Allied Domecq ripples FTSE
by Brian Turner
The London markets were mixed at the end of the morning Thursday. The FTSE 100 was up 0.1 percent to 4,826.7 but the FTSE 350 fell 0.1 percent to 6,971.8.
The biggest gain on the FTSE 100 was achieved by Allied Domecq, up 3.6 percent to 666p after its board recommended in favor of a takeover by a consortium that includes Pernod Ricard of France and Fortune Brands of the United States.
This news sent rival drinks maker SABMiller up 1.2 percent, and shares in Scottish and Newcastle were up 0.2 percent. However, Diageo fell 0.3 percent.
The decline in the FTSE 250 was led by Spirent, which fell 24.9 percent on a profit warning that group operating profit will be far below expectations. Citigroup downgraded Spirent’s stock to “hold” on the news that the telecommunications
testing company will likely report an operating loss of about £10m for the first half.
On the other hand, Colt Telecom moved up 4.6 percent on its report of higher quarter-to-quarter earnings and dismissal of takeover rumors. Computacenter fell another 1.3 percent.
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