BP to sell stake in Yacheng gas field for 308m dollars
19th Dec 2012 10:21
BP has agreed the sale of its 34.3 per cent interest in the Yacheng gas field in the South China Sea to Kuwait Foreign Petroleum Exploration Company (KUFPEC) for 308m dollars in cash. BP expects the deal to close in the second half of 2013, subject to regulatory, CNOOC (China National Offshore Oil
Read moreLondon close: Stocks fall as 'fiscal cliff' deadline looms
17th Dec 2012 16:40
Increasing optimism surrounding budget talks between US politicians may have helped the FTSE 100 come off its intraday low, but the index was stuck firmly in negative territory with markets remaining nervous ahead of the January 1st deadline. Without a deal, the $600bn in automatic spending cuts a
Read moreFTSE 100 movers: Aggreko plummets on cautious outlook
17th Dec 2012 15:23
Temporary power and temperature control solutions group Aggreko plummeted on Monday after giving a gloomy outlook for next year, saying that its performance would likely be lower than the 2012. Investec downgraded its rating for the stock from 'buy' to 'hold' this morning, after the company said t
Read moreBP sells stake in Sean gas field to SSE for 288 million dollars cash
17th Dec 2012 09:36
BP has agreed to sell its interest in the Sean gas field in the UK North Sea to SSE for 288 million dollars in cash. The sale to SSE is taking place through SSE's wholly-owned subsidiary SSE E&P. The divestment comprises BP's non-operated 50% stake in Sean. Completion of the deal is anticipated dur
Read moreLondon midday: Gains erased as resource stocks shrug off Chinese data
14th Dec 2012 11:54
After a positive start, London's benchmark FTSE 100 index slipped into the red by midday, as investors shrugged off some better-than-expected data from Asian powerhouse China. The HSBC China flash manufacturing purchasing managers' index (PMI) rose from 50.5 to 50.9 in December, slightly above the
Read moreBroker tips: RBS, BP, ENRC
14th Dec 2012 11:19
Investec has reiterated its 'sell' rating and 265p target price for banking group RBS on the back of the company's exposure to a tough market in Ireland. Figures from the Central Bank of Ireland showed yesterday that "things are, as we feared, still getting worse", with the number of mortgages in o
Read moreBroker snap: Credit Suisse downgrades BP and upgrades Shell
14th Dec 2012 09:53
Credit Suisse has cut its recommendation for BP from 'outperform' to 'neutral', on the back of the stock's valuation and 'lack of near-term momentum'. "Three years after Macondo, BP remains in recovery mode in 2013, with positive momentum returning only in 2014+," the broker said on Friday. "We do
Read moreLondon close: US and Eurozone uncertainty keeps stocks flat
4th Dec 2012 16:50
- Democrats, Republicans wrangle over 'fiscal cliff' - Europe talks about bank supervisor - Defensives gain, resources fall The FTSE 100 swung between gains and losses for most of Tuesday's session to finish the day broadly flat as ongoing concerns about the US budget and developments in the Euroz
Read moreFTSE 100 movers: Shire leads defensive stocks higher
4th Dec 2012 15:34
Shire was leading the defensive stocks after investors exercised caution as budget uncertainty in the US continues to weigh on sentiment. British Gas owner Centrica rose after partner EDF Energy announced that it has extended the life of two UK power stations by seven years. Tesco was on investo
Read moreBP reiterates 50 per cent increase in operating cash flow by 2014
4th Dec 2012 14:23
Just weeks after it published its third quarter results, BP told investors they can expect more than 50 per cent growth in operating cash flow by 2014 at 100 dollars per barrel. In an investor presentation held on Monday, the group unveiled details of expected production and capital expenditure pla
Read moreBroker tips: BP, Rio Tinto, TUI Travel
4th Dec 2012 10:59
Jefferies has retained its 'hold' rating and 450p target price for oil titan BP despite the stock trading at a large discount to the sector, saying that the business is 'yearning to be free' from the Macondo well disaster. "Post-Macondo it is evident that BP is evolving into a simpler and more oil
Read moreBroker snap: Macondo spill still hanging over BP, says Jefferies
4th Dec 2012 10:18
Jefferies has retained its 'hold' rating and 450p target price for oil titan BP despite the stock trading at a large discount to the sector, saying that the business is 'yearning to be free' from the Macondo well disaster. "Post-Macondo it is evident that BP is evolving into a simpler and more oil
Read moreWeek ahead: BP, Stagecoach, Caretech
30th Nov 2012 17:01
Although December tends to be one of the best months of the year for stocks next week's calendar comes replete with potentially market moving events and at least one potential 'tipping point, ' which markets will need to navigate. George Osborne will present his Autumn Statement on December 5th,
Read moreThursday newspaper round-up: BP, Brazil, Comet...
29th Nov 2012 07:00
BP has been blocked from seeking new contracts with the US government because of the oil company's lack of business integrity' during the Gulf of Mexico oil disaster, the Environmental Protection Agency said Wednesday. The temporary order bans BP from competing for new oil leases in the Gulf of Mexi
Read moreMitchells & Butlers Chief buys 45,800 shares
28th Nov 2012 16:45
Alistair Darby, the Chief Executive Officer of Mitchells & Butlers, the UK's largest operator of managed restaurants and pub, has boosted his holding in the group with the purchase of 45,800 shares. Darby, who only took up his current role in October, purchased the shares in two tranches; 44,716 on
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