Yesterday's trading: Dealers raise a glass to Liveris
Andrew who? Dealers in London hadn't heard of Andrew Liveris until yesterday.
Geoff Foster: Expectations were raised that the worst of the global recession has passed.
But they were only too happy to raise a glass or two to the chairman and chief executive of American bellwether Dow Chemicals after he confidently predicted that the world's largest economy had found a bottom.
Coming on the back of a batch of better-than-expected results from some heavy hitting blue chip UK companies, his comments raised expectations that the worst of the global recession has passed.
That prompted sharp gains in share prices on both sides of the Pond.
The fabulous Footsie sailed past 4,600 and closed 84.08 points higher at 4,631.61, while the FTSE 250 advanced 172.04 points to 7,934.63. Wall Street also responded to second-quarter figures from chemicals giant Dow which topped analysts' expectations with an early rise of 175 points.
BT set the early tone, ringing up a gain of 14.25p at 126.9p following better-than-expected results which analysts said owed much to increased revenues through sales rather rather than aggressive cost-cutting. Figures from Rolls-Royce also pleased and the close was 32.75p up at 407.75p.
Plumbing giant Wolseley jumped 121p to 1311p after Wickes DIY group Travis Perkins, 95p higher at 769.25p, reported forecast-busting first-half profits.
Full-year figures from satellite TV group BSkyB came in slightly ahead of expectations and the shares climbed 27p to 545.5p. Sky reported excellent growth in high definition (HD) and HD PVR (personal video recorder) set-top box subscriptions, particularly in the fourth-quarter.
The news helped set-top box maker Pace buzz 14.5p higher to 214p. Pace is a major customer of Sky and broker Altium reckons that
Pace will be a major beneficiary of the wider uptake of higher specification set-top boxes around the world. While Pace shares have outperformed the market by a staggering 177% over the past year, they still offer good value. Its target price is 250p.
Mining stocks made good progress after the Chinese Central Bank reaffirmed its loose monetary policy. Lonmin added 105p to 1347.75p after Citigroup upgraded to buy from hold. Eurasian Natural Resources added 68.5p at 827.75p and Rio Tinto 166p to 2410p. Kazakhmys rose 45.5p to 827p after posting an 8% rise in first-half copper output and saying it was on track to meet its full-year targets.
Sellers drenched water company Pennon, 12.25p off at 455p. The supplier to Devon and Cornwall plans to sell £120m in convertible bonds and said that some of the proceeds of the bonds which mature in 2014, would be used to refinance acquisitions like London Recycling.
Blackburn-based bus manufacturer Optare advanced 0.875p to 8p on hearing that chairman and 23pc shareholder Roy Stanley has stepped down from the board. The entrepreneur remains chairman of zero emissions group, Tanfield, 0.25p dearer at 63.25p.
Contract news lifted Surface Transforms 0.5p to 10p. The developer and manufacturer of carbon fibre reinforced ceramic products has won a two-year contract worth &euero;245,000 from Microturbo SA France to develop ceramic materials and components for an uncooled turbine jet applicable to a range of European missiles.
Highly speculative oil explorer BowLeven gushed 10.5p to 79.75p on an Ambrian recommendation and target price of 132p.
Media investment company Motive Television edged up 0.2p to 0.525p on hearing it has secured the global rights from Adecq Digital to distribute the patented BeesTV digital terrestrial technology to broadcasters worldwide.
Central China Goldfields edged up 0.125p to 1.875p following a successful AGM which saw shareholders approve the £6.4m sale of Nimu to joint venture partner SBMGE, the State-owned agency which is involved in certain mining and exploration activities in Western China.
After denying that it is in takeover discussions with Indian Oil Corporation and Oil India but confirming it plans to raise cash in a share placing, shares of Gulf Keystone were sold down to 10.25p before closing 0.75p cheaper at 12p.
KBC Advanced Technologies firmed 2p to 40p following an upbeat pre-close trading statement. The company has been selected as a sub-contractor to SK Engineering and Construction, which has been selected to further develop a new petrochemical complex to be built in Ecuador.
Shares of Halfords developed a slow puncture and closed 6.5p lower at 341.5p following a flat trading statement on Wednesday.
Most watched Money videos
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- MG unveils new MG3 - Britain's cheapest full-hybrid car
- German car giant BMW has released the X2 and it has gone electric!
- Iconic Dodge Charger goes electric as company unveils its Daytona
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- Mail Online takes a tour of Gatwick's modern EV charging station
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- How to invest to beat tax raids and make more of your money
- Aston Martin DBX707 revamp: Super SUV gains new interior...
- Hipgnosis shares surge after group receives Blackstone...
- Royal Mail steps up defence in bid battle with 'Czech...
- Pothole-related breakdowns up 10 per cent in a year as...
- Thames Water customers face increase in bills as...
- Tyman agrees £788m takeover by US-based Quanex
- SMALL CAP MOVERS: Bluefield Solar Income Fund shines
- UK limbers up for rate cut... and not before time, says...
- Mobico Group finance boss to exit amid German rail...
- Struggling Asda promises to cut £3.8bn debt pile
- Mortgage rate rises announced by five lenders: HSBC,...
- Homes for sale at five-year high, says Zoopla: Will house...
- Takeovers leave UK stock market facing 'death by a...
- Footsie hits a record as Investors eye lower interest...
- CVC Capital Partners' float to hand private equity tycoon...
- MARKET REPORT: Retailers lead the way on FTSE's historic day
- Asda profits near £1.1bn as Britain's third-biggest...
- Boss of vape company Chill Brands suspended over 'use of...