London pre-open: Markets expected to fall early on
27th Aug 2013 07:49
Markets are expected to open with losses on Tuesday morning as traders return to their desks after the long three-day weekend, attempting to play catch-up after negative sessions in the US and Asia overnight. City sources predict the FTSE 100 will open down around 25 points from Friday's close of
Read morePetrofac shares jump on confident outlook - UPDATE
27th Aug 2013 07:13
Petrofac's share price surged on Tuesday as the oilfield services group reiterated its guidance for the full year despite reporting a decline in revenues and profits in the first half. Results for 2013 are still expected to be significantly weighted towards the second half, as previously indicated,
Read moreLondon open: Stocks rise as Chinese data offsets Fed uncertainty
22nd Aug 2013 08:38
London's FTSE 100 rebounded strongly from a six-week low on Thursday morning, snapping a three-day losing streak, after economic data showed a surprise return to growth in Chinese manufacturing activity. The HSBC/Markit flash purchasing managers' index (PMI) for the Chinese manufacturing sector imp
Read moreSector movers: Oil-services sector falls as Wood Group disappoints
20th Aug 2013 14:25
The oil-services sector was out of favour on Tuesday, pulling back after a sharp rise the day before, as disappointing results from blue-chip firm Wood Group dampened sentiment. Wood Group, one of the largest companies in the sector with a market capitalisation of around £3.4bn (as of yesterday's c
Read moreSector movers: M&A activity boosts oil-services sector, Kentz jumps
19th Aug 2013 15:59
Two rejected takeover proposals for Kentz Corporation gave London's oil services sector a lift on Monday, with the FTSE 250 constituent rising by as much as a quarter in afternoon trade in the hope that this could signal the start of a bidding war. Kentz rocketed after saying that it has rebuffed a
Read moreFTSE 100 movers: M&S, Petrofac, easyJet
19th Aug 2013 13:58
Marks & Spencer topped the FTSE as the retailer launched its Britain's Leading Ladies campaign to promote its new autumn/winter fashion collection. The advertisement features stars including Helen Mirren, Tracey Emin and Ellie Goulding. Petrofac, which provides facilities services to the oil, gas
Read morePetrofac's President steps down
24th Jul 2013 09:00
Petrofac said President and Executive Director, Maroun Semaan, will retire at the end of the year. Semaan, who joined the oil and gas service provider in 1991, has served as Chief Executive of Engineering and Construction, Group Chief Operating Officer and most recently as President of the Petrofac
Read moreLondon open: Stocks extend gains on Bernanke comments, LSE rises
18th Jul 2013 08:30
Markets opened in positive territory on Thursday morning as investors continued to digest comments by Federal Reserve Chairman Ben Bernanke last night. He said that the Fed's $85bn-a-month asset purchase programme is "by no means on a pre-set course", saying that it very much depends on the econom
Read moreLondon pre-open: Small losses expected early on
18th Jul 2013 07:26
Stocks are expected to slip slightly when trading starts on Thursday morning, pulling back after gains made the day before as investors continue to digest comments made by Federal Reserve Chairman Ben Bernanke in his semi-annual testimony to Congress. City sources predict the FTSE 100 will open dow
Read morePetrofac increases stake in Petrofac Emirates
18th Jul 2013 07:03
Petrofac has agreed to increase its interest in Petrofac Emirates, its Abu Dhabi based joint venture with Mubdala Petroleum, to 75 per cent. It comes after Mubadala Petroleum sold its shares in the joint venture to Nama Project Services, an affiliate of Nama Development Enterprises, a service prov
Read moreThursday broker round-up UPDATE
11th Jul 2013 08:23
Afren: JP Morgan reduces target price from 195p to 165p and downgrades to underweight. Associated British Foods: Panmure Gordon increases target price from 1800p to 2100p upgrading from hold to buy. AVEVA Group: JP Morgan ups target price from 2300p to 2430p and retains a neutral rating. Aviva: M
Read moreLondon close: Stocks pare losses ahead of FOMC minutes
10th Jul 2013 16:56
Nervousness ahead of a Federal Reserve statement and disappointing trade figures from China weighed on markets on Wednesday, though a late rally on the FTSE 100 ensured that losses were only minor by the close. The FTSE 100 finished the session at 6,505, down just eight points (-0.12%) on the day a
Read moreFTSE 100 movers: Burberry jumps after 'standout' first quarter
10th Jul 2013 14:27
Luxury fashion brand Burberry saw its share price jump on Wednesday after saying that it was pleased with its first-quarter retail performance as underlying revenues rose 18 per cent. Chief Executive Angela Ahrendts said that spring/summer 2013 was a 'standout' season. Petrofac was in demand after
Read moreBroker tips: G4S, Petrofac, Miners
10th Jul 2013 10:52
Goldman Sachs on Wednesday morning reiterated its 'conviction list sell' recommendation on shares of G4S ahead of the company's interim results on August 28th. Their investment thesis is based on the poor industry dynamics in security end-markets, resulting in low barriers to entry and limited pri
Read moreBroker snap: Petrofac among Citi's top picks in oil services sector
10th Jul 2013 09:54
Citigroup has named FTSE 100-listed Petrofac as one of its favoured names in the European oil services sector following its recent underperformance so far in 2013. "European Oil Services have been a significant 1H underperformer relative to the market. This poor performance has occurred against a b
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