Weir's first-half profit tumbles 75% as oil slump weighs
30th Jul 2015 09:16
(ShareCast News) - Industrial engineer Weir Group posted a 75% fall in first-half pre-tax profit due to a downturn in US oil and gas activity. Pre-tax profit in the 26 weeks to 3 July came in at £38.7m down from £157.7m in the same period a year ago, on revenue of £1bn, down 13% from £1.14bn. Weir
Read moreLondon close: Stocks drop on lack of fresh Greek proposals
7th Jul 2015 16:37
Failure by Greece to present a new cash-for-reforms package to Eurozone finance ministers sent UK stocks firmly lower on Tuesday, with heavyweight mining shares bearing the brunt of an aversion to risk and sell-off in metal prices. Despite hopes that Athens would table a new plan an at emergency sum
Read moreFTSE 100 movers: Defensives gain, miners sold off as risk appetite wanes
7th Jul 2015 15:16
Defensive sectors such as real estate and pharmaceuticals were performing well while commodity stocks were falling on Tuesday, with investors reducing their appetite for risk as European leaders met in Brussels to discuss Greece's future. Stocks which tend to hold up better in times of economic inst
Read moreLondon midday: Stocks weaken ahead of Greek summit as crisis continues
7th Jul 2015 11:14
Oil and gas stocks dragged the UK equity market lower on Tuesday after the recent plunge in crude prices, as investors showed caution ahead of a key Eurozone summit on Greece. The FTSE 100 was down 0.13% at 6,526.92 by midday, with Rolls-Royce providing a further drag as the stock extended losses fo
Read moreLondon open: Stocks inch lower ahead of key Greek summit
7th Jul 2015 09:15
UK stocks were trading slightly lower on Tuesday morning as investors awaited news from a meeting of Eurozone officials to discuss fresh proposals from Greece. The FTSE 100 was down 0.17% at 6,524.60 early on with oil and gas stocks out of favour following the recent plunge in crude prices. Stocks
Read moreLondon pre-open: Stocks to inch higher ahead of euro meeting on Greece
7th Jul 2015 07:43
UK stocks are expected to edge higher on Tuesday morning, though upside will only be moderate as investors continue to watch the latest developments in Greece. City sources predict the FTSE 100 will open 12 points higher than Monday's close of 6,535.68. Stocks worldwide had slumped on Monday after
Read moreWeir buys US-based Delta Industrial Valves for up to $47m
7th Jul 2015 07:07
Weir Group said on Tuesday that it has agreed to acquire US-based Delta Industrial Valves for an enterprise value of up to $47m. An initial consideration of $37m will be payable on completion of the deal, $21m in cash funded from existing banking facilities and $16m in new equity, enabling the owner
Read moreSector movers: Engineering, oilfield service companies keep London market in the green
23rd Jun 2015 16:32
Industrial engineering and oilfield services stocks kept the London market in positive territory on Tuesday as fears of Greece defaulting on its debt appeared to be receding. At 1545 BST, the blue chip FTSE 100 was trading up 0.34% or 23.22 points at 6,848.890 as the headline Markit/HSBC Chinese man
Read moreBroker tips: J Sainsbury, Royal Mail, Weir Group
11th Jun 2015 10:56
Cantor Fitzgerald upgraded J Sainsbury to 'buy' from 'hold' and lifted the target price to 312p from 275p, saying it believes the industry is near the bottom of its current deflation and margin cycle and the stock is supported by a dividend yield of 4.4%. It noted that sales volumes are improving th
Read moreWeir's valuation "high enough" after cautious update, says Numis
11th Jun 2015 09:19
Shares in Weir Group were extending losses on Thursday morning as analysts reacted to a cautious trading update from the engineering outfit the previous day, with recent weakness in the US oil and gas market worse than expected. Broker Beaufort Securities lowered its recommendation on the stock to '
Read moreFTSE 100 movers: Supermarkets and miners surge, Weir Group lower on profit warning
10th Jun 2015 13:25
Tesco surged on reports it has invited at least six firms including KKR and Carlyle Group to bid for its South Korean unit Homeplus, which is valued at about $6bn. According to people familiar with the matter cited by Reuters, London-based CVC Capital Partners, Hong Kong-based Affinity Equity Partne
Read moreWeir Group anticipates results will be weighted towards the second half
10th Jun 2015 09:22
Engineering company Weir Group expects its annual revenue, margins and profit to be weighted more towards the second half than in previous years. The FTSE 250 warned that the second six months of 2015 were proving to be very challenging for its oil and gas division, as the US rig count continues to
Read moreWeir Group earnings upgraded by Credit Suisse on impending bottom for US rig count
29th May 2015 13:12
Shares in engineer Weir Group bubbled higher after a bullish note from Credit Suisse heralded "light at the end of the tunnel", with its target price ratcheted to 2,205p from 1,915p and an 'outperform' rating reiterated. The Swiss bank hoisted its estimates for 2016 and 2017 earnings per share by 9%
Read moreFTSE 100 movers: Weir and Associated British Foods surge on upgrades
29th May 2015 12:44
UK stocks shook off early morning caution by the afternoon, making modest gains in spite of Greek debt and panic selling on Chinese markets. As of 14:00 BST, the FTSE 100 was trading 0.04% higher at 7,044. Weir topped the risers as Credit Suisse raised its price target on the stock to 2,205p, citin
Read moreLondon close: Market recoups previous session's losses
27th May 2015 15:47
UK stocks closed higher on Wednesday, rebounding from heavy losses in the previous session, buoyed by strength in the construction, electricity and tobacco sectors. The FTSE 100 experienced few surprises and gained steadily throughout the day, closing 1.24% higher at 7,034.9. The index had plunged 1
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