END OF DAY NEWS WRAP

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FTSE 100 dips but keeps its head above 6,100

January 16 2013, 5:29pm
Thomson holidays group TUI Travel confirmed that major stake holder TUI AG has approached it to talk about a full merger of the two companies.

Profit-takers had the top-share index in a loose head-lock today.

Miners were a major drag on the index, especially Xstrata (LON:XTA) and Glencore (LON:GLEN) ahead of the imminent consummation of their merger. The former fell 3.4% and the latter 3.2%.

Lloyds Banking (LON:LLOY) was another weight on Footsie’s back, slipping 2.5% in the wake of a downgrade from Australian broker Macquarie Capital.

In other broker news, mobile phoned giant Vodafone (LON:VOD) slid 2.0% on the back of a Deutsche Bank downgrade to ‘hold’, but alcoholic drinks heavyweight Diageo (LON:DGE) shrugged off a downgrade from Société Générale and rose 0.2%.

Thomson holidays group TUI Travel (LON:TT.) confirmed that major stake holder TUI AG has approached it to talk about a full merger of the two companies. The merger has been on the cards for some time, but the stock still rose 3.9%.

Forbidden Technologies (LON:FBT) enchanted investors on AIM, up 12% on the back of the success of its video editing platform during the Olympics.

Chief executive officer Stephen Streater told Proactive Investors today that having NBC using its technology for the biggest sporting event in the world made a lot of other sports broadcasters sit up and take notice.

Widespread use of the technology during the Games boosted Forbidden’s revenues in 2012, while sales growth exceeded the 50% predicted by analysts by “a respectable margin”.

Surpassing even Forbidden Technologies’’ eye-catching gain was Silence Therapeutics (LON:SLN), up 22%, after Richard Griffiths, the founder of Evolution Securities, increased his stake to 7.31% from 6.71%.

Xenetic Biosciences (LON:XEN), up 30.5%, left both Forbidden and Silence in its slipstream.

Sound Oil (LON:SOU), up 10%, was wanted after it raised just over US$3mln (£1.9mln) via the fifth and sixth tranches of a share placement programme first announced last summer.

The stock was sold at a volume weighted price of 9.45 pence. The final tranche will expire on February 11.

The cash injection leaves the company with US$12.4mln and no debt. It said this morning it expects to begin drilling of the Nervesa appraisal well in northern Italy, with between US$14-$15mln in the bank. The cost of the work is put at around US$1.8mln to deliver a project with a net present value of US$60mln.

Angle (LON:AGL) pointed downwards, after two days of huge gains that added more than 45p to the share price, taking it to 75p by Tuesday’s close. Shares were down 20% to 59.625p.


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