London pre-open: Strong start expected
8th Mar 2010 07:39
Footsie is expected to move higher in early dealings having hit 5,600 points for the first time in 18 months at the end of last week. Oil fabrications giant Petrofac made a bit more than expected last year, with after tax profit up 37%, and hiked the dividend by an impressive 41%. Profit after tax
Read morePrudential brings forward HK listing
8th Mar 2010 07:05
Prudential has accelerated its plans for a listing on the Hong Kong Stock Exchange and now wants it effective before its $20bn rights issue to fund the purchase of AIG Asia. The listing comes as Prudential launches a roadshow this week to help persuade investors of the merits of the $35.5bn AIG Asi
Read moreMonday newspaper round-up: Royal Bank of Scotland, China, Prudential
8th Mar 2010 06:39
Santander has moved into pole position to take over the 320 branches in England being sold by Royal Bank of Scotland. A large corporate buyer with existing UK interests such as the Spanish bank would frustrate attempts to inject fresh competition into British banking. The sale memorandum went out l
Read morePru to launch charm offensive over AIG Asia
7th Mar 2010 11:15
Prudential will this week start a charm offensive to persuade its big investors to back the deal to buy AIG's Asian businesses. The life insurer's share price slumped last week on news of the $35.5bn deal and a $20bn rights issue to help pay for it. Some large investors reportedly have already bal
Read moreSunday newspaper round-up: Spending cuts, British Airways, House prices
7th Mar 2010 10:21
Alistair Darling will refuse to bow to calls for more aggressive spending cuts in his budget this month and will stick to fiscal plans set out last year. The chancellor's intransigence could put further pressure on the pound. Nervousness over a hung parliament and Britain's ailing public finances d
Read moreBroker snap: Aviva preferred to Pru
4th Mar 2010 11:45
Panmure Gordon recommends that Prudential shareholders unnerved by the Pru's blockbuster deal to acquire AIG's Asian assets should switch into Aviva. The broker said Aviva's 2009 results were well ahead of consensus and above the top end of the range for Market Consistent Embedded Value (MCEV) and
Read moreLondon close: Resurgent Footsie breaches 5,500 points
3rd Mar 2010 16:52
A good start on Wall Street helped jolt Footsie out of its sluggish start, helping the leading share index close above 5,500 points for the first time since January. Asia-focused bank Standard Chartered, the only FTSE 100 company to deliver results today, led the way after it defiantly said it will
Read moreFTSE 100 movers: Standard stars after impressive figures
3rd Mar 2010 14:46
Standard Chartered roared to the top of the FTSE 100 risers after a seventh year of record profits in a row. Profit before taxation in 2009 rose 13% to $5.15bn and operating income increased by 9% to $15.2bn. On a constant currency basis, profit before taxation was up 18% and operating income up 14
Read moreSector movers: Insurers move both ways
3rd Mar 2010 14:36
Insurance companies are in something of a state of flux. Life insurers are higher, largely due to a recovery in the share price of Prudential, which fell on Monday and yesterday after it confirmed it has agreed a deal to buy troubled US life group AIG's Asian business for $35.5bn. The acquisition
Read moreLondon afternoon: Footsie ambles into positive territory
3rd Mar 2010 13:56
The blue-chip index moved into positive territory over the lunchtime trading session helped by expectations of a firm start on Wall Street. Asia-focused bank Standard Chartered, the only FTSE 100 company to deliver results today, defiantly said it will pay its executives bonuses after another recor
Read moreBroker tips: Pru, Glaxo, Restaurant Group
3rd Mar 2010 13:05
Prudential this week announced the "truly transformational" acquisition of American insurer AIG's Asian business (AIA) for $35.5bn, but Charles Stanley worries that the price tag "looks to be full". It notes that the UK firm is issuing shares at a discount to embedded value to purchase the business
Read moreBroker snap: Rating cut for ambitious Pru
3rd Mar 2010 12:08
Prudential this week announced the "truly transformational" acquisition of American insurer AIG's Asian business (AIA) for $35.5bn, but Charles Stanley worries that the price tag "looks to be full". It notes that the UK firm is issuing shares at a discount to embedded value to purchase the business
Read moreLondon midday: Market remains mixed
3rd Mar 2010 11:51
The market's indecision this morning was typified by the insurance sector where the blue-chip index's best and worst performers were to be found. RSA Insurance is the weakest blue-chip after the company said yesterday that it expects to make around £30m in payouts as a result of the Chilean earthqu
Read moreLondon open: Cautious start for blue chips
3rd Mar 2010 08:44
A weak end to trading in the US last night has pulled London back from yesterday's six-week high. Some big names going ex-dividend have added to the early weakness. Standard Chartered defiantly said it will pay its executives bonuses after another record year in 2009, with income and profits slight
Read moreLondon pre-open: US dampens enthusiasm
3rd Mar 2010 07:40
A decent lead evaporated to almost nothing in the US last night and that's expected to pull London back from yesterday's six-week high in early deals. Standard Chartered said it has decided to pay its executives bonuses after another record year in 2009, with income and profits slightly above marke
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