Tullow flags £1bn fundraising
27th Jan 2010 07:03
Oil company Tullow is raising £1bn to finance activities in Africa just a day after shareholders voted to buy Heritage Oil's 50% stake in Blocks 1 and 3A in Uganda. The company said it is placing 80.43m shares with institutional investors at an as yet undisclosed price. The shares were trading at £
Read moreUpdate: Tullow to buy Heritage's Uganda assets
26th Jan 2010 16:32
Tullow Oil said it has agreed to buy Heritage Oil's assets in Uganda for up to $1.5bn, gatecrashing Heritage's previous deal with Italy's Eni. The terms of the deal include a consideration of $1.35bn cash and a further contingent, deferred consideration of up to $150m cash or an interest in a mutua
Read moreLondon close: Footsie snaps 4-day losing streak
26th Jan 2010 16:25
Top stocks staged a recovery late afternoon as Wall Street reacted well to US consumer confidence at a 16-month high. Standard Chartered was a bright spot after Nomura said the recent share price fall represents a buying opportunity. The Japanese broker upgraded the Far East focused bank to 'buy'
Read moreWednesday preview: Tullow, Britvic, Renishaw
26th Jan 2010 15:52
Oil company Tullow Oil, due to make a fourth quarter update on Wednesday, will be in celebratory mood after Heritage Oil shareholders rubber-stamped Tullow's purchase of Heritage's 50% stake in Blocks 1 and 3A in Uganda. Italian oil giant Eni agreed in November to buy Heritage's Ugandan interests f
Read moreFTSE 100 movers: Resource stocks undermine Footsie
26th Jan 2010 14:18
China worries continue to weigh on miners, with the likes of Fresnillo, Xstrata and Kazakhmys leading the sector lower. Reports that several Chinese banks increased their reserves after being told to last week by China's central bank hit an already jittery market for mining shares. Energy stocks f
Read moreLondon afternoon: Stocks slide as Brown sides with Obama
22nd Jan 2010 14:43
Barely more than a dozen FTSE 100 constituents are showing rises as the market looks set to slide for the third day in succession, after dipping sharply following comments from Prime Minister Gordon Brown's spokesman that appeared to lend support to President Obama's hard line stance against excessi
Read moreLondon midday: Banks and shops drag Footsie lower
22nd Jan 2010 12:15
Footsie has turned down sharply with retailers joining banks in the doldrums after some subdued sales data from December. Retail sales volumes rose by much less than expected in December, as price rises kept the UK consumer away from the shops over the Christmas period. Sales were up by 0.3% from
Read moreLondon open: Banks in early drop
22nd Jan 2010 08:11
Banking shares are dragging London's top stocks lower in early dealings on Friday, after President Obama revealed tough new measures to curb risk-taking among the big Wall Street banks. Obama proposed rules to limit bank mergers and consolidation, while also restricting involvement in hedge funds,
Read moreLondon pre-open: Weak start expected
22nd Jan 2010 07:38
Yesterday's late swoon in London looks set to continue Friday morning, with City traders predicting the FTSE 100 will open around 22 points lower at around 5,313. Resource stocks, at least, had some early good news for investors, with miner Xstrata and oil company Tullow giving updates on their act
Read moreTullow strikes again in Uganda
22nd Jan 2010 07:31
Tullow Oil has found more oil and gas in the Butiaba region of Uganda Block 2, this time at the Kasamene-2 appraisal well 1km north-east of the Kasamene-1 discovery. The well encountered 39 metres of net oil pay and 8 metres of net gas pay within a 132 metre gross interval. 'Reservoir quality is ex
Read moreLondon close: Banks and miners drag Footsie lower
21st Jan 2010 16:30
Leading UK shares lurched lower in the afternoon as US shares weakened and investors waited nervously for President Obama's new bank reforms. The US President's proposals prohibit commercial banks from owning or investing in hedge funds or owning, investing or advising private equity funds, while a
Read moreLondon afternoon: Banks face 'tsunami' of pressure
21st Jan 2010 14:44
Leading shares traded sideways over the lunchtime session, albeit with a small dip at 1:30pm when the US market opened a tad lower. Banks and miners are impeding Footsie's progress, with the latter still friendless on concerns about demand from China. Pundits are predicting that the Chinese authori
Read moreBroker tips: Tullow, Morrisons, NCC
21st Jan 2010 12:44
Brokers are holding fire on updating their net asset valuations on Tullow Oil until they have more information on the Irish oil company's 'significant' oil and gas find at its Tweneboa-2 exploratory appraisal well in Ghana. 'Although further appraisal is needed, today's news is positive for Tullow
Read moreBroker snap: Tullow find underpins premium valuation
21st Jan 2010 12:31
Brokers are holding fire on updating their net asset valuations on Tullow Oil until they have more information on the Irish oil company's 'significant' oil and gas find at its Tweneboa-2 exploratory appraisal well in Ghana. 'Although further appraisal is needed, today's news is positive for Tullow
Read moreLondon midday: Footsie ahead after mixed morning
21st Jan 2010 12:01
Footsie can't make up its mind this morning and after dropping into the red after miners gave up early gains the index is making good progress again. Xstrata, Rio Tinto, Anglo American, Fresnillo, Kazakhmys and Vedanta Resources remain the main blue chip fallers on concerns about demand from China.
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