Market Report: Quindell falls to eight-month low
Thursday 12 June 2014
Insurance claims outsourcer Quindell fell to an eight-month low and saw almost £200m wiped off its value yesterday, after plans for a Premium Listing collapsed.
Four days after saying it was still working on its application, Quindell admitted it wouldn't be able to meet the criteria. The Aim-listed company claimed it was a victim of its own success after its rapid expansion into new areas such as telematics. Listing rules require a consistent business model for three years to allow investors to assess prospects.
Quindell, 3.5p lower at 14p, is now mulling a North American listing.
The FTSE 100 slipped 34.68 points to 6,838.87, with little conviction about. Johnson Matthey, down 43p at 3,247p, and Vodafone, 9.45p lower at 199.4p, were both trading ex-dividend. EasyJet lost 63p to 1530p and British Airways-owner IAG dropped 12.6p to 400p, after a steep profit warning from rival airline Lufthansa.
Grolsch and Pilsner Urquell brewer SABMiller retreated 65p to 3,395p on a downgrade from Shore Capital. Revived takeover rumours helped it rise earlier this week, but the broker thinks SABMiller's current valuation is now too high.
With SAB on the wane, chatter turned to consumer goods giant Unilever. Traders speculated that the pot of cash first thought to be for SABMiller is actually intended for the Ben & Jerry's to Lynx maker, down 7p at 2,678p. A private equity bid could be around the £40-a-share mark.
News that extremists have seized the oil-rich province of Mosul in Iraq hit companies searching for black gold in the country. Genel Energy slipped 58.5p to 968.5p, Afren was 6.8p lower at 144.2p and Gulf Keystone Petroleum lost 9p to 91.5p.
Posh kitchen specialist John Lewis of Hungerford slid 0.22p to 1.7p on Aim, after admitting that the cost of two new showrooms will hit this year's operating profits.
"Serial disappointer" Orosur Mining might be losing its bad reputation, according to Whitman Howard, after a strong set of full-year results. The Uruguay-focused gold miner rose 0.76p to 13.01p after it beat its 60,000-ounce production target.
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 2 Israel has discovered that it's no longer so easy to get away with murder in the age of social media
- 3 Israel-Gaza conflict: The myth of Hamas’s human shields
- 4 Amy Winehouse unpublished 2004 interview: ‘Ten years from now I’ll be 30, so I’ll maybe have one baby’
- 5 Dutch paedophile club to fight their ban at the European Court of Human Rights
Lana Del Rey: 'I have slept with a lot of guys in the industry'
Peaches Geldof cause of death: 'Heroin addict' socialite had taken fatal dose of drug, inquest concludes
Peaches Geldof inquest: Tragic final moments of socialite's life reveal she lied to husband about failed heroin tests
Israel-Gaza conflict: The myth of Hamas’s human shields
Malaysia Airlines MH17 crash: Was a Russian-made missile really parked in this quiet square?
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...