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

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FTSE 100: 5555.7 -106.2

FTSE 250: 6267.8 -69.1

FTSE A/S: 2692.05 -48.37

TechMARK 100: 1735.60 -64.26

SUMMARY & ANALYSIS

The London Stock Exchange (LSE) closed lower due to earning warnings on the First day of the US Federal Reserve FOMC meeting. Gainers included: AEA Technology, Alba, Airtours Plc, BAA Plc, Balfour Beatty, Boots Co. Plc, Brown & Jackson, Cairn Energy Plc, Carlton Communications, Domino Printing Plc, EMI Group Plc, First Choice Holidays Plc, Isoft Group Plc, ITNet Plc, J Sainsbury, Kidde Plc, Kingston Communications Plc, London Bridge Software, Lovendon Group Plc, Parity Group Plc, Phytopharm Plc, QXL Ricardo Plc, Redbus Interhouse Plc, Rio Tinto Plc, RM, Safeway Plc, Scottish Power, Spirent, Tesco Plc, and Weston Medical.

REASONS FOR ACTIVITIES

• UK Gross Domestic Product (GDP) Index grew a modest 0.5% in Q1 2001 to 116.5. Over the year, the growth is now at 2.7%
• ARM Holdings and IQE lost after fellow US chip maker Applied Micro Circuits of the US warned about earnings.
• Atlantic Telecom lost 14.75% after reporting an operating loss of 109 Million pounds for the year. Atlantic Telecom announced that it still has 125 Million pounds in cash and a 50 Million pounds credit line from Marconi. Atlantic also announced that its German DSL service now have 1.2 million "potential" customers.
• Airtours and First Choice Holidays gained after UBS Warburg upgraded them to a "strong buy" recommendation.
• Balfour Beatty gained 1.60% after announcing that it has won $200 million US contracts, including the widening of California's Interstate 10. Balfour's US orders now stand at $1 billion.
• Marconi lost 6.51% after Deutsche Bank and Goldman Sachs downgraded it.
• Defensive shares like supermarkets and Rio Tinto gained.
• Investment banking shares closed lower after Merrill Lynch lowered its earnings outlook by as much as 37%. HSBC Holdings, which has a close relationship with Merrill Lynch, lost 3.76%.
• Information Services giant Cap Gemini of France pulled technology shares down after warning that its full year sales will be below estimates.
• Redstone Telecom gained 45.16% after announcing plans to issue 2.65 billion new shares at one pence a share so as to raise 25.3 Million pounds. Redstone Telecom also announced that its CEO Graham Cove will be replaced by current COO Ian Brown.
• NOTE: Please bear with us, we haven't crossed the corner yet.

PICKS FOR NEXT MARKET DAY

• The LSE will close based on how the US markets are doing. BY the time the Federal Reserve FOMC announce their action, the market will be closed.

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Market Summary and Analysis for Monday June 25th. 2001

FTSE 100: 5661.9 -3.8

FTSE 250: 6336.9 -3.6

FTSE A/S: 2740.42 -2.13

TechMARK 100: 1799.86 -7.92

SUMMARY

The London Stock Exchange (LSE) closed weaker as investors behave cautiously on the eve of the US Federal Reserve FOMC 2 day meeting begins. Gainers included: Anite group Plc, Antisoma Plc, Atlantic Telecom, BATM Advanced Communications, Berkeley Group Plc, BP Amoco Plc, Bright Station Plc, British Telecom, Cedar Group Plc, Countrywide Assured Plc, EasyNet Group, Hanson Plc, Isoft Group, Laura Ashley, London Bridge Software, Marks & Spencer, Misys Plc, Morse Plc, Rayanair Holdings, Redbus Interhouse, RM Plc, Sage Group, Shell Transport &amp; Trading, Smith &amp; Nephew, Surfcontrol, Staffware, TBI Plc, Torotrak, TTP Communications, Unilever Plc, Weston Medical, Wolverhampton &amp; Dudley Breweries, WPP Group Plc, and Xansa Plc

REASONS FOR ACTIVITIES

·        Misys gained 0.62% after announcing the acquisition of Sunquest Information Systems for $404 million, a US based healthcare information systems company.

·        Wolverhampton & Dudley Breweries gained 0.84% after its Chairman made known that the acquisition offer the company received from Pubmaster wasn't serious, nor was it a premium price.

·        Tesco lost 0.38% after announcing that it is paying 15.7 Million pounds for the online business of the US grocer Safeway Corp.

·        British Telecom gained after announcing that it has completed the sell of its Yell directory.

·        No frills airline Ryanair Holdings gained 2.31% after reporting that its full year sales rose 32%, profits rose 44%, and traffic also increased.

·        WPP Group gained 3.28% after its chairman stated at its AGM that business for the first 5 months of this year is already 69% above last year's.

·        Granada lost 4.39% and took other media shares down after Zenith Media Consulting reported that its ITV unit is expected to show losses in advertisement revenue.

·        Oil shares gained after the OPEC made known that it will not increase production when they meet next week.

·        Marks & Spencer gained 3.05% due to positive comments from Deutsche Bank.

·        Hanson gained 1.81% after announcing that this year's figures will be similar to last year's. Hanson made known that European and US business is robust, while Australian operations are disappointing.

·        AtlanticTelecom, Berkeley Group, and TBI Plc. Gained on the eve of their earnings reports. Claims Direct, also reporting tomorrow, lost 8.20%.

NOTE: Due to upgrades and expansions, we are having serious technical problems this week. Please bear with us

PICKS FOR NEXT MARKET DAY

·        We think the markets will rally on the first day of the Federal Reserve FOMC meeting.

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Market Summary and Analysis

for Friday June 22nd. 2001

TechMARK 100: 1807.78

SUMMARY

The London Stock Exchange (LSE) closed higher before the US markets

took a nose dive (NOTE: Yesterday's activities were not reported due to

technical problems). Gainers included: Amvescap Plc, Anglo American,

Antisoma Plc, Astrazeneca, Autonomy Corp, Bae Systems Plc, Bank of

Scotland, Barclays Plc, Bass Plc, BG Group Plc Biocompatibles Plc, British

Telecom Plc, Canary Wharf, Cedar Group Plc, Compass Group Plc, Filtronic,

GlaxoSmithKline Plc, Hanson Plc, Hays Plc, Hilton Group Plc, HSBC Holdings,

ICI Plc, Isoft Group Plc, J Sainsbury, Legal &amp; General, Lloyds TSB Plc,

Logica Plc, Marconi Plc, Marks &amp; Spencer, Misys Plc, Next Plc, Old

Mutual, Pearson Plc, Poderject Pharmaceuticals Plc Plc, Reckitt Benckiser,

Reed Internatinal Plc, Reuters Group Plc, Ricardo Plc, RM Plc, Safeway

Plc, Sage Group Plc, Standard Chartered Bank Plc, Telewest Communications,

Tesco Plc, Torex Plc, Unilever Plc, United Utilities Plc, Whatman Plc, and

WPP Group

REASONS FOR ACTIVITIES

gained 5.43% after announcing the closing of its consumer Internet

operations.

shares were the major gainers today as world markets expect the US Federal

Reserve Bank to cut interest rates next Wednesday.

tware, a financial software company which

it controls with a 56% interest in, reported earnings yesterday in the US

that met estimates.

General gained 1.27% on news that it sold its Fairmount Group for 35

Million Pounds.

Telecoms

lost after Redstone Telecom announced plans to raise 22 Million Pounds by

floating new placements. Redstone Telecom lost

shares gained despite earnings warnings from Merck &amp; Co., and FDA

manufacturing investigation problems for another US drug maker,

Schering-Plough.

Business Media lost 3.31% and took media shares down with it after warning

about the softness in Internet advertising market.

company Gallaher Group lost 4.42% after announcing an acquisition of a 41%

stake in Austrian and Swedish tobacco company Austria Tabak. Brokerage

house ABN AMRO wasn't impressed with the acquisition.

Due to upgrades and expansions, we are having serious technical problems

this week. Please bear with us.

the markets to rally at least once before the US Federal Reserve issue its

interest rates policy statement on Wednesday.

for Wednesday June 20th. 2001

The London Stock Exchange (LSE) closed mixed as the FTSE 100 gained,

while the TechMARK 100 lost due to earnings warnings (NOTE: Yesterday's

activities were not reported due to technical problems). Gainers included:

Abbey National, Alliance &amp; Leicester, Allied Domecq, Antisoma Plc, BAA

Plc, Barclays Plc, Bass Plc, BG Group Plc, Boots Co. Plc, British American

Tobacco Plc, British Biotech Plc, Cedar Group Plc, CGNU Plc, Claims Direct,

Cobham Plc, Domino Printing, Eidos Plc, GlaxoSmithKline Plc, Hanson Plc,

Imperial Tobacco, J Sainsbury, Kidde Plc, Legal &amp; General, Lloyds TSB

Plc, Morrison Supermarket, Motion Media, NSB Retail Systems, Oxford

Glycosciences, Prudential Plc, Psion Plc, Reckitt Benckiser, Rolls Royce&amp; Sun Alliance, Seymour Pierce Plc, Scottish &amp; Newcastle

Plc, Shell Transport &amp; Trading, Stagecoach Holdings Plc, Tesco Plc,

Turbo Genset Plc, Unilever Plc, United Utilities Plc, and Vodafone Group

REASONS FOR ACTIVITIES

gained as the movie version of its Lara Croft in Tomb Raider

announcing the elimination of 100 jobs.

Holdings lost 6.69% after German chipmaker and rival Infenion issued an

earnings warning.

Group gained 0.31% after investment banker ABN AMRO acquired the 80 million

shares of the company that were sold by telecommunications companies Telia

of Sweden, and KPN of the Netherlands.

Pierce gained 10% on the eve of its earnings report.

Due to upgrades and expansions, we are having serious technical problems

this week. Please bear with us.

FTSE 100: 5671.6   -51.4

FTSE 250:  6390.6  +8.4

FTSE A/S: 2749.33  -20.71

TechMARK 100: 1833.16   -22.29

SUMMARY

The London Stock Exchange (LSE) closed lower. Gainers included: Allied Domecq, Amvescap Plc, Anglo American, Axis-Shield Plc, Bae Systems Plc, Bank of Scotland Plc, Baltimore Technology, Blue Circle Industries, British American Tobacco Plc, Brown & Jackson Plc, Cedar Group Plc, Compass Group Plc, Cobham Plc, Diageo Plc, EasyNet Group Plc, EMI Group Plc, Granada Plc, Guardian IT Plc, GUS Plc, Hanson Plc, Hays Plc, Hilton Group Plc, Imperial Tobacco, International Power, Invensys Plc, J Sainsbury, Kingston Communications, KS Biomedix Holdings, Land Securities Plc, Macro 4 Plus, Meggitt Plc, Morrison Supermarket, Old Mutual, Pace Micro Tech, Prudential Plc, Rentokil Initial, Rio Tinto Plc, Royal Bank of Scotland Plc, SA Breweries, Safeway Plc, Schroders, Schroders NV, Scoot.Com, Scottish & Newcastle Plc, Shire Pharmaceuticals Group, Smiths Group Plc, Stagecoach Holdings Plc, Telecom Plus Plc, Tesco Plc, Trafficmaster, Vocalis Plc, Whatman Plc, and WPP Group Plc.

REASONS FOR ACTIVITIES

• Euro Zone Consumer Price Index (CPI) rose to 3.4% in May, the highest levels in 8 years. The Core CPI, which excludes volatile components like energy, rose to 2.1%, slightly above the 2.1% the European Central Bank (ECB) limit of 2.0%.

• Rolls Royce closed unchanged after announcing that it has won an International Aero Engines deal with New York based JetBlue Airways valued at £164 million.

• British Telecom lost 1.38% after announcing an 89.5% acceptance of its £5.9 billion rights issue. British Telecom also announced that it is selling its 44% stake in Indian mobile phone company Bharti Cellular for £120 million.

• Bae Systems, which owns 20% of Airbus Industrie, gained 1.75% after Airbus made known that it is being affected seriously by the poor global economic conditions.

• Crude oil shares closed lower after Brent Crude Oil July futures closed 44 cents down at $27.69 a barrel on the New York NYMEX.

• Vodafone Group lost 2.43% after announcing plans to team up with Microsoft to deliver mobile e-mail services using Microsoft's Mobile Information 2001 Server (MMIS).

• Marconi lost 7.59% after CS First Boston and Deutsche Bank downgraded the shares.

• Mining giant Rio Tinto gained 1.20% after its wholly owned subsidiary Comalco increased its stakes in Queensland Alumina Ltd. of Australia to 38.6%.

• Scipher gained 9.59% after reporting yearly losses that almost doubled to £9.9 million. Scipher's revenues however, rose 22% to £16 million, while licensing income rose 56% to £4.2 million.

• Scottish & Newcastle gained 4.13% after announcing that it has sold 646 managed pubs to Enterprise Inns for £354 million.

• Stagecoach Holdings gained 13.78% after announcing the sell of its Bus operations in Portugal for £14 million.

• Alba Plc., Atlantic Telecom, and Halma Plc. closed lower on the eve of their earnings reports.

PICKS FOR NEXT MARKET DAY

• Bargain hunting is likely to help the markets rally tomorrow.

• We expect more earnings warnings this week. We are however, optimistic that the toll on financial markets will be lighter than what we saw this week.

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Market Summary and Analysis for Friday June 15th. 2001

FTSE 100: 5723.0   -29.5

FTSE 250:  6382.2  -71.5

FTSE A/S: 2770.04  -17.12

TechMARK 100: 1854.31   -36.21

SUMMARY

The London Stock Exchange (LSE) closed lower again due to Nortel Networks and JDS Uniphase earnings warnings. Gainers included: Abbey National, AEA Technology, Alliance & Leicester, Allied Domecq, Arc International Plc, Associated British Foods, Axis-Shield Plc, BAA Plc, BG Group Plc, Billiton Plc, BP Amoco Plc, British Airways, Cable & Wireless Plc, Capita Group, Celltech Group Plc, CGNU Plc, Cobham Plc, Colt Telecom, Compass Group Plc, Computacenter, Diageo Plc, Genemedix Plc, GlaxoSmithKline, Invensys Plc, Intec Telecom Plc, Isoft Group Plc, Kingston Communications Plc, Lattice Group Plc, London Bridge Software, Macro 4 Plus, Medisys, Morrison Supermarket, NSB Retail Systems, Oxford Glycosciences, Pace Micro Tech, Premier Oil Plc, Prudential Plc, Reckitt Benckiser, Redstone Telecom, Renishaw Plc, Reuters Group Plc, Rio Tinto Plc, Rolls Royce Plc, Roxboro Group Plc, Royal & Sun Alliance, Scottish Power, Smith & Nephew, Sportech Plc, Surfcontrol, Staffware, Telecity, Telework Systems Plc, Unilever Plc, United Utilities, Vodafone Group Plc, Wagen Plc, and Weston Medical Plc.

REASONS FOR ACTIVITIES

• British Airways gained today after announcing the sale of its no-frills airline subsidiary, Go Fly, to 3i for £110 million yesterday.

• Nortel Networks, Philips, and JDS Uniphase earnings warnings in the last 24 hours pulled down technology shares.

• Royal Bank of Scotland lost 5.44% and took some banking shares with it after announcing that its margins are flat and it expects some negative effects from interest rates.

• Biotechnology company Oxford Glycosciences gained 4.17%  after announcing a joint venture with Marconi to distribute a database of the human genome. The venture will be owned equally and every party is to invest £30 million into the venture.

• Advertising shares like WPP Group and Cordiant Communications closed lower after Interepublic of the US issued an earnings warning yesterday.

• Insurance shares performed well due to positive comments from Merrill Lynch and Morgan Stanley Dean Witter. Morgan Stanley Dean Witter actually upgraded the sector to an "outperform" recommendation.

• Tesco lost 1.41% despite making known from its AGM today that, Q1 sales rose 14%, and UK like-for-like sales rose 6.7%.

• Scipher closed lower on the eve of its earnings report next week.

• Telewest Communications lost on the eve of its AGM next week.

PICKS FOR NEXT MARKET DAY

• We expect more earnings warnings next week. We are however, optimistic that the toll on financial markets will be lighter than what we saw this week.

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Market Summary and Analysis for Thursday June 14th. 2001

FTSE 100: 5752.5   -67.7

FTSE 250:  6453.7  -79.4

FTSE A/S: 2787.16  -32.35

TechMARK 100: 1890.52   -63.55

SUMMARY

The London Stock Exchange (LSE) closed lower after French chip maker STMicroelectronics issued an earnings warning. Earning warnings in the US markets also played a significant part. Gainers included: AEA Technology, AIT Group Plc, Alliance & Leicester, Allied Domecq, Alphameric Plc, Associated British Foods, Astrazeneca Plc, Axis-Shield Plc, BAA Plc, Bank of Scotland, Barclays, Bass Plc, BOC Group Plc, Cadbury Schweppes, Canary Wharf Plc, Centrica Plc, Cobham Plc, Diageo Plc, Diagonal Plc, Enodis Plc, Galen Holdings, Genemedix Plc, GKN Plc, GlaxoSmithKline, Halifax Group, Hays Plc, House of Fraser, Imperial Tobacco, Indigovision Group Plc, Isoft Group Plc, Kidde Plc, Land Securities Plc, LastMinute.Com, Laura Ashley Plc, Legal & General, M.L. Labs, Phytopharm Plc, Reckitt Benckiser, Renishaw Plc, Ricardo Plc, RM, Royal Bank of Scotland, SA Breweries, Scottish Power, Sherwood International Plc, Skyepharma Plc, Smith & Nephew, Surfcontrol, Staffware, Telecity, Telework Systems Plc, Tesco Plc, Torex Plc, Torotrak Plc, Turbo Genset Plc, Ultra Electronics Holdings, United Business Media Plc, and Zen Research Plc.