Editor's Picks
Margins under pressure at Morgan Sindall
Monday 08 Aug 2011
Construction and regeneration specialist Morgan Sindall remains confident of medium term growth despite announcing disappointing half year results. The company saw its pre-tax profits fall 9% to £16.7m (2010: £18.4m) for the half year period ending 30 June, despite revenue jumping up 11% to £1,087m (£982m).
US open: global share rout goes on
Monday 08 Aug 2011
US stocks have fallen further in the first day of trading after the US' credit rating was cut on Friday. All three main indices opened down despite tentative hopes among some analysts that a fall in Treasury yields and action by the European Central Bank to buy sovereign debt would stop another sell off.
US pre-open: Investors braced for post-downgrade trading
Monday 08 Aug 2011
Investors are bracing themselves for the resumption of trading following the decision by ratings agency Standard & Poor’s to act on its warning that it could downgrade its rating on the debt issued by the US. The country´s debt is now rated AA+, down one notch from AAA. However, stocks may not move dramatically as the news was not unexpected and may already have been priced in.
Europe afternoon: Stocks dive ahead of US open
Monday 08 Aug 2011
After a generally bright opening most European markets have headed lower, though Italy and Spain remain just about in positive territory after the reported moves by the European Central Bank (ECB) to buy up Spanish and Italian debt.
London midday: Stocks tumble as jitters grip markets
Monday 08 Aug 2011
London’s leading share index has given up a short-lived rally and is posting triple-digit losses as nerves over the global economic situation grip the markets again.
Broker snap: FinnCap upgrades Hunting to buy
Monday 08 Aug 2011
A combination of a lower share price and higher earnings for Hunting means that “the valuation now stands on a more attractive price-to-earnings ratio”, says FinnCap, who upgrades its rating from hold to buy.
ECB, G7 do their best to battle market instability
Monday 08 Aug 2011
In the aftermath of a week of turmoil in stock markets across the world, the European Central Bank (ECB) revealed on Sunday that it would step into the bond markets again to ensure “price stability” in the Eurozone. According to most market commentary this morning, this suggests that the monetary authority will now begin to acquire Italian and Spanish public debt in the open market.
Number of first time buyers drops, Rightmove says
Monday 08 Aug 2011
Less than a quarter of potential property buyers are now new entrants to the housing market, new data from the property website Rightmove shows. In a survey of 14,125 potential property buyers, Rightmove found that only 23% of respondents intending to buy a house in the next year are first time buyers, down from 26.2% in the previous quarter.
Interserve wins multiple projects worth a total of £70m
Monday 08 Aug 2011
Interserve, the international support services and construction group, has won projects in two developments in Qatar through its associate company, Gulf Contracting (GCC), worth a total of £70m. "Both are at Ras Laffan, one for JGC and the other for Nakilat, and result from the country's ongoing development of the huge natural gas reserves in the North Field," the firm said.
Europe open: Banks buoyed by bonds buyback
Monday 08 Aug 2011
Moves by the European Central Bank to buy up Spanish and Italian debt have been given a massive thumbs-up by equity market investors in both of those Mediterranean countries, while other European markets have reacted in remarkably sanguine fashion to the news late on Friday that ratings agency Standard & Poor's has downgraded US sovereign debt.
Hill and Smith not galvanised by UK
Monday 08 Aug 2011
Operating margins came under pressure in the first half of the year at Hill and Smith, the infrastructure products supplier, as government spending on the UK roads programme reduced and raw material costs surged. The company managed to push up revenue a smidgen to £195.1m from £193.5m in the first half of last year, with help from acquired companies, but underlying profits were down.
London open: Volatile start for FTSE 100
Monday 08 Aug 2011
Stocks have recovered from earlier falls on what could be a jittery day following last week’s slide, with falling mining shares signalling continued nervousness over global economic prospects.
Market overview: FTSE 100 down 32
Monday 08 Aug 2011
0825: Stocks are suffering further losses this morning despite some companies rallying following last week's slide. Lloyds and fellow bank RBS are among the stocks winning back some losses. Precious metal miners Randgold Resources and Fresnillo are also in demand today, but other miners, such as Rio Tinto and BHP Billiton are out of favour. FTSE 100 down 32 at 5,215.
Barratt pondering sale of some shared equity loans
Monday 08 Aug 2011
The concept of slicing and dicing up mortgage books and selling them as "mortgage backed securities" could be about to return to favour, with house builder Barratt Developments confirming it is in the early stages of looking at options to monetise part of its interest in shared equity loans.
Heritage begins multi-well programme in Kurdistan
Monday 08 Aug 2011
Oil outfit Heritage Oil has got cracking on the Miran West-3 well in the Kurdistan region of Iraq.
Vedanta to acquire 51% stake in Western Cluster
Monday 08 Aug 2011
Mining giant Vedanta's subsidiary, Sesa Goa, is set to acquire a 51% stake in Liberian miner Western Cluster for $90m. With Liberia-based Western Cluster set to develop its iron ore project in Liberia, the move will enable Sesa Goa to become a significant player in the upcoming West African Iron Ore hub.
London pre-open: Nervous start anticipated
Monday 08 Aug 2011
After a week-end of mostly bad news it is little surprise that the London stock market is set to open in the red, with City traders predicting the blue-chip index could open as much as 80 points lower.
Strong falls in Dubai and Tel Aviv ahead of ECB meeting
Friday 05 Aug 2011
European Central Bank President Jean-Claude Trichet wants the institution’s governing council to take a final decision on buying Italian paper after Prime Minister Berlusconi’s announcement of new macroeconomic reforms this past Friday, according to one ECB source cited by Reuters.
UPDATE: S&P downgrades US debt to AA+
Friday 05 Aug 2011
This past Friday ratings agency Standard&Poor´s (S&P) finally decided to go through with its warning that it could downgrade its rating on the debt issued by the United States of America.
Premium broker snap: Nomura keeps reduce rating on RBS
Friday 05 Aug 2011
Nomura has reiterated its cautious view on Royal Bank of Scotland (RBS) despite the bank’s first half results released on Friday broadly meeting expectations.
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