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| Top short-term gainers today: | |||
|---|---|---|---|
| Cobham | 184.65 | +5.55 | +3.10% |
| Invensys | 254.33 | +7.58 | +3.07% |
| British Airways | 133.11 | +3.16 | +2.43% |
| Autonomy Corp | 1,242.81 | +27.81 | +2.29% |
| Fresnillo | 648.04 | +14.04 | +2.21% |
| Top short-term losers today: | |||
|---|---|---|---|
| Standard Life | 191.75 | -6.65 | -3.35% |
| Hammerson Reit | 315.44 | -10.06 | -3.09% |
| Rsa Insur Grp | 120.01 | -3.39 | -2.75% |
| Pearson | 651.67 | -18.33 | -2.74% |
| Schroders Nvtg | 762.59 | -21.41 | -2.73% |
Share holders today dumped their shares after hearing Sainsburys are to call for more shares to be brought to market which will dilute the current value of their current share price, which caused a panic of share dumping. Their share price went down 7% today sit 23½p to 308¼p.
Sainsbury will gain £445m for bringing out more shares in the hope to get more cash. Analysts say the stocks value will go down around 3%. Many investors are worried that Qatari shareholders will start to offload their stake causing a tidal wave effect.
Rival Morrisons fell 1p to 243¾p while market leader Tesco fell 7.6p to 354p. Not a good day for food chains.
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Nationwide report that a 1.2% jump between April and May saw the annual decline reduce from 15% to 11.3%. This annoucment rose UK house builder stocks higher on Friday. Taylor Wimpey stocks went from a day low of 30p on friday to todays high of 35.45p after the news was released. up 7.31% today so far as of 16:25.
Over the weekend the FT report that top london estate agents are seeing the return of Gazumping. It seems that the amount of cash buyers is the highest the market has ever seen. A report in the FT says that 45% of sales over £5m in London were cash buyers last month. This has doubled since levels from 2006 and 2007. The usual levels are a third compared to last months 45%.
It would look like that alot of the cash buyers are from overseas investors taking advantage of the low sterling rate. The outlook is still bleak for first time buyers as it is still difficult to get a mortgage as individuals worry about their future employment status.
Some speculate that there is a lack of supply on the market. But the FT says “stock levels may be falling not because demand is soaking up inventory quickly, but because so few homeowners want to put their property on the market.”
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A few days after British Airways annouced they have made a loss Virgin Atlantic have annouced they have doubled their annual profits.
Profits have soared from £34.8m to £68.4m despite the economy being in a recession and oil prices.
Virgin Atlantic part owned by Sir Richard Branson flew 5.8 million passengers over the period, helped by their premium service as a number of premium travlers enjoyed their service. Where as British Airways reported a reduction in 13% of their premium service showing that Virgin Atlantic are the top performers in this sector.
With the high prices of fuel Virgin Atlantic reported they spent £1bn on fuel last year, which at one point last year the price was $147 a barrel. They profited from the rate of currency exchanges
Currently Virgin Atlantic employes 8,500 and has 38 Airplanes. The staff will receive a 10% bonus from the companies profits.
Branson said: “To increase profits against a backdrop of such a severe recession is an excellent achievement by all of our staff.”
London Markets closed at 4365.29 up 19.82 points Fresnillo (FRES) and Kazakhmys (KAZ) ending the week on a high.
This week has been very volatile with gains made during the week wiped out on thursday.
