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Newcastle United shares soar.

Monday kick started a very busy week for corporate results. There are over 30 major companies scheduled to announce their results this week as the interim earnings season gets underway.

Newcastle United saw its share price rise by 17.82% to 59.5p following weekend press reports that the club was facing a takeover bid. The Journal reported on Monday that there has been a rumour that a British businessman is planning to launch a bid for the St James's Park club and there have also been further rumours of a group of Malaysian entrepreneurs looking to take a controlling interest.

Pharmaceuticals giant, GSK, is expected to report on Thursday that its pre tax profit has risen to around pounds 1.54bn in the second quarter, compared with pounds 1.53bn for the same period last year. The success of Advair, its asthma treatment drug, is expected to offset any negative impact on the results from sales of Paxil CR and Wellbutrin, which have been affected by generic competition. GlaxoSmithkline's share price rose by 10p yesterday to close at pounds 13.35.

Elsewhere, Scottish & Newcastle (S&N) lost 8p to 464.5p following press speculation over the weekend that the brewing group will face stern questions from Russian investors who have accused the group of using "highly questionable and unethical tactics". This follows its attempts to reorganise its Russian businesses. S&N has consistently highlighted its Russian interests as one of its most exciting prospects.

Katie Brown is an Investment Manager of the Wise Speke division of Brewin Dolphin Securities. Brewin Dolphin acts as broker to Newcastle United and joint broker to Scottish & Newcastle.
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Title Annotation:Business
Publication:The Journal (Newcastle, England)
Date:Jul 26, 2005
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