London open: M&B leads the rise after offer rejection
13th Sep 2011 08:32
Reports that China is planning to provide support to the Eurozone helped UK stocks higher on Tuesday morning, following a late recovery on Wall Street last night. Wall Street's rally was prompted by reports that Italy's government is negotiating with the Chinese government in the hope that Beijing
Read moreLondon pre-open: London likes idea of Chinese cavalry
13th Sep 2011 07:30
After Wall Street's dramatic late recovery yesterday, London is expected to open firmer today, with City sources predicting the FTSE 100 will open up 75 points from yesterday's close of 5,130 on hopes that the Chinese government will ride to the rescue of the Eurozone. Wall Street's rally was promp
Read moreCairn wells disappoint in Greenland
13th Sep 2011 07:27
Edinburgh-based oil and gas titan Cairn Energy has reported disappointing results from its offshore drilling campaign offshore Greenland, with one well coming up dry and another showing only minor hydrocarbons. The Gamma-1 Well in the Eqquar Block reached total depth but the group is now planning t
Read moreCairn Energy trying to complete Indian sale
23rd Aug 2011 08:18
Cairn Energy, the oil and gas producer, has seen revenues rise in the first half of 2011 from $333m last year to $1.3bn this year. The boost in revenues comes on the back of increased production which was up significantly on the same period in 2010, from 87,523 boepd (barrels of oil equivalent per
Read moreFTSE 100 Movers: Rangold benefits from gold rush
16th Aug 2011 09:51
In morning trading the FTSE 100 dropped 0.9% to 5,299.05, with both banks and mining stocks down. Randgold Resources saw a boost off the back of a rising gold price, and a flight to safety by risk-averse investors. Oil company Cairn is lower after RBS cut its rating from 'buy' to 'hold'. Enginee
Read moreLondon close: Footsie bounces after morning sell-off
9th Aug 2011 16:45
Following another steep decline in early trading, the Footsie clawed its way back, surging nearly 400 points since the mid-morning to finish 1.89% higher. The blue chip index closed up 96 points. All eyes are on the Federal Reserve's monetary policy meeting, with markets eagerly waiting to hear of
Read moreBroker tips: Cairn, Cobham, Brooks Macdonald
5th Aug 2011 12:56
Matrix has slashed its target price for Cairn Energy and maintained its hold rating on the stock, saying that "chances are running out" for the oil explorer. "There are now only three opportunities for drilling success this year in Greenland, and the chances for achieving it look slim," said analys
Read moreBroker snap: Chances running out for Cairn, says Matrix
5th Aug 2011 12:55
Matrix has slashed its target price for Cairn Energy and maintained its hold rating on the stock, saying that "chances are running out" for the oil explorer. "There are now only three opportunities for drilling success this year in Greenland, and the chances for achieving it look slim," said analys
Read moreBroker snap: RBS cuts target for Cairn after well disappointment
3rd Aug 2011 16:41
RBS has cut its target price for Cairn Energy from 510p to 440p after the LF7-1 well offshore Greenland proved unsuccessful. Cairn revealed on Wednesday that the well on the Lady Franklin Block reached target depth and is being plugged and abandoned. "The well encountered a thick Upper Cretaceous s
Read moreSector movers: Cairn Energy drags oil and gas sector lower
3rd Aug 2011 15:02
A large share price decline at Cairn Energy meant that the oil and gas producing sector was at the bottom of the pile on Wednesday. Falling oil prices didn't help much as Brent Crude futures were nearly 2% lower at $114.16 at 16:22. Oil exploration group Cairn Energy said that despite the inital pr
Read moreFTSE 100 Movers: Fresnillo is heading for gold
3rd Aug 2011 14:39
Fresnillo's share price continues to soar as rising precious metals prices boosted revenues at the Mexican silver and gold miner in the six months to 30 June. Total revenue rose to $1.056bn (£644.5m) from $605.7m the previous year, while earnings before interest, depreciation and amortisation (EBI
Read moreUPDATE: Cairn Energy notifies of a drilling disappointment
3rd Aug 2011 10:27
Oil exploration group Cairn Energy has today informed investors on progress in its drilling campaign offshore Greenland. Thus, and most noteworthy, despite the initial promising analysis in the South Ungavva area, the LF7-1 exploration well has not met its target. This analysis indicates the prese
Read moreCairn Energy notifies of a drilling disappointment
3rd Aug 2011 09:21
Oil exploration group Cairn Energy has today informed investors on progress in its drilling campaign offshore Greenland. Thus, and most noteworthy, despite the initial promising analysis in the South Ungavva area, the LF7-1 exploration well has not met its target. Those analysis indicate the prese
Read moreVedanta gets formal OK from India to buy Cairn India
1st Aug 2011 13:59
Mining giant Vedanta Resources said it has received conditional approval from the Government of India to buy British oil explorer Cairn Energy's Indian unit, subject to regulatory approvals and royalty payments. Vedanta said it is working with Cairn Energy to satisfy these conditions and complete t
Read moreTuesday newspaper round-up: News Corp, BSKyB, M&S, UKFI, deep fried Mars Bars
19th Jul 2011 06:28
Shares in News Corporation fell more than 4% in New York, as the contagion over the News of the World phone hacking scandal spread further into the US and Australia. Serious cracks appeared in Rupert Murdoch's Australian empire as the row placed key deals in jeopardy. In an echo of the furore over N
Read more