Editor's Picks
White House looks to temporarily reduce payroll tax
Thursday 09 Jun 2011
Reports have surfaced revealing that the White House could be looking to boost hiring by implementing a reduction in payroll taxes. According to Bloomberg, President Barack Obama – along with his advisors – is considering the idea of a temporary cut to the tax that businesses pay on wages, in a last-ditch stimulus effort to bring the jobless rate down from the stubbornly-high level of 9.1%.
Broker tips: Domino's, Bowleven, Moneysupermarket.com
Thursday 09 Jun 2011
Panmure Gordon reduced its earnings forecasts for Domino’s Pizza, reflecting the impact of start-up losses as part of the group’s German expansion.
Broker tips: Domino's, Bowleven, Moneysupermarket.com
Thursday 09 Jun 2011
Panmure Gordon reduced its earnings forecasts for Domino’s Pizza, reflecting the impact of start-up losses as part of the group’s German expansion.
Premium broker snap: Expects downgrades at Home Retail, Singer says
Thursday 09 Jun 2011
Singer Capital Markets has placed its numbers for Home Retail under review and keeps its ‘sell’ rating on the homes products retailer, saying that Argos’s poor first quarter could prompt downgrades to estimates.
London midday: FTSE 100 unchanged despite retail slump
Thursday 09 Jun 2011
Retailers are heavily under the cosh today after a raft of gloomy updates, but the top share index is little changed as investors await US jobs data due later in the afternoon. Ongoing difficulties at the catalogue-based retailer Argos continue to plague its owner Home Retail Group, which has announced an 8.1% fall in sales at the chain to £817m in the 13 weeks to 28 May.
Bowleven jumps after tests reveal high quality oil
Thursday 09 Jun 2011
Bowleven, the West Africa-focused oil and gas explorer, saw its share price jump by more than a tenth on Thursday after tests at its Sapele-1ST (side-track) well showed flow rates believed to be commercial.
Tanzania Budget reassures African Barrick
Thursday 09 Jun 2011
Shares in African Barrick Gold rallied after it repeated its assertion that the Tanzanian government has no plans to impose a “super-tax” on the country’s mining industry, pointing out that no such proposals were in the Budget the finance minister presented to parliament yesterday.
JD Sports cautious as sales decline
Thursday 09 Jun 2011
Continuing pressures on the UK consumer have contributed to an acceleration in the decline in sales at Trendy sportswear retailer JD Sports Fashion.
US Midafternoon: Stocks attempt to bounce back
Thursday 09 Jun 2011
The main New York equity benchmarks are now bouncing back by 0.8% on average (Dow Jones: 66, Nasdaq Comp.: 17, S&P 500: 13). The aforementioned despite the release of mixed economic data and after six consecutive down days. This had not happened since February 2009, which may serve to give a measure of the momentum behind the falls. To be had in account, the considerably oversold levels reached
Lower import demand in UK helps to prop up trade figures
Thursday 09 Jun 2011
The UK’s seasonally adjusted deficit on trade in goods and services was £2.8 billion in April, unchanged from the revised March figure (Preliminary: -£3.0bn), according to data just published by the Office of National Statistics. Consensus expectations were for a slightly smaller reduction in the goods trade deficit, to £7.6bn.
Thursday tips round-up: Smiths Group, Gooch & Housego, SThree...
Thursday 09 Jun 2011
Smiths shares, down 24p at £11.76½p after yesterday’s trading statement, are now back to about where they were before the bid speculation began. The statement is short on detail, but underlying sales at the end of May, ten months into the financial year, were ahead of a year before. John Crane, about 30% of revenues, is doing well out of the boom in oil and gas.
Commodities: Oil rises as OPEC holds output
Thursday 09 Jun 2011
The Organization of Petroleum Exporting Countries' decision to keep official production quotas unchanged sent crude oil futures past $100 a barrel on Wednesday.
Thursday newspaper round-up: ENRC, OPEC, Beige Book...
Thursday 09 Jun 2011
The oligarch founders of one of Britain’s largest companies ousted two of its independent directors yesterday. Sir Richard Sykes and Ken Olisa were removed from the board of Eurasian Natural Resources after the copper miner’s largest shareholders voted against them at the annual meeting. City analysts said they could not recall independent directors at such a company being removed in this manner
US close: Sixth session of losses for Wall Street
Thursday 09 Jun 2011
US benchmarks closed lower for the sixth day in the row, as concerns over the economy rolled on. The Beige Book was released, highlighting that growth had slowed in at least four districts. While the Federal Reserve expects no double-dip recession, it notes a slowdown in manufacturing expansion, and highlights the effects of the recent natural disasters in Japan on the supply chains.
US close: Sixth session of losses for Wall Street
Thursday 09 Jun 2011
US benchmarks closed lower for the sixth day in the row, as concerns over the economy rolled on.
Thursday preview: Halfords, PZ Cussons, Bank of England
Wednesday 08 Jun 2011
Halfords, the car parts and bikes retailer, has had a sticky time of it over the last year but is still set to announce a solid increase in pre-tax profits.
London close: FTSE 100 slides as worries persist
Wednesday 08 Jun 2011
Stocks finished firmly in negative territory as worries over the state of the global economy continued .Stocks finished lower in the US last night after downbeat comments from Federal Reserve president Ben Bernanke on US economic prospects. After a hesitant start, London’s leading share index took a sharp turn downwards.
Premium tips: Glencore, Punch, Land Securities...
Wednesday 08 Jun 2011
Deutsche Bank claimed on Monday that newly-listed commodities trading house Glencore is “undervalued and misunderstood”, and initiates coverage with a ‘buy’ recommendation. “The company is able to generate profits all along the commodity value chain, benefitting from rising prices, growing trade and increased volatility,” the German bank said. The broker initiates a target price of 650p.
US Midday: Oversold conditions are approaching 2010 levels
Wednesday 08 Jun 2011
The main US equity benchmarks are now trading at the lows of the session (Dow Jones Industrial: -22, Nasdaq Comp.: -26, S&P 500: -4), with technology shares leading to the downside. Within the Nasdaq-100 the worst performing sectors are PC and Telecommunications companies.
Lloyds led gains on the FTSE-100, Nomura thinks its cheap
Wednesday 08 Jun 2011
Lloyds Banking Group led gains on the FTSE-100 today on the back of several good news; in particular after announcing the sale of Hill Hire, the truck and trailer rental solutions provider, for £151m, to US-based Ryder System.
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