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28/08/2001
Share surge as trading begins on Woolworths
Shares in UK store chain Woolworths have surged on their first hours of trading, up from an opening price of 25 pence to 31.25 pence.
The rise defied a gloomy outlook for the shares predicted by City analysts, concerned that the firm's poor recent performance, and a flood of selling by international investors, would see the shares trade for as little as 20 pence.
The rise, which takes Woolworths' stock market value to well over £400m, reflected hopes that the retailer would be able to improve on disappointing recent performances including a 25 per cent fall in profits last year, and poor trading in July.
The recent performance, coupled with fears that long-term Kingfisher investors may prove unwilling holders of Woolworths shares, also raised City concerns.
Kingfisher, which bought Woolworth in 1982 for £300m, has spun off the store chain to focus on home improvements and consumer electronics sectors via its B&Q and Comet brands.
Kingfisher has also bundled its music chain MVC, e-commerce music site Streets Online and distribution firm Entertainment UK into the new Woolworths Group. (MB)
The rise defied a gloomy outlook for the shares predicted by City analysts, concerned that the firm's poor recent performance, and a flood of selling by international investors, would see the shares trade for as little as 20 pence.
The rise, which takes Woolworths' stock market value to well over £400m, reflected hopes that the retailer would be able to improve on disappointing recent performances including a 25 per cent fall in profits last year, and poor trading in July.
The recent performance, coupled with fears that long-term Kingfisher investors may prove unwilling holders of Woolworths shares, also raised City concerns.
Kingfisher, which bought Woolworth in 1982 for £300m, has spun off the store chain to focus on home improvements and consumer electronics sectors via its B&Q and Comet brands.
Kingfisher has also bundled its music chain MVC, e-commerce music site Streets Online and distribution firm Entertainment UK into the new Woolworths Group. (MB)
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