London close: Footsie winds down as 2011 nears
30th Dec 2010 16:55
London closed shy of the 6,000 mark after a late dip in very light volumes with little for either buyers or sellers to get their teeth into. Fresnillo was an exception thanks to another strong day on the metals exchanges as silver hit a new 30-year high. Copper traded above $9,500 per tonne on the
Read moreLondon midday: Traders go 'cold turkey' on shares
30th Dec 2010 12:23
Traders are regarding UK shares with all the enthusiasm of someone being offered another round of cold turkey sandwiches, as the lull between Christmas and New Year continues. Fallers outnumber risers by around two to one among Footsie constituents, with miners reflecting the mixed picture. Silver
Read moreThursday newspaper round-up: Strikes, BP, Italy...
30th Dec 2010 08:35
Union bosses are plotting mass strikes at around the time of the royal wedding. The most senior figures in the movement are to meet early in the new year at a TUC meeting aimed at delivering co-ordinated mass industrial action in the spring against government cuts. Mark Serwotka, the leader of the
Read moreRio Tinto hit by Australian floods
29th Dec 2010 10:01
Severe flooding in Queensland, Australia has prompted Rio Tinto to declare force majeure on contracts from its coal mines at Hail Creek, Kestrel, Blair Athol and Clermont in Queensland's Bowen Basin. "The severe monsoonal rain, on top of the significant rainfalls in November and December, has had
Read moreFriday newspaper round-up: JJB Sports, Euro crisis, John Lewis...
24th Dec 2010 06:35
JJB Sports, the beleaguered sports retailer, is poised to announce a £30m fund-raising and the departure of its chairman, to safeguard its future. It is thought that big shareholders, including Harris Associates and the foundation of Bill Gates, are backing the call. John Clare, the chairman, will
Read moreSector movers: Rio Tinto drags mining lower
23rd Dec 2010 13:23
Rio Tinto is among the stocks dragging on the mining sector after increasing its offer for Riversdale Mining to A$16 a share in cash, securing the backing of management for a deal worth A$3.9bn (£2.5bn). The mining giant admitted earlier this month it had talked to the Sydney-based firm, which has
Read moreFTSE 100 movers: Retailers recover
23rd Dec 2010 12:36
Retailers are recovering on hopes that the last two days trading before Christmas could be a bumper time in the high street. Kingfisher and Next have recovered a portion of their losses earlier in the weak. Chip designer ARM has been hit by profit taking. Miners are also slipping back with Xstrat
Read moreLondon open: Assault on 6,000 begins
23rd Dec 2010 08:15
Blue chips have had a first stab at hitting the magic 6,000 level following gains in the US overnight and are regrouping after falling just one point short. Insurer Old Mutual is among the early winners, followed by Sainsbury's and Kingfisher, but ARM is giving back a little of yesterday's big gain
Read moreLondon pre-open: Footsie closing in on 6,000
23rd Dec 2010 07:44
It's looking touch and go whether the Footsie index will open above 6,000 this morning with City traders suggesting the blue-chip index will open around 16 points higher, just 1 point short of the 6,000 level. Rio Tinto has increased its offer for Riversdale Mining to A$16 a share in cash, securing
Read moreRio Tinto ups Riversdale bid to £2.5bn
23rd Dec 2010 07:13
Rio Tinto has increased its offer for Riversdale Mining to A$16 a share in cash, securing the backing of management for a deal worth A$3.9bn (£2.5bn). The mining giant admitted earlier this month it had talked to the Sydney-based firm, which has interests in African coal, about a A$15 a share takeo
Read moreRio Tinto close to talc unit sale
20th Dec 2010 08:21
Mining heavyweight Rio Tinto has nearly sold its talc business, Luzenac, to France's Imerys for up to €500m (£420m). It's thought the pair are in advanced talks, though Rio is yet to grant Imerys exclusivity on the deal for the unit, responsible for around 20% of global demand for talc. Rio has a
Read moreMonday newspaper round-up: Bank bonuses, snow, BSkyB
20th Dec 2010 06:30
George Osborne and Vince Cable will today pile pressure on senior bankers by threatening tax rises and further regulations if they go ahead with another bumper round of bonuses. The Chancellor and the Business Secretary are meeting the chief executives of the five largest banks ? the Royal Bank of S
Read moreFriday tips round-up: RPC, Rio Tinto, DS Smith...
17th Dec 2010 06:57
RPC Group has spent ten years wooing Denmark's Superfos Industries but has finally won the day after its rival agreed to a £205m takeover. Making soup containers for Waitrose and coffee capsules for Nespresso machines may have all the hallmarks of a defensive stock. But the Superfos deal has turned
Read moreRio Tinto could get over $500m for Cloud Peak
16th Dec 2010 07:44
Rio Tinto will get at least US$2bn for Rio Tinto Energy America after its secondary offering of Cloud Peak Energy shares was priced at around $½bn. The miner is selling 25.6m Cloud Peak shares at US$19.50 each to raise gross proceeds of $499.2m. Underwriters also have an option to pick up an extra
Read moreBroker tips: Rio Tinto, Reckitt Benckiser, Xchanging
13th Dec 2010 13:58
Nomura's 2011 forecasts for Rio Tinto are ahead of consensus as the broker expects average realised iron ore prices to rise substantially more. The broker sees supply growth limited to 9% as increasing shortages of skilled labour and environmental issues continue to delay large expansion projects,
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