Editor's Picks
Ministry of Defence's radios worth £184m off the air
Tuesday 05 Jul 2011
The Ministry of Defence’s (MoD) failure to account for the existence and condition of assets worth £6.3bn, including the location of radios worth £184m, has highlighted the governmental department’s inability to manage resources, the Defence Select Committee said in its report. The committee said the shortfall in accounting makes it harder for the MoD to request additional funding.
Gilts climb after sluggish service data
Tuesday 05 Jul 2011
Gilts continued to rise Tuesday after another dose of not-very heartening economic data. The Markit/CIPS Business Activity Index for the British services sector, the country’s largest, registered a tiny rise in June, to 53.9 points, from 53.8 the month before. Confidence levels, however, retreated to their lowest since the past month of October.
US pre-open: Slow start ahead of factory data
Tuesday 05 Jul 2011
The US is set to emulate the sluggish start seen in the old continent, amid a dearth of market-moving news in contrast to last week’s Greek excitement.
Broker tips: Tullow Oil, Capital Shopping, Persimmon
Tuesday 05 Jul 2011
The first half update from oil firm Tullow was slightly negative, in finnCap's view, and the broker continues to see better options elsewhere in the sector.
Broker snap: Better options in sector than Tullow
Tuesday 05 Jul 2011
The first half update from oil firm Tullow Oil was slightly negative, in finnCap's view, and the broker continues to see better options elsewhere in the sector.
Broker snap: Persimmon has ground to make up
Tuesday 05 Jul 2011
The share price reaction to Persimmon's trading update was negative but Northland Capital Partners is keeping the faith, saying the numbers show that the house builder's recovery show remains on the road.
Europe midday: Stocks spin their wheels
Tuesday 05 Jul 2011
Stocks are still seeking direction ahead of the resumption of trading in the US following yesterday's Independence Day holiday.
Credit Suisse sees value in ENRC
Tuesday 05 Jul 2011
In a research note out this morning analysts at Credit Suisse indicate that they see value in shares of Kazakhstan-focused miner Eurasian Natural Resources Corp (ENRC).
Bombardier fires 1,400 at historic Derby train factory
Tuesday 05 Jul 2011
It is the end of the line for 1,400 workers at the last remaining train factory in the UK as Bombardier will axe jobs at its historic Derby plant, which has been manufacturing trains since 1839.
Reckitt Benckiser rumours drive price higher
Tuesday 05 Jul 2011
Reckitt Benckiser, the maker of brands as diverse as Cillit Bang, Durex and Nurofen headache tablets, is being pushed higher on persistent rumours it's being lined up for a takeover.
Moody´s sounds a note of caution on Chinese banks
Tuesday 05 Jul 2011
Chinese bank loans to local governments may surpass official estimates by approximately 3.5Tn yuan ($540bn), which places the sector at risk for a ratings cut, according to Moody’s. Market reports cite Yvonne Zhang, the rating agency’s vice-president, as having said that China could be under-estimating the exposure of its banks to local debt. As well, Moody´s added (...)
Service sector PMI index values for continental Europe
Tuesday 05 Jul 2011
Below, a summary of the headline service sector PMI readings for the other main European economies:
Airsprung falls out of bed
Tuesday 05 Jul 2011
Bed and sofa maker Airsprung expects to see a continuing decline in profitability this year as demand for its beds deteriorates. Pre-tax profits in the year to 31 March slumped to £484,000 from £978,000 on revenues that slipped to £44.9m from £46.5m, said the company, whose brands include Airsprung and Gainsborough.
Europe open: Carrefour dives after Dia spin-off
Tuesday 05 Jul 2011
Europe's leading shares are mostly modestly lower in early trading, with banks leading the unhurried retreat.
Charter to weld Brazilian group to ESAB
Tuesday 05 Jul 2011
Charter International, the engineer currently resisting the advances of its larger rival Melrose, has been on the acquisition trail itself, acquiring a shareholding in a Brazilian gas apparatus manufacturer.
London open: Calm continues after rally
Tuesday 05 Jul 2011
London’s leading share index remains becalmed having rallied strongly last week following the Greek parliament’s vote in favour of austerity measures.
St. Modwen hails 'very strong' results
Tuesday 05 Jul 2011
Regeneration specialist St. Modwen Properties saw a sharp increase in profits and a more modest gain in its net asset value (NAV) per share in the first half of its financial year. NAV per share rose to 226p at the end of May from 213p at the end of November. Property valuations increased by £25m, of which 96%, or £24m, were achieved through active management.
N Brown gets a kick from underwear
Tuesday 05 Jul 2011
Online and overseas sales are playing an increasingly important part in the growth story of N Brown Group, the FTSE-250 online and catalogue retail firm. Total group revenue increased 5.1 percent in the 18 weeks to July 2nd this year. On a like-for-like basis (adjusting for its new lingerie outfit Figleaves) revenue growth was 1.6 percent.
Persimmon hopes for mortgage lending improvement
Tuesday 05 Jul 2011
Mortgage lending conditions must improve before there can be any meaningful increase in industry output, the housebuilder Persimmon said as it reported lower sales and house prices this year.
London pre-open: Stocks set to drift back
Tuesday 05 Jul 2011
London's blue-chips are set to open modestly lower, with the Footsie predicted to open around 10 points lower, which would, at least, mean it remains above the 6,000 level, having closed at 6,108 last night.
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