It was a fascinating rumour by the end of business yesterday, but suggestions that Yell will opt for...
It was a fascinating rumour by the end of business yesterday, but suggestions that Yell will opt for a £850m IPO have finally hit FTSE trading.
Yell Group, the UK publisher of the Yellow Pages, is reopening plans to sell £850m worth of shares in an initial price offering, just a year after it was forced to cancel a previous attempt to do so because of struggling stock markets.
Little more info is known at this stage, but pricing and allocation are expected to be set for July 9th, before the market is flooded with the shares.
It's not necessarily as a result of this announcement that the FTSE 100 index is down 10 points or 0.3% to 4021, because Barclays Bank rating has been downgraded by Citigroup.
This is likely to worry traders as Barclays can often be a stabilising asset on the index, but it's not all doom and gloom as a handful of firms are doing better.
Barclays may be down around 4.5p to 445.5p but HMV Group, owners of the record store and Waterstone's book shops rose by around 3% to 138p within the first hour of trading.
It was all thanks to the latest Harry Potter sales as well as decent sales at the book stores that HMW is doing so well and has managed to increase sales by 7.2% in the eight weeks to June 21st - when Harry went on sale.
Japan's Nikkei 225 index hit a nine-month high by end of trading today, after the Japanese central bank quarterly "Tankan" survey into manufacturing revealed the larger manufacturers are not as pessimistic as previous months.
NEC and Hitachi pumped the gains, as the Nikkei climbed 2.2% to 9278.49 while several big-named firms - Taiwan Semiconductor, Samsung Electronics, Chartered Semiconductor Manufacturing - helped the Taiwanese market climb 3%.
South Korea's Kospi index also rose 0.7% and the Singapore Straits Times Index climbed 0.8%.
And in the US yesterday, trading didn't end too well as the Dow Jonescrashed back under the 9000 market and closed down 3.61 points or 0.04% to 8,985.44. The S&P 500 index also closed down 1.72 points or 0.18% to 974.5 while the Nasdaq closed down 2.46 points or 0.15% to 1,622.8.
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