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Amlin, British Airways, Hiscox: U.K., Irish Equity Preview

By Lenka Ponikelska and Adam Haigh

Dec. 8 (Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in U.K. and Irish markets today. Stock symbols are in parentheses and prices are from the last market close.

The benchmark FTSE 100 Index fell 114.24, or 2.7 percent, to 4,049.37. The FTSE All-Share Index declined 2.6 percent, and Ireland’s ISEQ Index dropped 0.9 percent.

U.K. companies:

British Airways Plc (BAY LN): Europe’s third-largest airline will cut more than 100 jobs at London’s Gatwick airport as it reduces services there by 15 percent from mid-2009. The number of aircraft based at the terminal will be reduced to 37 from 41, the London-based airline said yesterday in a statement. The stock fell 0.5 percent to 154.4 pence.

Hiscox Ltd. (HSX LN): The third-largest underwriter at Lloyd’s of London was upgraded to “buy” from “hold” at Royal Bank of Scotland Group Plc. The broker also raised its price estimate on the shares 48 percent to 340 pence. The shares added 13.25 pence, or 4.4 percent, to 313.25.

Royal Bank also lifted its recommendation on Amlin Plc, another Lloyd’s of London insurer, to “buy” from “add,” according to the note. The stock climbed 6.5 pence, or 1.8 percent, to 375.

HSBC Holdings Plc (HSBA LN): Europe’s largest bank said it will increase the amount of money it loans for U.K. home mortgages next year by 20 percent to 15 billion pounds ($22 billion). The shares added less than 0.1 percent to 710 pence.

Panmure Gordon & Co. (PMR LN) may be active after confirming it was in talks about a possible combination with Ambrian Partners Ltd. The stock lost 0.5 pence, or 2.1 percent, to 24.

Reed Elsevier Plc (REL LN): Buyout firm TPG Inc. abandoned bidding for Reed Elsevier’s trade-magazine unit, the Sunday Times said, without citing anyone. The stock fell 30.5 pence, or 5.9 percent, to 487.5 in London.

Whitbread Plc (WTB LN): The owner of Premier Inn budget hotels reported slowing sales growth last month as “increasingly challenging” business conditions affected demand and said it plans to cut capital spending next year. The shares lost 18.5 pence, or 2.4 percent, to 762.

To contact the reporters on this story: Lenka Ponikelska in London lponikelska1@bloomberg.net; Adam Haigh in London at ahaigh1@bloomberg.net

Last Updated: December 8, 2008 02:35 EST

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