Eastern eyes on Land grab
BRITISH Land was in the takeover spotlight yesterday amid speculation sovereign wealth funds from the east are gearing up for a big move into the commercial property market.
Gossips suggested yesterday several leading property agents are working on valuations for potential buyers from Qatar, China and Singapore.
Shares in British Land, the UK’s biggest quoted retail landlord, which owns half of Sheffield’s Meadowhall shopping centre and is building the Cheesegrater skyscraper in London, gained 10p to 623p.
Fellow blue chips Land Securities and Hammerson were underpinned 3 ½ p to 990 ½ p and 2p to 530p.
Hyperactivity treatments company Shire grabbed attention as increased sales and lower costs gave its thirdquarter results a shot in the arm. Shares in the bid favourite soared 235p to 2760p as it raised its annual earnings forecast after simplifying its three divisions into one and reducing overlapping in its research and development and commercial operations.
Plans to sell part of its stakes in big gas fi elds off the coast of Tanzania, with Indian state- run company GAIL seen as a potential buyer, fi red up Ophir Energy 27 ¼ p to 326 ¾ p.
Retailer Sports Direct International was marked down 27p to 685p as investors followed founder Mike Ashley, who cashed in shares worth £ 106million after their strong performance.
With the price of gold hitting a one- month high of $ 1,348 an ounce in anticipation of the US Federal Reserve maintaining its moneyprinting stimulus, top flight precious metals producer Fresnillo climbed 28p to 1022p, while mid- caps Hochschild and Polymetal International fi rmed 8 ½ p to 168 ½ p and 9p to 606 ½ p. Positive manufacturing data from China fuelled demand for the wider mining sector.
Vedanta Resources and BHP Billiton strengthened 23p to 1088p and 27 ½ p to 1950p.
The FTSE 100 Index closed 38.70 points higher at 6713.18.
Michael Hewson, chief analyst at CMC Markets UK, said: “Improving economic data in China combined with better than expected earnings numbers from some big corporates have helped markets resume their upward path.”
Talk of US predatory interest lifted hedge fund manager Man Group 2 ¼ p to 90 ½ p, while car dealer Inchcape accelerated 22p to 644 ½ p as healthy demand for premium and luxury vehicles drove thirdquarter sales 7 per cent higher.
Telecoms equipment testing firm Spirent Communications reversed 5 ¼ p to 118 ¼ p as it warned fourth- quarter revenue would come in below expectations.
On Wall Street, the Dow Jones was 95.88 points higher at 15,509.21 by close.