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UK stock market at lunch : Shell, New Lloyds Bond, Bovis Homes

UK stock market at lunch : Shell, New Lloyds Bond, Bovis Homes

14/03/2011 by about : Company Reports, Stockmarket Reports - 0 Comments - 648 words

The UK stock market was holding up remarkable well during the morning, after news that a second explosion had occurred at Japan’s Fukushima Dai-ichi nuclear plant, after the reportedly steam related blast on Saturday.

According to plant operator Tokyo Electric Power, the blast at No. 3 reactor building, was similar in nature No.1 reactor on Saturday with reactor’s containment shell remaining intact after the blast.

London-based underwriter Chaucer issued a statement that it does not anticipate any significant losses from problems afflicting the nuclear plants shut down by the earthquake and tsunami that have hit Japan. The insurer added that it was too early asses any impacts from current situation.

Amongst the risers on FTSE 100 this morning included Aggreko AGK 5.83%, BG Group 2.05%, Xstrata XTA 1.85%, Lloyds Banking Group LLOY 1.67%, Intertek Group ITRK 1.67%, Essar Energy ESSR 1.55% and Rio Tinto up 1.54%.

The fallers included Burberry Group BRBY -4.68%, Standard Life SL. -1.57%, Imperial Tobacco Group IMT -1.47%, Amec -1.39%, Vodafone Group VOD -1.31%, Next NXT -1.26% and British American Tobacco BATS -1.25%.

Sports fashion retailer JJB Sports issued a statement responding to press speculation, about companies intention for share placing, stating that company 'expects the quantum of the proposed equity capital raising to be around £65 million and is in constructive discussions with its major shareholders in relation to continued support.'

Housebuilder Bovis Homes reported full-year results near top of expectations and announced first dividends since 2008. Bovis pre-tax profits came in at £18.5m, up from £7.5m in 2009 as company indicated an encouraging start to 2011. Revenues were also reported up to £298.6m from £281.5m last time.

A Shell joint venture, Brunei Shell Petroleum BSP, announced today a new oil discovery in deepwater Brunei. The discovery, named Geronggong, approx 100km offshore is the deepest water depth in which BSP has discovered hydrocarbons in Bruneian acreage, at around 1000 Mtr.

Shell will now conducts assessment of full field recovery potential, including further appraisal drilling over the next two years as Shell Executive Vice President of Exploration Upstream International Ceri Powell added that he was 'delighted' with ongoing high success rate of near field exploration in Brunei.

Meanwhile, at around lunchtime, Lloyds TSB Bank published final terms of a €15 billion Global Covered Bond Programme of Lloyds TSB Bank plc and announced that the investment class in now available for viewing. Series 2011-7 Fixed Rate Covered Bonds due 2013.


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