City Watch

Thin trading and the absence of any major economic statistics contributed to a rollercoaster ride on the stock market over the last week. Results this week were dominated by Siebe, which turned in pre-tax profits of £486.4m, 14.7% ahead of last year. Analysts, however, said the figures were below expectations and Siebe shares dropped 124p […]

Thin trading and the absence of any major economic statistics contributed to a rollercoaster ride on the stock market over the last week.

Results this week were dominated by Siebe, which turned in pre-tax profits of £486.4m, 14.7% ahead of last year. Analysts, however, said the figures were below expectations and Siebe shares dropped 124p at 1381p after the announcement. Siebe also unveiled plans to sell businesses with a total turnover of £270m as part of a £100m restructure that could result in up to 4,000 job losses world-wide.

A number of other engineers fell on the back of Siebe’s results, including Charter, 34p lower at 702p, GKN down 17p at 897p and TI Group, 13p lower at 587p.

Transport and engineering group GEC Alsthom revealed its shares will be priced between £20-£23 when it floats later this month, valuing the company at more than £4bn.

Shares in Senior Engineering were unchanged at 240p after it acquired US-based QSI Technologies for £5.8m. The Pittsburgh group makes flexible metallic medical and automotive components, and will be bolted on to Senior’s North American operations.

Troubled Northern Ireland engineering concern Powerscreen lost more ground, tumbling 21p to 66p amid deepening US litigation worries after last week’s trading statement.