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

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Market Summary and Analysis for Thursday May 10th. 2001

FTSE 100: 5964.0   +70.3

FTSE 250:  6520.6  +40.3

FTSE A/S: 2875.47   +30.89

TechMARK 100: 2044.68   +15.83

SUMMARY

The London Stock Exchange (LSE) closed higher, thanks to actions from the Bank of England and the European Central Bank (ECB). Gainers included: Abbey National, Alliance & Leicester, Amvescap Plc, ARM Holdings, Axon Group Plc, Bae Systems, Billiton Plc, Bookham technology, BP Amoco, British American Tobacco, British Energy Plc, BTG Group Plc, Cadbury Schweppes Plc, Cannons Plc, CGNU Plc, Claims Direct, Compass Group Plc, Eircom Plc, EMI Group Plc, GKN Plc, GlaxoSmithKline, Hilton Group Plc, Intec telecom, International Power, IQE Plc, Keller Group Plc, Kewill Systems, Kidde Plc, Logica Plc, London Bridge Software, Marconi Plc, Motion Media, N Brown Plc, Old Mutual, Oxford Glycosciences, Parthus Technology, Pearson Plc, Prudential Plc, Railtrak Plc, Reuters Group Plc, Sage Group Plc, Scottish Power Plc, Telewest Communications, Tesco Plc, Torotrak Plc, Unilever Plc, Spirent Plc, Standard Chartered Bank, United Business Media, United Utilities, Vodafone Group Plc, Volex Group Plc, Whatman Plc, WPP Group Plc, and Zen Research.

REASONS FOR ACTIVITIES

• Bank of England today cut interest rates by 25 basis points (0.25%) to 5.25%.

• The European Central Bank (ECB) today cut its deposit interest rates by 25 basis points (0.25%) to 3.50%.

• British Energy gained 13.76% after announcing that it has received approval from the Canadian government to operate 2 power stations in that country.

• British Telecom (BT) lost 7.1% after announcing plans to raise £5.9 billion in a three-for-ten rights issue at 300p, a discount of over 45%. BT also announced plans to demerge its mobile phone unit and sell its Yell™ directory. BT announced that its full year profits declined to £2.1 billion.

• Web hosting company Telecity lost over half its value today despite reporting that fiscal Q1 sales rose to £8 million, a 28% increase. Telecity however, made known that no further growth should be expected for the year.

• Royal & Sun Alliance lost despite reporting that fiscal Q1 pretax profits rose to £168 million, a 22% increase, and that general insurance premium rose 7% to £2.27 billion.

• N Brown gained 5.7% after reporting full year pretax profits of £53 million, a 12% increase. N Brown also reported that fiscal Q1 sales are already up about 14%.

• Cannons Group gained 4.4% after its management offered £260 million, or 155p a share, to take the company private. Cannons Group closed at 154p a share.

• Colt Telecom closed lower despite reporting fiscal Q1 losses of £36.3 million on a turnover of £200 million. Colt Telecom also announced that it still has £1.5 billion in cash, and that UK sales now account for only about 30% of business.

PICKS FOR NEXT MARKET DAY

• We think the markets will close the week on a strong note.

• Watch for May to be the turning point from this bearish market.

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 May 9th. 2001

FTSE 100: 5893.7   +7.3

FTSE 250:  6480.3  -15.1

FTSE A/S: 2844.58   +1.79

TechMARK 100: 2028.85   -42.57

SUMMARY

The London Stock Exchange (LSE) closed mixed as the FTSE `100 gained, thanks to oil stocks. Gainers included: .

REASONS FOR ACTIVITIES

• In loving memory of Angorave (Mku Achika) Kundu-Swem, without whose love and tender guidance, this enterprise would have been impossible.

PICKS FOR NEXT MARKET DAY

• All eyes are on the Bank of England and the European Central Bank.

• Watch for May to be the turning point from this bearish market.

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 May 8th. 2001

FTSE 100: 5886.4   +16.1

FTSE 250:  6495.4  +49.8

FTSE A/S: 2842.79   +9.66

TechMARK 100: 2071.42   +20.26

SUMMARY

The London Stock Exchange (LSE) rallied again on weak economic data from the US. Gainers included: Abbey National, Arc International, Arena Leisure, ARM Holdings, Astrazeneca, Axis-Shield Plc, BAA Plc, Bae Systems, Bank of Scotland, Baltimore Technology, Barclays Plc, Billiton Plc, British American Tobacco, BskyB, BTG Plc, Cadbury Schweppes, Cambridge Antibody Technology, Canary Wharf, Capita Group, Celltech Group Plc, Cedar Group Plc, CMG Plc, Colt Telecom, Dixons Group, EMI Group Plc, Energis Plc, Fairey Plc, GlaxoSmithKline, Granada Plc, Guardian IT Plc, Halifax Group, Heywood Williams, HSBC Holdings, ICI Plc, Imperial Tobacco, Incepta, J Sainsbury, Kingfisher, Lloyds TSB Group Plc, Marks & Spencer, Matalan Plc, Meggitt Plc, Nycomed Amersham, Old Mutual, Pace Micro Tech, Parity Plc, Parthus Group Plc, Psion Plc, Prudential Plc, Redstone telecom, Reed International, Rolls Royce, Royal Bank of Scotland, Scoot.Com, Scipher, Shell Transport & Trading, Shire Pharmaceuticals Group, Spirent Plc, Telewest Communications Plc, Torex Plc, Vodafone Group Plc, Whatman Plc, Weston Medical, WPP Group, and Zen Research.

REASONS FOR ACTIVITIES

• Rio Tinto lost 2.02% after Schroder Salomon Smith Barney cut its ratings to "neutral".

• Dimension Data lost 6.27% as investors gave a cold reception to its counteroffer for US consulting firm Proxicom. Dimension Data will be competing with Compaq Computers for Proxicom.

• South African Breweries lost 2.03% after ABN AMRO cut its ratings to "reduce".

• British Telecom lost 6.00% as institutional investors wait for its massive cash call due as early as Thursday.

• BP Amoco lost 1.80% after reporting fiscal Q1 pretax profit of $4.13 billion, a 52% increase and well above estimates.

• Kingfisher gained 1.59% after announcing that its Chairman, Sir John Banham, will be retiring sometime this year.

• BskyB, Imperial Tobacco, and Matalan gained on the eve of their earnings report. Sage group, also reporting tomorrow, closed lower.

• Pub operator JD Wetherspoon lost 1.28% after announcing that its like-for-like sales in fiscal Q3 rose 6.3%, and turnover for the period rose 29% to £122.8 million. JD Wetherspoon also announced that 14 pubs were added for the quarter, and 60 for the year. The company intends to add 30 more pubs before the year end to bring its total pubs to 488.

• Incepta gained 1.20% after reporting pretax profits of £27.2 million, a 94% increase, on turnover of £153.3 million.

PICKS FOR NEXT MARKET DAY

• The US after hours market looks mixed, and that could have an adverse effect on the markets. The markets could however, rally if investors feel positive about what actions the Bank of England and the European Central Bank might do Wednesday.

• Watch for May to be the turning point from this bearish market.

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 May 4th. 2001

FTSE 100: 5870.3   +104.5

FTSE 250:  6445.6  +27.6

FTSE A/S: 2833.13   +43.60

TechMARK 100: 2051.16   +8.90

SUMMARY

The London Stock Exchange (LSE) closed the week on a strong note, thanks to bank merger news and weak economic data from the US. Gainers included: Abbey National, AEA Technology Plc, Affinity Internet, AIT Group Plc, Alliance & Leicester, Autonomy Corp, Azlan Plc, Bank of Scotland, Bookham Technology, British Biotech, British Telecom, Cambridge Antibody Technology, Celltech Group Plc, Cobham Plc, Eircom Plc, Guardian IT Plc, Halifax Group, HSBC Holdings, Intec Telecom, Kidde Plc, Lloyds TSB Group Plc, Nycomed Amersham, Parity Plc, Powderject Pharmaceuticals, Project Telecom, Redbus Interhouse, Ricardo Plc, Royal Bank of Scotland, Royalblue Group, Shire Pharmaceuticals Group, Smith & Nephew Plc, Spirent Plc, Telecity Plc, Thus Plc, Trafficmaster Plc, Unilever Plc, Vodafone Group Plc, Whatman Plc, and Zen Research.

REASONS FOR ACTIVITIES

• Halifax Group and Bank of Scotland gained 3.85% and 4.32% respectively after agreeing to merge into a new entity to be called HBOS. The news pushed up other banking shares because more mergers will have ease of approval now.

• British Telecom gained 1.6% after agreeing to sell a 33% stake in Malaysian telecom Maxis Communications to partner, Maxis Usaha Tegas, for £350 million. This comes days after BT's multi-billion pounds sell of assets in Japan and Spain.

• Handheld devices maker Psion gained 26.39% after its head made known at its AGM today that its business is on track.

• Pace Micro Technology lost 4.62% after announcing that it will also start outsourcing the 25% of Television set top boxes it now makes in-house and eliminate about 470 jobs.

• Anglo Dutch group Unilever gained 1.05% after receiving approval from the European Commission (EC) to go ahead with the sell of its dry soups and sauces operations to US based Campbell Soup.

• Smith & Nephew gained 0.71% after announcing the sell of its Ear, nose, and throat operations to Gyrus Group for £65 million in cash.

• Vodafone Group and Celltech Group gained 3.96% and 2.97% respectively due to bullish comments from Goldman Sachs.

• Colt Telecom lost 5.86% after announcing plans to expand its inter-city duct networks in France, Switzerland, and Northern Italy. Colt Telecom also announced that Louis Dreyfus is no longer acquiring its German network. Investors pushed prices lower due to debt concerns.

• BskyB lost 1.63% on the eve of its earnings report next week.

• AFTER CLOSE: A Court in the State of Delaware, USA, ruled against GlaxoSmithKline in a patent infringement lawsuit the giant pharmaceutical company brought against US based Genentech.

PICKS FOR NEXT MARKET DAY

• The markets next week will gain in expectations of more interest rate cuts from the Federal Reserve Bank of the US.

• Watch for May to be the turning point from this bearish market.

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 May 3rd. 2001

FTSE 100: 5765.8   -138.4

FTSE 250:  6418.0  -11.1

FTSE A/S: 2789.53   -56.52

TechMARK 100: 2042.26   -61.58

SUMMARY

The London Stock Exchange (LSE) closed lower due to profit taking. Gainers included: Alphameric Plc, Antisoma Plc, Axis-Shields Plc, BATM Advanced Communications, BTG Plc, Cambridge Antibody Technology, Corus Plc, Eidos, Express Dairies, Fairey Group Plc, Fibernet Group Plc, First Technology, Genemedix Plc, Halifax Group, ICI Plc, IFX Power, Independent Insurance, Kidde Plc, London Bridge Software, Parity Group Plc, Powderject Pharmaceuticals, Powergen, Redbus Interhouse, Ricardo Plc, RM, Royalblue Group, Scottish Power, Smith & Nephew Plc, Staffware Plc, Surfcontrol, Torotrak Plc, Whatman Plc, Yates Group Plc, and Zen Research.

REASONS FOR ACTIVITIES

• Technology and telecommunications shares were pulled down due to profit taking.

• British Airways had heavy losses after reporting that it is seen fewer seats filled due to the Foot-and-Mouth disease fallout.

• ICI Plc. lost 3.76% after reporting fiscal Q1 pretax profits of £85 million, a 5.6% decline from year ago, on turnover of £1.64 billion, a 7.6% increase.

• Shell lost 3.95% after reporting fiscal Q1 net income of $3.89 billion, a 17% increase.

• Scottish & Newcastle lost 1.93% despite announcing that its UK beer market share has grown, and financials are going to meet forecast. Scottish & Newcastle also announced that it has contract to supply 900 Nomura pubs.

• Insurer CGNU lost 4.51% after reporting that new business sales rose 22% to £3.7 billion, as pretax profits rose 12% to £445 million.

• Steel company Corus gained 2.74% after the government and the Welch assembly gave it a £135 million rescue package.

• Scottish Power gained 1.47% despite reporting that pretax profits for the year dropped 15% to £628 million.

• Powergen gained after reporting fiscal Q1 pretax profits of £200 million on sales of £1.74 billion, a 50% increase from year before.

PICKS FOR NEXT MARKET DAY

• The US employment data will be the deciding factor tomorrow.

• Watch for May to be the turning point from this bearish market.

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 May 2nd. 2001

FTSE 100: 5904.2   -23.8

FTSE 250:  6429.1  +23.5

FTSE A/S: 2846.05   -7.51

TechMARK 100: 2103.84   +23.16

SUMMARY

The London Stock Exchange (LSE) closed mixed as Vodafone Group pulled down the FTSE 100, while the TechMARK 100 rallied as technology shares continue their recovery. Gainers included: Abbey National, AEA Technology, Alphameric Plc, Amvescap Plc, Anite Group, AIT Group Plc, ARM Holdings, Axis-Shields Plc, Bae Systems, Baltimore Technology, Bank of Scotland, Bass Plc, BATM Advanced Communications, BG Group Plc, Bookham Technology, Boots Co. Plc, British Airways, British Biotech, Cable & Wireless, Cadbury Schweppes, Canary Wharf, Capita Group Plc, Carlton Communications, CGNU Plc, CMG Plc, Colt Telecom, Compass Group, Diagonal, Dimension Data, Dixons Group Plc, Eidos, Fibernet Group Plc, First Technology, GUS, Hays Plc, Hilton Group, J Sainsbury, Kewill Systems, Kidde Plc, Knowledge Support Systems, Legal & General, Lloyds TSB Group, Logica Plc, London Bridge Software, Marconi Plc, National Grid, Orchestream Holdings, Parthus, Parity Group, Powderject Pharmaceuticals, Prudential Plc, Psion Plc, Recognition Systems, Redbus Interhouse, Ricardo Plc, RM, Rolls Royce, Royal & Sun Alliance Plc, Schroders, Schroders NV, Scipher Plc, Scoot.Com, Smiths Group Plc, Spirent Plc, Surfcontrol, Telecity, Telemetrix, Telework Group, Thus Plc, Torex Plc, Trafficmaster, TTP Communications, United Utilities, Whatman Plc, and Zen Research.

REASONS FOR ACTIVITIES

• Banking and oil shares helped Vodafone to pull down the FTSE 100 index.

• Vodafone Group lost 3.52% after announcing that it is acquiring British Telecom's Japan and Spain operations for £4.8 billion, and it will float new shares to pay for the acquisition. British Telecom also closed lower.

• British American Tobacco lost 2.1% after reporting fiscal Q1 pretax profits of £597 million, a 10% increase from year ago.

• Airtours lost 3.80% after the European Commission approved the merger of Thomas Cook Holdings and British Airways' tour business. British Airways gained 0.50%.

• Trafficmaster gained 7.67% after the Federal Trade Commission (FTC) of the US approved Trafficmaster's acquisition of communications licenses from California-based Teletrac.

• Alliance & Leicester lost despite news that it has now expanded to online share dealing that can provide real-time quotes, portfolio tracking, etc.

• Riversoft lost after reporting fiscal Q1 losses that were bigger, but still in line. Riversoft also announced that its CEO is leaving, and the company plans to cut 360 jobs so as to trim cost.

• Arc International lost 1.8% despite reporting fiscal Q1 results that showed sales rose 159% for the period, while net losses dropped to £4.4 million.

• British Biotech gained 5.27% after announcing the termination of phase III trials for its Lung Cancer drug Marimastat™, but will continue with clinical trials of the drug for Pancreatic Cancer.

PICKS FOR NEXT MARKET DAY

• The US after hours market looks pretty good and we expect the LSE to rally tomorrow.

• Watch for May to be the turning point from this bearish market.

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 May 1st. 2001

FTSE 100: 5928.0   -38.9

FTSE 250:  6405.6  -3.6

FTSE A/S: 2853.56   -15.48

TechMARK 100: 2080.68   -19.74

SUMMARY

The London Stock Exchange (LSE) closed lower due to profit taking. Gainers included: Alliance & Leicester, Anglo American, Anite Group, ARM Holdings, Axis-Shields Plc, Bae Systems, Baltimore Technology, Blue Circle Industries Plc, BOC Group Plc, British Airways, British Telecom, Brown & Jackson, BskyB, Capita Group Plc, Cambridge Antibody Technology, Carlton Communications, Centrica Plc, CGNU Plc, Dimension Data, eBookers.Com, EMI Group Plc, Fibernet Group Plc, First Technology, GKN Plc, Granada Plc, Hanson Plc, ICI Plc, Intec Telecom, Invensys Plc, IQE, Knowledge Management Software, LastMinute.Com, Lattice Group Plc, Lloyds TSB Group, London Clubs International, London Bridge Software, Ncipher Plc, Northgate Information Systems, Nycomed Amersham, Old Mutual, Pearson Plc, Powderject Pharmaceuticals, Psion Plc, QXL Ricardo Plc, Rio Tinto Plc, Royal & Sun Alliance Plc, Schroders NV, Scipher Plc, Standard Chartered Bank, Telewest Communications Plc, Telemetrix, Thus Plc, Unilever Plc, United Business Media, Whatman Plc, Weston Medical, and Zen Research.

REASONS FOR ACTIVITIES

• Banking shares pulled the indexes down and triggered some profit taking.

• Telecom giant Thus Plc. gained 12.06% after reporting full year pretax losses of £66.9 million, which was within analysts' estimates, while revenue rose 8% to £233.8 million. Thus Plc. also announced the completion of its national network building project.

• British Telecom gained 7.35% after confirming that it is in talks to sell its holdings in Japan and Spain to Vodafone Group. British Telecom acknowledged that it has no cash to keep running these units. Vodafone Group closed lower.

• Media giant EMI Group gained after confirming that it is no longer in merger talks with Germany's Bertlesmann.

• Galen Holdings lost 3.3% after reporting fiscal Q2 pretax profit of £3.63 million, a 40% drop from year ago, on revenue of £44.4 million, more than double the year before.

• Halifax Group, which is in talks with Bank of Scotland for merger of equals, closed lower after issuing a trading statement that its Q1 operations have either met or exceeded expectations.

• Travel related portal LastMinute.Com gained after counterparts Expedia.Com of the US and eBookers.Com reported strong earnings yesterday.

• Retailer Tesco Plc. lost 1.8% after ABN Amro downgraded it to a "sell" recommendation.

• Whitebread Holdings closed unchanged on the eve of its earnings report. Bank of Scotland, British American Tobacco, and Halifax Group, also reporting tomorrow, closed lower.

PICKS FOR NEXT MARKET DAY

• The US after hours market looks pretty good and we expect the LSE to rally tomorrow.

• Watch for May to be the turning point from this bearish market.

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 April 30th. 2001

FTSE 100: 5966.9   +15.5

FTSE 250:  6409.2  +67.1

FTSE A/S: 2869.04   +11.25

TechMARK 100: 2100.42   +78.42

SUMMARY

The London Stock Exchange (LSE) rallied for the third day in a row, and closed the Month of April quite strong, as technology shares led the rally. Gainers included: Amvescap Plc, Arc International, ARM Holdings, Autonomy Corp, Baltimore Technology, Barclays Plc, Bass Plc, BATM Advanced Communications, Bookham Technology, British American Tobacco, British Airways, British Telecom, Cable & Wireless, Cadbury Schweppes, Capita Group Plc, Carlton Communications, Cedar Group Plc, Celltech Group, CGNU Plc, CMG Plc, Colt Telecom, Dimension Data, Ecosoft Group Plc, Eidos, Eircom, Emblaze Systems, Energis Plc, Filtronic Plc, Galen Holdings, Gameplay Plc, Granada Plc, Hays Plc, Imagination Technology, Imperial Tobacco, Infobank International Holdings, IQE, Kewill Systems, Logica Plc, Marconi Plc, Misys Plc, National Grid, Nycomed Amersham, Old Mutual, Pace Micro Tech, Parthus Technology, Parity group, Pearson Plc, Phytopharm Plc, Prudential Plc, QXL Ricardo Plc, Railtrack, Recognition Systems, Reuters Group Plc, Ricardo Plc, Rio Tinto Plc, Riversoft Plc, Safeway Plc, Scoot.Com, Standard Chartered Bank, Surfcontrol Plc, Telework Group Plc, Thus Plc, Vodafone Group Plc, and WPP Group Plc.

REASONS FOR ACTIVITIES

• Scoot.Com gained 11.88% after refusing the 15p a share offer from Vivendi Universal.

• Online Games portal, Gameplay, gained 22.8% after announcing that it has received an offer of acquisition, including management buyout.

• Bright Station lost 23.8% after announcing that its CEO Dan Wagner is leaving, and it plans a general restructuring.

• Media giant Reuters Group gained 2.50% after announcing that it has won the bid to acquire bankrupt Bridge Information's core institutional businesses for $275 million.

• Anglo American lost 2% after De Beers confirmed that, it has accepted an increased bid from Anglo American led DB Investments that now totals $18.7 billion.

• Phytopharm gained2.24% after reporting fiscal Q1 pretax losses of £1.37 million, which was less losses than estimated.

• Antisoma gained 12.76% after the cancer research firm confirmed that its cancer antibody Therex™ was shown to be effective in breast cancer patients.

• Computerland lost 18.75% after announcing that its second half sales is below estimates.

• Galen Holdings and Thus Plc. gained on the eve of their earnings report. Allied Domecq, also reporting tomorrow, closed lower.

• Marconi Plc. and Logica Plc. gained 9.93% and 9.77% respectively after Dresdner Kleinwort Benson upgraded them.

PICKS FOR NEXT MARKET DAY

• The US after hours market looks pretty good and we expect the LSE to continue its rally tomorrow.

• Watch for May to be the turning point from this