Newspaper article The Journal (Newcastle, England)

Serco Sees Its Share Price Jump

Newspaper article The Journal (Newcastle, England)

Serco Sees Its Share Price Jump

Article excerpt

Byline: FTSE 100 Annabel Breakey Brewin Dolphin

LONDON'S leading index seemed to lack direction on Tuesday eventually, giving up some of Monday's gains, although only losing 3.8 points to close at 6306.9.

One of Tuesday's biggest gainers was Serco, the international servicing company, who saw the share price rise to levels not seen since April 2010. The climb was on the back of reports that the company may have won a contract from the US Department of Health and Human Services' Centre for US Medicare and Medicaid health plans. Whilst Serco did not divulge any financial information about the proposed deal it is thought to be worth up to $1.25bn over the next 10 years. The share price rose 40.5p to close at 665.5p.

Burberry, the luxury fashion brand, also defied the fall after a broker upgrade from HSBC boosting shares from neutral to overweight. HSBC entitled the note "Everything in its right place" and believes the company's strategic initiatives are coming together, with better growth visibility, which is attractive now the firm no longer trades at a premium to its peers in the luxury goods sector. …

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