Broker snap: Cairn's firepower for more acquisitons limited
14th Jun 2012 17:44
Credit Suisse reacted to Cairn Energy's agreed bid for Nautical Petroleum by cutting its target price for the Scottish oil behemoth. The $642m deal provides more visibility to Cairn's growth strategy in the North Sea, and looks fairly valued on risked valuation grounds in Credit Suisse's view. "W
Read moreLondon close: Shareholder spring moves into summer at WPP
13th Jun 2012 17:08
It was an up and down day for the Footsie although the top-share index rarely strayed far from the previous day's closing value. The so-called "shareholder spring" of protest votes against bumper pay packages for executives continued with perhaps the biggest slap in the face so far, as 60% of votes
Read moreFTSE 250 movers: Oxford Instruments leaps into top spot
13th Jun 2012 15:28
High-tech Oxford Instruments jumped into the top spot as investors finally responded to what was an excellent set of results, having originally paid far more attention to warnings from Chief Executive Jonathan Flint that the economic turbulence in Europe, where around a third of the firm's revenues
Read moreLondon midday: Bids add spice to bland market
13th Jun 2012 12:12
With Spanish government bond yields rising to all-time highs in the Eurozone era, Footsie is back to square one after a confident start. There are no major UK economic indicators today to provide direction and not a lot of corporate news flow either, adding to the general air of ennui. Supermarke
Read moreLondon open: London rises on Wall Street tailwinds
13th Jun 2012 08:40
Taking their lead from US and Asian markets, London's leading stocks have opened on the front foot. Wall Street rebounded strongly yesterday on hopes that the US Federal reserve might do a bit more to stimulate the US economy. Federal Reserve Bank of Chicago President Charles Evans, speaking in an
Read moreLondon pre-open: Shares to track US and Asia bourses higher
13th Jun 2012 07:31
City sources predict the FTSE 100 will open up 16 points from yesterday's close of 5,474, tracking US and Asian stocks higher as stocks recover from the news that Spanish bond yields reached their highest level since the creation of the euro currency. The keenly awaited trading update for superma
Read moreCairn in agreed bid for Nautical
13th Jun 2012 07:14
Scottish oil and gas giant Cairn Energy is to make an agreed takeover of North Sea oil producer Nautical Petroleum. Cairn is offering 450p per share in a deal which values Nautical at around £414m. The terms represent a 51.1% premium to the closing price of Nautical on the trading day prior to the
Read moreChief Executive pay keeps rising
12th Jun 2012 09:05
FTSE 100 Chief Executives enjoyed bumper pay rises in 2011 while their employees got virtually no increase at all, according to a new report. The average wage earned by Chief Executives in the UK's biggest firms was £4.8m, up 12% on the year before. In contrast, employees at FTSE 100 companies saw
Read morePremier Oil encouraged by well result
6th Jun 2012 07:06
Energy firm Premier Oil has had an encouraging drilling result on the Carnaby exploration well 28/09-5A in the Central North Sea Block 28/9. Initial analysis indicates that the well encountered 51 feet of net oil in the main Tay sandstone within an estimated 86 feet oil column. Pressure data and
Read moreVedanta names the date for merger vote
31st May 2012 07:19
Shareholders in the Indian commodities giant, Vedanta Resources, now know when they'll get to vote on the firm' s reorganisation: June 15th. Vedanta has had a terrible 12 months, dropping 57% as it sought to buy the Indian oil assets of Cairn Energy. a purchase it struggled to afford. In response
Read moreCairn Energy suspends well
28th May 2012 13:42
Cairn Energy has reported that initial interpretation of the Tybalt appraisal well 211/8c-5 in the North Sea has shown little indication of the presence of moveable hydrocarbons from the well, prompting Valiant, the operator of the well, to suspend the well. The results indicate that the hydrocarb
Read moreResource round-up: President Petroleum, Thor Mining, Afferro Mining
28th May 2012 10:05
President Petroleum fell 3.4% on Monday after it delayed the period in which it expects to hit initial production targets at its Dos Puntitas Field until the first quarter of 2013. The company said it expected to realise the full value of the Argentinian concession following execution of its work
Read moreFTSE 250 movers: Heritage Oil leads resource stocks higher
21st May 2012 17:25
Resources stocks were leading the risers on the second-tier index as copper and oil prices edge higher. Heritage Oil, Petropavlovsk, Ferrexpo, Cairn Energy, Afren and Salamander Energy were all making decent gains in afternoon trade. Heading the other way though was oil, gas and energy engineer Lam
Read moreLondon close: Stocks rebound, EU summit eyed
21st May 2012 17:14
- G8 underwhelms; markets look to EU summit - Hollande expected to push eurobond idea to Merkel - Risk-on as financials, miners advance; defensives sold London's FTSE 100 finished firmly higher on Monday following a poor performance last week which saw the blue chip index slump to its worst levels
Read moreLondon midday: Stocks rise but Eurozone still in focus
21st May 2012 11:31
- G8 underwhelms as euro crisis continues to hamper sentiment - Cameron warns Eurozone to anticipate Greek exit - Barclays to offload BlackRock stake The FTSE 100 had held on to early gains by Monday lunchtime, as the blue-chips index rebounds from hitting a six-month low on Friday. US stock future
Read more