Tesco buys WE7 music-streaming service
14th Jun 2012 18:55
Supermarket leviathan Tesco has acquired a majority stake in music streaming web service, WE7, a well-established British rival to the Spotify music-on-demand product. Tesco paid £10.8m for a 91% stake in WE7 which counts former Genesis lead singer Peter Gabriel among its original backers. JH
Read moreLondon close: Shareholder spring moves into summer at WPP
13th Jun 2012 17:08
It was an up and down day for the Footsie although the top-share index rarely strayed far from the previous day's closing value. The so-called "shareholder spring" of protest votes against bumper pay packages for executives continued with perhaps the biggest slap in the face so far, as 60% of votes
Read moreSainsbury a victim of high expectations
13th Jun 2012 15:29
Reaction to the first quarter trading update from Sainsbury was muted as the supermarket failed to live up to high expectations. Total sales for the 12 weeks to June 9th were up 3.6% on the corresponding period of last year, or up 3.8% excluding fuel, while like-for-like (LFL) sales were up 1.4%.
Read moreBroker tips: Sainsbury, Whitbread, Fenner
13th Jun 2012 14:48
Sainsbury is in the doldrums after its first quarter update disappointed slightly, but Panmure Gordon argues the supermarket giant put in a decent shift, considering the miserable weather in April. Like-for-like sales (excluding fuel) rose by 1.4% year-on-year, which was below the range of expectat
Read moreBroker snap: Sainsbury still doing better than Tesco
13th Jun 2012 13:48
Sainsbury is in the doldrums after its first quarter update disappointed slightly, but Panmure Gordon argues the supermarket giant put in a decent shift, considering the miserable weather in April. Like-for-like sales (excluding fuel) rose by 1.4% year-on-year, which was below the range of expectat
Read moreTuesday broker round-up
12th Jun 2012 08:20
Amlin: Deutsche Bank upgrades to buy, target lifted from 420p to 435p. British Sky Broadcasting: Morgan Stanley upgrades to overweight, 790p target maintained. Consort Medical: Canaccord Genuity maintains buy rating and 744p target. easyJet: HSBC downgrades to neutral, target cut from 580p to 530
Read moreLondon close: Gains erased on uncertainty over Spain
11th Jun 2012 17:17
- Stocks lose gains after strong start - Spanish requests up to 100bn for troubled banks - Investors eye Greek elections The Footsie finished flat on Monday despite surging from the off after the initial euphoria over a Spanish request for European aid faded quickly. Equity markets across the cont
Read moreLondon midday: Gains pared after Spanish bank-bailout
11th Jun 2012 11:28
- Spain asks for 100bn euros for its banks - Spanish bond yields still on the up - Financials across Europe gain The FTSE 100 was firmly in positive territory by Monday lunchtime, but the index was trading well off its intraday high of 5,532 as investors digested this weekend's request from Spain f
Read moreBroker tips: Tesco, Lamprell, Ashtead
11th Jun 2012 11:19
Nomura has reiterated its buy recommendation and 430p target price for supermarket giant Tesco, saying that while still early days, there was 'incremental progress evident' in the group's first-quarter statement. "Although Tesco's recovery to a market rate of growth remains work-in-progress, we bel
Read moreBroker snap: Tesco making progress, says Nomura
11th Jun 2012 10:44
Nomura has reiterated its buy recommendation and 430p target price for supermarket giant Tesco, saying that while still early days, there was 'incremental progress evident' in the group's first-quarter statement. Group sales for the thirteen weeks ending May 26th increased by 2.2% including petrol
Read moreMonday broker round-up
11th Jun 2012 09:37
Antofagasta: RBS Capital Markets downgrades to underperform. Ashtead: Jefferies keeps buy recommendation and 300p target. Barclays: Bank of America Merrill Lynch keeps buy rating and 370p target; Oriel Securities reiterates buy recommendation and 285p target. BP: Nomura retains neutral stance and
Read moreLondon open: Banks surge after Spanish request for aid
11th Jun 2012 08:33
- Spain asks for 100bn euros in aid - Chinese trade data beats expectations - Increased risk benefits banks and miners The weekend's bailout deal for Spain fuelled a surge in London's blue chips on Monday morning, as concerns over the country's troubled financial sector eased. Spain, the fourth E
Read moreJury still out on Tesco's turnaround
11th Jun 2012 08:08
Like-for-like (LFL) sales in the UK fell for the third quarter in succession at Tesco but the supermarket giant maintained that it is making steady progress with its 'Building a Better Tesco' project. "Our customers are seeing the evidence of the changes we're making and they're telling us they lik
Read moreLondon pre-open: Stocks to leap on Spain bailout news
11th Jun 2012 07:36
City sources predict the FTSE 100 will open up 89 points from Friday's close of 5,435, boosted by the news that debt-laiden economy Spain has secured itself a 100bn euro rescue deal for its troubled banks. The package was authorised by the EU over the weekend. Supermarket giant Tesco was putting
Read moreTesco maintains guidance after in-line quarter
11th Jun 2012 07:03
Supermarket giant Tesco was putting a brave face on things as like-for-like (LFL) sales continued to decline in UK stores in the group's first quarter, as expected. In the 13 weeks ending May 26th, UK sales including value added tax (VAT) and petrol grew by 2.1% and by 2.0% excluding petrol. LFL sa
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