S
silky
Guest
I know that most of the left wing posters here go for the doom and
gloom headlines But I just wanted to cheer you up If that is at all
possible....things seem to be looking better...........
U.K. Stocks Advance, Led by Barclays, Anglo Irish, Kingfisher
By Sarah Jones
April 1 (Bloomberg) -- U.K. stocks climbed, led by banks including
Barclays Plc and Royal Bank of Scotland Group Plc, on speculation
investors may have seen the worst of subprime- related losses as UBS
AG and Deutsche Bank AG announced writedowns.
Anglo Irish Bank Plc led gains in Irish lenders. Kingfisher Plc paced
a rally in retailers. Carnival Plc, the world's largest cruise-line
company, led travel shares higher as crude oil retreated for a third
day.
The FTSE 100 Index gained 150.5, or 2.6 percent, to 5,852.6 in London
as all but 14 stocks rose. The FTSE All-Share Index added 2.7 percent
to 3,005.15. Ireland's ISEQ Index increased 3.8 percent to 6,411.46,
the best performer among 18 western markets.
UBS said it planned a $15 billion capital increase after reporting its
second consecutive quarterly loss and an additional $19 billion in
writedowns. Deutsche Bank AG also said it expects to book about 2.5
billion euros ($3.9 billion) in writedowns for the first quarter.
``Investors seem to be saying that the worst is over,'' said Martin
Slaney, head of spread betting at GFT Global Markets in London. ``It
appears that the rights issue and managerial restructuring announced
alongside the writedowns by Deutsche Bank will keep their major
shareholders content for now.''
Barclays, the U.K.'s third-largest bank, rallied 6 percent to 480
pence. Royal Bank of Scotland, the U.K.'s second-largest bank,
increased 7 percent to 361 pence. HBOS, Britain's biggest mortgage
lender, jumped 8 percent to 604.5 pence.
Anglo Irish led the nation's banks higher, among Europe's worst
performers over the last 12 months. The shares surged 9.3 percent to
9.29 euros in Dublin. Allied Irish Banks Plc, the country's largest
lender, gained 5 percent and Bank of Ireland Plc advanced 4.6 percent.
``Today has been a day when the sectors that have proved to be out of
favor for most of this year, such as banking and retail, have seen the
buyers piling back in,'' said Anthony Grech, market analyst at IG
Index in London.
Kingfisher Plc, Europe's largest retailer, jumped 7.8 percent to 142.3
pence. Home Retail Group Plc increased 7.5 percent to 280.75 pence.
Next Plc, the U.K.'s third-largest clothing retailer, added 6.8
percent to 1,216 pence.
Carnival jumped 7 percent to 2,141 pence, as crude oil fell as much as
1.9 percent to $99.70 a barrel in New York. British Airways Plc,
Europe's third-largest airline, advanced 6.4 percent to 249.25 pence.
EasyJet Plc, Europe's second-biggest discount airline, jumped 6.2
percent to 394.25 pence.
The following stocks also gained or fell in the U.K. market. Stock
symbols are in parentheses.
Alba Plc (ABA LN) dropped 14.25 pence, or 18 percent, to 65.75 after
the U.K. maker of consumer electronics said its full-year loss was
wider than analysts had estimated.
AstraZeneca Plc (AZN LN) increased 130 pence, or 6.9 percent, to 2,014
after JPMorgan Chase & Co. upgraded the U.K.'s second-biggest
drugmaker to ``neutral'' from ``underweight'' on higher possible sales
of the Crestor cholesterol pill.
Autonomy Corp. (AU/ LN) surged 72.5 pence, or 7.9 percent, to 991
after the U.K.'s second-biggest software company signed an agreement
with LogicaCMG Plc.
Logica said it chose Autonomy as a partner for its information
processing which is expected to generate ``significant revenue
opportunities'' for both parties. LogicaCMG (LOG LN) rose 3.75 pence,
or 3.6 percent, to 109.5.
Friends Provident Plc (FP/ LN) jumped 9.2 pence, or 7.4 percent, to
132.8. The U.K. insurer's chairman, Adrian Montague, indicated a
takeover deal with J.C. Flowers & Co. is still possible, the London-
based Times reported.
GCap Media Plc (GCAP LN) surged 20.75 pence, or 11 percent, to 217
after Global Radio Holdings Ltd. agreed to buy GCap for approximately
375 million pounds.
National Grid Plc (NG/ LN) advanced 24 pence, or 3.5 percent, to 715.5
after the utility agreed to sell its New York power plant to
TransCanada Corp. for $2.9 billion. The sale of the U.S. power plant,
which is subject to regulatory approvals, is expected to be completed
by the summer.
Rank Group Plc (RNK LN) increased 8.75 pence, or 9.9 percent, to 97
after the Daily Mail reported the second-largest U.K. casino company
was approached by shareholder Genting Bhd. about a cash takeover bid
worth around 485 million pounds ($959 million).
Unilever (ULVR LN) rallied 52 pence, or 3.1 percent, to 1,751 after
Deutsche Bank raised its recommendation for the maker of Dove soap and
Skippy peanut butter to ``buy'' from ``hold'' on expectations of
higher sales and the prospect of management change.
gloom headlines But I just wanted to cheer you up If that is at all
possible....things seem to be looking better...........
U.K. Stocks Advance, Led by Barclays, Anglo Irish, Kingfisher
By Sarah Jones
April 1 (Bloomberg) -- U.K. stocks climbed, led by banks including
Barclays Plc and Royal Bank of Scotland Group Plc, on speculation
investors may have seen the worst of subprime- related losses as UBS
AG and Deutsche Bank AG announced writedowns.
Anglo Irish Bank Plc led gains in Irish lenders. Kingfisher Plc paced
a rally in retailers. Carnival Plc, the world's largest cruise-line
company, led travel shares higher as crude oil retreated for a third
day.
The FTSE 100 Index gained 150.5, or 2.6 percent, to 5,852.6 in London
as all but 14 stocks rose. The FTSE All-Share Index added 2.7 percent
to 3,005.15. Ireland's ISEQ Index increased 3.8 percent to 6,411.46,
the best performer among 18 western markets.
UBS said it planned a $15 billion capital increase after reporting its
second consecutive quarterly loss and an additional $19 billion in
writedowns. Deutsche Bank AG also said it expects to book about 2.5
billion euros ($3.9 billion) in writedowns for the first quarter.
``Investors seem to be saying that the worst is over,'' said Martin
Slaney, head of spread betting at GFT Global Markets in London. ``It
appears that the rights issue and managerial restructuring announced
alongside the writedowns by Deutsche Bank will keep their major
shareholders content for now.''
Barclays, the U.K.'s third-largest bank, rallied 6 percent to 480
pence. Royal Bank of Scotland, the U.K.'s second-largest bank,
increased 7 percent to 361 pence. HBOS, Britain's biggest mortgage
lender, jumped 8 percent to 604.5 pence.
Anglo Irish led the nation's banks higher, among Europe's worst
performers over the last 12 months. The shares surged 9.3 percent to
9.29 euros in Dublin. Allied Irish Banks Plc, the country's largest
lender, gained 5 percent and Bank of Ireland Plc advanced 4.6 percent.
``Today has been a day when the sectors that have proved to be out of
favor for most of this year, such as banking and retail, have seen the
buyers piling back in,'' said Anthony Grech, market analyst at IG
Index in London.
Kingfisher Plc, Europe's largest retailer, jumped 7.8 percent to 142.3
pence. Home Retail Group Plc increased 7.5 percent to 280.75 pence.
Next Plc, the U.K.'s third-largest clothing retailer, added 6.8
percent to 1,216 pence.
Carnival jumped 7 percent to 2,141 pence, as crude oil fell as much as
1.9 percent to $99.70 a barrel in New York. British Airways Plc,
Europe's third-largest airline, advanced 6.4 percent to 249.25 pence.
EasyJet Plc, Europe's second-biggest discount airline, jumped 6.2
percent to 394.25 pence.
The following stocks also gained or fell in the U.K. market. Stock
symbols are in parentheses.
Alba Plc (ABA LN) dropped 14.25 pence, or 18 percent, to 65.75 after
the U.K. maker of consumer electronics said its full-year loss was
wider than analysts had estimated.
AstraZeneca Plc (AZN LN) increased 130 pence, or 6.9 percent, to 2,014
after JPMorgan Chase & Co. upgraded the U.K.'s second-biggest
drugmaker to ``neutral'' from ``underweight'' on higher possible sales
of the Crestor cholesterol pill.
Autonomy Corp. (AU/ LN) surged 72.5 pence, or 7.9 percent, to 991
after the U.K.'s second-biggest software company signed an agreement
with LogicaCMG Plc.
Logica said it chose Autonomy as a partner for its information
processing which is expected to generate ``significant revenue
opportunities'' for both parties. LogicaCMG (LOG LN) rose 3.75 pence,
or 3.6 percent, to 109.5.
Friends Provident Plc (FP/ LN) jumped 9.2 pence, or 7.4 percent, to
132.8. The U.K. insurer's chairman, Adrian Montague, indicated a
takeover deal with J.C. Flowers & Co. is still possible, the London-
based Times reported.
GCap Media Plc (GCAP LN) surged 20.75 pence, or 11 percent, to 217
after Global Radio Holdings Ltd. agreed to buy GCap for approximately
375 million pounds.
National Grid Plc (NG/ LN) advanced 24 pence, or 3.5 percent, to 715.5
after the utility agreed to sell its New York power plant to
TransCanada Corp. for $2.9 billion. The sale of the U.S. power plant,
which is subject to regulatory approvals, is expected to be completed
by the summer.
Rank Group Plc (RNK LN) increased 8.75 pence, or 9.9 percent, to 97
after the Daily Mail reported the second-largest U.K. casino company
was approached by shareholder Genting Bhd. about a cash takeover bid
worth around 485 million pounds ($959 million).
Unilever (ULVR LN) rallied 52 pence, or 3.1 percent, to 1,751 after
Deutsche Bank raised its recommendation for the maker of Dove soap and
Skippy peanut butter to ``buy'' from ``hold'' on expectations of
higher sales and the prospect of management change.
