Arena tipped for a web win

Geoff Foster12 April 2012

AND they're off. Nosy punters believe

Arena Leisure

The gaming website will allow punters to view races, research information on horses and jockeys and place bets. Arena's six courses stage more than 1,500 races a year. The group had already dipped its hooves into online betting last year when it teamed up with Autotote, the US betting system operator.

But, since its Attheraces consortium (formerly Go Racing), won the media rights to British horse racing after long negotiations in a 10-year deal worth more than £300m to the racing industry, Arena has substantially beefed up its online service. Along with Attheraces partners BSkyB and Channel 4, Arena hopes to tap into the £70bn global betting market using interactive TV and the internet. Industry sources have also heard that a cash-rich predator, alerted by a low share price which values Arena at a modest £150m, has made a tentative approach to the board. It was sent away with a flea in its ear, but could easily return with a hostile offer.

Broker UBS Warburg clipped the wings of package tour operator Airtours. It downgraded its 2002 earnings-per-share forecast from 26.2p to 16.7p and its share price target from 370p to 250p. It cited recent cuts to capacity after the terrorist attacks and high operational gearing. Airtours nosedived to 168p before closing 9 1/2p off at 177p.

But it was blue skies all the way for the FTSE 100. Encouraged by Wall Street's late rally on Friday and further early gain yesterday, the blue-chip index rose 60 points before closing 52.7 higher at 5070.4. Dealers were pleased to hear Monetary Policy Committee member Sushil Wadhwani call for further UK interest rate cuts. A 1/4% reduction on 8 November looks likely. The European Central Bank could get in first and shave its rate on Thursday.

Ahead of today's Takeover Panel ruling on whether Sir Martin Sorrell's WPP will be allowed to wriggle out of its 555p-a-share offer for Tempus, WPP jumped 41 1/2p to 536 1/2p. Deutsche Bank also included the stock on its European Focus list. Tempus held at 512 1/2p, but will collapse should Sorrell be allowed to walk away.

Hit by continuing concern about declining hotel occupancy in the wake of 11 September, Hilton Group shed 6 1/2p to 173 1/2p. Millennium & Copthorne, whose Millennium Hilton, 200 yards from the World Trade Centre, was badly damaged and subsequently closed, lost 8p more to 225 1/2p.

A cautious tome from broker Evolution Capital left Turbo Genset, which makes high-speed alternators using a disc design, 16p down at 155p. EC's analysts believe that on a sales basis, TG is valued very highly in comparison with its peers. It values TG at 99p.

Aim-listed Einstein soared 3p to 4 3/4p after broker Redmayne Bentley bought 375,000 shares in the European digital TV channel on behalf of Richard Slater, a private client. Digital Sport held at 1.1p, but is worth watching. Base Soccer, its players' agent business, took a tasty turn after helping the £9m transfer of Derby County's Seth Johnson to Leeds United last week. Other deals are in the pipeline.

Retailer John Lewis of Hungerford hardened 1/2p to 1 3/8p after director Christopher Rocker bought 100,000 at 1p.

Orbital Software jumped 6 1/2p to 23p in response to an agreed share exchange offer worth almost 41p from from Sopheon, 13 1/2p down at 32 1/2p. Screen rose 3p to 59p on hopes it will win more orders from the police for its security devices. Police forces around the country are to deploy mobile speed cameras in a new offensive on drivers. On your bike!

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