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Hermes Pacific Investments (HPAC)

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London close: Stocks dive in late trading

28 Sep 11

  • Market Movers
  • techMARK 1,792.91 -0.69%
  • FTSE 100 5,217.63 -1.44%
  • FTSE 250 10,038.67 -0.87%
  • LONDON (ShareCast) - Stocks gave up an earlier rally to finish firmly in the red amid continued nervousness ahead of an audit of Greece’s finances.

    There is speculation that some countries in the Eurozone are demanding that private investors take a bigger hit on their holdings of Greek debt.

    European Commission President Jose Manuel Barroso has called on the European Central Bank to do everything in its power to maintain stability in the Eurozone. Former minister and European Trade Commissoner Peter Mandelson has also thrown in his tuppence worth, telling European leaders to speed up reforms to solve the issue.

    In stocks news, hedge fund manager Man Group fell sharply. It said statutory profit before tax on continuing operations for the six months ending 30 September 2011 totalled $145m, down from $180m at the interim stage last year. Total funds under management at the end of September stood at $65.0bn, down from $71.0bn at the end of June and $69.1bn at the end of March 2011. Its flagship fund, AHL, generated $1.5bn of positive investment movement in the firm's second quarter, taking the half year total to +$0.9bn.

    Oil firm Cairn Energy also fell back after its Greenland venture continues to disappoint. It has plugged and abandoned the Delta-1 exploration well in the Napariaq block of the West Disko Area. Meanwhile, drilling work has commenced on the AT2-1 well in the Attammik block, in the South Ungava area.

    Sector peer Tullow is having better luck off the coast of Ghana, where the Enyenra-3A appraisal well, in the Deepwater Tano licence, has successfully encountered oil in high quality sandstone reservoirs. Pressure data indicates that the Enyenra-3A well has confirmed an up-dip extension of the Enyenra oil field.

    Airport scanner maker Smiths Group went well despite what some analysts have described as cautious guidance from the company.

    BG Group gushed ahead after an upgrade to "conviction buy" at Goldman Sachs and a report in the Daily Mail saying that China's resources group CNOOC may be interested in the oil and gas group.

    Investors have no appetite for Domino’s Pizza, which shrugged off weak economic conditions to post a 9.8% rise in sales in the 13 weeks to 25 September. The pizza deliverer's sales during the period climbed to £127m from £115.7m, bringing sales for the year to date so far up to £385.4m, a 9.2% rise from £352.8m the previous year.

    Turning to smaller companies, Ambrian Capital, the natural resources investment firm, has seen its share price plummet 20% following the announcement of a balance sheet loss of £1.46m for the six months to the end of June. The figure includes a complete write down of the group's holding in its investment banking operation known as Ambrian Partners, which equates to a £2.15m impairment. The reasoning for this is what the firm described as "financial global equity markets."

    Shares in Toye, a manufacturer of military and masonic regalia, plunged today after it said increasing commodity prices had hit profits hard and customers were cutting back. Its shares fell 26% after the firm reported profits of just £9,120 in the first half of the year, compared with £26,205 in 2010. The profit came on a turnover of £4,495,726, an increase of £360,000 over the previous year.

    Indian Restaurants Group, which operates a chain of restaurants in the London area, fell sharply as it resumed trading after a suspension and announced that it plans to sell its restaurants to explore other investment opportunities. In the 18 months to 31 March, losses totalled £1.62m against £1.05m for the previous 12 months. Revenues totalled £3.63m, up from £2.47m over the previous year.

    The U.S focused exploration, appraisal, development and production company, Caza Oil, saw its share price drop more than 25% after it gave an update on its operations. The firm admitted that two of its O.B. Ranch wells have underperformed, after they produced combined gross rates of 34 barrels per day of condensate and 661 cubic feet of natural gas per day.

    FTSE 100 - Risers
    BG Group (BG.) 1,262.50p +3.40%
    Smiths Group (SMIN) 969.50p +2.21%
    Capital Shopping Centres Group (CSCG) 326.90p +1.52%
    Experian (EXPN) 740.50p +0.75%
    Capita Group (CPI) 716.50p +0.56%
    Next (NXT) 2,605.00p +0.50%
    Scottish & Southern Energy (SSE) 1,305.00p +0.38%
    Vodafone Group (VOD) 166.70p +0.30%
    Severn Trent (SVT) 1,530.00p +0.26%
    Tate & Lyle (TATE) 612.50p +0.25%

    FTSE 100 - Fallers
    Man Group (EMG) 180.00p -24.87%
    Cairn Energy (CNE) 276.50p -6.46%
    Antofagasta (ANTO) 990.00p -5.89%
    Petrofac Ltd. (PFC) 1,233.00p -5.73%
    Fresnillo (FRES) 1,585.00p -5.71%
    Glencore International (GLEN) 423.00p -4.90%
    Admiral Group (ADM) 1,319.00p -4.56%
    Weir Group (WEIR) 1,616.00p -4.55%
    Rio Tinto (RIO) 3,057.00p -4.36%
    Amec (AMEC) 847.50p -4.24%

    FTSE 250 - Risers
    Afren (AFR) 91.20p +5.56%
    Melrose (MRO) 303.30p +4.59%
    F&C Commercial Property Trust Ltd. (FCPT) 99.25p +3.82%
    Dairy Crest Group (DCG) 351.20p +3.69%
    Genus (GNS) 1,111.00p +2.87%
    UK Commercial Property Trust (UKCM) 76.00p +2.84%
    Savills (SVS) 296.00p +2.56%
    RPC Group (RPC) 325.90p +2.39%
    Mitie Group (MTO) 244.00p +2.22%
    Daejan Holdings (DJAN) 2,445.00p +1.96%

    FTSE 250 - Fallers
    Domino's Pizza UK & IRL (DOM) 458.10p -9.91%
    Petropavlovsk (POG) 638.00p -7.67% Digital Entertainment (BPTY) 119.20p -6.73%
    Ferrexpo (FXPO) 290.00p -5.60%
    EnQuest (ENQ) 89.20p -5.01%
    Aquarius Platinum Ltd. (AQP) 180.20p -4.71%
    Soco International (SIA) 331.60p -4.11%
    Drax Group (DRX) 483.00p -4.07%
    Croda International (CRDA) 1,684.00p -3.83%
    Kenmare Resources (KMR) 38.00p -3.63%

    Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.


    Market Data

    Currency UK Pounds
    Price 60.00p
    Change Today 0.000p
    52 Week High 70.00p
    52 Week Low 57.50p
    Volume 0
    Shares Issued 2.33m
    Market Cap £1.40m


    No dividends found