Editor's Picks
Commodities: Oil goes backwards on China fears
Tuesday 05 Jul 2011
A perception that China will take measures to prevent its economy overheating suppressed oil in late trading on Monday.
Record interim revenues for Tullow
Tuesday 05 Jul 2011
Tullow Oil enjoyed record revenues in the first half of the year while achieving a 79% exploration and appraisal success rate. "The performance of our business since the beginning of 2011 has been excellent and we expect to deliver record financial results for the first half of the year," said the oil company's chief executive, Aidan Heavey.
Tuesday tips round-up: Elementis, Genus, GW Pharmaceuticals
Tuesday 05 Jul 2011
Elementis traces its roots to 1844 and the Harrisons & Crosfield tea and coffee trading conglomerate, but it took its present shape in 1998, when the company focused on chemicals found in substances such as paint, cosmetics and, more recently, shale gas wells, where the flow of a substance needs to be controlled. Elementis, which trades on 15 times Brewin Dolphin forecasts, has shed its volatile
Tuesday newspaper round-up: Greece, C&W Worldwide, Tesco windows,
Tuesday 05 Jul 2011
Efforts to rescue Greece hit a new roadblock after Standard & Poor’s declared that a French plan to involve the private sector would constitute a default by Athens. S&P said that proposals from the Fédération Bancaire Française to participate in a rollover of Greek debt would lead to a downgrade in its rating on Greece’s public debt to “Selective Default”, says the Times.
Lagarde prepares to take IMF front office
Monday 04 Jul 2011
On Tuesday, Christine Lagarde will be confirmed as the new director of the International Monetary Fund (IMF) and top of her 'to do' list will be getting grips with the Greek sovereign debt crisis. The IMF indicated that “a busy work agenda awaits” and will include “difficult policy choices needed to help global recovery (and) address the euro area crisis.”
Broker tips: Next, Charter, Genus
Monday 04 Jul 2011
The decision by fashion retailer Next to stick to its knitting and get shot of its customer services operation, Venture, is a sensible one, in the eyes of Singer Capital Markets.
Europe close: Just another middling Monday
Monday 04 Jul 2011
European markets had a middling Monday, with the bears fretting about Greece's debt rating and the bulls rejoicing in Nomura's bullish note on European equities.
London close: FTSE 100 back above 6,000
Monday 04 Jul 2011
The top share index finished well clear of the 6,000 point mark as the rally following the Greek parliament’s vote in favour of austerity measures continued.
SABMiller to get its teeth into lighter bottle tops
Monday 04 Jul 2011
Brewing giant SABMiller is set to spring a thinner, cheaper bottle top on the world after trialling the caps in Peru. SABMiller said other countries and regions are working on similar low-gauge projects. "If the Peruvian initiative could be rolled out across SABMiller, it could hypothetically deliver annual cost savings of $12.6m in material costs alone," SABMiller said.
Ted Baker finance boss trousers £2m
Monday 04 Jul 2011
A round-up of the biggest director deals today so far.
Broker snap: Deutsche sees considerable rise in British Land
Monday 04 Jul 2011
Analysts at Deutsche Bank this morning issued a research note in which they recommend buying shares of property group British Land given that they expect the company, “to benefit from a continuation in the current cyclical upswing in UK commercial property values,” which will see its share price appreciate considerably. In particular, the bank explains that, “we anticipate its central London
Ultra wins order in Oman
Monday 04 Jul 2011
High-tech defence products supplier Ultra Electronics is to act as the master systems integrator for new terminals at Muscat and Salalah airports in Oman. The value of the award is 127.5m Omani Rials, equivalent to around £207m at current exchange rates. Ultra said the receipt of the award will not have a material impact on its results for 2011.
FTSE 100 movers: Cairn not home and dry yet
Monday 04 Jul 2011
Real estate investment trusts are wanted, led by British Land, which is higher on the back of a "buy" recommendation from Deutsche Bank.
Europe midday: Stocks still drifting
Monday 04 Jul 2011
European markets remain a mixed bag and are drifting aimlessly, with no prospect of a lead from US markets, which are closed for the Independence Day holidays.
EU repays Elementis €23.4m after dismissing verdict
Monday 04 Jul 2011
Speciality chemicals supplier Elementis said the European Commission has revoked its decision against the company and its affiliates for allegedly participating in a cartel that fixed prices for heat stabilizers, saying the verdict had no legal basis. In addition to dismissing its decision, the European Commission will repay Elementis the full fine amount of €23.4m plus interest.
Staffline reaffirms full year earnings forecast
Monday 04 Jul 2011
Temporary staff provider Staffline Group’s shares rose more than 2% after it reaffirmed its full-year earnings forecast and confirmed the payment of the final dividend for 2010, which is a 123% increase from the previous year.
Premium broker snap: Nomura raises exposure to European stocks
Monday 04 Jul 2011
Japanese broker Nomura Securities has turned bullish on European equity markets in the wake of the successful votes in the Greek parliament last week on the country's austerity package.
Europe midday: Stocks still drifting
Monday 04 Jul 2011
European markets remain a mixed bag and are drifting aimlessly, with no prospect of a lead from US markets, which are closed for the Independence Day holidays.
Broker snap: Meaty cash generation at Genus cheers Panmure
Monday 04 Jul 2011
Genus’s trading statement this morning was not exactly one to set pulses racing, but the animal genetics company's strong cash generation prompted Panmure Gordon to up its price target for the stock.
S&P would consider a debt rollover to be a selective default
Monday 04 Jul 2011
Standard & Poor´s has warned that the voluntary rollover proposed by the French government and accepted by banks for 70% of Greek debt could be considered a “selective default.”
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