FTSE Index Up 2.2%; Lloyds

Mayank Mehta
23 Nov, 2009
New York City

The UK benchmark index rose 2.2% after a rise in commodities and energy prices. Lloyds Banking Group plans to issue

[R]4:00PM London, 11:00 AM New York – The UK benchmark index rose 2.2% after a rise in commodities and energy prices. Lloyds Banking Group plans to issue £7.5 billion of new convertible securities in exchange of junior notes that may be counted towards core capital. Experian Plc plans to open credit bureau in India.[/R]

In London FTSE 100 Index closed higher 117.30 or 2.2% to 5,368.71 and the pound edged higher to close at $1.664 and to close at €1.110.

Gainers & Losers

888 Holdings Public Limited Company the online gaming firm advanced 2.7% to 111.00 pence.

Armour Group PLC declined 4.5% to 15.04 pence after the consumer electronics group said full-year sales declined to £51.6 million from £54.0 million a year ago.

Clarity Commerce Solutions plc added 1.3% to 39.00 pence an integrated software solutions and services provider said first-half revenues rose 10% to £8.8 million from £8.0 million a year ago. Net profit for the first-half rose 296.5% to £341,000 or 1.06 pence per diluted share compared to net profit of £86,000 or 0.27 pence per share a year ago.

Earthport plc surged 28.2% to 29.50 pence after the global payments provider said that it has entered into an agreement with Zink Financial SA to expand into South America.

Environmental Recycling Technologies plc fell 0.3% to 1.37 pence.

Experian PLC added 1.4% to 582.00 pence after the credit data firm said Monday that it has created a joint venture with seven of India''s financial services institutions.

First Quantum Minerals Ltd fell 1.6% to 4,159.00 pence after the miner agreed to acquire Kiwara.

G4S plc dropped 0.08% to 243.50 pence after the security firm said the acquisition of Champions of the West, Inc. trading as All Star International for a cash consideration of $59.9 million on an enterprise value basis.

Go-Ahead Group PLC rose 0.6% to 1,350.00 pence after the bus group Plymouth CityBus from Plymouth City Council for an enterprise value of £20 million.

Heritage Oil Limited dropped 5.8% to 478.00 pence an independent upstream exploration and production company, announces that a wholly owned subsidiary has entered into a binding letter of intent, with Eni S.p.A for the sale of its entire interests in Blocks 1 and 3A in Uganda.

Hyder Consulting PLC closed unchanged at 240.00 pence after the provider of design consultancy on infrastructure projects said first-half revenues rose 3% to £156.3 million from £151.6 million a year ago. Net profit for the first-half fell 7.8% to £4.7 million or 12.20 pence per diluted share compared to net profit of £5.1 million or 13.14 pence per share a year ago.

Lloyds Banking Group plc rose 2.9% to 90.79 pence is planning covert its junior loans to enhanced capital notes. The £7 billion will be converted to ECNs and £1.48 billion may be converted to cash, new shares or ECNs.

The ECNs are also known as contingent convertible core Tier 1 securities or CoCos and will be converted to equity in case the core capital of the bank falls to 5%. The debts will be treated as equity and will be counted towards the capital to meet regulatory requirement.

The latest annual Halifax Empty Homes survey shows that the number of long-term empty private homes (i.e. homes that have been vacant for more than six months) exceeded 300,000 in 2008 for the first time in five years.

MITIE Group PLC fell 1.4% to 232.80 pence after the support services and asset management firm said first-half revenues rose 5.3% to £801.1 million from £760.7 million a year ago. Net profit for the first-half rose 12.8% to £28.2 million or 8.5 pence per diluted share compared to net profit of £25.0 million or 7.8 pence per share a year ago.

Northumbrian Water Group plc rose 0.2% to 244.50 pence after the provider of water and sewerage services said first-half revenues rose 1% to £351.2 million from £347.7 million a year ago. Net profit for the first-half was £62.9 million or 12.13 pence per diluted share compared to net loss of £64.5 million or 12.44 pence per share a year ago.

Phoenix IT Group plc gained 6.8% to 235.00 pence the IT services company said first-half revenues fell 4.5% to £122 million from £127.8 million a year ago. Net profit for the first-half rose 15.7% to £9.6 million or 12.3 pence per diluted share compared to net profit of £8.3 million or 10.7 pence per share a year ago.

Proventec plc closed unchanged at 56.00 pence the provider of specialist steam cleaning and coatings technologies said first-half revenues fell 2.4% to £8.0 million from £8.2 million a year ago. Net loss for the first-half was £1.02 million or 7.7 pence per diluted share compared to net loss of £608,000 or 5.0 pence per share a year ago.

Pure Wafer plc plunged 15.3% to 5.50 pence the provider of services that help semiconductor companies reuse silicon wafers said preliminary result for year ended June 30 sales decreased 22% to £17.2 million from £22.3 million a year ago.

RM plc increased 6.5% to 162.00 pence after the provider of educational products and services said full-year revenues rose 19.8% to £346.91 million from £289.47 million a year ago. Net profit for the full-year rose 15% to £13 million or 14.0 pence per diluted share compared to net profit of £11.3 million or 12.2 pence per share a year ago.

SOCO International plc the oil explorer rose 0.9% to 1,353.00 pence.

Somero Enterprises, Inc the maker of laser-guided equipment for leveling concrete floors closed unchanged at 16.50 pence.

Supporta Plc dropped 1.8% to 26.50 pence after the provider of support services said first-half revenues rose 1% to £26.13 million from £25.91 million a year ago. Net profit for the first-half was £18,000 or 0.02 pence per diluted share compared to net loss of £568,000 or 0.67 pence per share a year ago.

FTSE 100 Index Movers

Of the stocks in the FTSE 100 index, 96 increased, 5 declined and 1 were unchanged.

Petrofac Limited decliners in the FTSE 100 index with a loss of 1.24% followed by losses in Bunzl Plc of 1.16%, in Intertek Group Plc of 0.90%, in Tullow Oil Plc of 0.32%, in Schroders Plc of 0.25%.

The Royal Bank of Scotland Group Plc led gainers in the FTSE 100 index with a rise of 5.01% followed by increase in ICAP Plc of 4.50%, in Fresnillo Plc of 4.28%, in Kazakhmys Plc of 4.27%, in Standard Chartered Plc of 4.00%.