Taking stock: Market news in brief
The Evening Standard's City staff present an at-a-glance sector-by-sector briefing on the latest stock market news.
BANKING & FINANCE
Dutch bank ABN Amro has offered bonus guarantees to keep key investment staff as it negotiates a possible takeover by Barclays. The total available at its Global Markets and Global Clients divisions will match last year's.
PROPERTY & BUILDING
Subprime lender Kensington insists bid talks with several suitors are continuing. But Altium Securities warns this may be taking place six months too late. Business remains competitive and earlyredemption penalties are declining.
CONSUMER
Novartis has sealed its $5.5bn (£2.8bn) sale of baby food maker Gerber to Nestlé. Novartis said it represented the last disposal of a non-core business, making it a pure pharmaceuticals and healthcare business.
ECONOMY
European interest rates were expected to be kept on hold today. The European Central Bank, which was making its decision this afternoon, was widely expected to leave the cost of borrowing at 3.75% following a month of fairly benign data on inflation.
ENGINEERING
Russian steelmaking giant Evraz is reportedly in talks to buy Canadian steel pipes maker Ipsco. Russian newspaper Vedomosti said management at Evraz, owned by Alexander Abramov and Alexander Frolov, was talking to Ipsco executives.
HEALTH
Chief exec Nicholas Adams has exercised options on 200,000 Bioquell shares at 44p. He has since sold 174,113 at 132p, making £229,741. He still holds 25,887, taking his stake in the biodecontamination technology firm to 1.7%.
INDUSTRIALS
UBS has downgraded its Chloride rating from neutral to reduce and cut its target from 165p to 155p. The broker says it prefers capitalgoods stocks such as Weir Group, Rotork and Charter, which have solid, long-term growth prospects.
LEISURE
PartyGaming has extended its recent recovery. Shares in the online gambler slumped 76% last year after being forced to pull out of the US. This year the price has more than doubled after hitting a low of 26½p amid hopes US gaming laws will eventually be relaxed.
MEDIA
Telefonica, the Spanish telecoms giant, has drawn up a shortlist of six possible bidders for its 75% stake in Big Brother TV production house Endemol. It includes founder John de Mol, bidding with Italy's Mediaset and Goldman Sachs.
NATURAL RESOURCES
Providence Resources has raised 7EURO;25.8m (£17.2m) via a placing of 368.2m new shares at seven cents. The explorer wants the money for development. The new projects will be used to enhance its production cashflow.
RETAILING
Marks & Spencer is seen as the next target for private-equity money as the Sainsbury bid nears collapse. M&S is cheapest in the sector, but Seymour Pierce says management achievements in a competitive market would deter bidders.
SUPPORT SERVICES
Charles Stanley has raised Accuma from hold to add on the back of yesterday's interim results. The Aim-listed debt management specialist reported a fourfold rise in profits and expects to recover from the recent downturn in indvidual voluntary arrangements.
TECHNOLOGY
Morgan Stanley has raised Northgate Information Solutions from equalweight to overweight with the target upped from 95p to 100p. The broker says Northgate is its top sector pick given consolidation and the group's compelling risk-reward
TELECOMS
Mobile phone maker LM Ericsson has no plans to consolidate jointly owned Sony Ericsson into its own accounts, but will in future give more detail about the venture's progress. Sony Ericsson has more sales than Atlas Copco and Scania.
TRANSPORT
Ryanair has accused Iberia of blocking competition in Spain after filing a e2m suit against the Irish airline after a Barcelona publicity campaign. Ryanair expects to transport ninem passengers to and from the country this year.
UTILITIES
ABN Amro has begun coverage of British Energy in the wake of this week's trading update with a buy rating and 645p target. The current rating undervalues the nuclear power generator's existing assets and ABN believes it can create significant value from new projects.
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