Cairn keen to boost India output
23rd Mar 2010 07:09
Cairn Energy has raised its forecast for peak production from its Indian assets by over a third to 240,000 barrels per day. "The phased Rajasthan development is set to produce 125,000 bopd later this year with multiple buyers now lining up to take crude through the pipeline. The basin resource base
Read moreTuesday preview: Cairn, Legal & General, IMPs
22nd Mar 2010 17:41
Oil explorer Cairn Energy's 'clean net income could be about $70m but a number of exceptional items will reduce the reported figure to about $10m compared to $348m in 2008 which was boosted by transaction gains and losses,' according to broker Charles Stanley. Deutsche Bank more or less agrees, say
Read moreLondon close: Footsie comes off highs
19th Mar 2010 16:37
Footsie reached levels not seen since 2008 in afternoon dealings, but the gains dwindled after a poor start in the US and the leading share index finished just a few points in the blue. Banks led the way after an upbeat trading update from Lloyds Banking Group. Lloyds will be profitable on a combin
Read moreLondon afternoon: Footsie at 21 month high
19th Mar 2010 14:08
Footsie marked time over the lunch time session after hitting levels in the morning session not seen since June 2008. Banks continue to lead the way after an upbeat trading update from Lloyds Banking Group. Lloyds will be profitable on a combined businesses basis in 2010, chief executive Eric Danie
Read moreLondon midday: Defensives left behind
19th Mar 2010 12:10
Risers outnumber fallers by around four to one among FTSE 100 constituents as the market continues to enjoy a sentiment boost from an impromptu and upbeat trading update from Lloyds Banking Group. Lloyds will be profitable on a combined businesses basis in 2010, chief executive Eric Daniels claimed
Read moreLondon close: Third day of gains
2nd Feb 2010 16:39
A strong start in the US helped London rise for the third day in a row and finish at its highest in over a week, with commodity plays the pick of the bunch. Investors piled into miners as metal prices took off and brokers backed a further recovery in share prices. Eurasian Natural Resources (ENRC)
Read moreTullow gatecrashes Heritage's $1.5bn asset sale
18th Jan 2010 08:12
Tullow Oil has exercised a pre-emption right to snap up the Ugandan oil fields half-owned by partner Heritage Oil for $1.5bn. Italian state oil company Eni had agreed in November to buy Heritage's 50% stake in Blocks 1 and 3A for $1.35bn in cash and a deferred consideration of $150m. But Tullow ha
Read moreLondon close: Commodity slide hits Footsie
13th Jan 2010 16:32
Footsie ended the day firmly in the red with low commodity prices helping to offset positive broker coverage. With the oil price below $80, oil titans Royal Dutch Shell and BP found themselves on traders' sell lists. BG Group also slipped even after HSBC upped its price target for the stock from 13
Read moreLondon afternoon: Leading shares mixed
13th Jan 2010 14:57
Leading shares are mixed having picked up a little over the lunch time session, helped by a firmer start on Wall Street. With the oil price below $80, oil titans Royal Dutch Shell and BP find themselves on traders' sell lists, but BG Group makes headway after HSBC upped its price target for the st
Read moreLondon midday: Ferrero pulls out of Cadbury chase
13th Jan 2010 11:56
Oils and banks are dragging the Footsie down, with sentiment also soured by disappointing manufacturing output figures. While industrial production showed a 0.4% rise in November, better than the 0.3% rise economists had been predicting, manufacturing output remained unchanged from October's level
Read moreLondon afternoon: Chinese banking move sparks selling
12th Jan 2010 14:47
News that China has raised the reserve requirements for its banks in an attempt to choke growth in the economy has spooked global markets, including London. The prospect of China slowing down economic expansion does not sit well with miners such as Fresnillo, Lonmin, Kazakhmys, Vedanta and Xstrata,
Read moreFTSE 100 movers: Miners head lower
12th Jan 2010 12:18
Footsie is well down on the day as world economic concerns take the spotlight. The fallers are dominated by mining companies. News that China is trying to dampen down the growth in its economy hit commodities. Disappointing results from aluminium producer Alcoa didn't help, either. Fresnillo, Lo
Read moreLondon close: Footsie gives up gains
11th Jan 2010 16:41
The leading share index gave up early gains to finish only slightly higher as euphoria over strong trade figures from China in December gave way to renewed fears over recovery prospects. China's December imports jumped by 55.9% from the same month the previous year, while exports were 17.7% higher
Read moreSector movers: Oils stocks gush higher
11th Jan 2010 15:26
Cairn Energy is lifting the oil sector higher after being upgraded to 'buy' from 'hold' by the broker Citigroup. The broker sees strong potential in the oil explorer's accelerated activities in Greenland. Among smaller companies, shares in oil and gas firm Aminex jumped after it announced the spudd
Read moreLondon afternoon: Stocks back on the climb
11th Jan 2010 14:16
Leading shares, which had been surrendering early gains at the end of the morning, picked up again over the lunch time session, helped by expectations of a firm start by Wall Street. In the absence of much in the way of corporate events to attract attention, traders have been focused on broker note
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