Man Group Jumps on Takeover Speculation

Strong gains on Wall Street overnight fuelled by positive corporate earnings and manufacturing data were reflected on the London Stock Exchange on Wednesday morning. Shortly before midday the FTSE 100 was up 30.14 points or 0.6% at 5,274.20, up for the third day in a row and touching a two-week high.

Dominic Turner
shareprices.com - Wednesday, February 17, 2010

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Man Group

The US dollar fell to €0.726 against the euro, bolstering mining stocks; Xstrata was up 14p or 1.32% at 1,072p and Eurasian Natural Resources Corporation (ENRC) up 40.5p or 4.19% at 1,007p. Investment management firms Man Group and Schroders, which conduct much of their business in the US, were also popular, rising by 13.3p or 5.84% to 241.10p and 30p or 2.62% to 1,174p, respectively. Man Group was also the subject of merger and acquisition speculation. The largest assessment company in the world, Blackrock Inc. disclosed a 10% in Man Group in a filing on Tuesday and was reportedly considering the hedge fund manager as a takeover target.

Insurer Legal & General was also going well, up 27p or 2.36% to 1,171p, after it reported that net revenue in the UK more than doubled in 2009. The firm reported that the number of whole of life policies sold in the fourth quarter of last year and despite a 7% fall in sales of insurance products overall in 2009, predicted that sales would increase once again this year as consumers look to invest. The lack of activity in the housing market and the effects of recession on corporate payrolls took its toll on new business premiums in 2009 with sales falling by 13% compared with 2008.

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