Yesterday's trading: BSkyB kicks on
For football fanatics, subscription to Sky Sports is a no-brainer. It was the only place to watch last night's Champions League semifinal between Manchester United and Arsenal.
Geoff Foster: Eye on the markets
The audience figures must have threatened previous records for a mid-week sporting occasion. For that reason it's understandable that many investors consider parent BSkyB to be recession-proof and why they chased the shares up 25p to 465p ahead of today's third-quarter figures.
Bulls believe the statement will please and they say the take-up of its high-definition box set has been strong after it slashed the price in January to £49 from £149.
New subscription figures should see the quarterly number soar to 140,000 compared with 43,000 in the same quarter last year. However, costs are expected to have risen on the back of the marketing campaign to promote the offer.
After broker HSBC puffed up UK banks and better-than-expected trading statements from Royal Dutch Shell (26p dearer at 1566p), Siemens, Sanofi-Aventis and Santander suggested the worst of the global economic crisis is over, the Footsie shrugged off swine flu worries and rebounded 93.19 points to 4189.59.
The FTSE 250 jumped 202.8 points to 7357.98. Wall Street helped the cause, shooting 169 points higher to 8185.73 despite dire GDP data and fears about US banks failing stress tests.
Barclays jumped 24¼p to 256½p after HSBC upgraded to overweight from neutral and lifted its target price to 300p from 110p.
The broker advised clients that with the threat of recapitalisation and associated dilution removed, shareholders can now give greater credence to book values.
It remains overweight on Royal Bank of Scotland, 4.1p better at 36.8p, and Lloyds Banking Group, 7.9p up at 103½p.
Standard Chartered, in which Temasek, the investment arm of the Singaporean government, still holds an 18pc stake, jumped 69½p to 999p.
Miner Rio Tinto climbed 163p to 2681p after UBS reiterated its bullish stance and target price of £29. The broker believes there are definite alternatives to the controversial Chinalco deal, whereby the Chinese industrial giant will acquire an 18% stake in the mining giant.
BHP Billiton (23p dearer at 1382p) may propose an alternative deal whereby it will assist in financing Rio's balance sheet in exchange for a joint venturing of the iron ore assets.
Enterprise Inns, which is £3.7bn in debt, frothed up 27¾p to 143¼p following a betterthanexpected trading statement from Punch Taverns, 32¾p to the good at 117¾p.
Eyebrows were raised when shares of training company BPP soared 213p to 578p on a bid approach from Apollo Capital. It is prepared to make an offer of 620p per share in cash, a hefty 70% premium to Tuesday's closing price. It looks generous and shareholders must be tempted to say they're yours.
Clean technology play Zenergy Power sparked 7p higher to 136p after raising £9.5m at 120p a share. The placing strengthens its balance sheet and provides working capital to take advantages it has seen arise from the American Recovery and Reinvestment Act of 2009. Fullyear results were better-than-expected and broker KBC Peel Hunt has a target price of 370p.
City coverage and share tips
This is Money carries breaking City news throughout the day. Bookmark Companies & Markets and try these markets links...
Buyers chased Oxford Biomedica 1½p higher to 10¾p on hearing the biotech company has regained the worldwide rights to Trovax, its therapeutic cancer vaccine, from Sanofi-Aventis. Oxford will receive an immediate payment of £11m which includes an amount to cover certain previously committed development costs.
News of a UK government contract lifted Communisis 5¼p to 30½p. The print and business process outsourcer, along with its partner Prolog, will support the Department for Children, Schools and Families in its drive to utilise technology to communicate with its stakeholders. The six-year contract starts next month.
Cubus Lux, which provides leisure facilities in the Republic of Croatia, jumped 3½p to 36p after winning the tender for a new tourism development project in the Adriatic. It will develop the former military recreational resort at Valdanos at the southern end of Montenegro's Adriatic coast.
The planned resort will include a golf course alongside a four-star hotel and other four and five-star hotels. The site will also feature a casino, night club, a water park and restaurants. Cubus says construction will take 18 months.
Most watched Money videos
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- Mini celebrates the release of brand new all-electric car Mini Aceman
- How to invest for income and growth: SAINTS' James Dow
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- Mail Online takes a tour of Gatwick's modern EV charging station
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- Land Rover unveil newest all-electric Range Rover SUV
- MARKET REPORT: Vodafone shares rally as investors cheer...
- Burberry profits plummet amid luxury slowdown and China...
- My neighbour has started keeping bees. Is there anything...
- Axe stamp duty on British shares, says Flutter boss as...
- Golden Virginia owner Imperial Brands bolstered by higher...
- Leapmotor is the next new Chinese car brand coming to...
- BUSINESS LIVE: Burberry hit by luxury slowdown; Imperial...
- The age you can access work and private pensions will...
- ANOTHER UK tech star is bought by US private equity: KKR...
- Compass Group ups guidance thanks to major sporting events
- Experian shares rise sharply as credit data giant lifts...
- Vertu Motors scores record sales of almost £5bn
- Car makers will miss Government target for electric...
- How refreshing that Anglo has chosen not to grab the...
- Tech firm Raspberry Pi confirms plans to IPO in London
- Tui Group losses narrow thanks to record second quarter
- Czech billionaire Daniel Kretinsky ups bid for Royal Mail...
- France urges men to 'drive like a woman' as part of new...