This week’s stock market review

first_img Previous Article Next Article Related posts:No related photos. This week’s stock market reviewOn 7 Mar 2000 in Personnel Today Comments are closed. Prospects brighten in the retail sectorThe tide may be about to turn for the UK retail sector. Last week, potentialbidders approached no fewer than three British retailers. Storehouse, theailing retail group which owns Bhs and Mothercare, confirmed that it hadreceived bids for the two subsidiaries as well as for the entire group. Also,clothier the Austin Reed Group confirmed that it too had been approached butturned down the unsolicited offer. Austin Reed’s stock price advanced about 30 per cent on the news.Storehouse’s share price rose by about 56 per cent. Marks and Spencer, whose value has been falling for some time, attracted alot of attention last week following speculation that French retail giantCarrefour could be interested in buying the struggling UK retailer. Frantictransactions in M&S shares drove the price up by more than 10 per cent butretreated after the company declined to comment on the rumours. Mixed messages from Rolls Royce hits its share priceThere were mixed blessings for Rolls Royce. The company announced a healthyjump in pre-tax profits for the year to £360m, up 11 per cent. Investorsappeared unconvinced, however, about the management’s forecast for next year.The company expects next years profit’s growth to be at least 10 per cent. Atthe same time the company warned about the impact of exchange rates onearnings, huge restructuring costs and a likely fall in engine sales. Theconflicting messages gave investors cold feet and the company’s stock pricefell sharply. Biotechnology provides the buzz on the London marketLate last week the London stock market recovered from its recent gloomy performance.The biotechnology sector provided much of the buzz, in particular CambridgeAntibody Technology, which jumped by more than 60 per cent following the newsthat it has signed a 10-year deal with Human Genome Sciences in the US.last_img read more