3 Shares the FTSE 100 Should Beat Today
LONDON -- The FTSE 100 broke through the 6,300 level again in morning trading, but then it fell back a little to stand just three points up to 6,286 as of 10:15 a.m. EST. Fresh concerns about debt in the eurozone seem to be causing some jitters in the otherwise steady bullish run we've seen so far this year.
While share price movements have been mostly upward today, there are still some constituents of the various FTSE indexes that are falling. Here are three dropping today.
Shares in Virgin Media have dropped 1% to 2,861 pence today after the company revealed that it will be taken over by U.S. giant Liberty Global . The deal, which will take the form of a stock-and-cash merger valued at $23.3 billion, will create a broadband communications company with 25 million customers in 14 countries.
Today's fall follows a surge in the Virgin share price yesterday, when the company confirmed rumors that some sort of transaction was in the pipeline.
SSE shares dropped 0.4% to 1,409 pence after the company agreed to sell four of its wind farms, with a total capacity of 79.5 MW, for 140 million pounds. The buyer is a new fund set up by Greencoat Capital, in which SSE will invest up to 43 million pounds, depending on subscription demand.
SSE will take power from three of the farms and will continue the operation and maintenance of all four. The deal depends on Greencoat Capital listing on the London Stock Exchange and raising the capital for the purchase, and that is expected to happen by March.
A new equity-placing sent shares of Victoria Oil & Gas down 17% to 1.7 pence -- their lowest price of the year so far. The explorer, with assets in Cameroon and Russia, told us that the placing -- 1.46 billion new shares at 1.6 pence each to raise 23 million pounds -- had been oversubscribed. The firm says the new cash is sufficient to fund its long term objectives for its Logbaba Gas discovery in Cameroon and to meet its production targets for this year.
In the long term, Victoria plans to sell off its interests in Russia in order to focus solely on Africa.
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