ICI, in the dark like the red
At the heart of a sea of red, there are only a few managed to remain positive territory.
ICI was one of them, on 3.5p to 627.5p as a dealer speculation that the U.S. group Dow Chemical step could be an asset during the bid 650p a share on the table from Dutch rival Akzo Nobel. There were proposals, Dow had hired Lazard advise on a possible counter.
Given that the approach long-awaited, Akzo ICI was found Thursday in any number of counters potential bidders were mentioned yesterday, including the American group DuPont, BASF and France’s Reliance of India.
Elsewhere, there was no place for the nervous system. Tuesday gains were also quite off, as the Deputy Prime back with a vengeance spectrum, the following message that the U.S. American Home Mortgage Investment, a major financial backers, said he could no longer finance the loans. The traders said was important, because firms in favour of those credit ratings slightly above the sub-prime name, where all the problems so far. In addition, more problems were Bear Stearns, arrested one of its repayments on hedge funds, the third of its resources to difficulty.
Then there was Macquarie. The Australian financial group warned investors that two of its capabilities, where losses of up to 25%, since the Deputy Prime woes.
It was therefore not a surprise, the FTSE 100 fell from the outset. At worst, it was over 170 points weaker and by the close they had lost 109.5 to 6250.6 points.
“We could test before 6000 is over,” said one dealer. “It’s too bad news came all at once. Admittedly, there is always the market value, and if you dare today, it may look like a good buying in a few months. ”
The Dow Jones Industrial Average reflects this insecurity, lose about 80 points at one point, but without meeting in London over the period. He was nervous some talk that the U.S. auto-manufacturers Beazer was facing bankruptcy, but it was subsequently rejected. But in fact, it has even been proposed, which shows febrile nature of the market at this time, especially with the prospect of doing something with the USA property market.
Cadbury Schweppes, the path descends into the FTSE 100 Index, down 51p at 569p on disappointing results. Hypothekenbank HBOS fell 27.5p to 942p after profits in UK Retail Banking business decreased by 8%. News that three directors purchase had little effect.
The USA-sub-prime were troubled by financial investors in most companies.
Prudential has therefore 5.5p compared to 678p, despite record profits. The company said it was looking for acquisitions in Asia and the USA, but refused to comment on reports he had already Alabama-based Protective Life.
Tim Young at Collins Stewart reiterates its goal of being 587p and said: “Prudential is still in an undue premium for the rest of the UK sector of life, and there is a price that is in the resolution, Aviva and Legal & General with the head of no danger of Prudential.
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