Cairn Energy gives $3.5bn to shareholders from Indian sale
8th Dec 2011 07:17
Cairn Energy is to return $3.5bn to shareholders following the sale of 30% of its Indian business to Vedanta Resources. The total sale value was $4.1bn. The company says it will give shareholders "an element of choice as to when and in what form they receive cash". Cairn discovered significant qu
Read moreThursday tips round-up: Stagecoach and Cairn Energy
8th Dec 2011 07:11
The Times's Tempus column assesses Cairn Energy which to say the least has had a mixed time of it. It struck seriously lucky in India, finding significant quatitites of oil, and so agreed to sell 30% of its Indian business for $4bn last year. That money, as Tempus points out, is now in the bank. T
Read moreBroker tips: Kingfisher, Cairn Energy, Retailers
1st Dec 2011 12:49
While B&Q and Screwfix owner Kingfisher reported third quarter profits ahead of Investec's forecasts, the broker has reiterated its hold rating given the "undemanding valuation metrics". "We have...cut our outer year forecasts in anticipation of negative LFLs [like-for-likes] in France next year, a
Read moreBroker snap: UBS cuts Cairn target after Greenland disappointment
1st Dec 2011 11:35
Following Cairn Energy's "disappointing end to the Greenland programme", UBS has nudged its target price lower. The oil giant said yesterday that it had failed to find a commercial discovery at its exploration drilling campaign offshore Greenland, where drilling operations were extended to complete
Read moreThursday broker round-up - UPDATE
1st Dec 2011 09:56
Royal Bank of Scotland: Evolution Securities cuts target from 40p to 35p, buy rating unchanged. Marks & Spencer: Investec downgrades from buy to hold. Next: Investec upgrades from hold to buy. Kingfisher: Investec reiterates hold, target cut from 245p to 235p. Cairn Energy: UBS cuts target from
Read moreLondon close: Footsie at two-week high after central bank action
30th Nov 2011 16:32
Benchmark indices across Europe and the US were making gains of between 3-5% on Wednesday afternoon after a united move by central banks to ease conditions in the global financial system. The FTSE 100 in London finished over the 5,500 mark, a closing level it has not reached since 16 November. CENT
Read moreFTSE 100 Movers: Banks and miners soar on central bank moves
30th Nov 2011 15:08
Miners and banks have jumped on the actions taken by China and a host of central banks to improve liquidity conditions across the globe. News that the People's Bank of China had lowered the legal reserve requirement for Chinese banks by 50 basis points sent equities soaring back into positive terri
Read moreLondon midday: Stocks rocket on Chinese move
30th Nov 2011 12:09
With China acting to ease fears of a 'hard landing', European stock markets - and US futures - swung back into positive territory after sharp falls early on. Banks and miners roared into the lead in London, despite being the worst performers early on. The Footsie stood at 5,390 just after the midday
Read moreLondon open: Mining stocks weigh
30th Nov 2011 08:39
London's leading stocks are trimming early losses after the weakness of mining stocks pushed the Footsie below 5,300 at one point. With resource stocks excluded from the picture, the index would be little changed, although downbeat consumer confidence data from market research firm GfK NOP has not
Read moreLondon pre-open: Cairn's bad run continues
30th Nov 2011 08:07
London is set to open lower despite a firm showing overnight on Wall Street. City sources predict the FTSE 100 will open down 50 points from yesterday's close of 5,337. Accountancy software group Sage saw underlying pre-tax profit from continuing operations rise 8% to £352.6m in the year to the en
Read moreCairn Energy disappoints
30th Nov 2011 07:20
Oil giant Cairn Energy has failed to find a commercial discovery at its exploration drilling campaign offshore Greenland, where drilling operations were extended to complete activities on the last two wells in the Atammik block. The firm has finished drilling the AT7-1 well in the Atammik block, w
Read moreWednesday broker round-up - UPDATE
16th Nov 2011 09:44
Michael Page: HSBC upgrades to overweight from neutral. Reckitt Banckiser: Citi reiterates buy. Cairn Energy: Societe Generale initiates at buy. Royal Bank of Scotland: AlphaValue downgraded to add from buy yesterday and lowered the price target to £24.60from £29.80. ARM Holdings: UBS raises t
Read moreMonday broker round-up - UPDATE
14th Nov 2011 09:19
Barclays: Goldman Sachs cuts to sell from neutral. BG Group: Evolution Securities keeps buy recommendation and 1,800p target. BG Group: Nomura maintains buy and 1,750p target. ITV: Peel Hunt retains buy and 73p target. ITV: Investec maintains hold rating and 55p target. Cairn Energy: UBS cuts
Read moreLondon midday: Lloyds leads the way
8th Nov 2011 12:32
There has been no shortage of company announcements to keep investor occupied while they await the outcome of the keenly awaited vote in the Italian parliament this afternoon, which could determine whether Silvio Berlusconi continues his charmed life as Italian Prime Minister. PUNTERS BACK THE BLAC
Read moreLondon open: Thumbs-up for Lloyds
8th Nov 2011 08:44
It has been a hectic morning for big company announcements, busy enough to distract traders from events in the Eurozone. Eight of the FTSE 100 companies have made trading updates already, while insurance giant Prudential is set to weigh in with his third quarter update at 9:00am. Part-nationalised
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