3 Shares The FTSE Should Beat Today

Published in Investing on 19 October 2012

Premier Oil (LSE: PMO) and Bunzl (LSE: BNZL) both fall.

The FTSE 100 (UKX) is still hovering around the 5,900 level, down 12 points on the day to 5,904 as I write. It's been a good week for the index of top UK shares, following positive economic news about inflation and unemployment, and the market is edging ever closer to its 52-week high of 5,989. It's sure to beat that soon, isn't it?

Though the market has been going strong, some individual shares in the various FTSE indices are having a rough session. Here are three that are falling and look set to lag the index today:

Premier Oil

Premier Oil (LSE: PMO) slipped 8.5p (2.3%) to 373p following the announcement of an exchange offer concerning the company's guaranteed convertible bonds. The offer is for existing bonds due in 2014 to be exchanged for new bonds due in 2018, with a conversion price of $7.00 and a coupon of 2.5%.

Premier Oil shares have been erratic this year, and have lagged the FTSE.

Nighthawk

Meanwhile, small-cap Nighthawk Energy (LSE: HAWK) suffered a bigger loss, falling 12% to 5.5p after releasing a drilling update. The drilling programme at the group's Jolly Ranch field in Colorado is to be extended to five wells, after one well failed to produce.

Other wells are showing optimistic signs, but overall the news has clearly disappointed the market, bringing to a halt an impressive rise the shares have enjoyed over the past couple of months.

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Bunzl

In an entirely different sector, Bunzl (LSE: BNZL) took a 4.6% dip, falling 50p to 1,032p, as the distribution and outsourcing specialist released an interim management statement. Things are generally going as expected, although underlying growth excluding acquisitions does seem to be under pressure.

Talking of acquisitions, Bunzl also told us it has acquired the UK packaging firm Indigo Concept Packaging Limited, taking the number of acquisitions in the year to date up to seven.

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> Alan Oscroft does not own any shares mentioned in this article.

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