Lloyds' open offer gets 87% acceptances
8th Jun 2009 07:16
Part-nationalised bank Lloyds Banking said its compensatory open offer received acceptances in respect of 87% of the shares on offer. The joint book-runners of the issue will now attempt to place the unsold shares in the market at a price of not less than 38.3p, being the price at which the shares
Read moreMonday newspaper round-up: Lloyds, Barclays, Ferrexpo
8th Jun 2009 06:17
Lloyds Banking Group is expected to repay about £2.3 billion to the Government this week, becoming the first lender in Europe to return bailout money to the taxpayer. The £2.3bn cheque addressed to the Treasury could not have come at a better time for Gordon Brown. The repayment is being made far s
Read moreComment: Lloyds' merger mystery party
5th Jun 2009 17:13
The Lloyds Banking Group AGM on Friday was no party for directors as shareholders took the opportunity to vent their spleen at the company's hasty takeover of the toxic debt receptacle that is HBOS, with one shareholder at the AGM declaring the acquisition a 'disaster'. Many shareholders bought int
Read moreLloyds sorry as shareholders vent fury
5th Jun 2009 16:42
Lloyds Banking Group chairman Sir Victor Blank survived a re-election vote at the troubled bank's AGM despite a grovelling apology for cutting the dividend after its takeover of HBOS. "The board are sorry about the decline in our share price and the financial difficulty the temporary suspension of
Read moreFTSE 100 movers: Rio and BHP Billiton soar
5th Jun 2009 12:40
Rio Tinto dominated the market after it scrapped its controversial $19.5bn refinancing deal with Chinese firm Chinalco. Instead it launched a $15.2bn rights issue and agreed to merge its West Australia iron ore assets with BHP Billiton's. Institutional investors welcomed the decision, which has be
Read moreFriday newspaper round-up: Rio launches $15.2bn rights, ties with BHP
5th Jun 2009 06:15
Rio Tinto launched a deeply-discounted $15.2bn rights issue, scrapped a proposed $19.5bn tie-up with China's Chinalco and struck a joint venture deal with arch rival BHP Billiton in a string of announcements on Friday that will transform the Anglo-Australian mining group's long term future, the FT r
Read moreLondon close: Rio bombshell pulls back Footsie
4th Jun 2009 17:03
Rio Tinto dominated late trading as its deal with Chinese giant Chinalco looked all but dead in the water as the mining giant confirmed it is considering its options. A rights issue to raise up to $15bn could be announced as soon as tomorrow according to reports in Australia. Rio shares slumped by
Read moreFriday preview: Lloyds Banking, Carphone Warehouse, Fuller's
4th Jun 2009 16:20
Friday is the AGM for Lloyds Banking Group and it is also the deadline for the group's open offer. Shareholders will have until noon on 5 June to decide whether to participate in the bank's placing and compensatory open offer. Despite the recently announced decision by Sir Victor Blank to step dow
Read moreLondon afternoon: Rio dives on Chinalco rumours
4th Jun 2009 14:27
Disappointment with the Bank of England's decision not to expand its quantitative easing programme prompted a downturn in the market, wiping out the morning's gains. London's blue-chip index is also struggling with the burden of a weak mining sector, which has moved further into the red after rumou
Read moreLondon midday: Financials lead rally
4th Jun 2009 12:03
The Bank of England's interest rate decision was every bit the non-event economists had been predicting, with the key lending rate left unchanged at 0.25% while no further changes to the quantitative easing programme have been made. Equities remain slightly firmer, with financials recovering some o
Read moreLondon close: Late rally not enough
2nd Jun 2009 16:46
A rally in the afternoon session was not enough to lift the Footsie out of negative territory, though second-liners were moderately firmer on balance. Bank Barclays was the day’s worst performing blue-chip after news of the sale by IPIC broke overnight. Khadem Al Qubaisi, managing director of IPIC,
Read moreTechnical Analysis: Banks still finding upside difficult
2nd Jun 2009 16:33
Since the beginning of March, the turnaround in the fortunes of the banking sector has been quite remarkable. The lows of 1,877 seem a distant memory now after a rise of over 100%, but this rally needs to be set into the context of the decline before it. Since the beginning of May the banking sec
Read moreLondon afternoon: Shares stuck in the red
2nd Jun 2009 14:40
Shares remain in the red after failing to find inspiration on Wall Street, which opened sluggishly. Bank Barclays is nursing a double-digit percentage decline after news of the impending sale by IPIC broke overnight. Khadem Al Qubaisi, managing director of IPIC, said that the sale did not represen
Read moreLondon midday: Profit takers move in
2nd Jun 2009 11:55
Profit taking was the theme of the morning as investors reduced equity exposure after yesterday's sharp rise while Barclays tumbled on the revelation that Abu Dhabi's International Petroleum Investment Company (IPIC) is to bank profits on its Barclays stake. Barclays is nursing a double-digit perce
Read moreLondon open: Barclays divestment sinks Footsie
2nd Jun 2009 08:33
London has opened lower in the wake of the decision by Abu Dhabi's International Petroleum Investment Company to bank profits on its Barclays stake. Barclays is down by 13%. Khadem Al Qubaisi, managing director of IPIC, adding that the sale did not represent a lack of faith in Barclays, its managem
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