Broker snap: Cairn upgraded on Greenland potential
28th Mar 2011 10:54
UBS upgrades Cairn Energy from 'neutral' to 'buy', as it is encouraged by the potential from a number of prospects in Greenland. The target price for the Edinburgh-based oil and gas group is raised from 440p to 510p, a 20% (85p) premium to net asset value (NAV) for what the broker thinks will be th
Read moreLondon close: Miners push Footsie higher
23rd Mar 2011 17:19
Footsie ended the day close to its high point though that was largely due to the strength of mining stocks rather than a rapturous reception to the UK Budget. What did get a rapturous reception, at least for a while, was the news that the voting by the Monetary Policy Committee in March on interest
Read moreLondon afternoon: Housebuilders get Budget boost
23rd Mar 2011 15:00
It would appear that the UK Budget was far from a blockbuster as the market has reacted phlegmatically to the Chancellor's big day. The headline grabbing move was the commitment to effectively abolish National Insurance and push up income tax to compensate, but this will not take effect for some t
Read moreLondon midday: Back to square one
23rd Mar 2011 12:24
Footsie ended the morning more or less where it started it, as investors sit tight ahead of the Budget speech at 12:30pm. Resource stocks are in demand, with ENRC sitting atop a buoyant mining sector and Cairn leading oils higher. Underlying profits more than doubled last year at Kazakhstan-based
Read moreLondon open: Market unsettled as Sainbury's disappoints
23rd Mar 2011 09:00
Budget days are normally quiet, but supermarket giant J Sainsbury's slightly disappointing trading update has unsettled the mood. Caution ahead of today's speech by the Chancellor will also be keeping some on the sidelines. Supermarket giant Sainsbury's grew like for like sales by slightly less th
Read moreWednesday tips round-up: Cairn Energy, Xaar...
23rd Mar 2011 06:54
Cairn Energy moved to a pre-tax profit of $577m (£352m) last year, against a small loss in 2009. Cairn also reported progress in Greenland, where it is conducting a widely watched exploration campaign. The group said the offshore-Greenland programme has "the potential for transformational growth".
Read moreLondon close: Carnival sinks
22nd Mar 2011 16:57
A confident start was derailed by worse than expected inflation figures and a rally in the final hour of trading only brought out profit takers right at the death, leaving Footsie in the red. UK annual inflation rose faster than predicted in February, as surging utility bills drove up living costs.
Read moreSector movers: Auto stocks lower after plant shutdowns
22nd Mar 2011 16:02
The automobiles and parts sector is providing downward pressure on the markets Tuesday on the back of concerns over its exposure to the Japanese car industry. Toyota and Honda have extended plant shutdowns until the weekend, at least. Aerospace and vehicles engineer GKN is also lower on speculation
Read moreLondon afternoon: Downward drift continues
22nd Mar 2011 14:09
Footsie lost more ground over the lunch time session as Wall Street opened mixed, failing to carry on the strong advance seen yesterday. GKN is lower on speculation of a bid for French peer Latecoere. The French aerospace firm, which provides doors for Boeing and Airbus, is looking for a buyer, acc
Read moreFTSE 100 movers: Cairn results well received
22nd Mar 2011 13:55
Cairn Energy is higher following its 2010 results, even though there was no news on the Cairn India stake sale to Vedanta Resources. Cairn posted a net profit of $1.08bn in 2010. An update on the oil explorer's plans for Greenland was generally well received. RBS analyst Phil Corbett said that Gre
Read moreLondon midday: Inflation shock spoils the party
22nd Mar 2011 11:39
Disappointing inflation data seems to have put paid to Footsie's attempts to continue its recent revival. The inflation rate, as measured by the consumer prices index, rose to 4.4% in February from 4.0% in January. The rate topped market expectations of a figure of 4.2% and will pile on the pressur
Read moreLondon open: Healthy early gains
22nd Mar 2011 08:55
A bit of momentum is building behind Footsie now, with fund managers and life groups going well. Schroders and Prudential are two of the best performers after the Dow rose again overnight to climb back through the 12,000 mark. Cairn Energy has yet to reach an agreement with the Indian authoritie
Read moreLondon pre-open: Footsie to creep higher
22nd Mar 2011 07:38
Stocks are set for another day of gains, though early indications are the FTSE 100 will only make up a handful of points early on. Cairn Energy has yet to reach an agreement with the Indian authorities over the proposed sale of its Rajasthan assets to Vedanta. Hopes had been raised that Cairn woul
Read moreCairn still awaits India sale approval
22nd Mar 2011 07:10
Cairn Energy has yet to reach an agreement with the Indian authorities over the proposed sale of its Rajasthan assets to Vedanta. Hopes had been raised that Cairn would announce a deal had been struck with today's results, but the group just repeated that the sale of its 51% stake in Cairn India is
Read moreTuesday tips round-up: Regus, Netcall, Cobham...
22nd Mar 2011 06:38
Serviced office group Regus's proposition is that as workforces become more mobile, employers will rent offices rather than own them outright. In the long term, there is no question that Regus will continue to build on these positive trends. But with the shares on more than 20 times this year's ea
Read more