There has however been some suggestion SelecTV could be split with its production side - which
There has, however, been some suggestion SelecTV could be split, with its production side - which includes Lovejoy and Birds of a Feather, going to Pearson and its 15 per cent interest in Meridian, the south of England ITV contractor, to its fellow shareholder, MAI.London Clubs is attracting attention following the sale by the Barclay brothers of their 24 per cent interest. British Aerospace ignored any disappointment, firming to 730p.Engineer Cobham, up 31p to 432p, was supported by its pounds 75m takeover of Westwind Air Bearings, which will be funded by a rights issue.Oils remained firm on hopes the crude price will move ahead. British Petroleum rose 8.5p to 488.5p and Shell 6.5p to 745.5p.SelecTV, the programme producer, held at 31.5p. Lehman Brothers lifted Forte 5p to 253p after visiting the hotel group's US operations; an SBC Warburg downgrading lowered Sears, the retailer, 3p to 101p, and British Gas, third-quarter figures due today, was supported by Societe Generale Strauss Turnbull.P&O, the building and shipping group, managed to throw off the burden of cross-Channel competition and gained 16p to 494p on the back of a NatWest Securities buy recommendation.The securities house expects the group to lose pounds 50m in revenues this year and next due to competition from Eurotunnel.Rolls-Royce, the aero-engine group, was the top blue-chip performer, rising 11.5p to 172.5p on its pounds 1.2bn Singapore Airlines deal Another beneficiary, Smiths Industries, gained 12p to 594p. The FT-SE 100 index rose 11.1 points to 3,547.9.Analyst recommendations had an impact. Profits are expected to emerge at around pounds 612m against pounds 567m.The rest of the stock market remained firm, with New York shrugging aside the US budget stand-off and moving to a record, encouraged by the proposed 3M spin-off and a possible interest rate cut tom- orrow. Tressan McCarthy at Panmure Gordon is looking for pounds 223.6m, a 23 per cent gain.Cable and Wireless, reporting interim figures tomorrow, was little changed at 425p although stories of a possible break-up and a lack of unanimity in the boardroom continue to circulate.
Stories that, despite the heavy turnover, a large line of stock still hovered went the rounds; so did suggestions of a fourth operator being allowed into the German market where Vodafone is deeply involved.The results are expected to show the group continues to make headway. The group intends to take a dozen analysts to study its operations in such countries as Fiji and South Africa.The cash call rumour, however, was not the only call on Vodafone's shares. In busy trading the shares fell 6.5p to 251.5p; they have eased from 270p this month. Rumours suggested the cellular telecoms group, although lowly geared, had decided to call on shareholders to finance overseas acquisitions. It has made no secret of its desire to take full control of its foreign associates when and if the opportunity occurs.The story drew strength from an investment trip planned for later this month. One of the messages carried on City mobiles yesterday was that Vodafone may accompany next week's interim results with a heavy cash call. Ian Orrock, chairman, said actions so far taken to restructure Roxspur into profit and to control costs had resulted in a "turnaround" in the three months to September, which had been achieved against a background of uncertainty and severe working capital pressure. Roxspur fell into difficulties following its ambitious acquisition in April of Wills, a pumps and valves company four times its size and in a much worse financial state than expected.
Roxspur financed the acquisition of Wills with a placing and open offer of shares at 17p each.. The company also announced a pre-tax loss of pounds 2.9m for the 13 months to June There is no dividend. Raine's shares, which have fallen from 53p in the past year, closed 2p lower at 16p.. Roxspur, the specialist engineering group whose shares were suspended last month at 6.5p, is to raise pounds 2.18m through a four-for-nine rights issue at 3p. Other changes include the closure of the group's southern housing division, the reduction of the contracting arm from seven to three divisions and a reduction in social housing's overheads to match an expected fall in demand. The company said its principal UK operations, Hall & Tawse building contracting, Hall & Tawse social housing and Hassall Homes, made a combined operating profit before exceptionals of pounds 10.4m.