Pound
BNP reiterates outperform on Vodafone, target to 135p
Emmet Kelley analyst at BNP Paribas has maintained an Outperform recommendation on Vodafone, with a target price of 135 pence. Kelley welcomes the operating results of the company with free cash flow, which stood at 2.4 billion pounds (50% more than the estimates). Investments (CAPEX) decreased but remains higher than expected. The analyst also liked the operating margin in the United Kingdom reached 37% in the second half, a good result considering the high level of competitiveness (many analysts had expected the 34-35%). At this moment, Vodafone is traded in London at 109 pence a share (+3.8%), well below the maximum intraday 113.75 pence.
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BT, decided drop in profits in the quarter
British Telecom has seen a fall in profits in the fiscal first quarter, following the consolidation of results by the two subsidiaries in Germany and Holland. The company’s ordinary income for the quarter fell to 186 million pounds, from 637 million pounds in the same period of 2000. Analysts had expected a result between 140 and 220 million pounds. Earnings per share, excluding special items, fell to 0.3 pence from 5.7 pence earlier. The turnover has risen from 4.7 billion to 5.4 billion pounds, while EBITDA rose from 1.518 billion to 1.519 billion pounds. BT has also announced it is developing a plan for disposal of the mobile phone division BT Wireless later this year and will provide more details to its shareholders. The title has opened the trading day today with a modest rise of 0.22% to 454.97 pence.
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Thud of the Turkish stock market, overlooking the pound
black day for Istanbul Stock Exchange that is losing 5% with the index of top 100 companies are testing fee 8640 points. The flop of the auction of government bonds (the yield rose to 104.89%), with the Treasury that he wanted to put 300 mila billions of Turkish lira and has received subscriptions for only 45.8 thousand billion, has brought down the divided: for a dollar, it takes 1.5 million dollars.
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Acotel: adopted the quarter ended December 31, 2000
The board of Acotel Group, meeting yesterday, approved the quarterly report to 31 December 2000, the company scored in the 4th quarter consolidated revenues of 8.3 billion pounds and a profit before tax amounted to 529 million lire. With these results, consolidated revenues for the whole of 2000 stood at 20.7 billion pounds, up 159% over 1999.
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Pop. Bergamo: good closure 2000
Banca Popolare di Bergamo should close the 2000 financial year with net profit of around 400 billion lire (+46%) compared to an increase of 7.7% of direct deposits (32,373 billion pounds) and 10.3% and indirect (62,473 from 15,965 billion in assets under management), although employment grew dell’13, 3%.
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The euro crushed by the dollar
The race in the U.S. economy does not yet seem cold, the European Central Bank does not intervene on the rate of Euroland and the euro knows another day of passion. Yesterday, the single currency has also fallen below the threshold of 90 cents, just over 2,150 pounds. Not the case for two and a half months.
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Royal London buys United Assurance
Royal London, British insurance company, bought United Assurance for 1.5 billion pounds, in order to achieve economies of scale. The United, who had seen flying the stock yesterday, is developing now a +11%: The operation involves an exchange of 445 pence in cash per share by Royal London and a second interim dividend of 20 pence on the part of ‘United Assurance.
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London closes up
Closing stocks up for London. The FTSE ended the trading day at 1.01% despite the uncertainties given by the speech by Alan Greenspan about a possible rise in interest rates. To comfort the investors came instead given that inflation should remain at acceptable levels over the coming months. Well the title Halifax that has now reached the +25%. The insurance company said it would invest 150 million pounds on the Internet to sell insurance on homes and cars online.
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BOC, increased profits by 17%
The British gas group BOC has announced a profit improvement of 17% over last year. The company earned $ 101.8 million pounds in ‘99. French Air Liquide, the world number one industrial gas, and the American Air Products and Chemical, are climbing BOC. The title is gaining 0.91% in London.
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Mondadori, grow profits and dividends
The publishing company Mondadori closed 1999 with a consolidated net profit growth of 58.6% to 152.8 billion revenues for 2,634 bn (more than 8%). The Board will propose to shareholders a dividend of 680 lire (against 520 of ‘98) for ordinary shares and 700 pounds (540 pounds) per savings share, payable on or after 25 May.
