Newspaper article The Journal (Newcastle, England)

'Disappointing' Sale Period for ScS; Stocks and Shares

Newspaper article The Journal (Newcastle, England)

'Disappointing' Sale Period for ScS; Stocks and Shares

Article excerpt

THE UK stock market opened the week in positive territory as the FTSE 100 Index closed the session 13.7 points up at 6215.7.

Property companies drove the headline index higher, with house builders and mining companies also strong.

A report from the government found that house prices had fallen by 0.8% during November and annual house price inflation fell to 9.5%, its lowest level since November 2006. The fall in house prices leaves the average home in the UK costing pounds 218,330.

In The Journal 40, Scottish & Newcastle stated that it expects its full-year results to be in line with the guidance given at its third quarter update. The brewer saw strong performance in the UK and French markets in the fourth quarter, with total beer and cider sales up 2% in the UK but flat on the year.

S&N also underlined its opinion that the 780p per share that the Carlsberg/Heineken consortium has offered to take over the group undervalues the company, arguing that its prized Russian joint venture with Carlsberg, BBH, and its position in India demand a higher value. …

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