Market Report: Elliott Capital has now amassed more than 10 per cent of Alliance Trust
Thursday 27 February 2014
Katherine "the Great" Garrett-Cox may be about to enter battle again: another activist investor has built up a stake in Alliance Trust.
The investment trust led by Ms Garrett-Cox had to defend itself against the activist investor Laxey Partners in 2011, when Laxey teamed up with Elliott Capital. Alliance won that time, but the US hedge fund Elliot is back, and has amassed more than 10 per cent of Alliance through shares and contracts for difference.
Elliott, controlled by the US billionaire Paul Singer, is well known in the UK. It rattled management at the transport group National Express and is putting pressure on the grocer Morrison. Alliance lifted 9.5p to 454.5p on the news.
The Footsie continued its losing streak into a second day, and the FTSE 100 eased 31.35 points to 6,799.15.
Top of the table was the engineer Weir, despite reporting a 5 per cent drop in 2013 profit. The group, which supplies pumps and valves for the mining, oil and gas sector, revealed a better outlook for 2014, and said its order book was already picking up. Weir was 167p ahead at 2,519p.
Supermarkets took a tumble after food analysts declared that the UK's grocery giants are still struggling to compete with cheap rivals and the internet. Oriel Securities, prompted by Tuesday's strategy day from Tesco, said the sector still had not found "a credible solution to the discounters" and it downgraded its numbers for all the major operators. Oriel said it found Tesco's update "disappointing" and cut it from add to hold. Tesco fell 9.2p to 326p. Sainsbury's was 4.6p weaker at 345.5p and Morrisons was down 4.6p to 235p.
Royal Bank of Scotland said was selling its remaining stake in insurer Direct Line, which reported its full-year results yesterday. RBS, which reports its full-year results today, was down 8.4p to 354p. Direct Line advanced 2p to 263p.
Small cap Heritage Oil updated on production and a tax issue in Nigeria and it jetted up 28.5p to 239p.
The Aim-listed drug discovery group Summit Corporation raised £22m through a placing and offer. The offer was over seven times over-subscribed and it was 0.25p better at 8.75p.
- 1 PlayStation and Xbox hacked by Lizard Squad
- 2 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 4 Vagina canoe artist defends herself over ‘obscenity’ charges
- 5 The Queen’s speech 2014: Recap and Twitter reaction to Game of Thrones reference
PlayStation and Xbox hacked by Lizard Squad
Antonio Martin shooting: Black teenager may have tried to ambush patrolman, says police officer's lawyer
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
Boxing Day snowfall set to push even more bargain-hunters online for sales
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...