Newspaper article The Evening Standard (London, England)

Taking Stock; Your At-a-Glance Guide

Newspaper article The Evening Standard (London, England)

Taking Stock; Your At-a-Glance Guide

Article excerpt

Cantor Fitzgerald, which a month ago rejected Tullett Prebon's offer for its ESpeed electronic broking arm, today merged the unit with London-based BGC Partners in a $1.3 billion ([pounds sterling]650 million) deal.

Cantor keeps significant control.

BANKING AND FINANCE

More buy-to-let investors are selling up, says the Royal Institution of Chartered Surveyors. In the first quarter of the year, 5.2% of such property owners sold at the end of their tenant lease, up from 4.1% the previous three months.

BUILDING AND PROPERTY CONSUMER

Northern Foods is finding it tough to make a profit from biscuits, because of the rising cost of cocoa, but is doing fine thanks to sales of sandwiches and pizzas. Full-year profits were [pounds sterling]40 million, up [pounds sterling]7 million.

The dividend is held at 4.25p.

CONSUMER

The housebuilding market in France has slipped sharply, according to figures today, triggering concerns about the consumer side of the French economy.

Housing starts in the three months to the end of April were down 9.5% on a year ago.

ECONOMICS

Goldman Sachs has raised Invensys from sell to neutral and removed the shares from its Pan- Europe Sell List. It did this after last week'sfull-year results showing the controls division had turned the corner, lifting its target to 365p.

ENGINEERING

Indian drugmaker Aurobindo has won US approval for its antibiotic Cefprozil tablets in 250mg and 500mg strengths. Cefprozil is a generic version of the Cefzil brand made by Bristol-Myers Squibb to treat respiratory infections.

HEALTH INDUSTRIALS

UK Coal is shaking up its top management team and chief executive Gerry Spindler, 59, top man since 2004, will step down in September, to be replaced by Jon Lloyd, currently property director. He plans to return to the US.

INDUSTRIALS

Dobbies Garden Centres was in the bid spotlight today, sending the group's shares up 120p to 133712p to value it at [pounds sterling]132.5 million. Dobbies said it had been approached and "discussions have taken place which may or may not lead to an offer".

LEISURE

Deutsche Bank has raised publisher Reed Elsevier from hold to buy and jacked up its target price from 600p to 715p. …

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