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Headline shares finish higher after dip

By BFN News | 04:42 PM | Friday 11 June, 2010


CLOSING REPORT: Headline shares finished the day higher after a mid afternoon dip following a bumpy start on Wall Street after an unexpected drop in US retail sales. At close the FTSE 100 was up 31.38 points at 5163.68. Over in the US, at time of writing, the Dow was off 15.8 points at 10156.70 LONDON MARKETS Those shares to finish higher included BP, up 7.2% at 391.9p, Cable and Wireless, up 4.35% at 88.85p, Tullow Oil, up 3.66% at 1162p and BT, up 3.11% at 135.9p On the downside at close were Lloyds, down 2.83% at 54.33p, Prudential, down 2.64% at 535p and Standard Chartered, down 2.03% at 1615.5p. UK markets finished the day solidly higher despite a mid afternoon dip into the red after US retail sales declined for the first time since September 2009, in May 2010. The fall was 1.2%. Sales were mixed across the sectors, dominated by large declines at hardware stores, auto dealers, gas stations, department stores and clothing outlets. Modest gains were recorded elsewhere. BP was the main driving force for most of the day after regaining some ground following recent losses, following reports that the company may suspend or defer its dividend payments. This was also in spite of American government scientists doubling their estimates of the number of barrels in the Gulf of Mexico leak. Retail broker Jarvis Securities has signed a joint venture agreement with Frankfurt-listed interactive mobile media group Worldlink to provide branded execution-only share dealing services. Worldlink owns UK and US patents for transmission of profiled real-time data to mobile devices and is to offer the product free to registered users. Jarvis will provide a low-cost execution-only dealing service in connection with the service. Palm-oil producer M.P. Evans says prices have held up well at an historically high level of around $800 per tonne since early May. In his AGM statement, chairman Peter Hadsley-Chaplin says prices have remained at these levels despite improved soybean crops in South America and recent weakening of mineral-oil prices to around $72 a barrel. Lower production growth in the second biggest producer, Malaysia, has contributed to this strength. Private equity group Origo Partners has completed the placing of around $30m announced earlier today (June 11). The 82.2m new shares were placed with investors at a price of 25p. Origo will use the net proceeds to fund a number of new investment opportunities in the Chinese clean-tech and agriculture sectors and in the Mongolian natural resources sector. Capital & Regional plc, the co-investing property manager, has said that the Mall Fund has completed the sale of The Exchange Shopping Centre, Ilford to M B Roding (Guernsey) Ltd. The price was £70.6m reflecting a net initial yield of 7.8%. This is a premium of £1.1m to the 31 March, 2010 valuation. Capital & Regional has an interest of 16.7% in the Mall Fund. Brit Insurance has revealed that the bid approach they recently received was from Apollo Global Management LLC. The bid, which was subject to due diligence and other pre-conditions, was for £10 per share in cash. Brit has rejected the offer saying it significantly undervalues the Company and they will not engage in any discussion unless a higher indicative offer is forthcoming. AIM traded Natasa Mining has acquired further shares in Kryso Resources plc, also AIM-listed. This brings their stake in the business to 15.1%. Story provided by StockMarketWire.com