BEST OF THE BROKERS October 28, 2010 NATIONAL GRID Standard & Poor’s has downgraded the utility to “sell” from “hold”, with a target price of 516p. The broker notes National Grid’s 10.7 per cent share price rise in the last year, resulting in a 12.4 per cent outperformance of the sector, which could lead to profit-taking soon. Planned capital expenditure is also [...]
Blackstone’s earnings soar as slump ends October 28, 2010 PRIVATE equity firm Blackstone Group yesterday posted quarterly earnings that beat market forecasts, and said the value of its private equity and real estate portfolios rose, although the amount invested in new deals was steady. The firm, which has investments in companies including Hilton Hotels and casino operator Harrah’s Entertainment, said third-quarter economic net income, [...]
CITY MOVES | WHO’S SWITCHING JOBS October 28, 2010 Shore Capital The stockbroking group has hired Jerry Keen as head of natural resources in the corporate broking division, and Ramona Tipnis, Dr Paul Taylor and Craig Howie as new analysts. Keen (pictured) was previously head of corporate broking at Astaire. Tipnis will cover general retail and joins from Oriel Securities. Taylor, a healthcare analyst, [...]
France Telecom beats hopes October 28, 2010 FRANCE Telecom posted forecast-beating third-quarter results after a marked turnaround in its all-important home market. Its results were fuelled by new bundles of mobile, fixed-line, broadband and TV and a boom in smartphones. Europe’s third-largest telecom operator by revenue also tweaked its outlook for 2010 revenue, saying it would be “slightly up” on a comparable [...]
Cecil’s Editor to storm into the Investec Derby Picture October 28, 2010 THERE is just over a week to go until the end of the flat season and Henry Cecil can end a memorable campaign by landing the Zetland Stakes with the highly promising PICTURE EDITOR. The immaculately bred son of Dansili landed a red hot Doncaster maiden on his debut and has since won a heavy [...]
Randstad boosted as job market begins to improve October 28, 2010 RANDSTAD, the world’s second-largest staffing company, yesterday reported fresh demand for temporary workers, particularly in North America and Germany, as it beat third-quarter operating profit forecasts. The Dutch company, a bellwether for economic health, said that in the face of a fragile recovery, firms are hiring more temporary staff, particularly in sectors which tend to [...]
Price cut means Enel Green IPO is fully covered October 28, 2010 THE initial public offering (IPO) for Enel Green Power, Europe’s biggest in three years, was more than fully covered late yesterday after the Italian power giant cut the minimum price to attract enough institutional investors. Early yesterday Enel dropped the minimum price for up to 32.5 per cent of Enel Green Power (EGP) to €1.6 [...]
AVON PRODUCTS DISAPPOINTS October 28, 2010 AVON Products, the world’s largest direct seller of beauty products, led by chief executive Andrea Jung (above), yesterday reported lower-than-expected third-quarter profit, as sales fell in North America. Quarterly earnings rose seven per cent to $166.7m (£104.1m), or 38 cents a share, from $156.2m, or 36 cents a share, in the year-earlier period.
CITY A.M. | RACING CLUB JOIN US ASCOT ON 19TH NOV! October 28, 2010 City A.M. invites all Punter readers to come and join us for an exclusive day out at Ascot Racecourse on Friday 19th November. We will depart the City at 10am, arriving at the racecourse in time for a behind-the-scenes tour which will take in the weighing room and other areas normally closed to the public. [...]
FTSE hit by fears UK recovery will stall without fresh stimulus October 27, 2010 BRITAIN’S top shares posted their biggest one-day losses in over two months yesterday, hit by market concerns that further quantitative easing measures in the US might be less aggressive than expected. The FTSE 100 was down 61.28 points, or 1.1 per cent, at 5,646.02, its lowest closing level since 5 October, adding to the 0.8 [...]
