FTSE 100: ENRC soars on dispute settlement

5th Jan 2012 13:22

Shares in Eurasian Natural Resources Corporation (ENRC) leapt on news it has settled a dispute with Canadian mining firm First Quantum over assets in the Democratic Republic of Congo. The two disgruntled companies have reached an agreement under which ENRC will pay First Quantum £1.25bn for the majority of its assets in the DRC. ENRC will also be required to pay for the legal costs. Chip-designer ARM was a top performer; analysts at UBS reckon the Cambridge-based technology firm may beat market expectations with its fourth quarter revenues. Oilfield services firm Petrofac got a boost on news it is buddying up with similar firm Schlumberger on a number of production projects in the emerging and growing production services and production enhancement market.The agreement enables the firms to bid jointly for projects of a scale that they would not pursue independently, and to develop them at a much faster pace.Meanwhile CRH was heading south after analysts at Credit Suisse downgraded their view on European building material companies to 'market-weight' from 'overweight.' RBS also took a hit after The Financial Times (FT) reported the state owned bank could be on the verge of slashing 10,000 jobs from its investment banking division. Interdealer broker ICAP was in the bottom spot despite having completed the restructuring of its strategic interests in Japan.ICAP Totan Securities, a 60% majority owned subsidiary of ICAP, has completed the sale of its JGB business to Central Tanshi Securities, earning the firm £1m. National Grid was falling in spite of news it has agreed a five-year extension to its existing arrangement with Balfour Beatty. Next continued to fall following its disappointing Christmas trading, with Marks & Spencer suffering a knock-on effect. Supermarkets Tesco and Sainsbury´s have also seen a drop ahead of their Christmas trading results. FTSE 100 - RisersEurasian Natural Resources Corp. (ENRC) 696.50p +4.82%ARM Holdings (ARM) 615.50p +3.53%Fresnillo (FRES) 1,622.00p +3.38%Petrofac Ltd. (PFC) 1,503.00p +2.59%Land Securities Group (LAND) 638.50p +1.59%British Land Co (BLND) 471.60p +1.53%BG Group (BG.) 1,451.00p +1.50%Standard Chartered (STAN) 1,461.50p +1.35%Sage Group (SGE) 296.50p +1.19%Hammerson (HMSO) 361.20p +1.18%FTSE 100 - FallersICAP (IAP) 334.70p -2.96%Sainsbury (J) (SBRY) 296.80p -2.85%International Consolidated Airlines Group SA (IAG) 145.30p -2.74%Smith & Nephew (SN.) 612.00p -2.24%Tesco (TSCO) 396.65p -2.18%CRH (CRH) 1,257.00p -2.18%National Grid (NG.) 616.50p -2.14%Schroders (Non-Voting) (SDRC) 1,061.00p -2.12%Next (NXT) 2,600.00p -2.11%Vodafone Group (VOD) 176.25p -2.08%NR