Market Report: Wiggins effect set to speed up Halfords - Sharewatch - Business - The Independent

Market Report: Wiggins effect set to speed up Halfords

Dennis Millard must surely be one of Bradley Wiggins' biggest fans. Although there's no evidence yet the chairman of Halfords – and currently the man in charge until the search for a new chief executive is complete – has strapped on a pair of imitation sideburns, he will no doubt have been celebrating Monday's gold medal-winning performance by the "king of the Mods".

The boost the bicycles retailer could get from Wiggo's success in the time trial was being highlighted yesterday, with Seymour Pierce's Kate Calvert using the opportunity to reiterate her "buy" recommendation on the stock.

As well as the Wiggins effect, the analyst added that Halfords will get a boost from the track cycling, which kicked off yesterday.

Although Halfords is not a sponsor of Wiggins, Ms Calvert pointed out the company has teamed up with both Chris Boardman - a gold medallist in Barcelona in 1992 – and current star Victoria Pendleton to produce bikes.

She also said last month's resignation of David Wild as chief executive was "a positive turning point for the shares" and added that the company's cashflow was "strong enough to maintain the dividend... and could attract corporate activity", as Halfords advanced 2p to 205.5p.

Early gains which saw the FTSE 100 hit its highest level since the start of May were wiped out after Mario Draghi failed to come up with convincing measures to support eurozone bonds.

Amid weak volumes, which added to volatility, the blue-chip index ended down 50.52 at 5,662.3

Bank stocks were particularly hard hit because of their eurobond holdings, with Barclays off 6p at 162.3p and Lloyds Banking Group down 1.31p at 29.39p.

Claims that ministers have been discussing whether it may be time to fully nationalise Royal Bank of Scotland meanwhile failed to revive the bank ahead of its results today.

According to overnight reports, ministers have talked about the possibility as a way to boost the amount RBS lends to small businesses, although apparently George Osborne and the Treasury are against the idea.

With many sceptical over the likelihood of it happenning, the chatter failed to revive the group's share price, which sank 10.9p to 204.5p, near the bottom of the leaderboard

Liberum Capital's Cormac Leech said full nationalisation was "unlikely" for a number of reasons, including his belief that "RBS is clearly on the road to recovery (albeit more circuitously than some envisaged)", although the analyst added "if a buyout did occur it would likely be at a premium to the current share price". Meanwhile, the scribblers at Oriel Securities were rather more frank. "Nationalisation would be nuts" was their view, going on to say that "the Government should just get on and do what is was elected to; fix the economy and stop telling world-class operators such as Stephen Hester, how to do their job."

The prosthetics maker Smith & Nephew topped the leaderboard, climbing 15.5p to 675p as it announced a 50 per cent jump in its half-year dividend alongside its interim results.

Down on the FTSE 250, Spirent Communications slumped a huge 23.8p – or 14 per cent – to 144.7p after the supplier warned its growth over the second six months of the year would not be as high as expected.

Also deep in the red was Ophir Energy. The Africa-focused explorer plummeted by 60.5p to 522p on the news that its Papa-1 well off the shore of Tanzania had not found as much natural gas as the Square Mile had been hoping for.

Suggested Topics
News
John Travolta is a qualified airline captain and employed the pilot with his company, Alto
people'That was the lowest I’d ever felt'
Life and Style
healthIt isn’t greasy. It doesn’t smell. And moreover, it costs nothing
Arts and Entertainment
Emma Thompson and Bryn Terfel are bringing Sweeney Todd: The Demon Barber of Fleet Street to the London Coliseum
theatre

Returning to the stage after 20 years makes actress feel 'nauseous'

News
peopleThe Times of India said actress should treat it as a 'compliment'
PROMOTED VIDEO
Property
Home body: Badger stays safe indoors
property
News
The programme sees four specialists creating what they believe are three perfect couples, based on scientific matchmaking. The couples will not meet until they walk down the aisle together
tvUK wedding show jilted
Arts and Entertainment
US pop diva Jennifer Lopez sang “Happy Birthday” to Gurbanguly Berdimuhamedow, president of Turkmenistan
musicCorporate gigs become key source of musicians' income
Arts and Entertainment
You've been framed: Henri Matisse's colourful cut-outs at Tate Modern
artWhat makes a smash-hit art show
News
ebooksAn unforgettable anthology of contemporary reportage
Arts and Entertainment
While many films were released, few managed to match the success of James Bond blockbuster 'Skyfall'
filmsDaniel Craig believed to be donning skis as 007 for first time
Student
The Guildhall School of Music and Drama is to offer a BA degree in Performance and Creative Enterprise

Undergraduates will be able to study beatboxing and performance poetry at one of Europe’s leading conservatoires for the first time, after the Guildhall School of Music and Drama revealed plans for a “groundbreaking” degree course.

Sport
Mikel Arteta pictured during Borussia Dortmund vs Arsenal
champions league
Voices
Yes supporters gather outside the Usher Hall, which is hosting a Night for Scotland in Edinburgh
voicesBen Judah: Is there a third option for England and Scotland that keeps everyone happy?
Arts and Entertainment
Pulp-fiction lover: Jarvis Cocker
booksJarvis Cocker on Richard Brautigan
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

Sales Executive

£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...

Payroll & Accounts Assistant

£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...

SQL Developer - Watford/NW London - £280 - £320 p/d - 6 months

£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Senior BA - Insurance **URGENT**

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Day In a Page

Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam
'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

Exclusive extract from Janis Winehouse's poignant new memoir
Is this the role to win Cumberbatch an Oscar?

Is this the role to win Cumberbatch an Oscar?

The Imitation Game, film review
England and Roy Hodgson take a joint step towards redemption in Basel

England and Hodgson take a joint step towards redemption

Welbeck double puts England on the road to Euro 2016
Relatives fight over Vivian Maier’s rare photos

Relatives fight over Vivian Maier’s rare photos

Pictures removed from public view as courts decide ownership
‘Fashion has to be fun. It’s a big business, not a cure for cancer’

‘Fashion has to be fun. It’s a big business, not a cure for cancer’

Donatella Versace at New York Fashion Week