London markets mixed
by Elaine Frei
The London equities markets were mixed on Tuesday as the FTSE 100 was hurt by a declining oil sector but the FTSE 250 was helped out by bid rumors in the homebuilding sector. The 100 dropped 0.2 percent to 6,086.6, while the 250 added 0.1 percent to 9,966.9.
Oil exploration company Cairn Energy was down 2 percent to £23.70 on lower oil prices and talk that the company’s directors had been selling their own shares in the company in order to profit from the company’s recent advances. Cairn has added 23 percent to its share price since the beginning of the year.
In the homebuilding sector, Bellway was said to be especially attractive to possible bidders with one of the lowest share prices in the sector. Bellway added 0.4 percent on the day to £11.91.
Still in mergers and acquisitions, broadcaster ITV was rumored to be about to receive an offer from Kohlberg Kravis Roberts, a private equity group. ITV was up 1.3 percent to 116p. Takeover speculation also surrounded pubs group Greene King, which lost 0.8 percent on the day to 755½p. Entrepreneur Michael Cannon was said to be interested.
In the steel sector, Corus was up 1.1 percent to 88¼p as Citigroup reiterated its “buy” recommendation and upped its target share price from 90p to 100p.
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