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London afternoon: Barclays buoyant
15-02-2010 14:54
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Financials have elbowed mining stocks out of the way at the top of the Footsie leaderboard, with banks going well ahead of the results season, kicked off by Barclays tomorrow, and insurers wanted on the back of sector consolidation rumours.
Results from Barclays tomorrow are expected to be headline grabbing. Expectations are for pre-tax profits of around £7.56bn, up from £6.08bn in 2008. Revenue is tipped to leap to £31.32bn from £23.35bn the year before. The shares lead the market higher today.
In the insurance sector, rumours abound that perennial sector consolidator Resolution has Aviva in its sights, with Swiss giant Swiss Re mooted as a possible partner in the takeover. Elsewhere in the sector Old Mutual and Legal & General also posting sharp gains.
British Airways is still soaring after getting the green light from US regulators for its tie-up with American Airways and Iberia. The plan would see the airlines share costs, but they also have to give up four transatlantic take-off and landing slots.
Having been knocked for six on Friday by China's surprise decision to bump up the reserves requirement for its banks, miners are clawing back losses today. Rio Tinto, Xstrata and Anglo American are the best of a strong bunch.
Interdealer broker ICAP says it is conducting a broad ranging strategic review of some of its cash equities businesses. The Sunday Times reported yesterday that chief executive Michael Spencer is planning to distance the company from the cash equities business, which involves about 200 brokers in the company's voice broker arm. Unspecified sources told the paper that ICAP would either wind down the business, go into partnership with another cash equities firm or sell the business.
Support services group VT has raised its offer for contractor Mouchel by about 15% to 294p per share based on last week's closing prices. The offer now comprises 0.579 of a VT Group share for each one of Mouchel, with a 50% cash alternative. The latest proposal includes Mouchel's interim dividend. Mouchel says it is considering the proposal and consulting with key shareholders.
Verizon Wireless, in which the UK mobile phone giant Vodafone has a 45% stake, and nPhase, a joint venture between Verizon and Qualcomm, have teamed up to try and accelerate the adoption of global machine-to-machine (M2M) technology. The M2M devices allow companies like utility firms to collect meter data. The trio said their strategic alliance would simplify the remote management and monitoring of devices spread across both European and US networks.
Financial trading software specialist Fidessa reported a 31% increase in pre-tax profits and declared a 40 pence special dividend. Adjusted pre-tax profits rose to £36.2m in the year ended 31 December compared with £27.6m last time. Revenue was up 26% to £239m, helped by the weak pound.
FirstGroup has been named as the preferred bidder to transport spectators during the London 2012 Games using a fleet of nearly 1,000 buses and coaches.
Biological fertiliser maker Plant Health Care reduced full year losses and increased revenue, adding it is poised for further progress. The group said pre-tax loss narrowed to $1.3m from $4.2m in the year ended 31 December 2009. Revenue for the year rose 16.9% to $23.2m.
Rugby Estates Investment Trust said it is in preliminary discussions with ING UK REIT with respect to a possible offer for the company.
Health club bookings software provider Gladstone said talks have terminated with a third party that had made an indicative offer of 33 pence per share, but the group said it is still in discussions with other third parties regarding a potential offer.
Beowulf is notching up epic gains after an independent survey revealed its Ruoutevare deposit in Sweden contains a significant resource of iron ore close to the surface and is "very amenable" to open-pit mining.
Results from Barclays tomorrow are expected to be headline grabbing. Expectations are for pre-tax profits of around £7.56bn, up from £6.08bn in 2008. Revenue is tipped to leap to £31.32bn from £23.35bn the year before. The shares lead the market higher today.
In the insurance sector, rumours abound that perennial sector consolidator Resolution has Aviva in its sights, with Swiss giant Swiss Re mooted as a possible partner in the takeover. Elsewhere in the sector Old Mutual and Legal & General also posting sharp gains.
British Airways is still soaring after getting the green light from US regulators for its tie-up with American Airways and Iberia. The plan would see the airlines share costs, but they also have to give up four transatlantic take-off and landing slots.
Having been knocked for six on Friday by China's surprise decision to bump up the reserves requirement for its banks, miners are clawing back losses today. Rio Tinto, Xstrata and Anglo American are the best of a strong bunch.
Interdealer broker ICAP says it is conducting a broad ranging strategic review of some of its cash equities businesses. The Sunday Times reported yesterday that chief executive Michael Spencer is planning to distance the company from the cash equities business, which involves about 200 brokers in the company's voice broker arm. Unspecified sources told the paper that ICAP would either wind down the business, go into partnership with another cash equities firm or sell the business.
Support services group VT has raised its offer for contractor Mouchel by about 15% to 294p per share based on last week's closing prices. The offer now comprises 0.579 of a VT Group share for each one of Mouchel, with a 50% cash alternative. The latest proposal includes Mouchel's interim dividend. Mouchel says it is considering the proposal and consulting with key shareholders.
Verizon Wireless, in which the UK mobile phone giant Vodafone has a 45% stake, and nPhase, a joint venture between Verizon and Qualcomm, have teamed up to try and accelerate the adoption of global machine-to-machine (M2M) technology. The M2M devices allow companies like utility firms to collect meter data. The trio said their strategic alliance would simplify the remote management and monitoring of devices spread across both European and US networks.
Financial trading software specialist Fidessa reported a 31% increase in pre-tax profits and declared a 40 pence special dividend. Adjusted pre-tax profits rose to £36.2m in the year ended 31 December compared with £27.6m last time. Revenue was up 26% to £239m, helped by the weak pound.
FirstGroup has been named as the preferred bidder to transport spectators during the London 2012 Games using a fleet of nearly 1,000 buses and coaches.
Biological fertiliser maker Plant Health Care reduced full year losses and increased revenue, adding it is poised for further progress. The group said pre-tax loss narrowed to $1.3m from $4.2m in the year ended 31 December 2009. Revenue for the year rose 16.9% to $23.2m.
Rugby Estates Investment Trust said it is in preliminary discussions with ING UK REIT with respect to a possible offer for the company.
Health club bookings software provider Gladstone said talks have terminated with a third party that had made an indicative offer of 33 pence per share, but the group said it is still in discussions with other third parties regarding a potential offer.
Beowulf is notching up epic gains after an independent survey revealed its Ruoutevare deposit in Sweden contains a significant resource of iron ore close to the surface and is "very amenable" to open-pit mining.
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