Stock market report at 10:00 : Brit Insurance, CSR, Centrica stock slumps after British Gas price rises
Stock market report at 10:00 : Brit Insurance, CSR, Centrica stock slumps after British Gas price rises
2010/07/28 by ukcitymedia.co.uk about : Stockmarket Reports - 0 Comments - 244 words
The FTSE rose this morning thanks once again to banking groups and insurers. Royal Bank of Scotland and Prudential being the highest gainers for the FTSE 100. Biggest losses for the 100 came from Invensys and Unilever. Another busy day for results has seen some disparate stock trading prices but all in all the market is performing well so far, up 0.14% to 5,373.
Centrica is in the news again. Having recently announced British Gas price rises, the news that the group’s profits have risen 65% for the half year to June is likely to cause some anger with customers. Especially considering that British Gas profits nearly doubled with a jump of 98%. Share prices for Centrica slipped 1.92% down to 301.80p.
CSR makes Bluetooth chips for a range of mobile and home devices. However, despite returning to the black in the first half of the year their share prices have tumbled after stating that foundry capacity is becoming increasingly constrained through limited investment. This has led to more cautious figures for the remainder of the year and their stock has dropped 14.03% to 356.50p.
Another potential acquisition is on the cards and the result is that Brit Insurance has seen its prices rise sharply this morning. A US private equity firm has been given the go ahead to look at the insurance underwriter’s books and news of the possible purchase has seen Brit Insurance stock rise 10.45% to reach 1,009.00p.
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