EW - Dax: Wie lange dauert die aktuelle Topbildung
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SciClone Pharmaceuticals [s; scln] is saying it has been picked to join the
Russell 3000 index. The addition comes as part of the Russell's annual
reconstitution of its equity indexes, and SciClone will join the Russell 3000 on
July 1. The stock closed Friday at $8, up 6 cents.
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.
LONDON (AFX) - Leading shares edged higher in quiet lunchtime trade,
mirroring a recovery by US futures, while gains across the retail and telecom
sectors also provided support, dealers said.
At 12.10 pm, the FTSE 100 was up 5.5 points at 4,139.5, above its early low
of 4,112.4.
The wider indices remained mixed however, while volumes were moderate, with
985.6 mln shares changing hands in 62,666 deals.
Looking ahead to Wall Street, the DJIA is indicated to open around 10 points
lower, while the Nasdaq is seen around 3 points down, both recovering from their
early lows, although investors are expected to remain cautious after Friday's
weak consumer sentiment data.
On the economic front, investors will be looking for signs of a sustained
economic recovery, with today's Empire State Index of manufacturing in New York
kicking off the week's batch of economic reports.
The data is expected to give a good indication on manufacturing nationwide,
with any reading above zero seen as positive.
In company news, the retail sector was once again buoyant, lifted by weekend
press talk of robust high street sales and speculation that WalMart is stalking
the High Street again.
The Sunday Telegraph reported yesterday that clothing retail sales have
soared 15 pct in the week ending June 7, as shoppers have flocked back to the
high street, according to weekly sales figures collated for the British Retail
Consortium.
The news lifted Next 24-1/2 pence to 992, while hopes of an upturn in high
street trade also boosted Kingfisher 5 pence to 282 and Boots 8-1/2 pence to
631.
Also on the upside, BT Group moved 4 pence higher to 196-1/2, lifted by news
of a broadband joint venture with US internet giant Yahoo!.
ABN Amro maintained its 'Add' recommendation on the stock.
Remaining among the blue chips, Smith & Nephew was also in demand, up 3 1/4
pence at 379 1/4 pence, after the company's CEO Chris O'Donnell told Finanz und
Wirtschaft he will carefully review Zimmer's offer for Centerpulse before
deciding what the next steps will be, and considers its original offer was fair.
Elsewhere Publicis, the French advertising group that owns Saatchi &
Saatchi, has stepped in to heat up the war for struggling Cordiant
Communications -- already targeted by WPP.
Cordiant shares were suspended awaiting an announcement, while WPP shares
were trading slightly higher -- up 4-1/2 at 491-1/4 pence on the reports.
Unilever shares also got a boost as Morgan Stanley Dean Witter reiterated
its 'overweight' stance on the food and toiletries group. The shares were up
4-1/2 pence 551-1/2.
On the downside, the oil sector came under pressure, following a ratings
reshuffle from Deutsche Bank.
BP fell 2 pence to 437 after the broker downgraded the stock to 'Hold' from
'Buy, while Shell fared slightly better, adding 0-1/2 pence to 420-1/2 after the
broker upgraded the shares to 'Buy' from 'Hold'.
Cable & Wireless shares were the worst performing blue chip shares --
falling almost 6 pct, or 6-1/4 pence to 98-1/4 pence, on news that it is to
issue senior unsecured convertible bonds in a bid to further strengthen its
balance sheet.
The company added however, that the bonds are not required for the company's
restructuring.
Xstrata was another weak issue after news overnight that the Supreme Court
of Queensland has given its approval to the company's 1.72 aud per share
takeover offer for MIM.
Xstrata shares were 8 pence lower at 439 at lunchtime, with investors taking
profits at the end of a drawn out takeover battle. The engineering sector was
also lower, as Dresdner KW cut its sector rating to 'underweight' from
'neutral'.
Tomkins lost 1-1/2 pence to 234-1/2 after the German broker cut its rating
to 'Hold' from 'Add', while on the second line, Bodycote fell 1 pence to 119-1/2
after the broker cut its rating to 'Hold' from 'Add'.
Elsewhere, Exel fell 7-1/2 pence to 668 after the company announced that it
is to buy a regional supply chain management business in Turkey.
BAE Systems came off early highs as Goldman Sachs poured cold water on
suggestions that a deal with a US player is imminent.
BAE shares drifted 1 pence lower to 140-1/2, having advanced 2-3/4 pence
earlier in the morning after the Sunday Times reported that the UK defence giant
is considering a tie-up with US defence contractor General Dynamics, as part of
its campaign to find a transatlantic merger partner.
Among the midcaps, McCarthy & Stone leapt nearly 5 pct, up 21-1/2 pence to
517, leading the FTSE 250 risers, after the retirement homes builder confirmed
late on Friday it has received a preliminary approach from a third party.
George Wimpey added 7-3/4 pence to 296-3/4, with market watchers
highlighting the builder as the potential suitor.
Balfour Beatty was another firm feature, adding 3-1/2 pence to 195-1/2,
after announcing that Transform Schools Ltd, its joint venture with Innisfree,
has reached financial close for its 100 mln stg PFI schools project for the
Metropolitan Borough of Rotherham.
On the downside, Spectris fell 11-1/2 pence to 415 on the back of a CSFB
downgrade to 'Neutral' from 'Outperform'.
The broker argued that it believes customers will keep a tight grip on
spending in the near term until industrial profits improve.
Negative broker comment also hit Shaftesbury, with the shares falling 4
pence to 215-1/2 after Merrill Lynch downgraded the stock to 'Neutral' from
'Buy' on valuation grounds.
Elsewhere, Celltech fell 3 pence to 347, despite announcing that its Zavesca
drug has been approved by the Ministry of Health in Israel, which has the second
largest patient population for Gaucher disease.
Aggregate Industries was 1-1/4 pence lower at 82-3/4 after the group said
overall results for the first six months to June 30 2003 are expected to show a
modest year-on-year reduction. However, it added that expectations for the year
as a whole remain unchanged.
In small caps, CybIT climbed 0.12 pence, to 0.79 pence after it said it
expects to move into profit on a monthly basis in the current year after
"excellent" trading in the first few months.
The comments came after the group presented last year's full year results.
In the year to March 31 2003, the group cut its pretax loss to 787,000 stg
from a loss of 1.65 mln stg in the comparative 15 month period. The group said
it delivered profits on an EBITDA basis.
Shares in Carclo also made progress in early trading after the engineer
revealed a swing to full-year profits from losses and resumed dividends with a
1.2 pence payout.
Carclo shares were 6-1/2 pence higher at 38.
Solid full year results and confident outlook statement also lifted Creston
shares 6-1/2 pence higher to 81-1/2 pence.
Sopheon dropped 1.50 to 15.00 after the software group revealed plans to
raise 540,000 stg via a placing.
Innovision Research lost 3-1/2 pence to 39 after posting disappointing full
year results, with sales falling to 802,000 stg in 2003 from 1.114 bln in the
previous year.
gl/rf
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16 JUN 14:01 Janney Montgomery boosts estimates for Manpower
16 JUN 14:01 *US JUNE EMPIRE STATE INDEX UMPS TO 26.8 VS. 10.6
