FTSE 100 movers: Rio and BHP Billiton soar
5th Jun 2009 12:40
Rio Tinto dominated the market after it scrapped its controversial $19.5bn refinancing deal with Chinese firm Chinalco. Instead it launched a $15.2bn rights issue and agreed to merge its West Australia iron ore assets with BHP Billiton's. Institutional investors welcomed the decision, which has be
Read moreLondon midday: Upward trend continues
5th Jun 2009 12:11
Blue-chips shares continue to push ahead, led by minders in the wake of the decision by Rio Tinto to change tack with regards to its fund raising plans. Rio Tinto has capitulated to shareholder pressure and ditched its controversial $19.5bn refinancing deal with state-owned Chinese aluminium produc
Read moreTechnical Analysis: Copper and commodities continue to rise
5th Jun 2009 10:35
The rally in commodity prices since the turn of the year has continued to raise expectations around the globe of an imminent economic recovery. Certainly there have been a number of indicators that have turned positive on the major commodity indices over the past couple of weeks. Mining shares are
Read moreLondon open: Miners buoyant as Rio raises $15bn
5th Jun 2009 08:56
A buoyant mining sector sent Footsie sharply higher in early dealings as investors rejoiced as Rio Tinto launched a $15.2bn rights issue. The cash call follows confirmation this morning that Rio Tinto had scrapped its controversial $19.5bn refinancing deal with Chinese firm Chinalco. The deal also
Read moreLondon pre-open: Miners to take centre stage
5th Jun 2009 07:38
The mining sector is likely to be in focus in early dealings after Rio Tinto launched a $15.2bn rights issue. Footsie is expected to open up 35 points. Rio Tinto this morning confirmed it had scrapped its controversial $19.5bn refinancing deal with Chinese firm Chinalco and instead launched a $15.2
Read moreRio Tinto launches $15.2bn rights after dumping Chinalco
5th Jun 2009 07:11
Rio Tinto shares soared as it scrapped its controversial $19.5bn refinancing deal with Chinese firm Chinalco and instead launched a $15.2bn rights issue and a merger of its West Australia iron ore assets with those of bitter rival BHP Billiton. Institutional investors angry at the Chinalco agreemen
Read moreFriday newspaper round-up: Rio launches $15.2bn rights, ties with BHP
5th Jun 2009 06:15
Rio Tinto launched a deeply-discounted $15.2bn rights issue, scrapped a proposed $19.5bn tie-up with China's Chinalco and struck a joint venture deal with arch rival BHP Billiton in a string of announcements on Friday that will transform the Anglo-Australian mining group's long term future, the FT r
Read moreLondon close: Rio bombshell pulls back Footsie
4th Jun 2009 17:03
Rio Tinto dominated late trading as its deal with Chinese giant Chinalco looked all but dead in the water as the mining giant confirmed it is considering its options. A rights issue to raise up to $15bn could be announced as soon as tomorrow according to reports in Australia. Rio shares slumped by
Read moreRio rights issue expected as Chinalco deal falters
4th Jun 2009 15:10
Miner Rio Tinto is rumoured to be mulling a $15bn rights issue as the refinancing deal with Chinese state-owned aluminium firm Chinalco is standing on the brink of collapse. "Rio Tinto notes press speculation. Rio Tinto is pursuing a range of options, some of which are at an advanced stage, for max
Read moreFTSE 100 movers: Rio deal uncertainty dominates day
4th Jun 2009 15:03
Rio Tinto dominated trading as its deal with Chinese giant Chinalco looked all but dead in the water as the mining giant confirmed it is considering its options. A rights issue to raise up to $15bn could be announced as soon as tomorrow according to reports in Australia. Rio shares slumped by nearl
Read moreLondon afternoon: Rio dives on Chinalco rumours
4th Jun 2009 14:27
Disappointment with the Bank of England's decision not to expand its quantitative easing programme prompted a downturn in the market, wiping out the morning's gains. London's blue-chip index is also struggling with the burden of a weak mining sector, which has moved further into the red after rumou
Read moreTechnical Analysis: Mining sector makes new highs
2nd Jun 2009 11:07
The break above the highs of this year, on both the Reuters Jeffries CRB and Goldman Sachs Commodity Index last month, at 245.00 and 384 respectively, has seen commodity shares continue their rally over the past few days. They have also broken their respective 200 day moving averages, with the CRB
Read moreLondon open: Footsie starts down
28th May 2009 08:14
London's top stocks have started in the red as the US markets finished lower yesterday. Hedge fund manager Man Group is the biggest faller after it saw profits slide for the year. "The past financial year saw extraordinary turmoil in financial markets globally which put extreme stress on business
Read moreLondon pre-open: Strong start predicted
28th May 2009 07:52
Footsie is expected to rise in early dealings despite the sharp fall on Wall Street last night. Sugar and sweetener firm Tate & Lyle posted a sharp fall in profits after facing impairment charges and tough trading conditions.Profit before tax in the year to 31 March fell to £113m from £182m the pre
Read moreRio Tinto asked for more info on coal mine sale
28th May 2009 07:10
Mining giant Rio Tinto has received a request from the US Federal Trade Commission (FTC) for more information regarding its pending sale of the Jacobs Ranch coal mine in Wyoming. Rio Tinto agreed in March to sell the mine to Arch Coal for a total cash consideration of $671m. Rio Tinto said is will
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