Financial News

LONDON (ShareCast) - London lacks direction on another quiet day for corporate news and UK economic data.

Home Retail Group is slightly off the pace after this morning's trading statement. The retailer said both Argos and Homebase enjoyed better than expected sales in the quarter and grew market share, but traders took the opportunity to take profits after the stock's recent good run over the last two days.

Electronic components distributor Premier Farnell (LSE: PFL.L - news) saw first quarter profit slump 63% as the poor market trends it experienced in the fourth quarter persisted.

Consumer packaging group Rexam (LSE: REX.L - news) has refinanced its £775m revolving credit facility and a number of smaller bilateral facilities which mature in 2010.

Drug giant AstraZeneca (LSE: AZN.L - news) reported broadly positive results from a US Food and Drug Administration review of the use of the bipolar disorder treatment Seroquel in children and teenagers. Elsewhere in the pharmaceutical sector GlaxoSmithKline (LSE: GSK.L - news) is wanted after Morgan Stanley (NYSE: MS - news) upgraded the stock from 'underweight' to 'equal weight'.

Broker comment also lifts Invensys (LSE: ISYS.L - news) after Goldman Sachs (NYSE: GS - news) upgraded the engineering firm's rating from 'neutral' to 'buy'.

The market has given the thumbs up to a proposed acquisition of Australian engineering services company GRD by UK engineer and project management giant AMEC (LSE: AMEC.L - news) .

Shares in Shaftesbury (LSE: SHB.L - news) , the property company focused on London's West End, are sharply lower on reports that Laxey Partners has offloaded its 19% stake in the firm. Reports suggest that the 25.7m shares owned by Laxey are being placed in the market at prices between 275p and 300p.

Struggling metals trader Wogen (LSE: WGN.L - news) has received an approach about a possible offer from executive directors of the company. The group is being led by Damian Brousse and it controls 61% of the company's shares. Wogen also reported a slump into losses in the six months to March 31 amid deterioration in the speciality metal markets.

System C, an information solutions and services provider to the healthcare sector, expects profit for the financial year ending 31 May 2009 to be at or around the top end of market expectations.

Charles Stanley said difficulties in the securities division due to the poor financial market conditions hit profits and revenues in the year.

Christmas hampers and financial services firm Park Group (LSE: GB0006710643.L - news) saw growth in its two principle divisions push profits up for the year.

Engineered products developer and manufacturer Elektron (LSE: EKT.L - news) swung to a full-year pre-tax loss and said it will continue to face challenging times in the current financial year.

Synthetic fibres provider Chapelthorpe (LSE: CPL.L - news) said losses for the year swelled as demand from the US automotive sector deteriorated.