London midday: Resource stocks pull Footsie to daily lows
14th Dec 2011 12:00
There were just seven risers on London's FTSE 100 at midday, as miners and oil stocks pulled the blue chip index to its daily low of 5,438, a fall of around 1%. In economic news, UK unemployment rose by 128,00 in the three months to October to a reach a total of 2.64m, according to the Office for
Read moreLondon close: Merkel comments weigh, Footsie pares gains
13th Dec 2011 16:21
London's blue chip index experienced a boost on Tuesday afternoon, helped by a strong Spanish bond auction and a better-than-expected German confidence survey. However, stocks began to retreat late on after some worrying comments from Angela Merkel and rumours of disruption to oil exports in the Per
Read moreSector movers: Petrofac jumps, oil services stocks up
13th Dec 2011 15:28
Petrofac jumped higher on Tuesday afternoon, providing a lift to the oil equipment, services and distribution sector, with constituents making average gains of 3.89%. The FTSE 100 oilfield services firm rose after saying that it expects to deliver like-for-like (LFL) profit growth in 2011 of at lea
Read moreFTSE 100 Movers: Petrofac leads the way
13th Dec 2011 14:51
Oilfield services firm Petrofac soared into the top spot after announcing that it expects to deliver like-for-like (LFL) profit growth in 2011 of at least 20%, the company announced this morning. While the order book may have "unwound" slightly (from $10.8bn in September to $10.6bn expected at the
Read moreBroker tips: Petrofac, Carpetright, UK house-builders
13th Dec 2011 12:34
Investec has reiterated its buy rating on oilfield services giant Petrofac, following the group's pre-close trading update in which it said it expects to deliver like-for-like (LFL) profit growth in 2011 of at least 20%. "Petrofac continues to make good progress on all fronts and we maintain our po
Read moreBroker snap: No surprises at Petrofac, Investec reiterates buy
13th Dec 2011 12:34
Investec has reiterated its buy rating on oilfield services giant Petrofac, following the group's pre-close trading update in which it said it expects to deliver like-for-like (LFL) profit growth in 2011 of at least 20%. "Petrofac continues to make good progress on all fronts and we maintain our po
Read moreLondon midday: Footsie jumps after Spanish auction, ZEW survey
13th Dec 2011 11:46
The Footsie has bounced back into positive territory after a strong Spanish bond auction and a better-than-expected German confidence survey lifted sentiment across the continent. London's blue chip index was up some 39 points at 5,467 by midday, a big swing from the intraday low of 5,416 it sank to
Read moreTuesday broker round-up - UPDATE
13th Dec 2011 09:54
Amec: Citi upgrades to buy from sell. Royal Dutch Shell: Citi downgrades to neutral from buy. Petrofac: Investec reiterates buy, 1,705p target under review. Petrofac: Evolution Securities reiterates add and 1,700p target. Whitbread: Evolution Securities keeps buy rating and 1,800p target. Whitb
Read moreLondon open: Whitbread loses its froth
13th Dec 2011 08:47
London has opened on the front foot, which comes as a relief after yesterday's bashing, but the top-share index's modest advance is largely due to the strength of miners, which more than outweighs the weakness of banks. Results from Costa Coffee show owner Whitbread have left a sour taste, with evi
Read moreLondon pre-open: Pause for breath
13th Dec 2011 07:35
After yesterday's shake-out, investors are expected to take stock at the outset, with the top-share index set to open little changed. International distribution and outsourcing group Bunzl said revenue growth for the full financial year is expected to be more than 6% at constant exchange rates, c
Read morePetrofac's LFL growth to exceed 20% - UPDATE
13th Dec 2011 07:11
Oilfield services firm Petrofac expects to deliver like-for-like (LFL) profit growth in 2011 of at least 20%, the company announced this morning. On the basis of contract wins so far this year, the order backlog is expected to be in the region of $10.6bn at 31 December 2011, down from $11.7bn at t
Read moreLondon close: London falls for sixth successive day
21st Nov 2011 17:02
Stocks fell out of a bed with a bump this morning and then in the afternoon session rolled down the stairs all the way to the cellar, as US lawmakers reprised their tiresome wrangling over budget cuts, as previously seen back in July. NO PROGRESS IN CONGRESS With the clock ticking down towards a W
Read moreSector movers: Oil services stocks fall as crude sinks
21st Nov 2011 13:44
Every sector was either trading flat of registering a loss on Monday as European and US debt concerns sparked a mass sell-off. Oil equipment, services and distribution stocks were the worst performers as oil prices sank for the third day. The Finance Ministry of Japan, the third-largest crude oil c
Read moreBroker tips: GKN, Petrofac, Home Retail
20th Oct 2011 12:53
GKN's shares were on the retreat on Thursday, following yesterday's strong rise after its third quarter statement, but Credit Suisse still maintained its outperform recommendation on the stock saying that investment case remains intact. "Our forecasts discount 12% year-on-year organic revenue growt
Read moreBroker snap: Evolution pleased with Petrofac's new deal
20th Oct 2011 12:52
Evolutions Securities has kept its add rating on oil and gas facilities provider Petrofac, saying that while today's statement contained very little new information, the new deal it announced is a "significant step forward". The firm said that it would deploy its floating production facility (FPF1)
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