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Utility Strength Provides FTSE’s FoundationCentrica was among London’s top performers after UBS raised its rating to "buy" on hopes of further utility mergers. While deals are not inevitable, consolidation is likely to remain a live issue for investors, the Swiss broker told clients. That came amid fresh rumours that Gazprom could be investigating taking stakes in European power groups, a theory that helped lift both Scottish & Southern Energy and International Power.
In the wider market, benchmarks edged higher on thin volumes, with investors keeping their powder dry while the Wall Street markets are closed for Martin Luther King day.
Aerospace groups were in demand in reaction to Smiths Groups agreement to sell its aerospace division to General Electric. Rolls-Royce and Cobham gained, while Meggitt was further aided by a Deutsche Bank adding the stock to its "buy" list. Meanwhile, fresh bribery allegations proved no setback for BAE Systems, with investors focusing instead on news that the defence contractor will partner US private equity group Carlyle to take control of Britain’s nuclear submarine industry.
A broker tip aided Aviva, with Credit Suisse upgrading the insurer to "outperform" citing a combination of an attractive return on embedded value and strong cashflow potential. On the downside, BT Group slipped after UBS moved to "reduce" from "neutral" on valuation grounds.
Bid rumours provided some interest on the second line, with Biffa up nearly 4 per cent on fresh talk that the waste disposal group could be a target for Sita, a rival owned by Frances Suez. Meanwhile, Halfords was buoyed by vague rumours of interest from a private equity fund.
Tag CloudExternal InformationAdditional InformationComment: Time to put a brake on the dollar’s decline...Some on Journal Staff Voice Wish That Different Bidder Would Emerge... DataBank: Bernanke’s Optimism Prompts a Market Rally... King’s pay deal at Sainsbury’s under fire... Where Am I?News Main Page - Business - Utility Strength Provides FTSE’s Foundation |
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