3 FTSE Shares Soaring Higher Today
Jul 17th 2012 9:22AM
Updated Jul 17th 2012 9:28AM
LONDON -- The FTSE 100 (INDEX: ^FTSE) didn't really respond to the upswing in Asian markets now that Japan's economy is set to expand this year. Instead, it hovered around yesterday's close: It stands at 5,672 at the time of writing, just nine points up.
But even if the average of all shares -- which is all an index really is -- stands still, that doesn't mean individual companies aren't moving. Here are three from the FTSE indexes that are rising strongly.
CSR (ISE: CSR.L) Shares in chipmaker CSR soared this morning, rising 37% to 299 pence after it revealed that it will sell its mobile-phone technology to Korean giant Samsung for a cool $310 million in cash. CSR intends to return $285 million of the proceeds to shareholders.
In addition, Samsung is to take a $34.4 million stake in CSR, which will continue with its business of chips for TV, audio, and other appliances. Completion of the deal is expected in the fourth quarter of 2012.
Titan (ISE: TSW.L) Industrial engineer Titan Europe's shares leapt by 15% to 130 pence after the firm responded to recent press speculation, confirming that a takeover approach has been made by Titan International.
No formal offer has been made, and there is no certainty that it will happen -- any formal offer must now be made by Aug. 14, 28 days after the announcement of the approach. The news has brought Titan Europe shares back to their level of 12 months ago, after a volatile year saw them slump twice.
Supergroup (ISE: SGP.L) Meanwhile, SuperGroup, the company behind the fashionable Superdry brand, gained a further 4.5% in morning trading to reach 404 pence. Since the company confessed upon the release of its results last week that last year's profit warnings were all caused by its own errors (including, erm, adding up the sums wrong), some confidence seems to be returning.
The shares are now up 53% from a low of 265 pence in mid-June -- though that's still a long way from last year's 1,820 pence peak. Still, if there are no repeats of past gaffes, we might be in for a decent run again.
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