Editor's Picks
Gulfsands Syria drilling disappoints
Thursday 02 Jun 2011
Shares in Gulfsands Petroleum fell back after the oil and gas group said recent drilling at the Abu Ghazal exploration well in Syria resulted in the recovery of “sub-commercial” quantities of heavy/viscous oil.
Technical analysis: Tricky situation in the S&P 500, will it bounce?
Thursday 02 Jun 2011
Technical analysts at Digital Look are warning this afternoon that a bounce in the S&P 500 is not impossible, even if their tone is rather downbeat, “Indeed, yesterday’s action left a very ugly ‘candle stick’ on charts, which does not seem to augur anything good. In any case, we shall have to see what happens in the 1,311/1,312 point area. 1,311 is the last successive higher low while at the
Premium tips: Johnson Matthey, Big Yellow, ASOS...
Thursday 02 Jun 2011
Charles Stanley downgraded Johnson Matthey to ‘hold’, from ‘accumulate’, despite its full-year results beating expectations. The broker said that shares traded strongly heading in to these results and now stand at a 2012 calendar P/E of 14x against a sector average of around 11x, and the scope for estimate upgrades is limited in this context and given challenging operating conditions.
Broker snap: Everything upgraded at Galliford
Thursday 02 Jun 2011
Peel Hunt has nudged up nearly all of its forecasts for housebuilder and construction firm Galliford Try, saying that the company presents an “interesting proposition: high growth, high yield and no debt.”
Broker snap: Drax to benefit from biomass potential
Thursday 02 Jun 2011
Matrix has upped its target price for coal-fired power station operator Drax from 460p to 550p, saying that now is the time to focus on its biomass potential with UK policy becoming clearer in the next few months.
Equity markets to keep rising, Citi says
Thursday 02 Jun 2011
Sell and go away? Or is the recent volatility in the equity space just a summer shower? In a timely note this morning, strategists at Citi explain to clients their belief that this will turn out to be another instance of the latter.
London open: Slide continues after US slump
Thursday 02 Jun 2011
Stocks have resumed yesterday’s slide following a tumble on Wall Street last night.
International expansion drives ASOS growth
Thursday 02 Jun 2011
ASOS delivered profits ahead of expectations in the year to 31 March as the internet fashion retailer’s sales continued soaring.
New Greek debt plans bolster euro, for now anyway
Thursday 02 Jun 2011
Greece intends to present a fresh austerity plan on Friday, a government official has said, Reuters reports. Some observers in the markets are ascribing today’s bounce- back in the Euro to this bit of news. As well, traders are commenting that there are news reports out today which cite positive remarks out from German chancellor Angela Merkel as regards a solution to the situation in Greece.
US close: Stocks slide after gloomy data
Wednesday 01 Jun 2011
Worse than expected employment numbers from payrolls processing firm ADP and some weak manufacturing data sent stocks into a tailspin. ADP's report for May indicates that employment in the non-farm private sector rose by a seasonally adjusted 38,000, considerably lower than the 175,000 the market had been expecting.
ISM manufacturing index falls very sharply
Wednesday 01 Jun 2011
The Institute of Supply Management’s (ISM) purchasing managers index for the month of May has come in well below expectations, at 53.5 points, after April’s reading of 60.4.
US Midafternoon: Yields move below 3% due to economic data
Wednesday 01 Jun 2011
The main New York benchmarks are now registering sharp falls following the release of several, worse than expected, ‘high-frequency’ economic indicators out this afternoon (Dow Jones Industrial: -211, Nasdaq Comp.: -46, S&P 500: -23). Particularly worth noting, the very weak reading on employment from consulting firm ADP. The relevance of this number is that the worst fear of markets is (...)
Broker tips: Kingfisher, Man Group, Topps Tiles
Wednesday 01 Jun 2011
Matrix has hiked up its target price for B&Q owner Kingfisher ahead of its first quarter results, seeing more upside to come despite the recent share price run.
FTSE 100 movers: Ex-div stocks provide a drag
Wednesday 01 Jun 2011
National Grid, Vodafone and Marks & Spencer were among the blue chips that went ex-dividend today, providing a drag over the lunchtime period.
Europe midday: Manufacturing slow-down hits
Wednesday 01 Jun 2011
Having opened modestly firmer, European bourses finished the morning session sligtly lower, as concerns about a slow-down in China's manufacturing growth overcame optimism about a breakthrough in the talks on Greece's recue package.
Broker tips: Kingfisher, Man Group, Topps Tiles
Wednesday 01 Jun 2011
Matrix has hiked up its target price for B&Q owner Kingfisher ahead of its first quarter results, seeing more upside to come despite the recent share price run.
Oil well leak hits Matra Petroleum
Wednesday 01 Jun 2011
Shares in Matra Petroleum fell back after the Russia-focused oil group reported a leak at a well in its Sokolovskoe field.
Topps Tiles hails sales rise
Wednesday 01 Jun 2011
Tile and flooring group Topps Tiles posted a slight rise in revenues in the half year to 2 April, a “robust performance” but one that reflects continuing consumer caution, according to the company.
UK manufacturing activity hits 21-month low
Wednesday 01 Jun 2011
Strong overseas demand for British goods may not be enough to see manufacturers through weakness in the UK economy, judging by new figures that show output in the sector fell to a 21-month low last month
Results to be at top-end for St. Modwen
Wednesday 01 Jun 2011
Property regeneration specialist St. Modwen Properties has revealed that half-year results should come in at the top end of management (and consensus) expectations, "both in terms of profit and net asset value growth."
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