Pharmacies' profits set to be capped - Gulf Daily News

essential guide to local and world markets
European shares end flat
LONDON: European shares recouped their earlier
losses to end flat near four-and-half-year highs yesterday,
with sentiment improving after robust US
retail sales data pointed to a continued recovery in
the world’s biggest economy.
However, Italy’s FTSE MIB index, down 1.7 per cent to
15,745.34 points, underperformed the market following weaker
demand at its first bond auction since Fitch cut the country’s
credit rating.
Analysts said the broader stock market was
poised to resume its recent rally in the coming
days as the improving economic outlook could
prompt more investors to put their money in equities
at the expense of other asset classes.
The FTSEurofirst 300 index of top European shares ended flat
at 1,194.11 points, after hitting an intra-day low of 1,188.98. It
recovered after data showed US retail sales rose more than expected
in February, the largest increase since September.
“The underlying sentiment is pretty bullish. People are neglecting
several uncertainties and focusing on growth as hopes for a
recovery in the global economy have improved. Equities are a
better alternative to invest in in the current environment,”
UniCredit strategist Christian Stocker said.
“In the next two to four weeks, the DAX could set a new high
above 8,200,” he said, referring to Germany’s benchmark index ,
which rose 0.1pc to 7,970.91 points.
BANGKOK: The Stock Exchange of
Thailand main index added 0.13pc,
or 2.02 points, to 1,578.70.
FRANKFURT: The DAX 30 closed
up 4.79 points, or 0.06pc to
7,970.91.
HONG KONG: Shares erased 2013
gains on Wednesday, with losses
accelerating in the late afternoon
after the Chinese central bank governor
said monetary policy in the
world’s second-largest economy
was no longer loose. The Hang Seng
Index shed 1.46pc, or 333.95 points,
to end at 22,556.65.
JAKARTA: Indonesian main
Composite Index (JCI) was down
0.39pc, or 18.87 points, at 4,835.44.
KUALA LUMPUR: Malaysian shares
lost 0.62pc, or 10.32 points, to
1,646.22.
LONDON: The FTSE 100 fell from
five-year highs, retreating from a key
technical resistance and leaving
some investors bracing for further
falls in the remainder of the month.
The FTSE 100 closed down 29.12
points, or 0.5pc, at 6,481.50 after
failing to break above its January
2008 high at around 6,534 the
previous day - a level some investors
were starting to see as a
turning point, or “pivot”.
MANILA: The main Philippine
Stock Exchange Index closed
0.15pc lower, giving up 9.86
points to 6,776.56.
MUMBAI: The BSE Sensex
posted its biggest daily fall this
month, as interest rate-sensitive
stocks such as ICICI Bank
continued to retreat a day
before key inflation data that
could help determine whether
the Reserve Bank of India
would ease monetary policy.
The benchmark BSE Sensex
fell 1.03pc, or 202.37 points,
to end at 19,362.55. The broader
Nifty fell 1.06pc, or 62.90 points,
to end at 5,851.20.
PARIS: The CAC 40 closed down
3.93 points, or 0.10pc to 3,836.04.
AFLAC 50.640 Down .110
ASA Gold 18.670 Down .310
AT&T Inc 36.600 Down .120
AbtLab s 35.010 Up .030
Accenture 77.930 Down .090
Aegon 6.300 Up .040
Aetna 51.460 Up .220
AlcatelLuc 1.440 Down .040
Alcoa 8.540 Down .080
Allergan 109.660 Down .420
Altria 33.930 Up .210
AEP 47.440 Up .150
AmExp 65.300 Up .010
Anadarko 83.940 Down .320
Apache 75.280 Up .010
ArchDan 32.930 Up .370
AstraZen 45.850 Down .050
AveryD 43.010 Up .130
Avon 20.180 Down .010
BakrHu 46.030 Down .260
BkofAm 12.060 Up .050
Barclay 18.800 Up .140
BarnesNob 16.110 Down .220
Baxter 69.630 Up .350
Beam Inc 61.590 Up .220
BestBuy 20.960 Up .670
Blackstone 20.440 Up .440
Boeing 84.750 Up .590
BrMySq 38.490 Up .270
Brunswick 34.440 Down .060
CSX 23.580 Up .200
CampSp 41.840 Up .320
Canon 36.010 Down .720
Carnival 35.710 Up .370
Caterpillar 89.280 Down .460
Celestic g 8.490 Down .040
ChesEng 21.400 Down .090
Chevron 118.360 Up .110
Chiquita 6.980 Up .150
Cigna 62.050 Up .500
Citigroup 46.970 Up .020
Coach 49.670 Up .860
CocaCola s 38.590 Down .090
ColgPal 114.900 Down .160
ConocPhil s 58.780 Up .050
ConEd 58.770 Down .100
Corning 12.640 Down .030
CredSuiss 27.470 Down .140
CurtisWrt 35.020 Up .630
Deere 91.340 Up .490
DeutschBk 43.800 Down .700
DevonE 55.690 Up .030
Diebold 29.050 Down .050
Disney 57.340 Up .230
DowChm 33.210 Down .030
DuPont 49.590 Down .120
Eaton 63.420 Up .580
Entergy 63.680 Up .210
Exelon 32.200 Up .130
ExxonMbl 89.260 Up .100
FMC Cp s 61.150 Down .120
FedExCp 107.870 Up 1.440
FootLockr 32.940 Up .180
FordM 13.400 Up .010
FranceTel 10.300 Down .190
GenDynam 70.110 Up 1.340
GenElec 23.490 Up .080
GenMills 46.480 Up .210
World Stocks
LONDON FTSE - 100
3i Group PLC 319.8
Admiral Group PLCOrd 0.1P 1343
Alliance Trust PLC ORD 2.5P 435.4
Amec PLCOrd 50P 1061
Amlin PLCOrd 28.125P 431.5
AngloAmerican PLCOrd sh.54945 1860
Antofagasta PLCOrd 5P 1095
AssociatdBritFoodsPLC 5 15/22P 1889
Astrazeneca PLC Ord USD 0.25 3066
Autonomy Corp PLC ORD SHS 1/3P 2549
Aviva PLCOrd 25P 324.7
BAE Systems PLCOrd 2.5P 379.1
Balfour Beatty PLCOrd 50P 269.7
Barclays PLCOrd 25P 314.7
BG Group PLCOrd 10P 1182
BHP Billiton PLCOrd sh.50 2107
BP PLCsh.25 449.3
Brit Am Tobacco PLCOrd 25P 3491
British Airways PLC ORD 25P 282.5
British Land Co PLC ORD 25P 559
BritSkyBroadcastngGrpPLCOrd50P 864.5
BT Group PLCOrd 5P 265.8
Bunzl PLCOrd 32 1/7P 1303
Cable & WirelessWrldWide ORD5P 37.92
Cadbury PLC 863
Cairn Energy PLC Ord 231/169P 289.9
AT A GLANCE
Exchange Close Change
Bangkok 1,578.70 +2.02
Bombay 19,362.55 -202.37
Frankfurt 7,970.91 +4.79
Hong Kong 22,556.65 -333.95
Jakarta 4,835.44 -18.87
Kuala Lumpur 1,646.22 -10.32
London 6,481.50 -29.12
Manila 6,776.56 +9.86
Paris 3,836.04 -3.93
Seoul 1,999.73 +6.39
Shanghai 2,263.97 -22.64
Singapore 3,288.52 -14.50
Sydney 5,092.4 -25.5
Taipei 7,995.51 +0.80
Tokyo 12,239.66 -75.15
Wellington 4,341.15 -37.62
SEOUL: The Korea Composite
Stock Price Index (KOSPI) rose
0.32pc, or 6.39 points, to 1,999.73.
POPULAR WALL STREET CLOSING PRICES
GlaxoSKln 44.620 Down .030
Hallibrtn 41.840 Down .120
HarleyD 54.790 Up .240
HartfdFn 25.750 Up .100
Heinz 72.540 Up .040
Hershey 84.360 Up .070
Hess 71.690 Up 1.410
HewlettP 21.320 Down .080
HomeDp 70.760 Up .010
Honda 39.100 Up .480
HonwllIntl 73.950 Up .360
ING 8.300 Down .140
ITT Corp 27.690 Up .140
ITW 61.320 Up .060
IBM 212.060 Up 1.510
IntFlav 75.410 Up .620
IntPap 45.740 Down .490
JPMorgCh 50.160 Down .120
JohnJn 78.550 Down .010
Kellogg 62.000 Up .270
KimbClk 93.400 Down .680
KoreaFd 39.905 Down .375
Kroger 31.310 Up .500
LVSands 53.170 Up .430
LennarA 41.180 Up .190
Lexmark 24.170 Down .200
LillyEli 55.060 Down .020
LockhdM 92.300 Up 1.930
Luxottica 49.340 Up .770
MGM Rsts 12.410 Up .060
Macys 42.110 Up .340
MarathnO 34.370 Up .300
MarIntA 40.180 Up .200
The euro zone’s blue chip Euro STOXX 50 index fell 0.3pc to
2,704.73.
However, charts suggested the index could resume its uptrend.
“The index is consolidating after last week’s rally but the downside
potential is very limited,” ING Commercial Banking senior
technical analyst Roelof-Jan van den Akker said.
“This short-term consolidation will take place above its 50-day
moving average of 2,675 and a horizontal support of 2,666, from
where the recent rally should resume.”
The index could test the strong horizontal resistance
at 2,885 on the weekly chart in a couple of
weeks, he said.
At a time when several European stock indexes
are hovering near their multi-year highs, Italy’s FTSE MIB index
has been strongly underperforming, down about 12pc since late
January as the country’s political crisis has spooked investors.
Charts showed the index was stuck in a six-week downward
channel, testing a key support level at 15,812 points, representing
the 38.2pc Fibonacci retracement of the index’s sharp rally
sparked last July by European Central Bank President Mario
Draghi’s commitment to safeguard the euro.
Although, overall outlook for the European stock market
remained positive, the situation in Italy and slow growth in
Europe prompted some analysts to advise caution in investing
further money in equities in the near term.
Capita PLC Ord 2.066666P 885
Carnival PLCOrd .66 2485
Centrica PLC Ord 6 14/81P 355.5
Cobham PLC Ord 2.5P 235.6
Compass Group PLC Ord 10P 837
Diageo PLC Ord 28 101/108P 1988
Drax Group PLC Ord 11 16/29P 610
EurasnNatResCorpPLCOrd USD0.20 342.8
Experian PLCOrd sh.10 1177
Firstgroup PLC Ord 5P 200.1
Friends Prov Ord 5p 81.6
G4S PLC Ord 25P 299.9
Glaxosmithkline PLC Ord 25P 1491.5
Hammerson PLC ORD 25P 507
Home Retail Group PLC ORD 10P 132.9
Hsbc HldgsPLC ORD sh.50 UK REG 726.6
Icap PLC 328.1
Imperial Tobacco Group PLC 2393
Inmarsat PLC 683
InterconHtlGrpPLCORD14 194/329 2001
International Power PLC 417.5
Invensys PLC 363.9
Johnson Matthey Ord 104 16/21p 2313
Kazakhmys PLC ORD 20P 533.5
Kingfisher PLC Ord 15 5/7P 290
Land Securities Group PLC 818
Legal & Gen Grp PLC Ord 2 1/2P 169
Liberty International PLC 451.7
Lloyds Bk Grp PLC Ord 10P 51.37
London Stock Ex Grp PLC Ord 1400
Man Grp PLC Ord USD0.03428571 102.2
MarksAndSpencer Grp PLC Ord25P 359
Morrison Suprmrkts PLC ORD 10P 271.6
National Grid PLC Ord11 17/43P 743.5
Next PLC Ord 10P 4110
Old Mutual PLC Ord 11 3/7P 208.7
Pearson PLC Ord 25P 1199
Pennon Group PLC Ord 40.7P 640
SHANGHAI: The CSI300 of the
leading Shanghai and Shenzhen
A-share listings closed down 1.1pc,
while the Shanghai Composite Index
fell 0.99pc, or 22.64 points, to
2,263.97. Both ended at their lowest
since mid-January.
SINGAPORE: The Straits Times
Index dropped 0.44pc, or 14.50
points, to 3,288.52.
SYDNEY: Australia’s S&P/ASX 200
slipped 0.5pc, or 25.5 points, to
5,092.4.
TAIPEI: Taiwan’s TAIEX ended flat,
MasterCrd 527.480 Up 4.320
McDrmInt 11.110 Up .080
McDnlds 99.380 Up .620
McGrwH 49.350 Up .900
Medtrnic 45.870 Down .130
Merck 44.590 Down .020
MetLife 39.980 Up .490
Monsanto 103.640 Up .260
Moodys 51.700 Up .630
NL Inds 12.910 Up .010
NewmtM 38.990 Down .670
NokiaCp 3.450 Down .130
NorflkSo 74.300 Down .180
Novartis 68.600 Down .930
OcciPet 83.280 Down .310
OfficeMax 11.930 Up .080
Olin 24.390 Up .080
PG&E Cp 43.300 Up .260
Panasonic 7.150 Down .120
PeabdyE 21.370 Down .330
Penney 15.650 unch
PepsiCo 76.950 Up .060
Petrobras 17.200 Down .180
Pfizer 28.020 Up .080
PhilipMor 90.550 Down .340
PhilipsEl 29.690 Down .010
ProctGam 76.800 Down .370
QstDiag 55.990 Down .210
RadioShk 3.340 Down .030
Raytheon 57.180 Up 1.050
Revlon 22.820 Up .010
RockwlAut 88.910 Up .370
Schlmbrg 77.390 Down .050
Index
6,481.50
Prudential PLC Ord 5P 1125
Randgold Res LD Ord sh.05 5510
RBS Group PLC Ord 100P 300.1
Reckitt BenckiserGrp PLCOrd10P 4661
Reed Elsevier PLC 14 51/116P 745
Rexam Ord 71 3/7p 519.5
Rio Tinto PLC Ord 10P 3377
Rolls Royce Hldgs PLC Ord 20P 1063
RoyalDutchShell PLCAOrdEUR0.07 2211.5
RoyalDutchShell PLCBOrdEUR0.07 2262
RSA Insurance Grp PLC Ord27.5P 118.3
SABMiller PLC Ord sh.10 3481.5
Sage Group PLC Ord 1P 342.2
Sainsbury(J) PLC Ord 28 4/7P 358
Schroders PLC Non Vtg Shs 1 1719
Schroders PLC VTG SHS 1 2134
Serco Group PLC Ord 2P 620
Severn Trent PLC Ord 97 17/19P 1646
Shire PLC Ord 5P 2047
Smith & Nephew PLC Ord USD0.20 740.5
Smiths Group PLC Ord 37.5P 1311
SSE PLC Ord 50P 1456
Standard Life PLC Ord 10P 383
StandardCharteredPLCOrdUSD0.50 1721
Tate & Lyle PLC Ord 25P 829
Tesco PLC Ord 5P 375.6
Thomas Cook Grp PLC OrdEUR0.10 100.75
Thomson Reuters Ord 25p 1860
Tui Travel Ord 10p 315.4
Tullow Oil Ord 10p 1256
Unilever PLC ORD 3 1/9P 2741
United Utilities Grp PLC ORD5P 714.5
VedantaResourcesPLCORD USD0.10 1169
Vodafone Grp. Ord Usd0.11 3/7 182.25
Whitbread PLC ORD 76 122/153P 2597
Wolseley PLC Ord 10 5/11P 3230
WPP PLC Ord 10P 1086
Xstrata Ord Usd0.50 1161
edging up 0.80 points to 7,995.51.
TOKYO: The Nikkei share average
slipped for a second day as investors
took a firmer yen as a cue to pocket
profits in exporters like Panasonic
Corp after an eight-session market
rally. The Nikkei closed down 0.61pc,
or 75.15 points to 12,239.66, after
seesawing in and out of positive territory
through the day. The broader
Topix shed 0.4pc to 1,031.42.
WELLINGTON: The benchmark
NZX 50 Index fell 0.86pc, or 37.62
points, to 4,341.15.
Siemens 107.890 Up .340
SonocoP 33.740 Up .220
SonyCp 15.730 Up .180
Sothebys 38.640 Down .100
SouthnCo 45.290 Up .090
Supvalu 4.390 Up .230
Sysco 33.760 Up .160
TalismE g 12.090 Down .150
Target 67.430 Up .320
Teradyn 16.930 Up .060
Textron 30.760 Up .120
3M Co 105.090 Down .040
Tiffany 68.840 Up .380
TimeWarn 56.630 Up .210
Transocn 52.820 Down .460
UBS AG 15.860 Down .090
USG 28.210 Up .220
UnionPac 139.560 Up .560
Unisys 24.150 Up 1.190
USSteel 20.040 Down .650
UtdTech 93.080 Down .060
ValeantPh 69.930 Down .670
ValeroE 43.420 Down 2.130
VerizonCm 47.940 Down .420
ViadCorp 27.040 Up .150
WalMart 73.650 Up .050
Walgrn 42.780 Up 1.740
WsteMInc 37.260 Up .300
WellsFargo 36.770 Up .110
Weyerhsr 30.340 Up .140
Whrlpl 118.130 Down .730
WolvWW 43.950 Up 1.000
Xerox 8.590 unch
Gulf Daily News Thursday, 14th March 2013 27
1 AM LATEST ...
Dow climbs to
a new record
NEW YORK: US stocks
edged up yesterday, with
the Dow rising for the
ninth straight session to
another record, buoyed
by surprisingly strong
retail sales that suggested
the economy is gaining
momentum.
The Dow Jones industrial
average’s nine-day
winning streak is the
longest consecutive run
since November 1996.
But trading volume
was light. Moves have
been muted in recent
days as investors consolidate
positions after a
strong run-up in the first
three months of the year.
Still, weakness in stocks
has been met with buying,
which helped propel
the market’s advance.
The broader S&P 500 is
within striking distance
of its all-time closing
high of 1,565.15 and
about one per cent away
from all-time intraday
high of 1,576.09 – both
set in 2007.
“I think we will soon
see the S&P at all-time
high levels. I don’t think
the market has topped
yet, and there is still
strength to move the
market higher,” said
C&Co/PrinceRidge technical
strategist Ari Wald.
“Will we see a correction
of 10pc or so soon?
Not imminently. We have
not seen a divergence of
behaviour yet where participants
become more
selective on which
stocks to buy.”
International Business
Machine and Boeing
were the Dow’s top two
gainers. IBM shot up
0.7pc to $212.06. Boeing
also jumped 0.7pc – to
$84.75 at the close.
The Dow Jones industrial
average gained 5.22
points, or 0.04pc, to
14,455.28, another record
closing high. The
Standard & Poor’s 500
Index advanced 2.04
points, or 0.13pc, to
1,554.52. The Nasdaq
Composite Index gained
2.80 points, or 0.09pc, to
end at 3,245.12.
Signs of strength in the
economy and the Federal
Reserve’s easy monetary
policy have helped US
equities accelerate their
advance. The blue-chip
Dow is up 10.3pc for the
year and the benchmark
S&P 500 index has
gained 9pc.
Yesterday’s retail sales
report reinforced the
view that the US economy
has momentum, even
with the obstacles the
recovery is facing. Sales
increased 1.1pc in
February, the largest
increase since
September.
Investors had been
looking for signs of any
impact on spending from
stubbornly high unemployment
and a higher
payroll tax that went into
effect at the start of the
year.
The Morgan Stanley
retail index gained 0.7pc.
Coach shares rose
1.8pc to $49.67 after
Citigroup raised its rating
on the luxury leather
goods company’s stock
to “buy” from “neutral.”
Earlier, the stock had
risen as high as $50.09 –
up 2.6pc from Tuesday’s
close.
Walgreen jumped 4.2pc
to $42.78 after UBS
raised its rating to a
“buy” from “neutral”,
and lifted its price target
to $48 from $41 on the
stock of the largest US
drugstore chain.
But Express shares
slid 3.2pc to $18.25 after
the apparel retailer posted
fourth-quarter earnings
and said it was off to
a slow start in the first
quarter.
S p e c t r u m
Pharmaceuticals shares
lost 37.3pc to $7.79 after
the biotechnology company
forecast full-year
sales well below analysts’
estimates.
Volume was below
average, with roughly 5.5
billion shares trading on
the New York Stock
Exchange, the Nasdaq
and the NYSE MKT, compared
with the 2012 average
daily closing volume
of about 6.45bn.
Advancers outnumbered
decliners on the
New York Stock
Exchange by a ratio of 17
to 13. On the Nasdaq, the
positive breadth was
slightly wider, with about
seven stocks rising for
every five that fell.
lThe Dow Jones industrial average gained 5.22 points, or
0.04pc, to 14,455.28 lThe Nasdaq Composite Index gained
2.80 points, or 0.09pc, to end at 3,245.12.