London 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
Read moreLondon 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
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