Editor's Picks
US close: Economic data spurs late rally
Thursday 16 Jun 2011
A late rally helped benchmark indices in the US to finish mostly higher as positive news from housing market data and jobless claims buoyed sentiment after a lunchtime sell-off.
Premium tips: Sainsbury, Faroe Petroleum, Mouchel...
Thursday 16 Jun 2011
Nomura scaled back its target price for supermarket giant Sainsbury, from 365p to 340p, after the company’s sales came in “slightly light”. The group posted a LFL sales growth of 1.9% (ex. fuel, inc. VAT), missing Nomura’s estimate of a 2.3% increase. A ‘neutral’ rating is kept.
EU's Rehn confident of the fifth aid payout to Greece
Thursday 16 Jun 2011
The European Union's Monetary Affairs Commissioner Olli Rehn said this afternoon that the Eurogroup will be able to decide on the payout of the fifth installment of the €110bn Greek bailout package by Sunday, thereby buying time for Greece and helping the country avoid a default scenario.
London close: Miners dominate fallers as global worries continue
Thursday 16 Jun 2011
Global growth worries dampened the markets on Thursday as all but a few constituents on the FTSE 100 finished in the red. While the Footsie edged higher in the late afternoon, it still closed under the 5,700 level, a level not seen since mid-March. FTSE 100 closed down 44 at 5,699. A lack of clarity on the Greek situation caused concerns over global growth, and as such, the demand for commodities.
Sirius gets green light to dig in national park
Thursday 16 Jun 2011
Sirius Minerals, the AIM listed potash development company has won approval for two drill sites in the North York Moors National Park.
Galliford Try chairman designate lays foundations
Thursday 16 Jun 2011
A round-up of the biggest director deals today so far.
FTSE 100 movers: Autonomy leads the decline
Thursday 16 Jun 2011
Just three stocks are making gains, with WPP, Capita and Vodafone edging slightly higher. Meanwhile, Autonomy is the worst performer on the blue chip index, losing over 4%. Engineering peers GKN, IMI and Weir are also lower. The miners are lower today, as global growth fears dampen the markets. Lonmin and Kazakhmys are notable fallers.
US open: Stocks still positive despite Philly Fed data
Thursday 16 Jun 2011
The main US equity benchmarks are still in positive territory (Dow Jones: 50, Nasdaq Comp.: 2, S&P 500: 4). The aforementioned following a string of better than expected macroeconomic data points out in the pre-open. Although the Federal Reserve Bank of Philadelphia’s monthly manufacturing sector index, published later on, initially tripped up stocks these are now recovering.
Europe afternoon: Talk of contagion is infectious
Thursday 16 Jun 2011
Losses are lengthening on European markets as tensions rise in Greece and the fear of contagion increases.
Broker snap: UBS sees catalysts ahead at Filtrona
Thursday 16 Jun 2011
Despite UBS expecting the shares of Filtrona to trade sideways until a strategic review on 25 August, the broker raises its target price by 55p, saying that it is “[o]nly the beginning of the new day.”
Shanta hikes up project value, costs increase
Thursday 16 Jun 2011
Even though Tanzania-focused gold explorer Shanta Gold significantly revised up the value of its New Luika Gold Mine, shares took a hit on Thursday after it revealed that costs have grown as a result.
Unilever's soap disposal keeps OFT happy
Thursday 16 Jun 2011
Despite raising concerns over the level of competition in the bar soaps market, the Office of Fair Trade (OFT) has now said that the merger between Unilever and Alberto Culver will not be referred to the Competition Commission.
US newspaper round-up: Greece, IBM, Pandora...
Thursday 16 Jun 2011
Escalating political turmoil in near-bankrupt Greece intensified concerns Wednesday that the Mediterranean nation may be spiraling toward a calamitous default with investors, potentially igniting a new phase in Europe’s debt crisis.
Rolls-Royce wins drilling vessels order
Thursday 16 Jun 2011
Power systems behemoth Rolls-Royce has won orders worth more than £100m from a range of ship yards in Asia.
Barclays aims to boost revenue by 20%
Thursday 16 Jun 2011
Barclays said it aims to boost its revenue by up to 20% before 2013, primarily by generating additional income under a revamped cost cutting plan.
IMF softens its stance on Greece, as does Germany
Thursday 16 Jun 2011
According to the Financial Times, the International Monetary Fund has indicated that it is willing to disburse the next tranche of Greece’s current rescue package so long as the EU makes up for any shortfall.
Laird jumps after Cooper takeover proposal
Thursday 16 Jun 2011
Shares in Laird jumped after the electronic components manufacturer rejected an all-cash 185p-a-share takeover proposal from US rival Cooper Industries.
Commentary: Spain’s risk premium increases notably
Thursday 16 Jun 2011
In the last couple of days the risk premium on Spanish public debt has been steadily increasing, but the pressure seems to be ratcheting up. In this regard, some Spanish news outlets are commenting on a supposedly negative broker note out, today, from Goldman Sachs, on Spanish debt. This may be interesting given both the influence wielded by their analysts in markets and due to the fact that,
Premium tips: Sainsbury, Faroe Petroleum, Mouchel...
Thursday 16 Jun 2011
Nomura scaled back its target price for supermarket giant Sainsbury, from 365p to 340p, after the company’s sales came in “slightly light”. The group posted a LFL sales growth of 1.9% (ex. fuel, inc. VAT), missing Nomura’s estimate of a 2.3% increase. A ‘neutral’ rating is kept.
Broker snap: Panmure ups Micro Focus forecasts ahead of results
Thursday 16 Jun 2011
Panmure Gordon raises its forecasts for Micro Focus International ahead of its final results and a potential bid.
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