Legal & General advanced after saying it raised more than £760 million in a sale of shares to existi...
Legal & General advanced after saying it raised more than £760 million in a sale of shares to existing investors.
On the back of this news, as well as Corus Group's decision to sell some of its units, the FTSE 100 rose 40.80, or 1%, to 4159.70. The FTSE All-Share gained 17.20, or 0.9%, to 1988.10.
Legal & General advanced 3.75p, or 3.5%, to 112. The company said it sold about 1.27 billion shares at 60p each, offering them to existing investors at about half the current market price.
Steelmaker, Corus, jumped 1p, or 2.4%, to 43 after Pechiney, the producer of aluminium, agreed to buy the aluminum-conversion units for €750 million to expand in the aerospace and automotive sectors.
Canary Wharf Group also rose, by 5.75p, or 1.6%, to 362. The builder said it will pay a special dividend of 64.27 pence a share in November as it returns cash to shareholders earlier than was previously anticipated.
Egg advanced 7.75p, or 6.1%, to 134.75 after it announced third-quarter pretax loss narrowed to £3.9 million from £81.8 million a year earlier as it attracted 107,000 new customers.
US stocks fell for the first day in four after Texas Instruments and Kimberly-Clark lowered earnings forecasts and United Parcel Service said profits may lag analysts' projections.
The S&P 500 shed 9.56, or 1.1%, to 890.16. Computer-related and health-care stocks contributed more than 40% of the slide. The Dow Jones Industrial Average fell 88.08, or 1%, to 8450.16. The Nasdaq lost 16.87, or 1.3%, to 1292.80.
Drug shares dropped as Wyeth and Pharmacia reported quarterly losses. Johnson & Johnson declined after it said it received a letter from regulators citing problems with its application to sell a new heart device.
Better news in Taiwan where stocks surged in the busiest trading day in six months. There's optimism growth in the computer-chip industry will revive next year.
Taiwan Semiconductor Manufacturing led gains after Chairman Morris Chang said demand will revive in the second quarter of 2003. MediaTek soared by its daily limit on expectations it will report a jump in profit tomorrow.
The TWSE Index surged 4.6% to a five-week high at close in Taipei. The benchmark jumped 19% since Oct. 12. Just 24 of the 595 stocks in the index fell today.
In other markets, Japan's Nikkei 225 Stock Average added 0.3%, led by Nissan Motor on expectation the nation's automaker will say that first-half preliminary earnings increased.
Elsewhere in Asia, South Korea's Kospi index climbed 2.8%. Chohung Bank gained after Internet news provider Edaily fanned speculation the government will sell part of its 80% stake in the lender to Shinhan Financial. The government denied the report.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected