Barratt strikes £46m land deal

Dec 18 2008 by Graeme King, The Journal

DESPITE the US Federal Reserve's decision to slash its key interest rate from 1% to a range of between zero and 0.25% causing a 4.2% rally on the Dow Jones overnight, the FTSE 100 index lacked direction yesterday morning.

The top flight index finally ended the day 15 points higher at 4324.

In the regional portfolio, gold producer China Goldmines, announced results for the year ended 30 June. The company announced a loss before tax for of $4.2m against a pretax loss of $2m a year earlier.

Among the operational highlights of the year was the successful transition of the company from gold explorer to gold producer, and in early 2008 poured its first gold to mark the opening of its new production plant at its Shenjiaya Prospect.

The shares cheered 4.65% to close at 22.5p.

Elsewhere in the regional portfolio, it was another difficult day for Premium Bars and Restaurants. The company's shares plunged by a further 30% on news that it has not yet been able to renew its banking facilities.

Therefore in order to finance short term commitments it will have to raise additional funding itself.

Premium shares ended the day lower at 3.125p.

Housebuilder Barratt Developments said it had struck a £46m deal to sell industrial land and buildings under its ongoing sale of Wilson Bowden assets.

The cash will be used to reduce group debt.

The strongest performance of the day came from Opsec Security Group, whose shares ended the day 8.5% higher at 19p.

Fiona Erdozain fionae@brewin.co.uk