Aviva, Glaxo, Paragon, Vodafone: U.K., Irish Equity Preview

By Howard Mustoe and Adam Haigh

July 23 (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 40.2, or 0.7 percent, to 5,364.10. The FTSE All-Share Index declined 0.7 percent and Ireland's ISEQ Index slipped 3 percent.

U.K. Companies:

Aviva Plc (AV/ LN): The U.K.'s biggest insurer by premiums was upgraded to ``overweight'' from ``neutral'' at HSBC Holdings Plc, which said the European insurance industry is ``adequately capitalized'' and dividends are ``increasingly attractive.'' The shares slid 145 pence, or 2.7 percent, to 510.5.

BHP Billiton Plc (BLT LN): Australia's biggest oil and gas producer said fourth-quarter iron ore output rose 15 percent to a record, driven by demand from China. BHP Billiton fell 28 pence, or 1.7 percent, to 1618 pence.

BP Plc (BP/ LN): Europe's second-biggest oil company is withdrawing the last 60 technical specialists it has in Russia, while all 148 workers seconded to its joint venture TNK-BP have left the country. BP rose 6 pence, or 1.2 percent, to 527.5 pence.

Daily Mail and General Trust Plc (DMGT LN): The publisher of Britain's Daily Mail newspaper said third- quarter revenue grew 5 percent on expansion of the tradeshow management and Internet businesses. The shares fell 8.25 pence, or 2.6 percent, to 312.25 pence.

GlaxoSmithKline Plc (GSK LN): Europe's largest drugmaker may say second-quarter net income probably fell to 1.3 billion pounds ($2.6 billion), or 25.1 pence per share, from 1.33 billion pounds, or 24 pence, a year earlier, according to a median estimate of eight analysts surveyed by Bloomberg. GlaxoSmithKline fell 2.5 pence, or 0.2 percent, to 1224 pence.

Halfords Group Plc (HFD LN): The largest retailer of car parts and bicycles said first-quarter profit was ahead of expectations. Halfords increased 4.5 pence, or 1.7 percent, to 276.5 pence.

International Personal Finance Plc (IPF LN): The U.K provider of unsecured cash loans reported an increase in first-half net income to 15.5 million pounds from 8.1 million pounds a year earlier. International advanced 2 pence, or 0.7 percent, to 282 pence.

Paragon Group Cos. (PAG LN): TPG Capital is considering a bid for specialist mortgage lender Paragon Group Cos., the Financial Times reported, citing people close to the U.S. buyout firm. Paragon rose 26 pence, or 31 percent, to 110 pence.

Tate & Lyle Plc (TATE LN): The maker of the best- selling U.S. no-calorie sweetener said first-quarter pretax profit was ``broadly'' in line. Tate & Lyle rose 9.5 pence, or 2.2 percent, to 444 pence.

Vodafone Group Plc (VOD LN): The world's largest mobile phone company said it will buy back 1 billion pounds ($2 billion) of shares because they are ``significantly'' undervalued after yesterday's 14 percent drop.

Separately, Morgan Stanley upgraded the stock to ``equal-weight'' from ``underweight,'' saying the share price now discounts an ``extreme decline'' in free cash flow. The shares slumped 20.25 pence, or 14 percent, to 129 yesterday.

VT Group Plc (VTG LN): The U.K. warship builder and training services company said trading is in line with forecasts. VT climbed 12 pence, or 1.9 percent, to 631.5 pence.

WPP Group Plc (WPP LN): Ogilvy Group said Chief Executive Officer Shelly Lazarus will step down at the end of the year, and be replaced by Miles Young, chairman of the advertising agency's Asia Pacific Group. WPP fell 9.75 pence, or 2.1 percent, to 460 pence.

To contact the reporters on this story: Howard Mustoe in London at hmustoe@bloomberg.netAdam Haigh in London at ahaigh1@bloomberg.net