News

London midday: Footsie trades down

11 October 2006 11:55:00

Footsie is stuck in a very narrow trading range with most of the excitement surrounding Carphone Warehouse's purchase of AOL UK.

Carphone shot ahead following the AOL deal. It will pay £370m cash for the business, which brings with it 2.1m users and an additional 1.5m broadband customers.

The news overshadowed an increase £20m increase in start-up costs for its broadband arm to £70m this year. Carphone said it had received 625,000 applications for broadband, with 421,000 live as at 30 September. Total connections rose by 34% in the second quarter with subscription connections up by 16.3%.

BT also rose on the news, even though it seems likely that it lost out in the race for AOL UK.

Shire gave up some of the week's gains as broker Goldman Sachs cut it from its "buy" list to "neutral".

J Sainsbury's improved sales performance has continued with total sales for the 16 weeks to 7 October up by 7.6%. Like-for-like sales rose by 6.5%. For the first half overall, sales are up by 7.8% and by 6.8% on a like for like basis.

PartyGaming is trying to revive after the pounding of the past fortnight.

The two halves of GUS, Experian and Home Retail also made steady starts as they traded separately for the first time. Experian dipped slightly, Home Retail improved.

Housebuilder George Wimpey reports that a continued strong performance in the UK is largely offsetting the tougher trading conditions in the US.

Fashion group Burberry's underlying first-half revenues rose 10%, boosted by a 23% rise in retail sales, with like for like sales rising by 11%. Total revenues rose to £392m in the six months to end-September.

Tullow Oil and Hardman Resources, joint partners in Block 2 in Uganda, have signed a memorandum of understanding relating to future investment plans with the country's government.

Collins Stewart has confirmed its interest in corporate finance boutique Hawkpoint. Travel agent First Choice is also up again following yesterday's rumours that Kuoni is interested.

Kiosk and marketing group Felix reported a widening of full year losses and said it appreciated that there is 'frustration' over there not being enough 'announcable' news.

All data suppied by Digital Look (15 minute delay)




Risk Warning

There is an extra risk of losing money when shares are bought in some smaller companies including 'Penny Shares'. There is a big difference between the buying price and the selling price of these shares. If they have to be sold immediately, you may get back much less than you paid for them or you may have difficulty in selling them. Past performance is not a reliable indicator of future results. The price may change quickly and it may go down as well as up. You could lose every penny put into a particular share.

The information contained above has been compiled from documented sources which are believed to be reliable but, due to their very nature, are subject to a degree of historical inaccuracy and have not been independently verified and cannot be guaranteed. The pages on this website are provided for information only. City Equities Limited will not accept responsibility for loss incurred by any person or body acting, or refraining from acting, as a result of information and/or opinions given anywhere on this website. Issued by City Equities Limited, Aldermary House, 10-15 Queen Street, London, EC4N 1TY. Registered in England. Registered No. 2742847. Registered Address: Amwell House, 19 Amwell Street, Hoddeson, Herts. EN11 8TS. City Equities Limited is Authorised and regulated by the Financial Services Authority. Registration No. 155051.