London midday: Stocks erase gains after UK construction data, Eurozone growth forecasts
4th Nov 2014 11:25
A slowdown in UK construction expansion and downgrades to Eurozone growth forecasts hit UK stocks on Tuesday morning, with the FTSE 100 having erased early gains by lunchtime. Well-received results from Imperial Tobacco, Associated British Foods and Legal & General weren't enough to prop up the benc
Read moreOil companies need to rebuild investor confidence, says Barclays
4th Nov 2014 09:45
Oil exploration and production (E&P) companies need to rebuild confidence amongst investors, according to analysts at Barclays, who said depressed oil prices are not wholly to blame for the recent weakness in the oil sector. The bank pointed out that the European E&P sector has under-performed the w
Read moreOphir agrees on terms for gas project in Equatorial Guinea
4th Nov 2014 09:03
Africa-focused oil and gas group Ophir Energy has agreed on fiscal terms with the government over its Block R gas production sharing contract (PSC) in Equatorial Guinea, Africa's first floating liquefied natural gas (FLNG) project. Ophir, which is the operator of Block R with an 80% stake, said it h
Read moreLondon open: FTSE rises as earnings impress, but oil stocks fall
4th Nov 2014 08:31
The UK stock market opened tentatively on Tuesday, with declines in the energy sector offsetting some well-received results from blue chips Legal & General, Associated British Foods and Imperial Tobacco. The FTSE 100 was up 0.2% at 6,503 in early deals. However, upside was being limited by falls fr
Read moreFTSE 250 movers: Betfair climbs after reporting rise in Q2 revenue
3rd Nov 2014 14:38
Betfair gained after saying in a trading update that second-quarter revenue rose 22% to £119m, driven by strong growth in active customers and favourable sporting results. After adjustments for unusually high gross win margins, revenue in the quarter was up 13%. African oil explorer Ophir Energy was
Read moreOphir Energy confirms terms of bid for Salamander Energy
3rd Nov 2014 07:58
African oil explorer Ophir Energy has confirmed the terms of a takeover bid for Asia-focused rival Salamander Energy, Ophir said on Monday. Ophir, which has a range of offshore operations in Tanzania, Equatorial Guinea and Somaliland, said it had sent a letter to Salamander after the latter announce
Read moreFTSE 250 movers: Renishaw leads after updating second half outlook
27th Oct 2014 13:56
Renishaw has revealed that it now expects to continue to experience the revenue growth seen in its first quarter in the second half of its financial year. The brief announcement from the metrology and healthcare manufacturer came less than two weeks after it delivered its interim management statemen
Read moreLondon midday: Stocks drop into the red after German data, ECB stress tests
27th Oct 2014 12:01
UK stocks had erased early gains by Monday lunchtime as ongoing concerns about Germany and the health of the wider Eurozone economy weighed on sentiment. The FTSE 100 was down 0.2% at 6,377 by midday, pulling back sharply after having touched an intraday high of 6,443.76 in early deals. News that G
Read moreSalamander Energy's shares surge after proposals from Ophir Energy, consortium - UPDATE
27th Oct 2014 09:32
Salamander Energy's shares jumped after saying it had received a conditional proposal from Ophir Energy to potentially buy the British oil and gas explorer. A consortium, led by Spanish firm Compania Espanola de Petroleos (CEPSA) and Jynwel Capital, has also approached the group but failed to give a
Read moreLondon open: Stocks rise on stress-test results, but gains limited ahead of FOMC
27th Oct 2014 08:31
UK markets opened slightly higher on Monday morning, with sentiment boosted by the weekend's news that most European banks had passed recent 'stress tests'. The FTSE 100 was trading 0.1% higher at 6,396 within the opening hour, but had trimmed earlier gains which sent it to a high of 6,443.76. The
Read moreOphir Energy buys deepwater production contracts in Indonesia
27th Oct 2014 08:01
Ophir Energy has agreed to buy interests in seven deepwater production sharing contracts in Indonesia. The group will pay Niko Resources $31m on completion of the transaction. The acquisitions expand the company's acreage in South East Asia by 21,500 square kilometres. Ophir said multiple leads an
Read moreSunday newspaper round-up: Tesco, RBS, Morrisons
26th Oct 2014 16:31
Tesco's new Chief Executive Dave Lewis is in talks with the group's board over a new bonus deal because its problems have undermined his original package, the Mail on Sunday reported. "If you are doing a turnaround, then maybe you'd want some shorter-term targets for the leadership team," he said. S
Read moreOphir Energy expands offshore Gabon with two new blocks
24th Oct 2014 07:30
Ophir Energy has expanded its footprint in the highly prospective North Gabon basin after signing agreements for two new offshore blocks. The group said on Friday that it has signed exploration and production sharing contracts (PSCs) for blocks A3 (Nkouere) and A4 (Nkawa), located outboard of its e
Read moreFTSE 250 movers: Retail stocks lead rise as footfall decline slows
21st Oct 2014 14:38
Retail stocks were putting in a strong performance on Tuesday after data from BRC-Springboard showed the decline in UK retail footfall eased to 0.9% in September from a 1.1% drop in August. Stocks such as Debenhams, Home Retail, Just Eat, WH Smith and Halfords were all in positive territory. "With a
Read moreEconomics improve at Ophir's Fortuna gas field after positive testing
21st Oct 2014 09:24
Positive drill stem testing (DST) at Ophir Energy's Fortuna-2 well in Block R, Equatorial Guinea, means that the company will not need as many development wells to produce the gas field, the oil and gas group said. Ophir, which owns a 80% stake in Block R, conducted a DST after successfully drilling
Read more