The Week's Market Movers

Investing and pensions

07 March 2008 | 0 Comments

Will the meteoric rise of the miners never end? Find out about the latest market winners - and losers - here.

The FTSE 100 took some hard knocks this week, and at the time of writing on Friday, the index stood at 5676, down almost 4%. Biggest Movers in the FTSE 350 (as at Friday 09.00) RISERS 1 International Ferro Metals (LSE: IFL) +20.61% 2 Keller Group (LSE: KLR) +15.65% 3 International Personal Finance (LSE: IPF) +11.60% 4 Helphire Group (LSE: HHR) +11.19% 5 Premier Foods (LSE: PFD) +8.70% FALLERS 1 Johnston Press (LSE: JPR) -16.58% 2 Admiral Group (LSE: ADM) -15.22% 3 Royal Bank of Scotland (LSE: RBS) -14.42% 4 Barclays (LSE: BARC) -13.72% 5 Cable & Wireless (LSE: CW.) -13.52% The financial sector suffered losses once again amid speculation that more hedge fund collapses would put more pressure on the credit markets. And share prices at many of the banks were also hit this week by going ex-dividend. Royal Bank of Scotland (LSE: RBS) sank 14%, Barclays (LSE: BARC) plummeted 14% and Lloyds TSB (LLOY) fell 10%. HBOS (LSE: HBOS) was down 8% as share downgrades occurred. Last week, the firm revealed it had £7 billion exposure to so-called `Alt A' mortgages, the class up from sub-prime. Mortgage lender Alliance & Leicester (LSE: AL.) fell 8% - and rival Bradford & Bingley (LSE: BB.) was dragged down 12%, as bid prospects weakened for both companies. Financial services provider Friends Provident (LSE: FP.), which is trying to sell its majority stake in F&C Asset Management, took a double hit. F&C Asset Management warned of a `deteriorating economic environment and volatile markets'. And investor worries - over whether a bid from JC Flowers would ever materialise - also contributed to the 12% downward spiral. On a brighter note, miners continued their upward journey and dominated the FTSE 100 riser list as gold and platinum prices soared. Lonmin (LSE: LMI) lifted 3% amid rumours that rival Xstrata was thinking of bidding for the platinum miner. Anglo American (LSE: AAL) also sparkled up 4% on rumours of a possible bid from Xstrata. Meanwhile Kazakhmys (LSE: KAZ) was the top blue chip riser, zooming 8%, and Vedanta Resources (LSE: VED) took the number two spot, flashing up 5%. International Ferro Metals (LSE: IFL), the South African producer of ferro-chrome, gained a whopping 21% on forecasts for the price of the mineral to soar from current record heights. Elsewhere, shares in Johnston Press (LSE: JPR) dived by 17% after the newspaper group gave a warning of slowing advertising revenue. And Admiral Group (LSE: ADM) was the biggest faller in the FTSE 100, running down 15% after it warned of slower motor insurance sales and greater market competition. British Airways (LSE: BAY) also hit some turbulence, down 6% after warning that its fuel costs would soar on the back of the rising oil price, and profit margins would be hit as a result. While communications giant Cable & Wireless (LSE: CW.) dropped 14% as investors reacted badly to its new growth plan. However, a couple of beleaguered sectors did receive a boost. The property scene got a shot in the arm amid reports of a potential bid for Liberty International (LSE: LII), the shopping centre developer. It built a modest 2%. And Premier Foods (LSE: PFD), the Hovis bread firm that's heavily in debt, recovered 9% after cutting its dividend and taking measures to save cash. Computer games retailer Game Group (LSE: GMG) rose 5% after raising its sales guidance for this year and profit guidance for the year ended January 31st. And strong results helped ground engineer Keller Group (LSE: KLR) rise 16%. Finally, Yell Group (LSE: YELL) plummeted 12% as traders said it could drop out of the FTSE 100 at next week's quarterly index review. Notable announcements next week: Monday:Bovis Homes, British Insurance Holdings Tuesday:AMEC, Antofagasta, Cookson, Friends Provident, Greggs, Trafficmaster, Tullett Prebon, Weir Wednesday:Aer Lingus, French Connection, Savills, Standard Life, Tullow Oil Thursday:Home Retail, Premier Oil, SIG, Wm Morrison Supermarkets Friday:Alliance Pharmacies, Collins Stewart, Prudential

Comments

Be the first to comment

Do you want to comment on this article? You need to be signed in for this feature

Copyright © lovemoney.com All rights reserved.

 

loveMONEY.com Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FCA) with Firm Reference Number (FRN): 479153.

loveMONEY.com is a company registered in England & Wales (Company Number: 7406028) with its registered address at First Floor Ridgeland House, 15 Carfax, Horsham, West Sussex, RH12 1DY, United Kingdom. loveMONEY.com Limited operates under the trading name of loveMONEY.com Financial Services Limited. We operate as a credit broker for consumer credit and do not lend directly. Our company maintains relationships with various affiliates and lenders, which we may promote within our editorial content in emails and on featured partner pages through affiliate links. Please note, that we may receive commission payments from some of the product and service providers featured on our website. In line with Consumer Duty regulations, we assess our partners to ensure they offer fair value, are transparent, and cater to the needs of all customers, including vulnerable groups. We continuously review our practices to ensure compliance with these standards. While we make every effort to ensure the accuracy and currency of our editorial content, users should independently verify information with their chosen product or service provider. This can be done by reviewing the product landing page information and the terms and conditions associated with the product. If you are uncertain whether a product is suitable, we strongly recommend seeking advice from a regulated independent financial advisor before applying for the products.