FTSE 100 movers: Resolution unwanted after downgrade
18th Apr 2011 13:43
Insurance giant Resolution is the worst performer on the FTSE 100, after being downgraded from 'buy' to 'neutral' by UBS. The broker cuts its rating given the weak operational performance, mixed valuation picture and strong recent share price performance. The share price is left at 300p. Also lowe
Read moreLondon midday: Desire subsides after well wash-out
18th Apr 2011 12:18
Bright spots are hard to find on the first trading days of the shortened week, and far from bursting through the 6,000 barrier Footsie heads at pace in the opposite direction. Insurer Resolution leads the blue-chip index lower after UBS downgraded the stock from "buy" to "neutral". Bid hopes for
Read moreLondon open: S&N unnerved by rivals' bid talks
18th Apr 2011 09:06
Expectations of a flat start proved wide of the mark as financial stocks lead the market lower. Banks such as Barclays, Lloyds and Royal Bank of Scotland are off the pace, as are insurers such as Resolution, Standard Life, Aviva and Old Mutual. Medical devices maker Smith & Nephew is the worst pe
Read moreHeritage and Tullow in Ugandan tax bust-up
18th Apr 2011 08:03
Upstream exploration and production company Heritage Oil has been slapped with a $313.45m lawsuit by Tullow Oil related to the sale of Heritage's 50% interest in Blocks 1 and 3A in Uganda. The bone of contention is Heritage's refusal to reimburse Tullow in relation to a recent payment made by Tullo
Read moreLondon open: Resource stocks wanted
15th Apr 2011 08:37
The Footsie is sidling back up towards the 6,000 level, with resource stocks leading the way after China's economy grew faster than expected in the first quarter. ENRC, Antofagasta and Lonmin are the picks of the mining sector while among oils Cairn and Tullow are the stocks to have. Betting shops
Read moreLondon close: Retailers lift Footsie higher
13th Apr 2011 16:08
While the Footsie came off its daily highs, it still managed to post a gain of close to 1% as strong results from ASOS boosted the retail sector higher. Meanwhile, stocks were recovering from the 89 point sell-off yesterday, its worst one-day fall since mid-March. Strong growth overseas helped the
Read moreLondon midday: FTSE 100 wins back losses
13th Apr 2011 12:03
The top share index has won back most of yesterday's losses, with a rally in the mining sector driving the gains. Fresnillo leads the large cap miners higher. The Mexican miner's silver production slipped slightly in the quarter to 31 March, but expanded capacity at its Soledad-Dipolos mine helped
Read moreLondon open: FTSE 100 advances as miners rally
13th Apr 2011 08:30
A rally in the mining sector has dragged the top share index to within touching distance of the 6,000 point mark it has been bobbing around since the start of the year. Fresnillo leads the large cap miners higher. The Mexican miner's silver production slipped slightly in the quarter to 31 March, bu
Read moreLondon pre-open: Footsie to make assault on 6,000
13th Apr 2011 07:46
After yesterday's shake out buyers are expected to be back in force this morning with the FTSE 100 index tipped to open around 30 points higher, leaving a handful of points short of the 6,000 level. Mining giant Rio Tinto said first quarter production in Australia was hit by the extreme weather in
Read moreTullow finds more gas in Ghana
13th Apr 2011 07:04
Oil and gas firm Tullow Oil has had more success off the coast of Ghana, with the Tweneboa-4 appraisal well in the Deepwater Tano licence encountering gas condensate. The well encountered 18 metres of net gas condensate pay in high quality stacked reservoir sandstones which are in static pressure c
Read moreBroker tips: Tullow Oil, RBS, Premier Foods
1st Apr 2011 12:42
Citigroup has trimmed its price target on Tullow Oil to reflect the lower than expected price the oil group secured when it sold two-thirds of its Ugandan acreage to French oil group Total and China's CNOOC. It now has a 1,590p target price on the stock, down from 1,650 previously. It keeps its "ho
Read moreBroker snap: Citigroup trims Tullow price target
1st Apr 2011 12:19
Citigroup has trimmed its price target on Tullow Oil to reflect the lower than expected price the oil group secured when it sold two-thirds of its Ugandan acreage to French oil group Total and China's CNOOC. It now has a 1,590p target price on the stock, down from 1,650 previously. It keeps its "ho
Read moreLondon close: Retailers and banks pull London to dull finish
30th Mar 2011 17:38
Footsie came off its highs for the day, as retailers and banks did their best to drag the market lower. Nevertheless, the blue chip index finished 16 higher at 5,948. Invensys was sharply lower after RBC Capital Markets initiated coverage of the engineer with an "underperform" rating. That was the
Read moreLondon afternoon: Invensys bid fever fades
30th Mar 2011 14:39
Stocks came off the top over the lunch time session, though risers still comfortably outnumber fallers among Footsie constituents by at least two to one. Miners are setting the pace, particularly Vedanta, BHP Billiton, Rio Tinto and Antofagasta. At the other end of the scale Invensys is sharply lo
Read moreLondon pre-open: London to enjoy Wall Street boost
30th Mar 2011 07:33
A strong finish on Wall Street last night looks set to give London a boost with the blue-chip index expected to open around 36 points higher at 5,968. Oil company Tullow Oil has sold off two-thirds of the interests it holds in numerous assets in Uganda for a cash sum of $2.9bn, with CNOOC and Total
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