EcoSecurities Surges 11% on JP Morgan Bid

123jump.com Staff
14 Sep, 2009
New York City

EcoSecurities surged 11% after JP Morgan & Chase subsidiary offers 10% higher than the current bid from Guanabara. Marks & Spencer gains after Morgan Stanley lifts its price target ahead of earnings. The energy metering company Bglobal after it signs a contract with UK subsidiary of Gazprom.

[R]4:00PM London, 11:00 AM New York – EcoSecurities surged 11% after JP Morgan & Chase subsidiary offers 10% higher than the current bid from Guanabara. Marks & Spencer gains after Morgan Stanley lifts its price target ahead of earnings. The energy metering company Bglobal after it signs a contract with UK subsidiary of Russia based Gazprom.[/R]

In London FTSE 100 Index closed lower 6.48 or 0.1% to 5,004.99 and the pound closed at $1.65 and 1.13 euros.

The rating agency Moody’s Investor Services said that UK banks may have to declare additional £130 billion of loan losses if the current economic conditions prevail. The banks have declared £110 billion of losses since the credit crisis began in 2007.

Gainers & Losers

Antisoma plc added 3.7% to 28.00 pence after the biopharmaceutical company said full-year revenues fell 36% to £25.2 million from £39.5 million a year ago. Net loss for the full-year was £16.4 million or 2.7 pence per diluted share compared to net profit of £12.3 million or 2.6 pence per share a year ago.

Asia Digital Holdings PLC surged 19.3% to 1.94 pence an online marketing group said first-half revenues rose 28% to £8.6 million from £6.7 million a year ago. Net loss for the first-half was £1.08 million or 0.24 pence per diluted share compared to net loss of £819,000 or 0.18 pence per share a year ago.

Avocet Mining plc fell 7.8% to 64.50 pence after the company expected a delay in first gold pour from the Inata gold project in Burkina Faso after material changes to the plant design increased project cost.

Bglobal plc surged 15.1% to 34.25 pence after the energy meter provider said it has signed an agreement to deliver smart metering services to Gazprom Marketing & Trading Retail Ltd, the UK retail arm of the Russian energy company Gazprom.

Cadbury plc added 0.5% to 780.00 pence.

City of London Investment Group PLC rose 2.0% to 260.15 pence after the emerging markets asset management group said its full-year pre-tax profit decreased to £5.38 million from £10.69 million in the year-ago period. Profit for the year dipped to £3.84 million from £7.13 million in the prior year period. Earnings per share for the year decreased to 15 pence from 26 pence a year ago.

Revenue for the year declined to £20.15 million from £24.87 million in the comparable period.

DM plc surged 21.0% to 11.50 pence after the scratch card and direct marketing firm said half-year pre-tax profit declined to £2.28 million from £2.67 million from a year ago. Profits decreased to £1.74 million from £1.98 million last year.

EcoSecurities Group plc surged 10.9% to 101.00 pence after the Irish carbon credit specialist announced an agreement with Carbon Acquisition Company Ltd to be acquired valuing the company at £122.9 million.

The offer is 120% higher than the last business day price of 45.5 pence when the offer commenced and 11% higher than the revised offer from Guanabara Holdings BV set up by Pedro Moura Costa, former president of the company.

Carbon Acquisitions Company is a subsidiary of JP Morgan Chase & Company.

Helphire Group plc the supplier of replacement vehicles to no fault accident drivers surged 12.1% to 37.00 pence.

International Ferro Metals Limited dropped 4.2% to 57.00 pence after it swung to a full-year loss on lower ferrochrome output and prices but said it was confident a recent recovery in the stainless steel ingredient market is sustainable.

Just Car Clinics Group plc decreased 0.3% to 54.33 pence after the vehicle repair firm said first-half revenues rose 1.9% to £21.6 million from £21.2 million a year ago. Net profit for the first-half fell 7.7% to £394,000 or 2.7 pence per diluted share compared to net profit of £427,000 or 2.9 pence per share a year ago.

J Sainsbury plc closed unchanged at 332.00 pence after the supermarket giant has chosen David Tyler as its new Chairman, according to The Sunday Times and The Sunday Telegraph.

Kentz Corporation Limited fell 3.9% to 194.50 pence an engineering group said first-half revenues rose 0.06% to $328.8 million from $328.6 million a year ago. Net profit for the first-half rose 63% to $12.9 million or 11.09 cents per diluted share compared to net profit of $7.9 million or 10.99 cents per share a year ago.

Lees Foods Plc closed unchanged at 110.50 pence after the Scottish cake and sweet supplier said that chairman and chief executive Raymond Miquel, has resigned from both posts.

Morgan Sindall plc declined 2.9% to 660.00 pence after the construction and regeneration group after the company was selected to build £38 million Basildon Sporting Village.

Rio Tinto plc declined 2.4% to 2,555.00 pence after the mining and exploration company said it received approval from the Brazilian National Defence Council on the pending sale of its Corumbra iron ore mine in Brazil to Vale S.A.

Stobart Group Limited declined 2.6% to 112.50 pence after the provider of multimodal transport and logistics solutions announces reopening of distribution site.

Tarsus Group plc added 1.8% to 112.00 pence after the events and conferencing group said trading for the full year continues to be in line with its expectations and it anticipates a ""very satisfactory"" 2009 results.

FTSE 100 Index Movers

Of the stocks in the FTSE 100 index, 48 increased, 53 declined and 1 were unchanged.

Eurasian Natural Resources Corporation Plc decliners in the FTSE 100 index with a loss of 3.05% followed by losses in Cairn Energy Plc of 2.92%, in BG Group Plc of 2.29%, in Tullow Oil of 2.01%, in British Airways Plc of 1.99%.

BAE Systems Plc led gainers in the FTSE 100 index with a rise of 2.14% followed by increase in Cobham Plc of 2.07%, in Intertek Group Plc of 1.82%, in Man Group Plc of 1.61%, in Unilever Plc of 1.48%.