Market Report: Hacking cases spook Mirror investors

 

When HMV’s Simon Fox revealed he was leaving the struggling music retailer for the Mirror owner, most thought he was jumping out of the frying pan and into the fire. The fire got that much hotter this week.

Mr Fox, as chief executive of Trinity Mirror, does not appear to have done enough to reassure investors following the revelation that hacking could have taken place at the Mirror.

Earlier this week a lawyer made a High Court claim on behalf of the former England football manager Sven-Göran Eriksson, a former nanny for the Beckham family, the footballer Garry Flitcroft and a Coronation Street actress.

The claims emerged on Tuesday, but investors were still spooked yesterday, and the shares booked in a near 16 per cent fall, losing 9.75p to 51.25p.

---

Shire investors are used to bumpy rides, and yesterday was yet another one. A forced seller sent the pharmaceutical giants shares hurtling down more than  4 per cent during morning trade. But the shares then began to recover and ended down just 0.57 per cent, losing 10p to 1,759p. Investors had to swallow a bitter pill on Thursday when its boss of five years, Angus Russell, said he will step down next April and it revealed it missed its third quarter forecasts.

But on Friday a prescription to buy the shares came from analysts at UBS who added the stock to their “conviction buy” list. Brokers at Jefferies also gave it a buy rating and a share price target of 2,400p.

---

The City is keeping a watchful eye on the hedge fund Man Group. The rumour is that it will be bought – but when and by who is still up for debate. Crispin Odey’s Odey Asset Management, has built up a 5.15 per cent stake and City sources reckon he plans to grow it to 10 per cent. But the chat is he will sit and wait for a bid to come in from a US hedge fund or bank. The US hedge fund billionaire Steve Cohen has also been rumoured by some but it is a waiting game and the shares were up 1.8p to 81.85p.

Another bid target oft quoted is publisher and events group Informa. Traders have been gossiping for weeks that a bid is due. It got an upgrade from scribes at Macquarie who now rate it outperform, up from neutral with a share price target of 450p. Rumours continued to focus on German publisher Axel Springer or a private equity group as possible bidders but its shares reversed 1.1p to 394p. Rival UBM has previously held talks with Informa, way back in 2008, and some City dealers think UBM is keeping a close eye on the situation. UBM ticked up 7p to 691p.

City traders reckon the haulage firm Eddie Stobart is on the road – the chat is it is planning to raise cash through a retail bond. Sources think Canaccord Genuity is working on it. Retail bonds have predominantly been the preserve of financial and property companies this year with Workspace Group, Primary Health Properties and CLS Holdings the most recent to issue them to raise cash. On Thursday Stobart said pre-tax profit dropped from £16.4m to £13.2m in the first half and yesterday its shares lost 2.7p to 113p.

---

The FTSE 100 was in negative territory during morning trade as eurozone concerns weighed heavy on investors’ minds but when Wall Street opened positive it edged back into the black. It ended up 1.66 points at 5806.71 but traders were expecting the benchmark index to fall next week as fears on the economic outlook refuse to go away.

The credit card insurer CPP said its performance next year would be hit by an FSA inquiry that is affecting new business but its full-year outlook remained unchanged and its shares bounced 2.96p to 11.75p.

Over on AIM, bid talk surrounded Toledo Mining Corporation. Filipino DMCI Mining Corporation has been building up a stake in the nickel focused miner. DMCI has been investing in Toledo to get an indirect stake in Berong Nickel Corporation. Toledo’s shares have jumped 9p this week but were static yesterday at 34.5p.

AIM tiddler Ascent Resources was forced to issue a statement on its negotiations over a farm out of its Slovenian asset. It said it is talking to Nafta Industrija Srbije, the Serbian oil and gas company controlled by Gazprom Neft, but “there can be no guarantee an agreement will be reached” and its shares edged up 0.28p to 1.58p.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Treasury Assistant - Accounts Assistant - London, Old Street

£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...

Ashdown Group: Business Analyst - Financial Services - City, London

£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...

SThree: Trainee Recruitment Consultant

£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...

Day In a Page

General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband

Chuka Umunna: A virus of racism runs through Ukip

The shadow business secretary on the benefits of immigration, humility – and his leader Ed Miliband
Yemen crisis: This exotic war will soon become Europe's problem

Yemen's exotic war will soon affect Europe

Terrorism and boatloads of desperate migrants will be the outcome of the Saudi air campaign, says Patrick Cockburn
Marginal Streets project aims to document voters in the run-up to the General Election

Marginal Streets project documents voters

Independent photographers Joseph Fox and Orlando Gili are uploading two portraits of constituents to their website for each day of the campaign
Game of Thrones: Visit the real-life kingdom of Westeros to see where violent history ends and telly tourism begins

The real-life kingdom of Westeros

Is there something a little uncomfortable about Game of Thrones shooting in Northern Ireland?
How to survive a social-media mauling, by the tough women of Twitter

How to survive a Twitter mauling

Mary Beard, Caroline Criado-Perez, Louise Mensch, Bunny La Roche and Courtney Barrasford reveal how to trounce the trolls
Gallipoli centenary: At dawn, the young remember the young who perished in one of the First World War's bloodiest battles

At dawn, the young remember the young

A century ago, soldiers of the Empire – many no more than boys – spilt on to Gallipoli’s beaches. On this 100th Anzac Day, there are personal, poetic tributes to their sacrifice
Dissent is slowly building against the billions spent on presidential campaigns – even among politicians themselves

Follow the money as never before

Dissent is slowly building against the billions spent on presidential campaigns – even among politicians themselves, reports Rupert Cornwell
Samuel West interview: The actor and director on austerity, unionisation, and not mentioning his famous parents

Samuel West interview

The actor and director on austerity, unionisation, and not mentioning his famous parents
General Election 2015: Imagine if the leading political parties were fashion labels

Imagine if the leading political parties were fashion labels

Fashion editor, Alexander Fury, on what the leaders' appearances tell us about them
Phumzile Mlambo-Ngcuka: Home can be the unsafest place for women

Phumzile Mlambo-Ngcuka: Home can be the unsafest place for women

The architect of the HeForShe movement and head of UN Women on the world's failure to combat domestic violence
Public relations as 'art'? Surely not

Confessions of a former PR man

The 'art' of public relations is being celebrated by the V&A museum, triggering some happy memories for DJ Taylor
Bill Granger recipes: Our chef succumbs to his sugar cravings with super-luxurious sweet treats

Bill Granger's luxurious sweet treats

Our chef loves to stop for 30 minutes to catch up on the day's gossip, while nibbling on something sweet
London Marathon 2015: Paula Radcliffe and the mother of all goodbyes

The mother of all goodbyes

Paula Radcliffe's farewell to the London Marathon will be a family affair
Everton vs Manchester United: Steven Naismith demands 'better' if Toffees are to upset the odds against United

Steven Naismith: 'We know we must do better'

The Everton forward explains the reasons behind club's decline this season
Arsenal vs Chelsea: Praise to Arsene Wenger for having the courage of his convictions

Michael Calvin's Last Word

Praise to Wenger for having the courage of his convictions