ENRC, Xstrata and Lonmin are all among the top ten risers on hope
Read moreFTSE 100 movers: Compass hit by sales slow down
23rd Jul 2009 12:50
Contract caterer Compass Group slumped after a disappointing interim management statement but broker Charles Stanley reckons the share price fall makes the case for purchasing the shares even more compelling. "The share price has reacted adversely to the Q3 update but we believe that the only disa
Read moreLondon midday: OfWat report dilutes equity strength
23rd Jul 2009 11:54
The Footsie's eight day winning streak is in danger of coming to an end today as utility companies weigh down the blue-chip index after water regulator Ofwat outlined proposals for lower water bills. The water regulator's draft proposals would see the average annual water bill fall by £14 to £330 b
Read morePennon highlights key points from Ofwat report
23rd Jul 2009 08:31
Pennon Group has highlighted what it sees as the key details of the Draft Determination announced by the water regulator Ofwat this morning, as they relate to its subsidiary, South West Water. The draft determination covers the period 2010 to 2015, known as the K5 period.. The key elements for So
Read moreLondon open: Water groups fall
23rd Jul 2009 08:17
London's top stocks have opened slightly lower, with utilities among the main fallers after Ofwat called for lower water bills. The water regulator outlined proposals that would see the average water bill fall by £14 to £330 before inflation between 2010 and 2015. United Utilities is leading the fa
Read moreOfwat to rule on water firms' five-year plans
22nd Jul 2009 11:29
Just two days before Ofwat, the water regulator, was due to give its preliminary verdict on water firms' plans for inflation-busting price rises, Severn Trent became the latest to complain of consumers cutting back on water use. Unfortunately for the water firms, given that the fall in consumption
Read moreSector movers: Water groups wanted
22nd Jul 2009 10:15
Shares in water groups advance ahead of tomorrow's preliminary ruling from the water regulator on their five-year business plans. According to Nomura, investors have been overly pessimistic about Ofwat's plans. The broker thinks the sector may rally tomorrow when Ofwat's report turns out to be mor
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