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EDITIONS
Thursday, 31 October, 2002, 17:31 GMT
ICI rebounds after beating market
Shares in ICI, the chemicals and paints group, have jumped more than 10% following a forecast beating set of results from the company.

The group, maker of Dulux paints, cheered investors by saying it expected to meet expectations for the rest of the year.

It also said production difficulties in its Quest division - which makes flavours and fragrances - had now been resolved.

Despite the good news, some analysts remained cautious about the bigger picture and warned of further costs ahead.

But ICI shares closed up 10.2% at 251 pence.

The group reported a 12% lift in earnings for the three months to the end of September and said it would reduce its 2.1bn ($3.3bn) debt by the end of the year.

Brokers at Merrill Lynch raised their share price target on the group to 270p.

However, the broker said there were still possible concerns "such as possible pension top-ups and restructuring costs".

See also:

17 Jun 02 | Business
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