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
sportWWE latest including Sting vs Triple H, Brock Lesnar vs Roman Reigns and The Undertaker vs Bray Wyatt
Arts and Entertainment
Louis Theroux: By Reason of Insanity takes him behind the bars again
tvBy Reason of Insanity, TV review
Arts and Entertainment
Cassetteboy's latest video is called Emperor's New Clothes rap
videoThe political parody genius duo strike again with new video
Arts and Entertainment
tvPoldark, TV review
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

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

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Retirement Coordinator - Financial Services

Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...

Recruitment Genius: Annuities / Pensions Administrator

Negotiable: Recruitment Genius: You will be the first point of contact for all...

Ashdown Group: HR, Payroll & Benefits Officer - Altrincham - up to £24,000.

£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...

Ashdown Group: Learning and Development Programme Manager

£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...

Day In a Page

No postcode? No vote

Floating voters

How living on a houseboat meant I didn't officially 'exist'
Louis Theroux's affable Englishman routine begins to wear thin

By Reason of Insanity

Louis Theroux's affable Englishman routine begins to wear thin
Power dressing is back – but no shoulderpads!

Power dressing is back

But banish all thoughts of Eighties shoulderpads
Spanish stone-age cave paintings 'under threat' after being re-opened to the public

Spanish stone-age cave paintings in Altamira 'under threat'

Caves were re-opened to the public
'I was the bookies’ favourite to be first to leave the Cabinet'

Vince Cable interview

'I was the bookies’ favourite to be first to leave the Cabinet'
Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell
From farm to fork: Meet the Cornish fishermen, vegetable-growers and butchers causing a stir in London's top restaurants

From farm to fork in Cornwall

One man is bringing together Cornwall's most accomplished growers, fishermen and butchers with London's best chefs to put the finest, freshest produce on the plates of some of the country’s best restaurants
Robert Parker interview: The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes

Robert Parker interview

The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes
Don't believe the stereotype - or should you?

Don't believe the stereotype - or should you?

We exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor