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by Austin Friars
ICI gained 48p last week on slight warmth from investors, ahead of 1998 figures.
The shares have had a terrible 12 months, and much bad news is already in the price. But a number of analysts are concerned that ICI management has no coherent plan to support #2bn of borrowings and annual interest payments exceeding #150m. In an apparent reversal of priorities, following the collapse of the Crosfield sale in autumn, Teeside Utilities was unexpectedly sold for #120m in January.
Norcros gained 25p on confirmation of bid talks, probably encouraged by 25% stakeholder Philips and Drew. In a rare show of city muscle, the fund management group is known to have been pressuring some under-performing managements. The long history of Norcros disposals ended last year in a #5.6m loss on the sale of the Norprint labelling business - and a slump to a 44p low.
Kingfisher had fallen to 580p from the recent 704p high, but bounced back with a timely trading statement. The word is that the December `merger' of B&Q with French diy market leader Castorama is progressing smoothly, and both groups are trading ahead of expectations.
GUS gained 43p on steady support, and many retailers...