|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Wednesday 10th of March 2010
March 8, 2010    

Forth Ports adds over 25 percent on offers

Bookmark and Share

by Elaine Frei
Forth Ports adds over 25 percent on offers

European equities markets were mixed Monday as London markets gained slightly but markets in Paris and Frankfurt were lower.

The FTSE 100 and FTSE 250 each added 0.12 percent on the session in London, to 5,606.72 and 9,786.39 respectively.

Forth Ports (LSE: FPT) was the biggest winner by far in London as it added 25.6 percent on the 250 after the ports operator said it had received two takeover offers, while the best performance on the 100 came from insurance investor Resolution (LSE: RSL) with a gain of 4.95 percent.

Resolution saw the biggest gain in the insurance sector, while Legal & General Group (LSE: LGEN) was also higher, adding 2.69 percent on the session.

Oil and gas construction and engineering group Petrofac Ltd. (LSE: PFC) was up 4.1 percent after it reported net income above expectations

Miners were mixed, with nickel miner Talvivaara Mining Company (LSE: TALV) gaining most the sector as it added 1.69 percent, while gold miner Petropavlovsk (LSE: POG) was the biggest decliner among miners with a drop of 2.05 percent, both on the 250, while over on the 100 Randgold Resources (LSE: RRS) dropped 1.45 percent.

Drug maker AstraZeneca (LSE: AZN) was down 1.42 percent after a new cancer drug failed in late-stage trials against another drug.

The biggest decliner in London was inter-dealer money broker Tullett Prebon (LSE: TLPR), which was down 4.9 percent on the 250, while engineering consultancy AMEC (LSE: AMEC) dropped 1.91 percent for the biggest fall on the 100.

The FTSE Eurofirst 300 was down 0.13 percent to 1,053.15 while the Dax fell 0.02 percent to 5,875.91 and the CAC-40 dropped 0.18 percent to 3,903.54, but the IBEX added 0.53 percent to 11,078.3.

Markets in the Asia-Pacific region were higher Monday, with the Nikkei 225 closing at its highest level in a month and a half as the yen weakened and rumors persisted that the Bank of Japan will ease monetary policy.

The Nikkei was up 2.09 percent to 10,585.92 in Tokyo, while the Topix index added 1.81 percent to 927.31 and the Mothers market gained 0.77 percent to 420.38.

Steelmakers saw gains as Nippon Steel Corp (TYO: 5401) was up 2 percent and JFE Holdings (TYO: 5411) added was 3.6 percent higher after JFE agreed with miner BHP Billiton (LSE: BLT; ASX: BHP) on a price hike for coaking coal.

There was no report on whether or not Nippon Steel had made a similar deal with BHP.

The weaker yen helped many exporters to gains.

India’s Sensex was up 0.64 percent to 17,102.6, the Shanghai Composite added 0.73 percent to 3,053.23, and in Australia the S&P/ASX200 was 0.85 percent higher to 4,807.9 and the Sydney Ordinaries gained 0.97 percent to 4,819.6.

The Taiex was up 1.25 percent in Taiwan while the Kospi added 1.56 percent to 1,660.04 in South Korea, the Straits Times Index gained 1.59 percent to 2,834.57 and Hong Kong’s Hang Seng was 1.97 percent higher to 21,196.87.

Wall Street was mixed at midday as the Dow Jones Industrial Average was down 0.11 percent to 10,554.71 and the S&P 500 had dropped 0.03 percent to 1,138.37 but the Nasdaq Composite had added 0.19 percent to 2,330.68.

Crude oil prices were lower at midday, although West Texas Intermediate crude was still trading slightly above $81 per barrel, while at the same time metals prices were also down.

Discuss this in the Finance Markets forums

Story link: Forth Ports adds over 25 percent on offers

Related financial stories to: Forth Ports adds over 25 percent on offers:
Previous: « Rise in house purchase mortgage deals
Next: European version of the IMF being considered »

Visited 265 times, 17 so far today

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment

Tags: , , , ,