Fifth Monthly Rise in UK Home Prices

123jump.com Staff
02 Oct, 2009
New York City

London stocks declined after markets in Europe lost early momentum on the release of U.S. jobs report. UK home prices gained for the fifth month in a row. Mining companies fell on the market weakness. Xstrata Plc was asked to submit a formal offer in three weeks for Anglo American.

[R]4:00PM London, 11:00 AM New York – London stocks declined after markets in Europe lost early momentum on the release of U.S. jobs report. UK home prices gained for the fifth month in a row. Mining companies fell on the market weakness. Xstrata Plc was asked to submit a formal offer in three weeks for Anglo American.[/R]

Stocks in London declined after the markets in Europe fell on weak job market report in the U.S. Commodities and resource stocks led the decliners.

In London FTSE 100 Index closed lower 39.01 or 0.7% to 5,008.80 and the pound edged lower to close at $1.592 and edged lower at 1.089 euros.

UK home prices gained according to the latest report from the Nationwide Building Society. The fifth monthly increase in a row in September of 0.9% lifted home prices to £161,816.

Gainers & Losers

Begbies Traynor Group plc closed unchanged at 110.00 pence after the professional services group said that the company is on track to meet management expectations.

Carclo plc rose 0.9% to 95.35 pence after the technical plastic components supplier said it continued to trade in line with its view for the full year and expected its operating profit to be near the last year level.

Desire Petroleum plc increased 1.6% to 108.00 pence after the oil explorer said has signed a rig contract with Diamond Offshore Drilling for the use of the ocean guardian rig in the North Falkland Basin.

Emerald Energy plc fell 0.4% to 746.00 pence after the engaged in exploration and production of hydrocarbons in South America provided an update on well operations in Colombia. Matambo block, Hydraulic fracture stimulation operations on the Caballos formation have been conducted at the Gigante No.2 well.

Helphire Group plc added 1.1% to 44.50 pence an accident-claim handler said full-year revenues fell 9% to £368.5 million from £404.9 million a year ago. Net loss for the full-year was £135.3 million or 68.31 pence per diluted share compared to net profit of £30.4 million or 21.63 pence per share a year ago.

May Gurney Integrated Services plc fell 2.5% to 224.25 pence after the road maintenance contractor was awarded contract extensions till 2012 for Essex and Norfolk County Councils worth £30 million.

Powerleague Group plc surged 14.0% to 50.75 pence after the indoor football hall operator said it agreed to be acquired by Patron Sports Leisure a company indirectly owned by private-equity firm Patron Capital for 52 pence per share in cash, a premium of 17% to the stock''s Thursday close. The bid values the company at £42.5 million.

The Royal Bank of Scotland Group plc dropped 4.5% 48.25 pence.

SSL International plc fell 0.4% to 624.50 pence after the consumer products company said that it has completed the acquisition of 100% of the shares of Gainbridge Investments (Cyprus) Limited from CCD estate.

Tesco PLC fell 1.4% to 388.00 pence after the supermarket giant said it still believes the U.K. Competition Commission has made the wrong recommendation in pushing forward with its ""competition test.”

Upstream Marketing and Communications Inc surged 129.2% to 1.49 pence after the marketing group said that it has entered into a conditional agreement for the proposed disposal of Upstream Asia Limited and Camber Communications Limited, the Company''s wholly-owned BVI subsidiaries to Asset Pioneer Limited.

Xstrata plc dropped 3.7% to 839.50 pence after the mining company was given three weeks to make a formal offer for rival Anglo American or drop its offer. The near-term outlook for the deal appears to be slim.

FTSE 100 Index Movers

Of the stocks in the FTSE 100 index, 9 increased, 92 declined and 1 were unchanged.

The Royal Bank of Scotland Group Plc decliners in the FTSE 100 index with a loss of 7.73% followed by losses in Kazakhmys Plc of 4.87%, in Lloyds Banking Group Plc of 4.51%, in InterContinental Hotels Group Plc of 4.10%, in Rentokil Initial Plc of 3.86%.

SabMiller Plc led gainers in the FTSE 100 index with a rise of 2.36% followed by increase in G4S Plc of 0.96%, in Icap Plc of 0.67%, in Schroders Plc of 0.47%, in Reckitt Benckiser Group Plc of 0.36%.