Rio Tinto streamlines group structure to cut costs, splits up energy division
27th Feb 2015 07:02
Diversified mining group Rio Tinto has announced plans to streamline its product groups and corporate functions, dividing up its energy division as it looks to cut costs and simplify its structure. Under the new arrangements, which will come into effect immediately, the group is to condense from the
Read moreFTSE 100 movers: HSBC lower on tax scandal fines, LSE boosted by higher price target
23rd Feb 2015 14:59
HSBC was among the fallers after reporting a 17% drop in pre-tax annual profit to $18.68bn, as the lender was hit by fines for its involvement in the foreign exchange rigging scandal. Chief executive Stuart Gulliver said 2014 was a "challenging year in which we continued to work hard to improve busi
Read moreBroker tips: HSBC, Glencore, Rio Tinto, Bovis Homes, LSE
23rd Feb 2015 11:57
An uncertain outlook at HSBC is likely to keep the market cautious about the global lender, according to Hargreaves Lansdown Stockbrokers, after 2014 results on Monday came in below forecasts. Head of equities Richard Hunter said: "Given the wider sectoral issues, HSBC has had a difficult year, with
Read moreUBS upgrades Glencore to 'buy', downgrades Rio Tinto to 'neutral'
23rd Feb 2015 10:09
UBS has lifted its rating for Glencore from 'neutral' to 'buy', saying the commodities trader and mining group is well positioned for a cyclical recovery. However, sector peer Rio Tinto has been hit by a downgrade from 'buy' to 'neutral' on the back of a "challenging" price outlook and lack of near-
Read moreRio Tinto director buys shares following buyback programme
18th Feb 2015 15:34
A non-executive director in Rio Tinto splashed out to buy shares as the mining giant confirmed details about its recently unveiled plans for a $2bn share buyback. Megan Clark purchased 1,550 shares for an individual price of 3,228.6p, spending a total of £50,044 in the transaction. Clarke, who has
Read moreFTSE 100 movers: Glaxosmithkline upgraded, miners and oil stocks higher
13th Feb 2015 14:29
Glaxosmithkline's shares were given a boost by UBS which upgraded its rating for the pharmaceutical stock by two notches from 'sell' to 'buy', saying that the business is now at an "inflection point" after a tough few years. The bank hiked its target price for the stock from 1,250p to 1,700p. The sh
Read moreLondon close: Stocks rise on Ukraine ceasefire, but gains modest
12th Feb 2015 17:13
UK stocks rose for the first time in five sessions on Thursday after a ceasefire was agreed in eastern Ukraine, though ongoing concerns about Greece and weak economic data from the States limited upside. Investors were also digesting comments from the Bank of England as it upgraded its UK growth for
Read moreRio Tinto unveils plans for $2bn share buyback as quarterly profits beat estimates
12th Feb 2015 17:01
Mining giant Rio Tinto unveiled plans to invest $2bn (£1.30bn) in a share buyback, after the company's annual profit beat estimates. Despite a sharp drop in commodity prices, higher production and lower costs drove full-year profits past expectations. Underlying profit for 2014 fell 9% to $9.3bn, a
Read moreSector movers: Miners rise on Ukraine ceasefire deal, Rio Tinto jumps
12th Feb 2015 14:47
Mining stocks gained on Thursday, benefitting from an increase of risk appetite across financial markets as tensions between Ukraine and Russia eased, while Rio Tinto impressed with its annual results. Russian president Vladimir Putin on Thursday morning confirmed that the country had reached a ceas
Read moreFTSE 100 movers: Coca-cola fizzes up on Ukraine ceasefire, oil and gas lower
12th Feb 2015 14:31
Stocks exposed to Russia and Ukraine, such as Coca-Cola, rose strongly after a ceasefire was agreed between the two nations. The ceasefire will come into effect on Sunday and involves the withdrawal of heavy weapons from conflict areas. Mining group Rio Tinto gained as it pledged to return nearly $6
Read moreRio Tinto hikes full-year divi 12%, proposes $2bn cash return
12th Feb 2015 07:21
Mining group Rio Tinto has pledged to return nearly $6bn to shareholders in respect of 2014 after hiking its full-year dividend by 12% and announcing a $2bn share buyback. "Last year, we made a clear commitment to materially increase cash returns to our shareholders. We have delivered this today," s
Read moreSector movers: Mining stocks in demand despite worsening outlook for China
9th Feb 2015 14:46
Mining stocks were resilient in the face of some gloomy trade figures from top metals consumer China on Monday, as hopes increased for further stimulus measures by Beijing to avert a sharp slowdown in economic growth. The Chinese trade surplus unexpectedly ballooned to a record $60bn in January from
Read moreBroker tips: Mining stocks, CRH, Barclays
2nd Feb 2015 11:38
The recent re-rating in mining stocks and weak commodity prices has prompted Liberum to downgrade its recommendations on sector giants BHP Billiton, Glencore, Anglo American and Rio Tinto. The broker lowered its ratings on all four from 'sell' to 'hold' and slashed target prices, saying that copper
Read moreLiberum downgrades mining stocks to 'sell', cuts copper forecasts
2nd Feb 2015 10:05
The recent re-rating in mining stocks and weak commodity prices has prompted Liberum to downgrade its recommendations on sector giants BHP Billiton, Glencore, Anglo American and Rio Tinto. The broker lowered its ratings on all four from 'sell' to 'hold' and slashed target prices, saying that copper
Read moreSector movers: ECB stimulus gives mining stocks a lift, gold rises
22nd Jan 2015 14:36
Confirmation of a massive bond-buying programme by the European Central Bank (ECB) was well-received by the market on Thursday, with mining stocks among the best performers as shares benefited from an increase in risk appetite. The ECB unveiled a quantitative easing programme totalling €1.1trn, with
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