Date: Monday 28 Mar 2011
Footsie finished the morning clinging on to positive territory and not much changed over the lunch time trading session, with a mildly firmer start on Wall Street providing little additional impetus.
Worries that Japanese carmakers may have to suspend production at their plants in China following the earthquake disruption have sent copper prices lower. As a result, Kazakh copper group Kazakhmys is the worst performing blue-chip.
African platinum miners are also on the slide. On Friday, the Zimbabwean government published a paper setting out the requirements for the implementation of the provisions of the Indigenisation and Economic Empowerment Act as they relate to the mining sector. The Act is designed to ensure that mining companies are majority-owned by indigenous Zimbabweans.
Aquarius Platimum said late on Friday it is engaged in discussions with the relevant authorities in order to establish a position that will be compliant with the Act and beneficial to stakeholders. The information came out too late on Friday to have much impact on the share price but the full effect is being felt today.
A 13-year tax wrangle between the US and the UK involving drugs giant AstraZeneca has been resolved, resulting in a substantially lower tax rate for Astra in the current financial year. As a consequence, Astra has lifted its core earnings per share guidance for fiscal 2011 to $6.90 - $7.20 from $6.45 - $6.75 previously. The shares are higher.
Tullow Oil has found oil at the Teak-2 exploration well in the West Cape Three Points licence offshore Ghana. The Irish oil company, which has a 23% stake in the licence, discovered 27 metres of net hydrocarbon bearing Campanian and Turonian reservoirs at the well, drilled between the Jubilee field and Teak-1 discovery.
Irn-Bru and Tizer maker AG Barr is fizzing today after saw profit on ordinary activities before tax and exceptional items increase by 13.3% to £31.6m in the 12 months to 29 January from £27.9m the year before. The company saw strong growth from all core brands in all channels.
Growth in its business to business titles helped lift Daily Mail Group’s underlying revenues by 5% over the past five months, though it was another tough period for regional paper arm Northcliffe.
Shares in beleaguered care home owner Southern Cross slumped even lower on a weekend report it has told care home landlords it will not pay next quarter’s rent.
2010 was a year of strong recovery for Lamprell, the provider of engineering services to the international oil and gas industry, with the strength of the oil price contributing to unprecedented levels of enquiries. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) soared 90.3% to $78.4m. The shares are up by 8%.
Exillon Energy is another riser. Its latest appraisal well on its West Siberia prospect has found more oil, this time on the northern extension of the East EWS I field.
RCG Holdings reported higher revenues in the year to 31 December, but profits fell the Asia-focused biometrics and surveillance software company warned that lower than expected growth in China leaves it cautious for the current year.
Pharmaceutical firm Allergy Therapeutics reported broadly flat revenues and profits for the six months ended 31 December, as a result of weakness in its core German market.
Aim-listed oil explorer Bowleven is stepping up its exploration and development programme at its potentially hugely lucrative oil prospects offshore Cameroon.
- - -
or share it with one of these popular networks:
You are here: news