UK MARKET TALK ROUNDUP: SHARES LOSING -2-

28th Jul 2010 08:29

exceed PHP910 billion target; could increase by more than 10% from this year's collection goal of PHP860 billion. National Bank of New Zealand's Business Outlook survey showed NZ's July business confidence eased to net 27.9% of respondents expecting conditions to improve over next 12 months vs June's 40.2%. Spot gold at $1,162.70/oz, up $1.10 vs NY close. September Nymex crude oil futures down 7 cents at $77.42/bbl. ([email protected]) 0614 GMT [Dow Jones] The improvement in investor appetite for riskier assets, as mirrored in recent stock market gains, is putting the Swiss franc under pressure, says Commerzbank. "When risk aversion sinks, so does the franc," says currency analyst Lutz Karpowitz. The only potential support on the horizon for CHF is Friday's KOF barometer, which is expected to hold near a four-year high. EUR/CHF at 1.3778 by 0612 GMT. ([email protected]) 0707 GMT [Dow Jones] Morgan Stanley cuts its African Barrick Gold (ABG.LN) price target to 668p from 733p to reflect lower production guidance and higher cash cost guidance for '10 in the company's 1H numbers. Still, African Barrick has a balanced portfolio of assets, with the largest planned volume growth among London-listed gold miners, says the bank. Its strong liquidity position will not only help the company finance its organic growth, but should also provide deal-making flexibility, says the bank. Overweight. Shares -0.5% at 545p. ([email protected]) Contact us in London. +44-20-7842-9288 [email protected] (END) Dow Jones Newswires July 28, 2010 03:29 ET (07:29 GMT)