London afternoon: Market takes tax hikes on chin
22nd Jun 2010 14:17
Footsie is still in the red after chancellor George Osborne's first Budget, which contained a huge raft of tax and benefit changes, most of which will raise revenue for the government. VAT is going up from 17.5% to 20%, capital gains tax is rising to a flat rate of 28% while the banks and building
Read moreLondon midday: Budget casts shadow over Footsie
22nd Jun 2010 12:04
Footsie is lower ahead of today's emergency Budget with markets uneasy given the tough rhetoric beforehand from chancellor George Osborne. The sentiment boost enjoyed yesterday following the announcement that China is to stop pegging its currency to the US dollar has worn off, as can be seen by the
Read moreLondon open: Lower ahead of Budget
22nd Jun 2010 08:46
Footsie has opened lower ahead of the coalition government's eagerly awaited emergency budget, which will be revealed around lunchtime. Chancellor George Osborne has been vocal about making Britain competitive by cutting corporation tax so that big businesses find it worthwhile to come to the coun
Read moreFTSE 100 movers: Miners move higher
18th Jun 2010 15:19
Footsie has edged higher with mining companies leading the push higher. Miners Fresnillo, Lonmin and Randgold Resources are all higher. BT is lower due to worries about a potential strike. The Communication Workers Union wants BT to increase its 2% pay offer. UBS has cut its ratings for outso
Read moreLondon close: Seventh day of gains for Footsie
17th Jun 2010 16:46
London's blue chips rose for the seventh day running as BP took some comfort from the $20bn deal agreed with US president Obama. Banks also rallied on the new plans for City regulation set out yesterday. This afternoon, the coalition government also axed 12 projects costing £2bn, suspended another
Read moreFTSE 100 movers: BP heads higher
17th Jun 2010 14:56
BP and banks are pushing Footsie higher today. Clarity on the issue of BP's dividends and the staggered nature of payments into Escrow has reassured investors. BP has cancelled dividends for the rest of the year and agreed to a demand from US president Obama to put $20bn in an escrow account to c
Read moreLondon afternoon: Stocks drift off highest levels
17th Jun 2010 14:12
Leading shares saw their gains trimmed over the lunch time session, despite expectations of a firm start on Wall Street. BP and the banks continue to lead the market higher. Under fire oil giant BP remains the top performer after yesterday's meeting between BP officials and the US president. BP h
Read moreLondon midday: Spanish bond sale boosts banks
17th Jun 2010 12:05
BP and the banks are leading the market higher, with the latter in demand after concerns over Spain's ability to raise money on the bond markets were eased by the latest Spanish bond auction, which saw a higher level of demand than the March offering. Royal Bank of Scotland, Lloyds Banking and Bar
Read moreLondon open: BP shares jump
17th Jun 2010 08:29
BP is leading London's blue chips higher in early dealings on Thursday following yesterday's meeting with the US president. BP has cancelled dividends for the rest of the year and agreed to a demand from US president Obama to put $20bn in an escrow account to cover claims resulting from the oil spi
Read moreMARKET TALK: Citigroup Boosts Fresnillo Target Price
16th Jun 2010 07:58
0658 GMT [Dow Jones] Citigroup lifts Fresnillo (FRES.LN) target price to 1225p from 860p, derived by a combination of price to net present value and enterprise value to Ebitda valuations. Maintains a buy rating on the stock, saying it's one of its favored precious metal stocks at the moment, especia
Read moreUK MARKET TALK ROUNDUP: BROKERS COMMENTS
16th Jun 2010 07:58
Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 0658 GMT [Dow Jones] Citigroup lifts Fresnillo (FRES.LN) target price to 1225p from 860p, derived by a combination of price t
Read moreUK MARKET TALK ROUNDUP: BROKERS COMMENTS
16th Jun 2010 07:48
Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 0648 GMT [Dow Jones] JPMorgan Cazenove downgrades BHP Billiton (BLT.LN), Fresnillo (FRES.LN) and Lonmin (LMI.LN) to underweig
Read moreMARKET TALK: JPMorgan Cuts BHP, Fresnillo To Underweight
16th Jun 2010 07:48
0648 GMT [Dow Jones] JPMorgan Cazenove downgrades BHP Billiton (BLT.LN), Fresnillo (FRES.LN) and Lonmin (LMI.LN) to underweight from neutral. For BHP, the rating cut reflects the stock's valuation premium against peers and lack of operational and financial leverage to any one commodity, says JPM. Fo
Read moreLondon close: Mining stocks boost Footsie
14th Jun 2010 16:49
Footsie finished with good gains as mining stocks enjoyed a boost from higher metals prices. Mining companies Kazakhmys, Vedanta and BHP Billiton went well but it was silver and gold miner Fresnillo that led the way on rumours that the company is under the bid microscope. BP's slide continues. Th
Read moreFTSE 100 movers: BP hit again
14th Jun 2010 14:23
BP returned to its position at the bottom of the FTSE 100 on fears it will be hit with a financial penalty in addition to a suspension of the dividend. Proposals from US senators could mean the oil firm places $20bn in an escrow account to pay for the impact of the spill in the Gulf of Mexico. Pre
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