Market report: Monday close
SUPERMARKETS chain Wm Morrison was among the blue-chip leaders today amid reports that a private-equity consortium is considering a £6bn bid.
Shares in Britain's fourth-biggest food retailer, which continues to struggle to integrate former rival Safeway, added 7½p to 201¾p after the group was linked with a bid from Texas Pacific, CVC and Permira.
Despite a 41-point fall on the Dow on Friday and England's disappointing exit from the World Cup on Saturday, the FTSE 100 managed a 36.4-point rise to 5868.9.
Shares in software company Misys were among the FTSE 250 leaders, jumping 12¾p to 227¾p on reports that the group's former banking chief Ivan Martin is in talks with privateequity backers about leading a bid of more than £1bn.
That could see him pitted against a possible management buyout, announced last month and headed by chief executive Kevin Lomax. US financial data firm SunGard Data Systems has also registered interest in buying the firm, which makes software for the banking and healthcare industries.
However, Petrofac led the midcaps with a 29¾p surge to 290½p. The oil and gas facilities service provider has indicated that net profit for 2006 will 'significantly exceed' previous expectations. Demand for oilfield services has reached unprecedented levels as high oil prices continue to drive intense upstream activity.
The group says its order book stands at a healthy $3.4bn (£1.8bn). Credit Suisse has lifted its earnings forecast for 2006 by 8% following the services firm's trading update, and has reiterated its outperform rating, setting a 340p price target.
Cairn Energy, a regular yo-yo stock in the FTSE 100, was off 40p at 2153p after a trading update which indicated the partial flotation of its Indian operations may come as late as March 2007.
Shares in Aim-listed Irvine Energy were suspended as the group said it has acquired a 75% working interest in about 30,000 acres of US oil and gas leases.
With partner Metro Group, Irvine plans to snap up additional leases covering 100,000-200,000 acres. High gas prices, and technological advances, have enabled economic natural gas production from shale basins.
Another Aim-listed energy company, Ascent Resources, added 1¼p to 11¼p after winning its third exploration permit in Switzerland. The permit includes a well drilled in 1962 that produced light oil with associated gas.
While the oil sector continues to benefit from high oil prices - a BP trading update for the second quarter today flagged up another set of strong numbers, and the oil giant's shares moved 7½p higher to 638p - transport companies continue to suffer from rising input costs.
National Express closed unchanged at 888p. The company says trading is in line with expectations and it remains fully hedged against fuel prices in 2006, but warns it must find ways to mitigate the impact of high fuel prices on next year's business.
US fuel-cells manufacturer Protonex Technology started trading on Aim today after placing 10.35m shares at 85p each to raise £9m, to intensify its R&D and commercialisation efforts.
With the shares changing hands at 89½p, the group has $10.5m of business on order from the US Army. It is producing small and light fuel cells for equipment such as night-vision goggles and digital communications systems.
Aim-listed Petra Diamonds, up ½p at 100p, said diamond recovery has started at Kono, Sierra Leone, and that results have been 'highly encouraging'. Mano River Resources, ½p better at 10½p, has reported 'very encouraging' results from Liberian diamond mining.
Sports CafÈ was off ½p at 34½p in the wake of England's exit from the World Cup. But while fewer customers may go to Sports Café's bars to watch the tournament's remaining matches, not everyone will be disappointed with the defeat, according to Oriel Securities.
Sectors that should benefit include holidays, restaurants, food-led pubs and late-night bars, the broker says.
The two rival bidders for cateringovens maker Enodis have been given a fortnight to put or shut up by the Takeover Panel. It said US groups Middleby and Manitowoc have until 17 July to make firm offers.
Middleby kicked off the battle in mid-May with a 195p-a-share approach, but Manitowoc last month indicated it could bid 210p, or £850m in total. Enodis, whose shares were 3p lower at 213p, has rejected both approaches.
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