ICAP Brings out Stars to Lift Woe; MARKET REPORT

Daily Mail (London), December 8, 2011 | Go to article overview

ICAP Brings out Stars to Lift Woe; MARKET REPORT


Byline: Etain Lavelle

YOU know the festive season has kicked off in earnest when a trail of celebrities in fancydress start beating a path to the City headquarters of interdealer broker, ICAP.

The firm held its 19th annual all-day fundraising event to raise money for 200 charities - notably Maggie's Cancer Centres and Cure Parkinson's Trust - helping to remind us all that there are more noble causes than eurozone harmony.

ICAP said half the cast of Downton Abbey took to the phones yesterday in a bid to push up trading volumes, joined by ex-boxer Frank Bruno, the Duchess of Cornwall, England rugby player Joe Worsley and Naked Chef Jamie Oliver.

But eurozone harmony - or rather the absence of it - continued to weigh heavily on global markets. The FTSE suffered from increasing pessimism that a eurozone deal might be brokered by the end of the week after an unidentified German official accused some eurozone governments of not understanding the gravity of the situation.

'People are just looking for a quiet December and to start again next year,' said a seasoned trader. 'But it's all Macro-dominated and there is no resolution there.'

The index closed down 21.81 points at 5,546.91, having started the session in positive territory.

ICAP itself was a victim of the gloom, dropping over 4pc after analysts at Morgan Stanley downgraded the inter-dealer broker to 'equal weight' from 'overweight'. Morgan Stanley cut its earnings forecast for the banking sector in 2012-13 by 7-9pc. Traders also said the stock was impacted by data showing that electronic trading volumes dropped by 7pc in November. The shares fell 16.1p to 350.4p.

RBS was under the cosh ahead of the publication of the Financial Services Authority report into the collapse of the bank in 2008, expected to be published on December 12. Shares fell 0.45pc to 22.14p. Among other financials, Man Group, among the world's largest publicly listed hedge funds, slid by 3.4p to 139.8p as the turmoil in global markets looks set to continue.

But there was a glimmer of good news for high-end retailer Burberry Group. Simon Irwin of Liberium Capital initiated coverage with a 'buy' recommendation, and forecast 20pc average earnings growth in the next four years. 'Burberry has reached an inflection point,' he wrote in a note to clients. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

ICAP Brings out Stars to Lift Woe; MARKET REPORT
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.