FTSE held back by blue-chips and miners

first_imgWednesday 9 February 2011 4:28 pm Tags: NULL whatsapp whatsapp London trading was weighed down by falls in major stocks trading ex-dividend, outweighing strong performances by financial stocks.The FTSE 100 closed down 0.64 per cent or 30.04 points at 6,052.29, as BP, GlaxoSmithKline, International Power, Royal Dutch Shell, Sage Group and Unilever all lost their payout attractions.“After Tuesday’s leap to multi-year highs, a bit of a hangover today is inevitable, though without the ex-dividend factors the FTSE would be higher,” said Ben Barty-King, head of options trading at ETX Capital.The fallers were led by International Power, which fell 21.48 per cent to 330.4p as investors traded without the right to its 92p special dividend. Investec adjusted its target price for the utility to 416p, down from 538p, and repeated its “buy” rating.Household products giant Reckitt Benckiser fell 5.08 per cent to 270p after missing its fourth-quarter forecasts.“Household products provider Reckitt Benckiser could well need their Nurofen headache pills after today’s market reaction to this year’s profit numbers. “The company fell short of analyst expectations, even though profits were 13 per cent higher than 2009,” said Michael Hewson, market analyst at CMC Markets. Insurers benefited from upbeat investor sentiment, with Prudential up 2.24 per cent to 731.5p as Societe Generale upgraded it to “buy” from “hold” and named it the broker’s preferred stock in the sector, replacing Aviva.Resolution also rose 1.39 per cent to 270.5p. Mining stocks lost ground later in the day on falling metals prices, led by Kazakhmys, down 3.27 per cent to 1,569p and followed by Anglo American, African Barrick Gold and Vedanta.In the FTSE 250, the London Stock Exchange rose 3.14 per cent to 920p after saying it was buying the Toronto Stock Exchange.“Shareholders appear to have lapped up the news, buying strongly into LSE’s shares, forcing prices as high as 950p, a level not seen since September 2008,” Nick Serff, market analyst at City Index said.And Bluetooth specialist CSR gained ground after announcing it would pay its first-ever dividend alongside strong fourth-quarter results.“CSR shares saw a high degree of buyer demand after reporting figures that beat market expectations,” Serff said.The markets didn’t react to news that Chancellor George Osborne has finalised a bank lending and bonus deal, Project Merlin, today. “London’s blue chip index remained somewhat unaffected by the news,” Hewson said.Instead, all eyes are on Thursday’s Bank of England interest rate decision, which could see rates rise for the first time in almost two years.“MPC members appear to be stuck between a rock and a hard place at the moment,” said Serff. “Most of the market is pricing in an interest rate hike in either May or September later this year. Whilst no action is expected from tomorrow’s decision, the Bank of England has surprised the market before so traders need to be on their guard.” alison.lock center_img FTSE held back by blue-chips and miners Show Comments ▼ Sharelast_img read more

Veritas Kapital Assurance Plc (VERITA.ng) 2014 Annual Report

first_imgVeritas Kapital Assurance Plc (VERITA.ng) listed on the Nigerian Stock Exchange under the Insurance sector has released it’s 2014 annual report.For more information about Veritas Kapital Assurance Plc (VERITA.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the Veritas Kapital Assurance Plc (VERITA.ng) company page on AfricanFinancials.Document: Veritas Kapital Assurance Plc (VERITA.ng)  2014 annual report.Company ProfileVeritas Kapital Assurance Plc is a leading insurance company in Nigeria licensed to cover all classes of non-life insurance products and services. The company was formerly known as Unity Kapital Assurance Plc and incorporated in 1973 as a private liability company under the name Kano State Insurance Company. Non-life insurance products and services offered by Veritas Kapital Assurance Limited includes auto insurance which covers motor third party, fire and theft; home insurance which covers risk of fire, flooding and burglary; aviation insurance which covers hull losses as well as liability for passenger injuries, death, environmental and third-party damage caused by aircraft accidents; marine insurance which covers hull and cargo damage; engineering insurance which covers problems related to production capacity and financial losses; oil and gas insurance which covers all issues related to employees, physical assets, balance sheets and long-term viability; and bond insurance which is a financial guarantee taken out by contractors to indemnify them against any defaults. Veritas Kapital Assurance Plc offers medical insurance and pension fund administration services through its subsidiaries; Health Care Security Limited and FUG Pensions Limited. The company’s head office is in Abuja, Nigeria. Veritas Kapital Assurance Plc is listed on the Nigerian Stock Exchangelast_img read more