London close: US sparks Footsie recovery
26th May 2009 16:29
Footsie finished higher Tuesday after a strong performance by US shares, lifted by consumer confidence figures, hauled London's leading share index out of the red. The mining sector summed up the volatility seen on the markets today. Rio Tinto climbed after it said it had agreed a 33% cut in contra
Read moreLondon afternoon: Defensive stocks back in favour
26th May 2009 14:42
Hopes that Wall Street might provide a fillip to UK shares have been dashed as US markets open in a similarly dull fashion to London. Mining stocks and financials are the worst performers while defensive sectors such as tobaccos and supermarkets have returned to favour. Mining giant Rio Tinto is lo
Read moreRio and Chinalco mulling changes to deal
26th May 2009 14:05
Sam Walsh, the head of Rio Tinto's iron ore division, has hinted that the company's controversial cash injection deal with Chinalco may yet be revised. Addressing reporters at a mineral conference in Canberra, Australia, Walsh said the group would make its mind up on the $19.5bn share stake sale t
Read moreSector movers: Tesco climbs after giving workers shares
26th May 2009 12:08
Food retailers are going well including Tesco, which is distributing £98m in shares among its workers. The details emerged as the group published its 2008/2009 annual report, which also revealed that top bosses picked up £22.2m in salary and bonuses. More than 200,000 workers - from checkout staff
Read moreLondon midday: Equities drift lower
26th May 2009 12:07
It was a dull morning session for London's leading shares, with the market following Asian markets lower after the news broke concerning North Korea's nuclear bomb test. Mining stocks and financials are the worst performers. Mining giant Rio Tinto is lower after it agreed a 33% cut in contract fin
Read moreLondon open: Slow start to short week
26th May 2009 08:41
London has made a slow start to the week after the long weekend in both the UK and the US and with little blue chip news out today so far. Miners are the best performers again. Mining giant Rio Tinto is lower has agreed a 33% cut in contract fine iron ore prices with Japan's Nippon Steel Corp for t
Read moreRio Tinto cuts iron price by a third
26th May 2009 07:13
Mining giant Rio Tinto has agreed a 33% cut in contract fine iron ore prices with Japan's Nippon Steel Corp for the current shipping year, in a deal likely to set the benchmark for other settlements. Rio said its subsidairy Hamersley Iron had set prices for the contract year commencing 1 April 200
Read moreTuesday newspaper round-up: BP, Shell, Rio Tinto
26th May 2009 06:23
BP nominated a former Soviet diplomat to lead the troubled TNK-BP oil company yesterday in an attempt to end a damaging conflict with four Russian billionaire shareholders. The oil giant put forward Pavel Skitovich as chief executive of the Anglo-Russian joint venture, ten months after Robert Dudle
Read moreRio Tinto scraps sale of borates unit
22nd May 2009 16:13
Mining giant Rio Tinto has taken its borates business off the market after failing to attract an acceptable offer. The world's third-largest miner said it is still trying to sell other businesses targeted for sale, including talc. "Rio Tinto believes the borates business is a good fit within its o
Read moreLondon afternoon: Equities continue upward drift
22nd May 2009 14:08
The market remains in credit after yesterday's shake-out and while it is by no means a convincing rally, driven as it is largely by the strength of mining stocks, the hesitancy is probably dictated by the unwillingness of traders to carry large positions over the long week-end. Having been talked d
Read moreFTSE 100 movers: Miners lifted by broker upgrade
22nd May 2009 12:28
Mining stocks helped recouped yesterday's losses after Goldman Sachs ramped up price targets across the sector in expectation of a China-fuelled rally in commodity prices. "Datapoints from China, and a more bullish outlook from our colleagues in the region, prompt us to analyse which metals might s
Read moreSector movers: Miners rampant after Goldman review
22nd May 2009 12:27
Mining stocks are helping Footsie win back some of yesterday's losses after Goldman Sachs ramped up price targets across the sector in expectation of a China-fuelled rally in commodity prices. "Datapoints from China, and a more bullish outlook from our colleagues in the region, prompt us to analyse
Read moreBroker tips: British Airways, Marstons, miners
22nd May 2009 12:07
Things are so volatile in the airline business at present that British Airways declined to give any trading guidance for the current financial year with its 2008/9 results announced on Friday, making it difficult for analysts to get a handle on the company's prospects. Charles Stanley is playing it
Read moreLondon midday: Miners keep Footsie ahead
22nd May 2009 12:05
Footsie has made progress helped by a Goldman Sachs upgrade of mining stocks though buyers in other areas are thin on the ground ahead of the bank holiday weekend. Goldman Sachs foresees capacity restraints affecting iron ore and copper production by 2011. 'In contrast, nickel and aluminium do not
Read moreBroker snap: Goldman note lifts miners
22nd May 2009 11:44
Mining stocks are helping Footsie win back some of yesterday's losses after Goldman Sachs ramped up price targets across the sector in expectation of a China-fuelled rally in commodity prices. "Datapoints from China, and a more bullish outlook from our colleagues in the region, prompt us to analyse
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