Markets
London - The FTSE 100 fell 52 points to 5,680.83 yesterday after the international bailout for Ireland failed to stem concern that Europe’s sovereign-debt crisis will spread to other indebted countries such as Portugal and Spain. Bank of Ireland Plc plunged 19% as investors speculated that the bailout will dilute their holdings in the lender, while Royal Bank of Scotland Group Plc, the U.K.’s biggest government-owned bank, fell 4.6%. Compass Group Plc climbed 1.9% to 539 pence as rival Sodexo’s Chief Executive Officer Michel Landel said “we have reimbursed debt.” Sodexo reduced its net borrowings to 656 million euros at Aug. 31 from 889 million euros a year earlier. Pearson gained 0.9% to 939 pence after the education publisher announced that it has agreed to buy a 75 stake in CTI Education Group of South Africa for £31 million in cash. Severn Trent Plc increased for the third day, rising 1.4% to 1,459 pence. The U.K.’s second-largest water company will say on November 23rd that it aims to raise its dividend by 3% more than inflation each year for the next four years, the Mail on Sunday reported.

Posted: November 23rd, 2010 under Asset Management.
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Markets
London - The FTSE 100 fell 35.88 points to 5732.83 on Friday amid concern Europe’s resurgent sovereign-debt crisis may derail the region’s recovery. HSBC, Europe’s biggest bank, fell 1.4% to 657.5p, while Lloyds, the U.K.’s largest mortgage lender, retreated 1.6% to 66.72p. Rio Tinto, the world’s third-biggest mining company, lost 1.2% to 4,230p, while BHP Billiton Ltd., the largest, dropped 1.4% to 2,332.5p. Hammerson dropped 1.8% to 403.8p as Morgan Stanley downgraded the stock to “equal weight” from “overweight.” Capita Group Plc, which provides a criminal records service for the U.K. Home Office, lost 1.9% to 677p as HSBC downgraded the stock to “underweight” from “neutral.” Rolls-Royce Group Plc, which provides engines for Airbus A380 jets, declined 1.9% to 592p. Qantas Airways Ltd. may ground its fleet of Airbus SAS A380s for “several more weeks” as it continues to check engines on the jets.

Posted: November 22nd, 2010 under Asset Management.
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Markets
London - The FTSE 100 jumped 76.15 points to 5,768.71 yesterday amid growing speculation that Ireland will accept a bailout. SABMiller Plc, the world’s second-biggest brewer by volume, rallied 5.1% to a record after earnings topped analysts’ estimates. British Airways Plc climbed as larger rival Air France-KLM Group lifted its profit forecast. QinetiQ soared 14% to 112.5 pence, the biggest increase in a year, after first-half profit beat analysts’ estimates. Basic-resources shares climbed as base metals rallied. Rio Tinto Group, the world’s third-biggest mining company, advanced 3.2% to 4,281.5 pence and Xstrata Plc, the largest exporter of coal, increased 2% to 1,338.5 pence.

Posted: November 19th, 2010 under Asset Management.
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Markets
London - The FTSE 100 added 10.66 points to close at 5,692.56 yesterday, led by Experian Plc and GlaxoSmithKline Plc, as the European Union started work on a possible aid package for Ireland’s banks and British jobless claims unexpectedly fell. Experian jumped 6.3% to 748 pence, the biggest gain since April 2009, after the company said first-half net income rose to $260 million, from $249 million a year earlier. Sales for the six months to September 30th were $2 billion. Glaxo climbed 2.4% to 1,243 pence, rising the most since Nov. 5, after the company’s Benlysta lupus drug won backing from an advisory panel of the U.S. Food and Drug Administration. ICAP Plc advanced 1.3% to 472 pence, paring yesterday’s 2.4% slide. The world’s biggest interdealer broker said first-half pretax profit rose 2 percent to £183 million pounds. Revenue increased 9% to £867 million. 3i Group Plc declined 1.9% to 309 pence, its third straight drop. The private-equity firm said the price of leveraged buyout targets is at an “extraordinarily” high level, Chief Executive Officer Michael Queen told a conference in Paris today.

Posted: November 18th, 2010 under Asset Management.
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Markets
London - The FTSE 100 plunged 138.51 points to 5,681.9 yesterday amid the resurgent European debt crisis and concern mounted that China will step up measures to curb inflation. Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc dropped more than 3%. Mining companies Kazakhmys Plc, Xstrata Plc and Antofagasta Plc retreated more than 4% as copper tumbled in London. Standard Life Plc lost 2.7% after Morgan Stanley downgraded the insurer. British Airways Plc dropped 4% to 259.5 pence. The flight-attendant union will seek new talks with the carrier after agreeing with crew representatives not to recommend the latest proposals on pay, staffing levels and the treatment of strikers. British Land Co. dropped 3.4% to 489.7 pence. The U.K.’s second-largest real estate investment trust said second-quarter profit excluding changes in asset values fell 4.6% to £62 million. Enterprise Inns Plc lost 9.4% to 99.3 pence, the largest drop since May, as the U.K.’s second-biggest pub owner reported a 7.3% decline in full-year revenue to £758 million. Net income climbed to £26 million from £6 million a year earlier, helped by a £52 million profit from disposals. ITV Plc lost 5.6% to 67.1 pence after the U.K.’s biggest commercial broadcaster forecast television advertising growth will slow in the fourth quarter. The broadcaster said TV advertising revenue climbed 16 percent in the third quarter and will rise 10% in the fourth.

Posted: November 17th, 2010 under Asset Management.
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