FTSE 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 moreRio Tinto wins battle with Ivanhoe
13th Dec 2011 14:17
Rio Tinto has triumphed in its battle to win the right to take over its hostile joint-venture partner Ivanhoe Mines, after an independent arbitrator ruled that Ivanhoe's "poison pill" defence is invalid and that Rio was not in breach of an agreement between the two firms. Rio, which currently owns
Read moreAustralia ups export volume forecasts for 2011-12
13th Dec 2011 13:36
London-listed mining stocks were on their way up on Tuesday, helped by the news that Australia has raised its forecast for commodity export volumes. According to the Bureau of Resources and Energy Economics' (BREE's) Resource and Energy Quarterly, Australia's export volumes for most minerals and en
Read moreRio Tinto delays offer deadline again
13th Dec 2011 08:10
Mining giant Rio Tinto has extended the time shareholders in Canadian uranium firm Hathor have to accept its $654m bid for the company. Rio said that so far over 84% of shareholders had accepted the C$4.70 per share offer and it was delaying the deadline until 22 December 2011. "The offer has been
Read moreFriday broker round-up
9th Dec 2011 10:05
Rio Tinto: Investec cuts target from 4,170p to 4,045p, buy rating kept. BG Group: Nomura keeps buy and 1,850p target. Genel Energy: Investec reiterates buy and 1,360p target. Standard Chartered: Nomura reiterates buy and 1,800p target. African Barrick Gold: Investec reduces target from 634p to 6
Read moreLondon close: Stocks plummet after ECB
8th Dec 2011 16:43
The Footsie took a tumble in the afternoon as initial optimism following the European Central Bank (ECB) decision to cut rates quickly faded after a press conference with its president Mario Draghi. In the last two-or-so hours of trade, London's blue chip index dropped more than 100 points from its
Read moreLondon midday: Stocks pare gains, euro in focus
7th Dec 2011 11:49
The Footsie was trading well below its intraday high of 5,626 reached in early trading. However, the index was still making moderate gains - up 0.33% at 5,587 by midday - on fresh optimism over the Eurozone, as leaders draw up plans to increase the region's firepower against the crisis. Miners domi
Read moreLondon open: Investors raise a glass to RBS's pub sale
2nd Dec 2011 08:51
The equity bandwagon is back on the road after pulling over into a lay-by for repairs yesterday, after French President Nicolas Sarkozy said last night it is necessary 'to put an end to all doubts' over the European Union's commitment to sorting out the region's debt crisis. In what may be a sneak
Read moreLondon pre-open: Footsie to regain 5,500
2nd Dec 2011 07:30
Having fallen below 5,500 yesterday the blue-chip index is set to move back above that level at the outset this morning, with City traders betting the FTSE 100 will open up around 29 points from yesterday's close of 5,489. Mining colossus Rio Tinto has given the green light to an additional $2.7bn
Read moreRio Tinto gives green light for $2.7bn investment
2nd Dec 2011 07:23
Mining giant Rio Tinto has given the go-ahead to an additional $2.7bn capital investment to modernise its aluminium smelter in Kitimat, British Columbia. The new investment will allow for completion of the $3.3bn project in 2014. President of Primary Metal at Rio Tinto Alcan Jean Simon said: "Fo
Read moreLondon midday: Footsie nudges higher despite poor data
1st Dec 2011 12:02
UK stocks have jumped into positive territory after European bond auctions saw strong demand, but gains are likely to be limited by a string of poor manufacturing data out this morning. Investors will still be digesting the news of a co-ordinated intervention by major central banks to provide cheap
Read moreLondon open: Equities becalmed
1st Dec 2011 09:19
Footsie has been bobbing above and below the 5,500 level this morning as the market takes a pause for breath after yesterday's mad rush higher. REPAIR TO THE PUB DIY retailer Kingfisher is a top performer after a well-received trading update. The B&Q owner saw year-on-year like-for-like (LFL) sale
Read moreRio Tinto claims victory in Hathor bid
1st Dec 2011 08:16
Rio Tinto, the Anglo-Australian mining giant, has claimed victory in its agreed bid for Canadian firm Hathor. So far, shareholders representing just over 70% of the Canadian uranium explorer's issued share capital have accepted Rio's offer, which values Hathor at $654m. The rival offer for the com
Read moreLondon close: Footsie at two-week high after central bank action
30th Nov 2011 16:32
Benchmark indices across Europe and the US were making gains of between 3-5% on Wednesday afternoon after a united move by central banks to ease conditions in the global financial system. The FTSE 100 in London finished over the 5,500 mark, a closing level it has not reached since 16 November. CENT
Read moreLondon close: Footsie nudges higher, Ecofin meeting eyed
29th Nov 2011 16:37
The FTSE 100 nudged higher in afternoon trading after swinging between gains and losses all day, as some better-than-expected US economic data boosted equities stateside. Lifting sentiment late on was the Conference Board's consumer confidence index which rose from a revised 40.9 in October to 56 t
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