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

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Market Summary and Analysis for Monday March 26th. 2001

FTSE 100: 5576.6   +174.3

FTSE 250:  6000.1  +56.3

FTSE A/S: 2683.31   +73.91

TechMARK 100: 1999.08   +62.10

SUMMARY

The London Stock Exchange (LSE) closed higher as technology and telecommunications shares continue to rebound. Gainers included: Affinity Internet, Aga Foodservice group, Arc Telecom, Atlantic Telecom, Baltimore Technology, Barclay's Plc, BG Group, Boots Co. Plc, BP Amoco, British Telecom, Cable & Wireless, Cambridge Antibody, Colt Telecom, Corus Group Plc, Dixons Group, Energis Plc, Glynwed International, HSBC Holdings, Invensys Plc, IQE, Johnston Group, Lloyds TSB, Marconi Plc, Powerject Pharmaceuticals, Railtrack Plc, Shell Transport & Trading, Telewest Communications, Tesco Plc, Unilever Plc, and Vodafone Group Plc.

REASONS FOR ACTIVITIES

• UK Gross Domestic Product (GDP) for Q4 of 2000 rose 0.4% to an over the year level growth of 2.6%, while Q3 GDP was revised upward from a growth of 0.7% to 0.8%. For all of year 2000, the GDP grew 3.0%, the strongest growth since 1997.

• Mobile phone giant Vodafone Group gained 6.05% after announcing that it will stop issuing subsidies to its distributors, and will not compete with Singapore Telecom for the control of Cable & Wireless Optus of Australia.

• Cable & Wireless gained 11.04% after announcing that it will sell its 52.5% stake in Cable & Wireless Optus of Australia to Singapore telecom for £2.7 billion. Investors are optimistic that Cable & Wireless will use the proceeds for a stock buyback.

• British Telecom gained on analysts optimism that top management changes for the company are around the corner.

• Unilever gained 1.87% after announcing that it is comfortable with analysts' earnings growth outlook for the year.

• Railtrack and Marconi Plc. gained 3.46% and 5.14% after European regulators gave them the go ahead to build and manage telecommunications masts.

• Telewest Communications gained 1.71% after Morgan Stanley upgraded it to an "outperform" recommendation.

• Banking stocks were hot on the optimism that the European Central Bank will cut interest rates in their next meeting.

• Johnston Group and Aga Foodservice Group gained on the eve of their earnings report, while QS Group closed lower.

• Alexon Group lost 6.16% after reporting full year pretax profits that dropped to £9.6 million from £15 million, on a turnover of £340.5 million, a 48% increase.

• Powerject Pharmaceuticals gained 4.80% after its subsidiary, Evans Vaccines, won a contract with the UK Department of Health to supply Tuberculosis vaccines and diagnostics tests.

PICKS FOR NEXT MARKET DAY

• This week, bargain hunters will rule. Unless of course, some piece of discouraging economic data or news interrupts.

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Market Summary and Analysis for Friday March 23rd. 2001

FTSE 100: 5402.3   +87.5

FTSE250:  5943.8  +14.1

FTSE A/S: 2609.40   +36.33

TechMARK 100: 1936.98   +72.38

SUMMARY

The London Stock Exchange (LSE) closed higher as technology and telecommunications shares rebounded. Gainers included: ARM Holdings, Ascot Plc, Autonomy Corp, AWG Red, Billiton Plc, British Telecom, Cable & Wireless, Celltech Group, Claims Direct, Colt Telecom, Energis Plc, GWR Group, HSBC Holdings, Invensys Plc, Kingston Communications, Lloyds TSB, Logica Plc, Marconi Plc, Orange S.A., QS Group, Tarsus Group Plc, Telewest Communications, T&S Stores, and Vodafone Group Plc.

REASONS FOR ACTIVITIES

• Software company Autonomy gained 4.3% after announcing a second contract with Lloyds TSB.

• Software company Baltimore technologies lost 30.56% after issuing an earnings warning.

• Enodis Plc. lost 34.52% after announcing that it is cutting 900 jobs due to the poor conditions in the USA.

• British Telecom gained 8.10% after a newspaper report made known that the £2 billion the company was expecting from the sale of its property estate will come in 6 months early.

• Radio Operator GWR Group gained 4.73% after announcing that its financial outlook is still on target.

• T&S Stores and QS Group, both reporting earnings next week, gained. Alexon Group and Bentalls, also reporting next week, closed lower.

• Aircraft engines giant Rolls Royce gained 0.82% after announcing a contract from Algeria's Khalifa Airways that could be valued around £4 billion.

• Biotechnology company Celltech Group gained despite the problems surrounding the clinical trials of its US rival Immunex (read more from our United States page).

PICKS FOR NEXT MARKET DAY

• Next week will be dominated by bargain hunting, which could only be interrupted by bad economic news.

indexbody --> Visit our sister portal to read more on our analysis and summary of the  United States

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Market Summary and Analysis for Thursday March 22nd. 2001

FTSE 100: 5314.8   -225.9

FTSE250:  5929.7  -174.5

FTSE A/S: 2573.07   -103.24

TechMARK 100: 1864.60   -112.05

SUMMARY

The London Stock Exchange (LSE) closed lower again as earnings warnings, and US markets continue to influence other global markets. The FTSE100 recorded its biggest one day loss since the slow days of October 1992. Gainers included: Anglesey Mining Plc, Ascot Plc, AWG Red, BAA Plc, BAE Systems Plc, Bookham Technology, Boots Co. Plc, Cadbury Schweppes Plc, Claims Direct, Cobham Plc, DCS Group Plc, Electrocomponent Plc, Filtronic Plc, House of Fraser Plc, International Power, J Sainsbury, Kalamazoo Computer Group Plc, Kewill Systems, M&G High IT Cap., Marks & Spencer, Next Plc, Park Group Plc, Parthus Technology, Powergen Plc, Recognition Systems, Safeway Plc, Scottish & Southern Energy Plc, Selfridges Plc, Sema Plc, Smiths Group Plc, Tesco Plc, and William Morrison.

REASONS FOR ACTIVITIES

• Clothing store chain Next gained 11.76% after reporting full year pretax profits that were 11.8% above year before on a turnover of £1.59 billion, an 11%  increase. Next also reported that like-for-like sales rose 11% in the first 7 weeks of the new financial year.

• Invensys lost 9.88% after issuing an earnings warning about its US operations.

• Laird Group lost 27.51% after announcing full year pretax profits of £56.5 million, well below estimates. Laird also warned of its first six months outlook.

• Cable & Wireless lost 5.70% despite widespread rumours that it is about to acquire Internet Initiative of Japan. Both companies have denied the rumours.

• Selfridges Plc. gained 4.46% after reporting pretax profits of £38.6 million, a 40% increase. Selfridges also reported that its like-for-like sales rose 7% for the year. This news caused other department stores shares to rally.

• House of Fraser gained on the eve of its earnings report, while Scoot.Com, Fortnum & Mason, and IBNet, also due to report tomorrow, closed lower.

• William Morrison gained 9.84% after reporting full year pretax profits of £219.1 million, a 15.8% increase.

• Broadcaster Capital Radio lost 24.22% after announcing that due to the poor advertisement market, its profits will be 10% less than the year before.

• Banking shares took a beating after the competition commission issued a statement complaining about the excess profits of the big 4 UK banks. Analysts are worried that a banking windfall tax might be on the horizon.

• Telewest Communications lost 11.6% after stating that its 2000 losses widened due to investments in digital television services. Telewest however, met its 500,000 digital cable customers target.

• Pearson Plc. lost 8.1% after UBS Warbug cut its price target on the company.

PICKS FOR NEXT MARKET DAY

• US markets eased up today due to bargain hunting in technology stocks, and we expect this to be a factor on the LSE tomorrow.

• Bargains anyone? Look out for bargain hunters for the rest of the week.

indexbody --> Visit our sister portal to read more on our analysis and summary of the  United States

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Market Summary and Analysis for Wednesday March 21st. 2001

FTSE 100: 5540.7   -106.1

FTSE250:  6104.2  -114.7

FTSE A/S: 2676.31   -50.84

TechMARK 100: 1976.65   -72.65

SUMMARY

The London Stock Exchange (LSE) closed lower after the US Federal Reserve FOMC interest rates cut was below expectations. Gainers included: AEA Technology, Aggregate Industries Plc, Amey Plc, Bodycote International, Claims Direct, Creightons Plc, Emblaze Systems, Filtronic Plc, Holmes Place Plc, IQE Plc, Isoft Group Plc, Kidde Plc, Knowledge Management Software, LastMinute.Com, Lonmin Plc, Marks & Spencer, Meggitt Plc, National Express, Pizza Express, Rio Tinto Plc, Scottish & Newcastle, Selfridges Plc, Somerfield Plc, St. Ives, Ted Baker, Turbo Genset Plc, and World Trade Systems.

REASONS FOR ACTIVITIES

• IQE gained 6.31% after reporting full year sales of £30.1 million, a 58% increase.

• Bodycote International gained 10.43% after reporting full year pretax profits of £80.1 million on a turnover of £371 million, a 4% increase.

• Train and Coach company National Express gained 2.63% after reporting full year pretax profits of £155.1 million, a 37% increase on a turnover of £2 billion, a 35.6% increase.

• Emblaze Systems gained 2.70% after announcing a deal with Microsoft that will allow cell phones to access its Windows Media content.

• Software companies lost after Merrill Lynch downgraded Logica, CMG, and Misys Plc.

• Supermarket chain Somerfield gained 2.61% after 4 of its directors increased their stake in the company with share purchases.

• Filtronic gained 18.52% after reporting that strong demand for wireless infrastructure products will help it meet its earnings outlook.

• Department store chain Selfridges gained on the eve of its earnings report. Next, Telewest Communications, and William Morrison, also scheduled to report tomorrow, closed lower.

• J Sainsbury lost 2.89% despite announcing a One Billion Pounds investment programme to beef up its London operations.

• Tesco lost 0.91% despite announcing a £1.4 billion investment plan to expand operations to Asia and Eastern Europe.

PICKS FOR NEXT MARKET DAY

• US markets closed with heavy losses again and we expect this to be a factor tomorrow.

• Bargains anyone? Look out for bargain hunters for the rest of the week.

indexbody --> Visit our sister portal to read more on our analysis and summary of the  United States

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Market Summary and Analysis for Tuesday March 20th. 2001

FTSE 100: 5646.8   +95.2

FTSE250:  6218.9  -0.5

FTSE A/S: 2727.15   +38.37

TechMARK 100: 2049.30   +30.85

SUMMARY

The London Stock Exchange (LSE) closed higher before the US Federal Reserve FOMC announced its interest rates cut. Technology and telecommunications shares rebounded. Gainers included: Abbey National Bank, Alliance & Leicester, Amey Plc, Amstrad Plc, Amvescap Plc, Anglo American, ARM Holdings, BAE Systems, Bank of Scotland, Barclays Plc, Bass Plc, BG Group Plc, Billiton Plc, Boots Co. Plc, BP Amoco Plc, British Telecom, Cable & Wireless, Cadbury Schweppes Plc, Canary Wharf Plc, Celltech Group, Cookson Group Plc, Colt Telecom, Electrocomponent Plc, EMI Group Plc, Energis Plc, GKN Plc, GlaxoSmithKline, Gus Plc, HSBC Holdings, Interx Plc, Invensys Plc, J Sainsbury, Lloyds TSB, Marconi Plc, Pearson Plc, Psion Plc, QXL Ricardo Plc, Rio Tinto Plc, Rolls Royce Plc, Royal & Sun Alliance, Royal Bank of Scotland, Safeway Plc, Sage Group Plc, Scottish & Newcastle, Shell Transport & Trading, Smiths Group Plc, South Africa Breweries, Spirent Plc, Standard Chartered Bank, Telewest Communications, Thus Plc, and Vodafone Group Plc.

REASONS FOR ACTIVITIES

• Banking shares rallied in anticipation of the Federal Reserve interest rate cut.

• Technology and telecommunications shares rallied due to their strong showing on the US NASDAQ yesterday, and in anticipation of the Federal Reserve interest rates cut.

• Brewer Whitbread lost 1% after announcing the sale of its 3000 pubs and its operating unit to an investment group controlled by Morgan Grenfell for £1.625 billion. The sales proceeds will be used to pay down debts and dividends.

• Outsourcing giant Amey Plc. gained 10.96% after reporting full year pretax profits of £39.3 million, a 37% increase on a turnover of £700 million, a 34% increase. Amey also announced a contract with Railtrack valued at £560 million.

• Capital Radio lost 9.85% on advertisement revenue worries.

• Zurich Financial lost 1.67% despite announcing a strategic marketing alliance with the US' largest bank, Bank of America.

• British Telecom gained 4.50% despite calling off a meeting with its major shareholders today. There are growing calls for top management changes at the debt ridden telecom giant.

• Oil giants BP Amoco and Shell gained 0.79% and 0.54% respectively after confirming the discovery of oil at their 2 other Angolan oil well drillings.

• Industrial materials giant Cookson Group gained 3.26% after announcing the sell of its Magnesia Chemicals business to US based Premier Chemicals LLC. for $30.75 million.

PICKS FOR NEXT MARKET DAY

• US markets closed with heavy losses after the Federal Reserve announced interest rates cuts that were below Wall Street expectations. Watch this factor to affect the markets tomorrow.

• Bargains anyone? Look out for bargain hunters for the rest of the week.

indexbody --> Visit our sister portal to read more on our analysis and summary of the  United States

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Market Summary and Analysis for Monday March 19th. 2001

FTSE 100: 5551.6   -11.2

FTSE250:  6219.4  -38.9

FTSE A/S: 2688.78   -7.41

TechMARK 100: 2018.45   -50.48

SUMMARY

The London Stock Exchange (LSE) closed lower again on the eve of the US' Federal Reserve FOMC meeting. Technology shares took a serious hit. Gainers included: Aberdeen Asset Management, Billiton Plc, BP Amoco Plc, Centrica Plc, Chorion Plc, Clydeport Plc, Collins Stewart Holdings, Compass Group Plc, HSBC Holdings, Lonmina Plc, NSB Retail Systems, Petsystems, Rio Tinto Plc, Senior Plc, Tesco Plc, Vernalis Group, and Vodafone Group Plc.

REASONS FOR ACTIVITIES

• Billiton Plc. gained 13.70% after announcing a $28 billion merger with Australia's mining giant BHP Ltd. This will create the world's largest Aluminum mining concern.

• Abbey National Bank lost 0.85% after announcing that it has sold its credit card business to MNBA Europe for £289 million.

• Compass Group gained 4.62% after reporting that its business activity in the first half is on target.

• Chorion gained 2.9% after posting full year pretax profits of £9.5 million as opposed to the £8.8 million losses reported the year before.

• Aberdeen Asset Management gained over 4% after UK newspapers over the weekend mentioned it as a possible takeover target.

• Drug maker Vernalis gained after announcing that it is in agreement with the US' Eli Lilly to test VML 670 for sexual dysfunction.

PICKS FOR NEXT MARKET DAY

• Bargains anyone??

• All eyes are now on the US' Federal Reserve FOMC meeting tomorrow.

indexbody --> Visit our sister portal to read more on our analysis and summary of the  United States

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Market Summary and Analysis for Friday March 16th. 2001

FTSE 100: 5562.8   -166.4

FTSE250:  6258.3  -46.0

FTSE A/S: 2697.68   -68.19

TechMARK 100: 2068.93   -103.32

SUMMARY

The London Stock Exchange (LSE) closed lower as Oracle's weak earnings derailed the telecommunications and technology rally of yesterday. Gainers included: Bank of Scotland, Cathay International Holdings, Charter Plc, Creightons Plc, Durlacher Corp, Expament International, Eyretel, Independent News, L. Gardner Group Plc, Marks & Spencer, MFI Furniture, Ncipher Plc, Prudential Plc, Regent Inns, Safeway, Sema Plc, Synstar Plc, Tullow Oil, Whatman Plc, and World Trade Systems.

REASONS FOR ACTIVITIES

• WEEKEND NEWS: OPEC announced from Vienna Austria that they will cut oil production by 1 million barrels a day so as to shore up sagging oil prices.

• Bank of Scotland gained 0.98% after announcing a joint venture with Zurich Finance to provide banking and loan services through Zurich's 4.5 million UK retail customers. The 2 company will hold a 50-50 stake in the new venture.

• Software developer Autonomy and Exel both lost on their last day as part of the FTSE 100. Starting next week, both stock will trade on the FTSE 250 after being relegated due to poor representation. Their replacement on the FTSE 100, Sema Plc. gaind, while Scottish & Newcastle lost.

• PPL Therapeutics, the company that cloned Dolly the sheep, lost 6.07% despite narrowing full year losses by £3.2 million. PPL Therapeutics is also floating about £45 million issues on the local and international markets so as to finance projects in the pipeline.

• Building materials supplier RMC Group lost 6.62% despite reporting full year pretax profits of £363.1 million, a 31% increase on a £5.4 billion turnover, a 14.7% increase.

• Internet security software developer Ncipher gained 3.05% after announcing a Japanese contract worth £820,000. Ncipher will also start trading on the FTSE SmallCap due to a relegation.

• Semiconductor (computer chip) related stocks closed lower after Japan's electronics giant Hitachi made known that it will spend 20% less on semiconductor business next year.

• Oil shares closed lower despite indications from the OPEC meeting in Vienna that a crude oil production cut will be announced tomorrow.

• MFI Furniture and Independent News gained on the eve of their earnings announcements next week. Selfridges, Johnson Press, Next, RTL Group, and William Morrison, also slated to report earnings next week, closed lower.

• School Bus maker Henly's lost 2.5% despite announcing full year pretax profits of £46 million, a 90% increase. Henly's however, warned about its US Blue Bird division due to the slowing economy across the Atlantic.

• Engineering firm L. Gardner Group gained 18.40% after announcing that it has received an approach that could lead to an acquisition offer.

• Retailer Marks & Spencer had strong gains after the Times of London reported that it is closing 7 of its 38 European stores so as to stop declining profits.

PICKS FOR NEXT MARKET DAY

• Bargains anyone??

• As we get closer to the US' Federal Reserve FOMC meeting next Tuesday, we haven't seen a real confidence rally yet, but we are hoping Monday might give us one.

indexbody --> Visit our sister portal to read more on our analysis and summary of the  United States

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Market Summary and Analysis for Thursday March 15th. 2001

FTSE 100: 5729.2   +103.3

FTSE250:  6304.3  +50.8

FTSE A/S: 2765.87   +44.76

TechMARK 100: 2172.25   +35.67

SUMMARY

The London Stock Exchange (LSE) rallied as telecommunications and technology stocks gained from bargain hunting. Gainers included: BP Amoco, British Telecom, Cable & Wireless, Celltech Group, Corus Group Plc, Colt Telecom, Dimension Data, Energis Plc, Granada Plc, HSBC Holdings, Iceland Group Plc, Imagina