London midday: Footsie breaks through 5100
16th Sep 2009 11:58
Leading shares rose steadily throughout the morning session pushing the FTSE 100 index through the 5100 barrier. Mining stocks are responsible for much of the rise as metals prices head north after Federal Reserve Chairman Ben Bernanke said the US recession 'is very likely over at this point' in a s
Read moreLondon open: Bright start for Footsie
16th Sep 2009 08:42
London's blue chips have made a strong start following on from Wall St's rise after US Fed chief Ben Bernanke called the US recession over. Miners are pushing on in sympathy with Bernanke's comments led by the majors Xstrata, Rio Tinto and Anglo American. Tullow Oil is the best performer after the
Read moreNew find boosts Tullow Oil
16th Sep 2009 07:34
Shares in Tullow Oil have been boosted by the announcement of an oil discovery at the Venus exploration well off the West African coast. The well is 40%-owned by New York-listed Anadarko Petroleum, in which Tullow has a 10% holding. 'The Venus discovery confirms the existence of an active petroleu
Read moreWednesday newspaper round-up: Lloyds Banking, Tullow Oil, Barclays
16th Sep 2009 06:15
The European Commission has warned Lloyds Banking Group that it may have to split off Halifax as punishment for the billions of pounds of state aid that it has received. Neelie Kroes, the Competition Commissioner, has yet to make a final decision, but banking sources say it is clear that she is pla
Read moreLondon close: Stocks gain on economic cheer
15th Sep 2009 16:40
Footsie put further distance between itself and the 5,000 point mark as the global economic outlook brightened. The US recession is 'very likely' to have ended, Federal Reserve chairman Ben Bernanke said. Here, the UK Consumer Prices Index in August showed an annual increase of 1.6%, the lowest si
Read moreLondon afternoon: Weak retailers out of step
15th Sep 2009 14:18
Leading shares are consolidating the morning's gains, though retailers decline to join the party. Confusion and speculation surrounds the acquisition and fund raising intentions of general insurer RSA. Reports in today's FT suggest RSA indicated at a recent investors conference that it was looking
Read moreLondon midday: RSA's bid plans unclear
15th Sep 2009 12:11
After a quiet but tospy-turvy session the blue-chip index ended the morning in positive territory, despite the UK inflation picture not improving as much in August as expected. The UK Consumer Prices Index in August showed an annual increase of 1.6%, the lowest since level since February 2005 and do
Read moreLondon close: Footsie fights back
14th Sep 2009 16:34
After toiling in the red all day, Footsie made a late push into positive territory to close above the 5,000 point mark. Miners were weak spot. Reports over the weekend suggested some commentators are concerned by the amount of speculative money that is flowing into the minerals sector. Meanwhile co
Read moreFTSE 100 movers: Oil shares slip with crude price
14th Sep 2009 14:15
Oil shares have taken over from the miners as the weak spot today. The price of crude has fallen back to under $69 per barrel, clipping recent gains in Cairn Energy, Tullow and BG, which announced a monster oil find in Brazil last week. Marks & Spencer picked up as Morgan Stanley upped its price ta
Read moreLondon afternoon: Resource stocks lose favour
14th Sep 2009 14:11
Resource stocks are friendless today as oil and metals prices shift into reverse. Reports over the weekend suggested some commentators are concerned by the amount of speculative money that is flowing into the minerals sector. Meanwhile copper prices have fallen for the fourth day in a row on over-s
Read moreThursday tips round-up: Tullow, Antofagasta, Costain
27th Aug 2009 05:55
Tullow Oil claims 741 million barrels in proven and probable reserves. Adding a very conservative 200 million for the extra potential in Ghana and Uganda gives one billion barrels, which the stock market is currently valuing at $14.5 per barrel. About right, given the Africa risk, but if Tullow does
Read moreLondon close: Footsie runs out of steam
26th Aug 2009 16:27
Wall Street's inability to hold onto new home sale-inspired gains was the final nail in the coffin for London, bringing to an end a six-day winning streak. Much of the blame lay with the UK-listed miners who hogged the list of largest losers on weaker metal prices. Antofagasta was among the worst
Read moreLondon afternoon: RBS buoyed by pension moves
26th Aug 2009 14:32
Equity prices are mixed with a lower bias. The Footsie continues to drift lower, weighed down by underperforming resource stocks. Pre-tax profits plunged at Tullow in the first half of the year as the firm felt the pinch of the slide in oil prices. The oil company posted a pre-tax profit of £34.
Read moreLondon midday: Resource stocks a drag
26th Aug 2009 12:09
Given that resource stocks are in the dog-house the Footsie is doing well to be only moderately in the red on a day of mixed results for blue chips. Pre-tax profits plunged at Tullow in the first half of the year as the firm felt the pinch of the slide in oil prices. The oil company posted a pre-t
Read moreLondon open: Lower start for FTSE 100
26th Aug 2009 08:20
Footsie is slightly lower in early dealings, with the advertising group WPP the leading share index's heaviest faller after reporting interim results. WPP said half-year results continue to reflect the impact of the global economic contraction, which continued to intensify in the second quarter, th
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