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X5 Retail Group NV GDR (Reg S) (FIVE)

Down $33.75
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London midday: Rally runs out of steam

14 Apr 09

  • Market Movers
  • techMARK 1,161.78 +0.23%
  • FTSE 100 4,010.22 +0.67%
  • FTSE 250 7,216.75 +3.41%
  • LONDON (ShareCast) - The Footsie is in danger of dipping below the 4,000 level as the early morning gains trickle away. Banks, insurers and miners remain in good shape, but outside of these sectors the situation is mixed.

    Banks got a lift after US bank Goldman Sachs announced better-than-expected first quarter earnings and plans to raise $5bn (£3.4bn) in a share sale to pay off US government bail-out funds.

    Lloyds Banking and Barclays are amongst the early risers on the news, while Royal Bank of Scotland is also higher as the race for its Pakistan business gathers pace with a number of local parties interested. Pakistan's biggest bank MCB confirmed its interest to acquire RBS Pakistan, while Pakistani financial services company Jahangir Siddiqui and Habib Banks are also in the running.

    HSBC is another bank on the rise after it confirmed it is contemplating selling off three of its major office buildings.

    Legal & General and Prudential lead the insurers higher, while the mining sector’s advance is spearheaded by Vedanta, Kazakhmys and Xstrata.

    Second-line stocks dominate the corporate news scene. Soft drinks firm Britvic announced the successful refinancing of its committed bank facility, which will see its new six-bank £283m revolving multi-currency facility mature in May 2012. Prior to the commencement of this facility, effective from May 2010, Britvic will have access to increased committed bank facilities of £333m.

    JKX Oil and Gas is to buy a 25% interest in the Veszto exploration licence held by Hungarian Horizon Energy. Oil and gas explorer JKX is paying for the stake by contributing its share of the drilling costs on the first well and by paying some of the previously incurred exploration costs. JKX expects the cost in the next quarter to be around $3.25m.

    Russian grocery chain X5 reported a sharp rise in pro-forma earnings before interest depreciation and amortization (EBITDA) over the fourth quarter as revenues soared. EBITDA was up by 19% from the same period the previous year to $225m on sales that climbed 41% to $2.4bn.

    Dart Group, the aviation and distribution firm, expects full year results to be ahead of current market expectations due to strong trading performance and the strength of the US dollar.

    Support services group AssetCo said its full-year results are expected to be at the lower end of market expectations.

    Oil and gas explorer and producer Leni Gas & Oil reported a slight dip in production between February and March as it underwent development programmes at its operations in Spain, Hungary and Trinidad.

    Stockbroker Jarvis Securities said given the current strong trading it has decided to declare a first interim dividend for 2009 of 3p per share.

    John Perriss, the independent non-executive director of The Local Radio Company has recommended shareholders reject the offer from the UKRD Group as it compares unfavourably to the rival offer from Hallwood.

    Fund manager BlueBay is the best performing FTSE 250 stock after Citigroup upgraded the stock from ‘hold’ to ‘buy’.

    FTSE 100 - Risers
    Legal & General Group (LGEN) 55.20p +13.11%
    Vedanta Resources (VED) 984.50p +12.71%
    Barclays (BARC) 197.80p +11.44%
    ICAP (IAP) 382.50p +11.43%

    FTSE 100 - Fallers
    British American Tobacco (BATS) 1,508.00p -3.95%
    Capita Group (CPI) 610.50p -3.93%
    Shire Plc (SHP) 794.50p -3.81%
    Cadbury (CBRY) 501.50p -3.00%

    FTSE 250 - Risers
    BlueBay Asset Management (BBAY) 153.25p +18.80%
    Inchcape (INCH) 15.50p +16.98%

    FTSE 250 - Fallers
    JKX Oil & Gas (JKX) 218.25p -4.28%
    Premier Foods (PFD) 33.50p -3.60%

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


    Market Data

    Currency US Dollars
    Price $33.75
    Change Today -$0.01
    52 Week High $34.26
    52 Week Low $33.49
    Volume 61,927
    Shares Issued 271.57m
    Market Cap $9,164m


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