Broker tips: Tullow Oil, Smith & Nephew, Johnson Matthey, Cairn Energy
11th Mar 2015 11:33
Westhouse Securities has maintained a 'buy' recommendation on Tullow after the oil producer and explorer delivered a positive update on its appraisal programme in Kenya. "Tullow is now trading at an unprecedented 36% discount to our core net asset value [forecast] despite having high margin producti
Read moreJefferies downgrades Cairn Energy after $1.6bn Indian tax bil
11th Mar 2015 09:21
News that Cairn Energy has been handed a $1.6bn tax bill in India has prompted Jefferies to cut its rating on the oil and gas stock from 'buy' to 'hold'. The broker, which lowered its target price from 220p to 172p, said it was "blindsided" by the developments. The bill by the Indian government rel
Read moreLondon open: Stocks rebound slightly after sell-off, Domino Printing soars
11th Mar 2015 08:26
UK stocks advanced on Wednesday morning but only partly reversed the prior day's heavy sell-off as a raft of weak economic data from China added to concerns about a slowdown in the world's second-largest economy. London's FTSE 100 was up 0.4% at 6,731.82 in early trading. The index sunk 2.5% on Tue
Read moreCairn Energy hit by $1.6bn Indian tax bill
11th Mar 2015 07:43
Cairn Energy has been issued with a bill of at least $1.6bn (£1.06bn) by the Indian government due to unpaid tax by a subsidiary, which the company has contested. Cairn's Indian subsidiary, Cairn UK Holdings Limited, received a draft tax assessment order from the Indian Income Tax Department arising
Read moreSector movers: Energy stocks hammered as crude falls, risk appetite declines
10th Mar 2015 15:22
Every sector on London's stock market was either flat or trading in the red on Tuesday afternoon, with energy stocks bearing the brunt of the sell-off as risk appetite collapsed. "Rising share prices are few and far between on the FTSE 100 this afternoon, thanks to a heady cocktail of worries that h
Read moreFTSE 250 movers: Esure slides on profits woe, Inchcape higher on earnings growth
10th Mar 2015 14:16
Insurer Esure topped the fallers after saying that annual profits declined 12.8% on the back of challenging conditions in the insurance market and costs associated with the takeover of Gocompare, leading to some big broker downgrades. Premier Oil was also trading lower despite news it has started ga
Read moreCairn Energy cuts loss by a third after rationalisation
10th Mar 2015 08:03
Oil explorer Cairn Energy cited rationalisation of its business as the driving factor behind a reduction in its full year losses. The Edinburgh-based firm said its full year loss fell by almost a third to $381.1m (£252.7m), as loss per share narrowed by more than a quarter to 66.51 cents. Loss befo
Read moreFTSE 250 movers: Ladbrokes hit by job cuts, DS Smith boosted by Duropack acquisition
23rd Feb 2015 16:33
Ladbrokes topped the fallers after it was reported on Sunday the company would be announcing the closure of roughly 50 betting shops due to the challenge of tax rises and regulation. The company is expected to outline the plans at its full-year results presentation on Thursday. Premier Oil was lower
Read moreCairn Energy cuts investment costs for the next two years
21st Jan 2015 11:57
Cairn Energy reduced its capital costs to $380m for the next two years after it concluded its farm out agreement in the Catcher development in North Sea. The oil and gas explorer sold 10% of its stake in the Catcher development to Dyas UK and holds now a remaining 20% working interest. Cairn said i
Read moreFTSE 250 movers: Food retailers take a hit while energy stocks soar
23rd Dec 2014 09:41
Retail stocks were mixed on the day before Christmas Eve. Home Retail Group, N Brown Group and Supergroup were advancing as last-minute shoppers headed online and hit the high street. Shares in Workspace Group were rising after the company agreed a cash payment of £30m to terminate the proceeds sha
Read moreCairn Energy completes Senegalese drilling programme
19th Nov 2014 07:04
Oil & gas group Cairn Energy has completed its drilling programme in Senegal, though it failed to find oil at deeper targets as hoped. Cairn, which owns a 40% working interest in three blocks off the coast of Senegal, said its joint venture partners have completed operations on the SNE-1 well and pl
Read moreLondon close: FTSE ends higher after busy day for company news
10th Nov 2014 17:06
UK stocks ended the session on a high, helped by gains across the Pond and hopes of stimulus from China following the weekend's data. The FTSE 100 climbed 44.01 points to end the day at 6,611.25. "In London, the equity market was drawn to the psychological 6,600 mark as trading volumes are as thin
Read moreMonday broker round-up
10th Nov 2014 15:34
RBS: Nomura reiterates reduce but lifts target price to 370p from 360p. IAG: Liberum reiterates buy, maintaining 550p target. Royal Dutch Shell: JP Morgan reiterates overweight stance but cuts target to 2,500p from 2,700p. Aveva: Westhouse Securities reiterates add and its target price of 1,780p.
Read moreLondon open: Miners lift UK stocks higher, but Serco plummets
10th Nov 2014 08:33
UK stocks advanced on Monday morning, led by decent gains in the heavyweight mining sector despite some mixed trade figures from China. The FTSE 100 was up 0.4% at 6,594 in early deals after closing Friday's session at 6,567.24, its highest finish since 6 October. However, gains on the FTSE 250 were
Read moreCairn Energy announces significant oil find offshore Senegal
10th Nov 2014 07:33
Oil explorer Cairn Energy on Monday announced a "significant" oil find off the coast of Senegal, with preliminary estimates pointing to commercial viability. The new find was the result of drilling of its new SNE-1 well located approximately 100 kilometres off-shore from the West-African country in
Read more