Newspaper article The Journal (Newcastle, England)

Rock Is Banking's Best Performer; Stocks and Shares in Association with TSG

Newspaper article The Journal (Newcastle, England)

Rock Is Banking's Best Performer; Stocks and Shares in Association with TSG

Article excerpt

IN the regional portfolio, mortgage bank Northern Rock moved strongly higher over the trading session. Rumours that Dutch bank ING may make a bid for the group circulated the market.

However, ING later confirmed that it does not intend to make an approach for the bank.

Northern Rock has also been cited as a possible target for HSBC. Investment house Collins Stewart pointed out that although a bid can not be ruled out, it considers an approach to be unlikely as Northern Rock is a very efficient bank and there would be limited synergies available to any acquirer. Northern Rock recorded the best performance in the banking sector rising by 3.98% or 29p to close at 757p.

Elsewhere in the market, Dresdner Kleinwort was positive on brewer Scottish & Newcastle.

The investment house believes that the stock should do well in the short term due to its defensive characteristics together with the possibility of a bid from rival Carlsberg. Scottish & Newcastle has found trading conditions to be tough following poor summer weather in the UK and France, the group's largest markets, and a lack of major sporting events. …

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