LONDON STOCK EXCHANGE DAILY MARKET SUMMARY
AND ANALYSIS (Late Edition) ARCHIVES

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Market Summary and Analysis for Monday March 12th. 2001

FTSE 100: 5826.5   -90.8

FTSE250:  6483.0  -93.6

FTSE A/S: 2818.35   -43.59

TechMARK 100: 2227.37   -81.37

SUMMARY

The London Stock Exchange (LSE) closed lower again as earnings warnings from Ericsson and US technology companies take its tow. Gainers included: Anglian Group Plc, AWG Red, Axon Group, Bioglan Pharmaceuticals, Bovis Homes, BP Amoco, Centrica, Dragon Oil, Eidos Plc, First Technology, Forbidden Technology, Indigovision Group, J Sainsbury, Kidde Plc, Kingfisher Leisure Plc, Knowledge Management Software, KS Biomedix Holdings, Meggitt Plc, NSB Retail Systems, Pace Micro Technology, Safeway Plc, Skyepharma, Slimma Plc, Taylor Woodrow, Tesco Plc, Thus Plc, Torotrak Plc, United Utilities, and Whatman Plc.

REASONS FOR ACTIVITIES

• Anglian Group gained 9.51% after accepting a £161.4 million acquisition offer offer from a privately held company.

• Shell lost 0.52% despite announcing that it is taking its $1.8 billion hostile bid that was rejected last week to Barrett Resources' shareholders.

• Prudential Plc. lost 13.94% despite announcing a $22.3 billion acquisition of US' American General Corp.

• Airport operator BAA Plc. lost 1.48% despite reporting that airport traffic rose 1% this month.

• Bovis Homes rose 1.47% after reporting full year pretax profits of £67.1 million, a 21% increase.

• Whatman Plc. gained 4.82% after reporting full year pretax profits of £12.8 million. Whatman also announced that supermarket group Marks & Spencer has signed a deal with it to use its DNA technology to trace the source of its meats.

• Aegis Group lost 6.82%, but Taylor Woodrow gained 0.98% on the eve of their earnings reports.

• Blue chip stocks like utilities rallied as funds fled technology and telecommunications shares.

• Forbidden Technology gained 5.15% after reporting strong full year results and positive cash flow.

PICKS FOR NEXT MARKET DAY

• The US markets closed in a very bad shape. Expect it to affect LSE tomorrow. Technology shares are beginning to look like a very good bargain.

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Market Summary and Analysis for Friday March 9th. 2001

FTSE 100: 5917.3   -85.9

FTSE250:  6576.6  -37.0

FTSE A/S: 2861.74   -37.64

TechMARK 100: 2308.74   -77.93

SUMMARY

The London Stock Exchange (LSE) closed lower as earnings warnings from US technology companies take its tow. Gainers included: Abbot Group, Airtours Plc, Anglesey Mining, Astrazeneca Plc, Blacks Leisure, Convergent Communications, Cookson Group, GlaxoSmithKline, Kingfisher Leisure Plc, Manganese Bronze Holdings, Orbital Software Holdings, Oxford Glycosciences, Pharmagene Plc, Royal Sun & Alliance Insurance Group, Shire Pharmaceuticals, Tate & Lyle, Telme.Com, and Thomas Clarke Plc.

REASONS FOR ACTIVITIES

• Pub operator JD Wetherspoon lost 13.99% after announcing like-for-like sales that were lower than the year ago.

• Canary Wharf lost after reporting first half earnings that were 38.2% less than year before, but asset values rose 6.9%.

• Drug stocks were one of the best performers today.

• Software developer Autonomy lost 3.32% despite announcing new contracts with Nortel Networks, Telecom Italia, and Worldcom.

• Mining giant Billiton lost 1.36% after announcing that one of its Australian subsidiaries is buying the remaining 50% of Western Australia's Ravensthorpe Nickel Project for £9.7 million.

• Biopharmaceutical/technology company Pharmagene gained after announcing a deal with Japan's Taiso Pharmaceuticals to use human tissue for pre-clinical pharmacology profiling.

• Biocompatibles lost despite reporting full year figures that showed losses narrowing from £19.4 million to £11.6 million on a turnover of £55.1 million, a 145% increase.

• Knowledge Management Software lost 23.61% on yesterday's news about its merger with Orbital Software Holdings. Orbital Software Holdings gained 6.38%.

• Security firm Secucor Plc. lost 3.14% after announcing that it is buying Dutch security firm Randon Beveiling Beheer from parent Randstad Holdings for £16.2 million in cash. Under the deal, Secucor will sell its Retirement services unit to Randstad Holdings.

• Kingston Communications lost 2.07% after announcing the purchase of telecommunications solutions provider Milgro Holdings.

• Engineering giant Smiths Group lost 1.60% after announcing plans to acquire US based chemical detection and protection systems company Barringer Technologies.

• Convergent gained 48.48% after reassuring investors that it has turned the corner and it expects to meet its forecasts.

• Thomas Clarke gained 10.77% after reporting full year pretax profits of £4.58 million, a 4% increase on a turnover of £98.36 million, a 28% increase.

PICKS FOR NEXT MARKET DAY

• The US markets closed in a very bad shape. Expect it to affect LSE next week a whole lot. Technology shares are beginning to look like a very good bargain.

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Market Summary and Analysis for Thursday March 8th. 2001

FTSE 100: 6003.2   +1.4

FTSE250:  6613.6  -15.0

FTSE A/S: 2899.58   -0.89

TechMARK 100: 2386.67   -7.49

SUMMARY

The London Stock Exchange (LSE) FTSE 100 higher, thanks to Vodafone, as technology and telecommunications shares came under pressure. Gainers included: Applied Optical Technology, Arriva Plc, AWG Red, BATM Advanced Communications, Ben Bailey, Billiton Plc, British Airways, British Regional Airline, British Telecom, Cable & Wirelass, Corrus Group, Exel Plc, Eyretel Plc, Financial Objects Plc, Games Workshop, HSBC Holdings, Microgen Plc, Northamber Plc, Osmetech, Pace Micro Technology, Pilkington Plc, Scipher Plc, and Vodafone Group Plc.

REASONS FOR ACTIVITIES

• BATM Advanced Communications gained 16.67% after reporting full year pretax revenue that also tripled on turnover that tripled. The company is also forecasting strong growth.

• Arriva Plc. rose 4.04% despite reporting earnings that were less than half the previous year's. The company however, announced the increase in annual dividends by 5%.

• Belgo Group, Biocompatibles, Greggs, and JD Wetherspoon all closed lower on the eve of there reporting full year figures.

• British Airways and British Regional Airlines gained 0.83% and 0.85% respectively after British Airways paid £78 million for British Regional Airlines.

• NSB Retail lost 50.44% despite posting full year pretax revenues of £40.9 million, a 92% increase from previous year's, while earnings per share rose 48% to 2.44p.

• Enterprise Oil lost 2.83% despite increases in profits and production increase of 31%.

• Engineering firm GKN lost 8.64% after reporting full year pretax profit of £528 million, a 3% increase, which was slightly below estimates. GKN also warned that the slowing US economy will affect its North American operations.

• Barrett Resources of the US today rejected the hostile bid from Shell.

PICKS FOR NEXT MARKET DAY

• The markets will react based on the earnings reports, and the US' employment situation data due out tomorrow.

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Market Summary and Analysis for Wednesday March 7th. 2001

FTSE 100: 6001.8   -10.2

FTSE250:  6628.6  +6.6

FTSE A/S: 2900.47   -3.55

TechMARK 100: 2394.16   -3.94

SUMMARY

The London Stock Exchange (LSE) FTSE 100 closed lower as technology and telecommunications shares came under pressure. Gainers included: AMEC Plc, Applied Optical Technology, Arc International, Autonomy Corp, Billiton Plc, BP Amoco Plc, Hays Plc, Imagination Technologies Group, International Power Plc, Marks & Spencer, Misys Plc, Rexam Plc, Rolls Royce Plc, Terrence Chapman Plc, and Shell Transport & Trading.

REASONS FOR ACTIVITIES

• Shell gained 1.91% after making a $1.8 billion in cash and assuming $400 million in debt offer for the US' oil and gas exploration firm Barrett Resources.

• Railtrack lost 3.41% after CS First Boston downgraded it to a "sell" recommendation.

• AMEC Plc gained 2.85% after reporting full year pretax profits of £98.9 million, a 25% on sales of £3.9 billion, a 30% increase in sales from the year ago.

• Autonomy gained slightly while Exel lost over 2% after their relegation from the FTSE 100.

• Rolls Royce gained after announcing a contract worth £85 million.

• Rexam Plc. gained 2.3% after announcing the sell of its Rexam Decorative Specialists International.

PICKS FOR NEXT MARKET DAY

• US after hours activity doesn't look too bad enough to affect the LSE badly Tomorrow. We are expecting the earnings warning from Yahoo! to affect Internet stocks tomorrow. On the positive side, Goldman Sachs analyst Abby Joseph Cohen's call for investors to move back to stocks will be welcomed relief for the markets.

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Market Summary and Analysis for Tuesday March 6th. 2001

FTSE 100: 6012.0   +80.7

FTSE250:  6622.0  +33.4

FTSE A/S: 2904.02   +35.28

TechMARK 100: 2398.10   +96.24

SUMMARY

The London Stock Exchange (LSE) rallied again on bargain hunting in telecommunications and technology shares. Gainers included: African Lakes Plc, AMEC Plc, Arc International, ARM Holdings, Atlantic Telecom Plc, Autofagasta Plc, Autonomy Corp, Axis-Shield Plc, Azlan Corp, Balfour Beatty Plc, Beeson Gregory Plc, BP Amoco Plc, British Telecom, Cable & Wireless Plc, Celltech Group, Close Brothers Plc, CMG Plc, Colt Telecom, Computacenter Plc, Dimension Data, Eidos, Eircom, Energis Plc, Entertainment Right Plc, Fibernet Plc, FreeServe Plc, Hilton Group, Holmes Place Plc, HSBC Holdings Plc, Indigovision Group, Interx Plc, Invensys Plc, IQE, Kewill Systems, Kingston Communications, Lloyds TSB Group, London Bridge Software, Manchester United Plc, Marconi Plc, Marks & Spencer, Motion Media, Old Mutual, Pace Micro Technology, Pearson, Ricardo Plc, Riversoft Plc, Sage Group Plc, Sema Plc, Spirent Plc, Standard Chartered Bank, Thus Plc, Tomkins Plc, and Vodafone Group Plc.

REASONS FOR ACTIVITIES

• Data and Communications company Energis gained 8.40% after announcing that it is buying the remaining 25% of German web-hosting concern Ision in a share deal.

• Network Management Software Developer Riversoft gained 6.01% after announcing that full year pretax 2000 revenues rose 902% on a 400% increase in losses.

• Autonomy rose 6.73% despite being scheduled to be relegated from the FTSE 100 with Exel based on their closing prices today. Sema and Scotish & Newcastle are set to replace the two. Sema closed unchanged, while Scottish & Newcastle lost 2.88%.

• Biotechnology company Celltech lost 2.02% despite announcing plans to team up with the US' Pharmacia corporation to develop the Arthritis compound CDP 870.

• Stockbroker Beeson Gregory gained 21.3% after reporting full year pretax profits of £16.35 million, a 144% increase.

• Banking stocks closed lower after the competition commission's study found banks to be operating a "complex monopoly" in small business banking.

• Hilton Group gained 6.54% after announcing that it is selling 11 hotels to an investment unit of Royal Bank of Scotland for £312 million.

PICKS FOR NEXT MARKET DAY

• US after hours activity doesn't look too bad enough to affect the LSE badly Tomorrow. Then again, this market is famous for defying odds as it has shown in the past 2 days.

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Market Summary and Analysis for Monday March 5th. 2001

FTSE 100: 5931.3   +72.7

FTSE250:  6588.6  +5.2

FTSE A/S: 2868.74   +29.54

TechMARK 100: 2301.86   +53.43

SUMMARY

The London Stock Exchange (LSE) rallied on bargain hunting. Telecommunications and technology shares led the rally. Gainers included: Anglian Group, Arc International, Arena Leisure, ARM Holdings, Autonomy Corp, Azlan Corp, BAA Plc, BAE Systems, Biocompatibles Plc, BP Amoco Plc, British Airways, British Telecom, Cable & Wireless Plc, Celltech Group, CMG Plc, Colt Telecom, Computacenter Plc, Energis Plc, HSBC Holdings Plc, Indigovision Group, Infobank International, Kewill Systems, Kingston Communications, Lloyds TSB Group, Logica Plc, Marconi Plc, Motion Media, Ncipher Plc, Pace Micro Technology, Parthus Technology, Psion Plc, Redstone Telecom, Rolls Royce Plc, Sage Group Plc, Sema Plc, Shell Transport & Trading Co, Surfcontrol Plc, Thistle Hotels, and Vodafone Group Plc.

REASONS FOR ACTIVITIES

• British Telecom gained 5.2% after reaffirming its commitment to float only 25% of BT Wireless.

• Pearson lost 4.08% after reporting full year profits that were short of analysts' estimates, despite a 24% increase in turnover, and a 7% increase in pretax profits.

• Brokerage house Close Brothers lost 4.36% after reporting that its EBITDA to January 31, 2001 was £17.1 million short of last year's.

• London Black Taxis maker Manganese Bronze Holdings lost 0.45% after posting first half pretax loss of £1.8 million.

• Building and construction company Anglian Group gained 11.59% after confirming that it is in talks to either merge or be acquired by someone.

• Office services company Hays Plc. lost 6.11% despite reporting that first half pretax profits rose 7% to £130 million.

• Thistle Hotels gained after reporting an 11.7% increase in pretax profits.

• Vodafone Group gained 4.26% after the European Commission approved its 4.5 billion Euros all share acquisition of Ireland's leading mobile phone company Eircell.

PICKS FOR NEXT MARKET DAY

• US after hours activity look bad enough to affect the LSE Tomorrow. About 4 computer chip companies issued warnings in after hours trading.

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Market Summary and Analysis for Friday March 2nd. 2001

FTSE 100: 5858.6   -50.0

FTSE250:  6583.4  -22.7

FTSE A/S: 2839.20   -21.87

TechMARK 100: 2248.43   -3.99

SUMMARY

The London Stock Exchange (LSE) closed lower for the 3rd. day as problems across the Atlantic continue to cast a long shadow. Gainers included: Aggregate Industries, Arc International, Balfour Beatty Plc, Bookham Technology, British American Tobacco, British Energy Plc, Eidos Plc, Fibernet, FreeServe Plc, Holmes Place, Inchcape Plc, Interx Plc, Invensys, Lattice Group, Logica Plc, London Bridge Software, Microgen Plc, Misys Group Plc, Novar Plc, Orchestream Holdings, Oxford Glycosciences, Parity Group, Pearson Plc, Psion Plc, Redstone Telecom, Rank Plc, Rexam Plc, Ricardo Plc, Rolls Royce, Skyepharma Plc, Spirent Plc, Staffware Plc, Telecity Plc, Telemetrix Plc, Telework Group, Terence Chapman, Thistle Hotels, Torotrak Plc, and Wilson Connolly Plc.

REASONS FOR ACTIVITIES

• Arc International gained 14.01% after announcing that it has no plans to float a secondary share offering.

• Rolls Royce gained 12.01% after reporting full year profits of £435 million, an 18% increase over the year ago on a turnover of £5.8 billion, a 27% increase. Rolls Royce is rumoured to be cutting 6,000 jobs.

• Rank Group gained 3.26% after reporting full year pretax profits that met estimates. Rank also announced a strong positive outlook.

• Software company Autonomy lost on news that it will be relegated out of the FTSE 100 next week.

• Compass Group lost 2.17% even after receiving approval from US regulators to acquire rival caterer Morrison Management Specialists.

• Stagecoach Holdings lost 22.26% after warning that problems in its US and UK operations will cause it to miss its earnings estimates.

• Supermarket operators like J Sainsbury and Tesco Plc. closed lower as the government's ban on livestock processing due to the Foot-and-Mouth disease creates meat scarcity.

• Skyepharma gained 3.98% after the US' FDA lifted the off shelves ban on DepoCyt, a Lymphomatous Meningitis drug it developed in conjunction with the US' Chiron.

• Aggregate Industries, Inchcape, Pearson, Thistle Hotels and Wilson Connolly all gained on the eve of their earnings release next Monday.

PICKS FOR NEXT MARKET DAY

• US after hours activity look bad enough to affect the LSE monday.

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Market Summary and Analysis for Thursday March 1st. 2001

FTSE 100: 5908.6   -9.3

FTSE250:  6606.1  -43.4

FTSE A/S: 2861.07   -6.93

TechMARK 100: 2252.42   -50.95

SUMMARY

The London Stock Exchange (LSE) closed lower again as earning warnings keep most of the sectors down. Gainers included: Abbey National Bank, AWD Red Plc, BAE Systems, Bank of Scotland, Barclays Plc, BP Amoco, British Energy Plc, Christie Group, Davis Service Plc, Dunloe Ewart Plc, Fleminfli.L, Granada Plc, Lloyds TSB, Oxford Instruments, Pace Micro Technology, Personal Plc, PIC International, Ross Group, Royal Bank of Scotland, Signet Group, Sportsworld Media, Stockbourne Plc, Tesco Plc, and YJL Plc.

REASONS FOR ACTIVITIES

• Psion Plc. lost 25.32% after reporting full year losses. Psion announced that it is cutting back in its consumer operations and concentrate on Symbian and other core businesses.

• Royal & Sun Alliance lost 1.33% after reporting full year profits of £476 million, a 16% decline from year ago.

• Royal Bank of Scotland gained 9.14% after reporting full year pretax profits of £4.4 billion, a 31% increase. Banking shares rallied on the news.

• Godwin Plc. lost 1.06% after reporting gross income of £12.4 billion, a 12% increase.

• Tesco Plc. and Personal Plc. rose 1.14% and 6.02% respectively after their venture with Virgin Direct, Retail Direct, reported full year pretax profits of £373 million, a 24% increase.

• British Energy Plc. gained 12.80% after Merrill Lynch added it to its "Europe 1" list of preferred stocks.

• Aerospace giant BAE Systems gained 5.44% despite reporting full year pretax profits of £950 million, a 15% drop from year ago.

• Rolls Royce lost 4.49% on eve of its earnings report.

• Sportsworld Media gained 0.53% after reporting full year pretax profits of £5 million, which is better than last year's break even.

PICKS FOR NEXT MARKET DAY

• Although US technology stocks closed strong on bargain hunting in the last 2 hours of trading, more technology companies issued earnings warnings in after hours that are bound to cause the LSE to close lower tomorrow.

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Market Summary and Analysis for Wednesday February 28th. 2001

FTSE 100: 5917.9   -23.3

FTSE250:  6649.5  -31.0

FTSE A/S: 2868.00   -11.53

TechMARK 100: 2303.37   -50.29

SUMMARY

The London Stock Exchange (LSE) closed lower due earning warnings and the failure of the US Federal Reserve bank to promise interest rates cuts earlier than its March 20th. meeting. Gainers included: Abbey National Bank, Alliance & Leicester, Arcadia Plc, Autonomy Corp, Bank of Scotland, Biocompatibles