Cash call deluge to start again
25th Sep 2009 11:33
The cash call trend firmly kicked off again this week following a short lull. Barratt and Redrow announced rights issues, while Yell said it too is considering issuing shares. Liberty and Songbird announced share placings this week as well. Rumours suggest there will be more to follow, especially
Read moreFTSE 250 movers: Media stocks in demand
25th Sep 2009 09:42
An upgrade from Cazenove has given shares in the newspaper publisher Trinity Mirror a lift. Pointing to encouraging advertising trends, the broker upgraded its rating on Trinity, which publishes the Mirror and a host of local titles to 'outperform' from 'in-line'. Elsewhere in media, business publ
Read moreGrid finance chief sells again
24th Sep 2009 17:14
Gas and electricity network operator National Grid has sailed through the turbulence of the past year relatively unscathed. The share price now is still lower than this time in 2008, but has bounced strongly since April and finance director Steve Lucas is taking advantage to sell his second chunk
Read moreFTSE 250 movers: Pub groups fizz
24th Sep 2009 12:44
Shares in tenanted pub groups Punch Taverns and Enterprise Inns are fizzing higher after Mitchells and Butlers, the owner of the O' Neills and All Bar One chain posted a healthy rise in sales. M&B's shares are lower though. Shares in Yell Group are down for the second day in a row after it announc
Read moreLondon close: Footsie dips into the red
23rd Sep 2009 17:05
A late swoon saw London's blue-chip index give up the gains of the morning to close marginally lower on the day, as investors banked profits ahead of the Federal Reserve's decision this evening on US interest rates and its quantitative easing (QE) programme. The morning's gains had been achieved on
Read moreLondon afternoon: Footsie nears intra-day high
23rd Sep 2009 14:01
The market's climb regained momentum over the lunchtime session. Investors have been put in the mood to buy by the prospect of the Bank of England increasing its quantitative easing programme some time in the future. The minutes to the most recent meeting of the Bank of England's Monetary Policy co
Read moreLondon midday: Market rises despite cash calls
23rd Sep 2009 11:55
The market is off the top but still in positive territory, despite a flood of fund raising announcements this morning. Property group Liberty International shares have been hit by a placing today of up to 56.1m new shares, increasing its shares in issue by just under 10%. The fund raising comes l
Read moreBroker tips: Pub groups, Barratt, Atkins
23rd Sep 2009 11:03
Swiss bank UBS has called time on a gaggle of big pub groups, claiming the share prices have risen too far on a heady cocktail of improving consumer sentiment, England's qualification for the World Cup and changes to the rules on pub gaming machine stakes and prizes. UBS reckons the share prices of
Read moreBroker snap: Barratt still a sell, says Panmure Gordon
23rd Sep 2009 11:00
The widely anticipated rights issue announced by housebuilder Barratt Developments will put the group on a more stable footing but Panmure Gordon still prefers Bovis and Bellway in this sector. The broker said it continues 'to prefer those housebuilders with cash positive balance sheets,' and rates
Read moreLondon open: Cash calls can't halt rise
23rd Sep 2009 08:47
UK markets have risen again in early dealings despite a string of hefty cash calls from the building and property sector. Property group Liberty International shares have been hit by a placing today of up to 56.1m new shares, some 9.9% of its shares in issue. Housebuilder Barratt is issuing a lot
Read moreHousebuilders join cash-call trend
23rd Sep 2009 08:08
Housebuilders Barratt Developments and Redrow will raise around £870m between them to strengthen their respective balance sheets and take advantage of acquisition opportunities. Barratt confirmed plans to raise £720.5m through an underwritten placing and a deep discount rights issue, while Redrow
Read moreLondon pre-open: Higher start expected
23rd Sep 2009 07:36
Footsie is expected to edge up in early dealings, building on yesterday's modest gains. United Utilities said it is on track to deliver results in line with its expectations of a "sound underlying financial performance" for the six months ending to September. The group said underlying operating pro
Read moreBarratt raises £720m as losses pile up
23rd Sep 2009 07:11
Housebuilder Barratt confirmed plans to raise £720.5m through an underwritten placing and a deep discount rights issue as it posted big losses last year. The builder will place 72.9m shares at 240p, representing a 10.6% discount to the closing price of 268.5p yesterday. In addition, there will be a
Read moreWednesday newspaper round-up: Magna/Vauxhall, Barratt, BP
23rd Sep 2009 06:38
Magna is preparing to cut between 1,100 and 1,200 jobs at Vauxhall in a move which would wipe out almost a quarter of the car maker's British workforce. The potential job cuts, set to be across the Ellesmere Port and Luton plants according to a source, caused unions to accuse Magna of a "political
Read moreLondon close: Blue chips at 10½-month high
20th Aug 2009 16:28
A brace of better than expected US data reinvigorated markets early afternoon Thursday, helping London close at it highest since early October. The Philadelphia Fed manufacturing index rose to +4.2 in August from -7.5 in July, while the Conference Board's index of leading economic indicators rose 0
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