Editor's Picks
Europe close: Gains limited ahead of Greek vote
Monday 27 Jun 2011
European markets finished broadly higher on Monday, but gains were limited ahead of tomorrow's vote in the Greek parliament on the government's austerity package. Germany however fell lower, as the banks dragged the Dax into the red.
US midday: Strong gains in stocks. For how much longer?
Monday 27 Jun 2011
The main New York equity benchmarks are now registering strong gains (Dow Jones: 129, Nasdaq Comp.: 35, S&P 500: 13), led by software companies in general and Microsoft (4%) in particular. The above despite the fact that this week will see the end of QE-II, although market reports are highlighting how the simple reinvestment by the Fed,
Northumbrian Water jumps as HK group mulls bid
Monday 27 Jun 2011
Shares in Northumbrian Water gushed higher after Hong Kong Infrastructure group Cheung Kong (CKI) said it was sizing up an offer for the water and waste management group.
Turbotec feeling finer in Carolina
Monday 27 Jun 2011
Heat exchange tubing technology tiddler Turbotec Products is expecting its prospects to heat up now that its three year legal battle with its former parent company, Thermodynetics, is almost over.
FTSE 100 movers: Man Group leads financials lower
Monday 27 Jun 2011
Financials are among the worst performers of the day, helping to drag the FTSE 100 below the 5,700 level. Hedge fund manager Man Group is the heaviest fallers, losing nearly 4%, while RBS and Barclays are trading 1.7% and 1.2% lower, respectively. The mining sector has been given a boost by HSBC. Vedanta Resources is being helped higher after HSBC upgraded the miner to overweight, from neutral.
Rank Group makes another U-turn
Monday 27 Jun 2011
Mecca Bingo clubs operator Rank Group’s board has recanted its decision to grudgingly recommend Guoco Group’s bid, largely because of uncertainties about the continued stock exchange listing of Rank's shares.
US pre-open: Stocks will open slighty higher
Monday 27 Jun 2011
The main New York equity benchmarks are being called to open slightly higher today, by 0.3% on average. The above despite the fact that this week will see the end of QE-II, although market reports are highlighting how the simple reinvestment by the Fed, of the proceeds from maturing debt, will allow it to continue to repurchase as much as $300bn in new debt over the next 12 months.
City Of London into the red, but NAV rises
Monday 27 Jun 2011
City of London Group, the financial services group centred on specialist financing and alternative fund management, saw its net asset value (NAV) per share jump by 13.4% last year.
Europe midday: Markets mark time
Monday 27 Jun 2011
European markets are spinning their wheels ahead of tomorrow's vote in the Greek parliament on the government's austerity package.
Premium tips: ICAP, Berkeley, ITV...
Monday 27 Jun 2011
Singer Capital Markets upgraded interdealer broker ICAP from a fair value rating to buy, saying that the recent underperformance in the shares represents a buying opportunity “for a business which continues to innovate and lead the electronic broking in the OTC markets.” The target price is reduced from 540p to 535p.
Madagascar Oil resumes trading, reports wider FY net loss
Monday 27 Jun 2011
Shares of Madagascar Oil, which were suspended since last December, slumped 48% on its first day of trading following its resolution of the dispute on its Tsimiroro Block with the Government of Madagascar.
Avocet rockets as Asian assets sales go through
Monday 27 Jun 2011
Gold miner Avocet Mining said it has completed the sale of the majority of its south-east Asian assets, including the sale of its 100% interest in Penjom gold mine in Malaysia, for about $170m.
Weber criticizes Greek rescue efforts
Monday 27 Jun 2011
In his first interview since leaving the Bundesbank and the European Central Bank´s governing council, in today´s Wall Street Journal, Axel Weber criticizes the current rescue efforts for Greece. In his opinion, Europe needs to consider guaranteeing all of Greece's outstanding debt because Athens's only viable alternative is a messy default that would be more costly and risk sparking broader
Broker tips: Xstrata, JD Sports, Charter
Monday 27 Jun 2011
UBS has cut its forecasts for FTSE 100-miner Xstrata, saying that the first half of 2011 is “one they’d probably like to forget.”
London midday: Stocks edge higher despite Ocado slump
Monday 27 Jun 2011
Stocks are clinging onto gains overall on a quiet start to the week, but Ocado, the grocery deliverer, has slumped following negative broker coverage after its half year results.
Avocet rockets as Asian assets sales go through
Monday 27 Jun 2011
Gold miner Avocet Mining said it has completed the sale of the majority of its south-east Asian assets, including the sale of its 100% interest in Penjom gold mine in Malaysia, for about $170m.
SABMiller adds M&A executive to Group Executive Committee
Monday 27 Jun 2011
Brewing giant SABMiller said Domenic De Lorenzo, who is responsible for mergers and acquisitions, corporate strategy and development, will join its Group Executive Committee, effective 1 July.
Broker snap: Credit Suisse expects softer H2 for ITV
Monday 27 Jun 2011
Credit Suisse has trimmed its full-year forecasts for terrestrial broadcaster ITV ahead of the group’s results for the first six months of the year, after factoring in a softer second half.
Premier Oil abandons Indonesian oil well
Monday 27 Jun 2011
Premier Oil’s Gajah Laut Utara-1 exploration well in Indonesia is being plugged and abandoned after the oil exploration company found the majority of the Oligocene sandstones, which reported oil shows, are tight.
HMV sells Canadian business to raise cash
Monday 27 Jun 2011
Struggling music retailer HMV is to sell off it's Canadian arm as the firm searches for ways to pay down its debts.
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