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Aggreko in the lead as FTSE rally stalls
by Chris Marshall on Oct 28, 2013 at 11:03
Britain’s blue chip FTSE 100 index wavered on Monday morning, failing to build on the strong rally of the past two weeks.
The index has risen 11 out of the past 12 days and is up 4% over six months, helped by growing confidence that the US Federal Reserve will no longer start to decrease the size of its stimulus scheme this year. The bank’s decision-making FOMC committee decides on what to do with its bond-buying QE scheme on Wednesday.
The stormy weather meant that some City traders couldn’t reach their desks, making for a quiet Monday morning session with the FTSE 100 little moved at 6,715.
Aggreko (AGGK.L) rose to the top of the FTSE 100 after the provider of temporary power told investors that underlying revenue growth had been ‘slightly ahead of last year’ in the third quarter, in an update that was largely as expected.
'Aggreko has issued an update for Q3 which suggests very little has changed (which is good),’ wrote analysts at Panmure Gordon in a note. They added that ‘it was all to play for’ and kept their ‘buy’ rating on the shares, but cut their target price to £15.17
G4S (GFS.L) was up 1% to 260p after the security company rejected a £1.55 billion offer for its cash solutions business from Charterhouse Capital Partners, a private equity firm. G4S described the approach as ‘highly opportunistic,’ it said in a statement.
The news comes as the security firm, which was brought into the public eye by failing to provide enough security during the 2012 London Olympics, faces more controversy. Staff at a South African prison run by G4S have been accused of shocking abuses against inmates, according to news reports. The South African government has temporarily taken over the Mangaung prison.
The British pound rose, up 0.24% to $1.6202, after a report from Hometrack showed average home values in England an Wales rose 0.5% this month
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