UK Stocks Lower; Debenhams Fall

123jump.com Staff
13 Apr, 2010
New York City

UK stocks closed lower tracking losses in commodities. Debenhams plc first-half net profit falls. Oxford Catalysts Group fiscal year 2009 loss widens. Grainger plc sales pick up. Tullow Oil plc finds oil at a field in Uganda.

[R]6:00 PM London, 1:00 PM New York – UK stocks closed lower tracking losses in commodities. Debenhams plc first-half net profit falls. Oxford Catalysts Group fiscal year 2009 loss widens. Grainger plc sales pick up. Tullow Oil plc finds oil at a field in Uganda.[/R]

UK stocks closed lower tracking weaker metals and commodities prices. A private survey of retail industry indicated a rise in sales in March rose 4.4%.

In London FTSE 100 Index closed lower 15.99 or 0.28% to 5,761.66 and the pound edged higher to close at $1.539 and to close at €1.134.

A British Retail Consortium survey indicated retail sales increased 4.4% in March from a year ago. Sales increased 1.2% in March a year ago.

Gainers & Losers

888 Holdings Public Limited Company added 2.3% to 103.90 pence after its subsidiary signed an extension to its existing agreement with Cashcade.

DSG International increased 3.2% to 35.61 pence on a media speculation that Home Retail Group Plc may make a bid for the company.

Debenhams plc fell 1.6% to 77.10 pence after the department store said first-half revenues rose 12% to £1.19 billion to £1.06 billion a year ago. Net profit for the first-half fell 1.4% to £80.1 million or 6.2 pence per diluted share compared to net profit of £81.2 million or 9.3 pence per share a year ago.

Grainger plc rose 0.1% to 134.10 pence after the residential property owner expect completed sales from company’s core and retirement solutions portfolio to be approximately £78.5 million, an increase of 42% from last year’s figure of £55.3 million.

Oxford Catalysts Group Plc fell 2.2% to 63.04 pence after the clean-fuel company said 2009 revenues rose 566% to £8.66 million to £1.3 million a year ago. Net loss for the year was £5.46 million or 9.07 pence per diluted share compared to net loss of £3.3 million or 7.72 pence per share a year ago.

Treveria plc the retail assets company said 2009 net rental income fell 8% to €112.9 million to €122.8 million a year ago. Net loss for the year was €165.7 million or 27.45 cents per diluted share compared to net loss of €309.3 million or 50.99 cents per share a year ago.

Tullow Oil plc fell 0.6% to 1,313.00 pence after the company announces that the Kasamene-3 and Kasamene-3A wells in the Butiaba region of Uganda Block 2 have successfully delineated the extent of oil in the Kasamene field and discovered oil in the Wahrindi North fault block.

FTSE 100 Index Movers

Of the stocks in the FTSE 100 index, 37 increased, 62 declined and 3 were unchanged.

Kazakhmys Plc decliners in the FTSE 100 index with a loss of 2.92% followed by losses in Fresnillo Plc of 2.31%, in Lonmin Plc of 2.27%, in Aggreko Plc of 2.12%, and in Antofagasta Plc of 2.11%.

Kingfisher Plc led gainers in the FTSE 100 index with a rise of 2.97% followed by increase in Man Group Plc of 2.94%, in Legal & General Group Plc of 2.52%, in Diageo Plc of 1.58%, and in Tesco Plc of 1.47%.