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Stockmarket Reports

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UK city news : ARM Holdings, Carpetright, Polymetal, Polyus Gold

25/10/2011 - Stockmarket Reports - 0 Comments - 257 words

The UK stock market maintained current levels today, with FTSE 100 holding 5,500, down only around 0.25% at lunch and ahead of crucial latest news from Europe.

Within 24 hours European leaders are due to announce the latest plans to mitigate Greece's debt burden and shore up the euro.

Nothing yet is certain as Italian Prime Minister Silvio Berlusconi admit some economic reforms would be inevitable for the country as problems in Europe seem set to intensify.

The British Bankers Association reported a 7.7% rise in mortgage approvals year on year as Lloyds Banking Group, Barclays and RBS were earmarked defensive in the city, compared with other european banking stock.

Mobile device chip maker ARM Holdings reported a 40% increase in third quarter pre-tax profit at £55.8m and beating market expectation as the firms latest low-energy Cortex-A7 chip boosted license income in the quarter.

Carpetright issued a profit warning, the fifth this year, as the retailer told analysts it expects to make a pre-tax profit of £11m or £12m this year, down from £16m in 2010.

The firm indicated that it had suffered from the housing market downturn and a squeeze on disposable income as Finance Director Neil Page said trading had not got noticeably worse in October.

In other news, three Russian miners are set to follow Eurasian Natural Resources and Kazakhmys and list in the UK with silver miner Polymetal, Russia's largest gold miner Polyus Gold and steel producer Evraz Group, expected before the end of the year.

UK city news : Rockhopper Exploration, ASOS, Dairy Crest, Lloyds, Aveva

14/10/2011 - Stockmarket Reports - 0 Comments - 240 words

In a week of relative calm on world stock markets, the FTSE 100 has managed to peg back recent loses to sit comfortably above the all important 5000 level to close at 5403 on Thursday night.

Shares in Rockhopper Exploration closed up 10.8% as the Falklands oil firm announced successful completion of yet another equity placing of 25.814m new ordinary shares at 180p each to raise £46.5m.

UK banks remain under pressure as Lloyds Banking Group held 34.01p, Barclays at 174.2p and RBS 24.5p however news that Standard and Poor's has cut Spain's credit rating is likely to preclude another difficult week in prospect, as G20 counterparts prepare to meet over the euro-zone debt crisis.

Engineering software company AVEVA has indicated that it expects weaker demand in North America as adjusted pre-tax profit in the six months till 30 Sept were slightly ahead of last year while information technology firm Computacenter indicated that it expects to meet full-year targets.

Chilled foods provider Dairy Crest has refinanced debt and retains facilities at more than £600m. Chief executive, Mark Allen, said the new arrangements delivered security of funding in the medium term 'important in today's financial markets'.

Online fashion retailer ASOS has reported that second quarter revenue is 49% ahead of same period last year, remains optimistic for the full-year although the rate of growth did slowdown from the first quarter.

UK city news : BP, Mothercare, Discover Leisure, Flybe, SuperGroup

11/10/2011 - Stockmarket Reports - 0 Comments - 199 words

The UK stock market has found some support as the FTSE 100 finished the day strongly to close up 1.80%.

The Dow Jones also recovered some of the recent losses to close up 2.97% on the back of latest European resolve to strengthen European banks.

BP was a strong performer, up 2.97% yesterday after directors were purchasers of the stock however UK investment managers were again licking wounds after a number of fund favorites ended a shocking week in the city.

Peel Hunt downgraded the fashion retailer SuperGroup from buy to hold after warehouse and distribution problems hit profits by £6-9m this year.

Regional airline Flybe saw its share price plummet 40% on one day last week after announcing a slow down in September.

Premier Foods was downgraded by RBS to a target price of just 6p from 38p before after the food manufacturer revealed that results were below expectations.

Shares in high street baby goods retailer Mothercare also fell heavily on a 9.6% decline in UK sales in companies last quarter.

Caravan retailer Discover Leisure also fell after saying it was 'pursuing financing options' as the business was under increasing pressure.

UK city news : Premier Foods, RBS downgrade, Xstrata, Imagination Technologies

07/10/2011 - Stockmarket Reports - 0 Comments - 240 words

Concern over unresolved issues in Europe and the slowing UK economy was again in the mind of city traders as the FTSE 100 failed to find legs. Down 0.42% at midday.

The UK banks also still on the sell list after Moody's downgraded 12 UK financial institutions. Lloyds Banking Group, Santander, Nationwide and RBS all amongst the downgrade which reflected an end to the UK government's guaranteed support for all UK banks.

Premier Foods was truly taking a pounding after the supermarkets foods supplier admitted that third quarter results would be significantly below expectations. Shares were down 34% at lunch after dropping over 40% earlier in the day.

In mining Talvivaara Mining Company was a heavy faller down over 20% as Pekka Perä, the chief executive officer announced he was leaving as soon as the company can find a replacement.

Demand for Xstrata shares was more favorable after the miner agreed to expand its Peace River Coalfield project Canada.

Amongst the small caps Pipehawk Engineering share were up over 80% after announcing a £400,000 deal with Knorr Bremse Rail Systems UK. The firm will install testing and production facilities for KBRS as the firm expands into the heavy rail industry.

Stock traders favorite, computer chip firm Imagination Technologies Group was also back on the buy lists after agreeing a licensing deal with Taiwan's MediaTek, in a royaly revenues deal within the digital TV market.

UK city news : easyJet, Aminex, BAE Systems, Exillon Energy

06/10/2011 - Stockmarket Reports - 0 Comments - 262 words

The UK stock market was enjoying another morning of gains after recent sell-off. The FTSE 100 was up 1.38% at mid-morning as traders await the latest interest rate decision.

HSBC, RBS, Barclays and Lloyds Banking Group were all up around 3.5% as bargain hunters speculate, with risk, that the banking crisis may be in sight of an end.

Brewin Dolphin issued its own apprehension though, as the independent investment manager warned on tough market as its funds under management faell by 8.7% in companies final final quarter.

Europe focused EMED Mining announced that it expects is to create 1,200 new jobs and in 2012, plus further enhanced support industry activity. Ukraine-focused Ferrexpo indicated iron pellet production in August was second highest in its history at just under 1m tonnes.

Mining group Xstrata has secured long-term energy supplies in Australia for its North-west Queensland multi-source mining operations.

Africa focused oil and gas firm Aminex revealed that it had suspended work on Nyuni-2 exploration well offshore Tanzania, due to 'obstructions near the base of the well' while Exillon Energy reported new oil at the south-eastern part of its East EWS I field in Russia. Further news expected on viability.

easyJet bucked the bad news presented by Flybe yesterday and reported an increase in passenger numbers up 8.5% to 5.18m from 4.77m a year before.

Meanwhile, defence firm BAE Systems, who recently announced creation of 2930 new UK jobs, has revealed that it intends to raise $1.25bn through a private placing of bonds.

UK city news : Tesco, Sainsbury, Flybe, Mothercare, Premier Oil

05/10/2011 - Stockmarket Reports - 0 Comments - 244 words

The UK stock market enjoyed minor respite this morning, after US markets jumped to a positive report in the FT, that Europe was approaching a point where it must table real solutions.

Most investors remain defensive and concerned of the unresolved economic backdrop however, FTSE 100 enjoyed a rise of 2.34% to the good by lunch time.

Mothercare shares were amongst a number of big name firms under pressure today as the shares plummeted 34% to 204p at time of writing this morning, after a 9.6% drop in sales in the UK over the last quarter.

Flybe share were also off heavily after admitting a dramatic fall in sales in September. Shares were over 40% down as first half revenues came in below management's expectations.

BTG, British technology Group expects its first half of year will be ahead of expectations after a strong showing within its Biotechnology division. Licencing of speciality processes forming the core of the group business generators.

Meanwhile Sainsbury announced that total sales in companies first half grew by 7.6% or 4.3% excluding fuel while Tesco reported total sales grow 8.8% in the half year to the end of August as Tesco admited breakeven in the uS and excellent progress, as expected in Asia.

In energy, oil design contractor Wood Group reported performance inline with expectations with bid pipeline looking strong while Premier Oil launched a £221m recommended takeover for fellow North operator EnCore Oil.

UK city news : Lloyds Banking Group, Barclays, Bodycote, IMI

04/10/2011 - Stockmarket Reports - 0 Comments - 201 words

Another shocking day on the stock markets as bears gather further ammo to justify a viscious short selling campaign. The FTSE 100 was down below 5000 for most of the morning and was nudging 3% down by lunch.

Market are reeling due to the Greek debt situation which seems set for considerable and inevitable impact on the inner mechanisms of both the Euro and the european union.

Lloyds Banking Group was a significant faller, down 9.64%, Barclays not far behind, down 8.34% and Royal Bank of Scotland down 5.23% after reports that a deal to dispose of the property loans was not yet sealed.

Highly rated engineering stocks were also out of favour with IMI down 9.45%, Bodycote down 7.35% and Fenner down 7.42%.

Supermarkets Tesco and Morrison were amongst few risers ahead of the interim results after Tesco was upgraded by UBS to a 'buy' from 'neutral'.

Home Retail was also on the up on the back of takeover rumours. Wal-Mart being cited as a possible bidder.

Traders on UK stock market will await Wall Street opening with trepidation given the nervousness in Eurozone and considering a 2.65% fall on the Dow Jones yesterday.

UK city news : Amec, Image Scan, Sports Direct, Glencore

03/10/2011 - Stockmarket Reports - 0 Comments - 230 words

UK stock market traders again opened to red screens this morning, as the FTSE 100 breached the current perceived important support level of 5000. FTSE 100 stood down 2.32% at mid-morning.

Banking majors were amongst the FTSE stocks in negative territory with RBS, Barclays and Lloyds Banking Group all retracing small gains made during later half of last week.

FTSE leaders included Sports Direct International up 4.93%, TalkTalk Telecom Group up 1.93% and Irn Bru manufacturer AG Barr up 1.60%.

Commodities trading firm Glencore International fell after indicating delays to acquisition of anticipated metal assets while copper miners Kazakhmys, Vedanta Resources and Rio Tinto were all fallers as commodities continue to test lower levels.

Oil & Gas project management firm AMEC, has announced that it has won a FEED contract, Front End Engineering Design for GDF SUEZ E&P UK's Cygnus gas field development in the North Sea valued at estimated £50m and to start immediately for completion in 2012.

Electrocomponents announce that it was still achieving year-on-year growth in revenue although the rate was slowing while xxhibitions firm ITE Group reported that trading in Q4 remained strong.

Security equipment firm Image Scan was amongst leading risers, up over 15%, after indicating that its revenues could be set to increase 40% over last year on an improved pipeline.

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