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Miners Lend Support As FTSE StrengthensStronger metals and oil prices provided the foundation to the FTSE 100 index, which moved higher for a second straight session. Anglo American, Xstrata, BP and BG Group all featured on the leaderboard.
ICI moved higher as Goldman Sachs raised its target price in expectation that it will be bought by a chemicals industry peer, most likely Akzo Nobel. "In our opinion, the market is increasingly valuing ICI on a takeout basis rather than on standalone fundamentals," the broker said.
Pearson was the sharpest blue chip faller after its trading statement provided nothing to support the growing expectation that the publisher may be broken up - a theory that has pushed shares up 14 per cent in the past six weeks. Paul Gooden, an analyst at ABN Amro, cut Pearson to "sell" from "neutral", saying the maths of a leveraged buyout did not work much above the current share price. Disposals may not attract premium prices, the core education business is already efficiently run and management is more likely to consider itself a consolidator than a target, he said.
BA missed out after negotiations broke down between the airline and unions, which have planned three three-day strikes beginning next week. Deutsche Bank estimated that a three-day strike can cost BA between £75 million and £100 million in earnings, equivalent to up to 10 per cent of the groups annual profit.
Among the mid-caps, the stockbroker Collins Stewart traded higher even after denying rumours that it had been approached by Wall Street bank Bear Stearns over a possible tie-up. Tag CloudExternal InformationAdditional InformationIs it a boat? Is it a plane? Rolls-Royce goes topless for first time under BMW...Policyholders to share in £2.1bn windfall from Norwich Union... Cyberonics Names Chief and Says Marketing Will Shift... Chrysler in Deal With Chinese Automaker... Where Am I?News Main Page - Business - Miners Lend Support As FTSE Strengthens |
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