Disappointing results for D1 Oils

Apr 10 2008 by Graeme King, The Journal

UK EQUITIES spent most of the day in broadly neutral territory, as the FTSE 100 closed 6.3 points down at 5983.9.

Miners featured heavily on the leaderboard once again, but mortgage lending banks were under pressure following HSBC’s decision to offer a “mortgage renewal” product that would match homeowners’ existing deals, that could see it gain extra share in the mortgage market.

From The Journal North 40, D1 Oils announced a disappointing set of full year results. Full year losses at the bio-diesel producer extended to £46.1m from £12.6m the previous year.

The company also announced that a placing of new shares to raise funds had been completed, and despite this being at a price of 25p, the shares fell a 0.75p to 37p.

Barratt Developments was moved higher in early trade by the news of HSBC’s mortgage offers and received a second boost when broker Panmure Gordon raised its rating on the shares to “hold”, having previously rated the stock a “sell”.

The broker cited recent share price weakness for its move and maintained a 400p per share target.

The shares though could not maintain an early 4% gain and eventually closed 2.75p lower at 374.25p.

Reports in the Italian press suggested Arriva was set to buy a large stake in Italian bus and transport company Sita.

The report also suggested Arriva was looking to develop transport activities in Albania, Romania and Argentina. The shares closed unchanged at 681.5p.

John Dance John.dance@brewin.co.uk