Editor's Picks
Afren's tests confirm potential at Okoro East
Tuesday 06 Mar 2012
Well test results at Afren's Okoro East oil discovery, offshore Nigeria, have confirmed high quality oil in excellent reservoir sands, the group announced on Wednesday morning.
FTSE 100 movers: Meggitt dives on gloomy outlook
Tuesday 06 Mar 2012
Meggitt, the engineering company focused on the aerospace, defence and energy markets, fell after warning investors that the outlook for defence expenditure in the US, its single most important military market, continues to be challenging in the medium term, given the requirement for the administration to reduce the fiscal deficit.
US defence spending a concern at Meggitt
Tuesday 06 Mar 2012
Meggitt, the engineering company focused on the aerospace, defence and energy markets, saw strong growth across all of its markets in 2011.
London midday: Greek default fears fuel sell-off
Tuesday 06 Mar 2012
- IIF warns of fall-out in case of Greek default. - Polymetal leads miners lower, Fresnillo bucks trend after results. - Centamin plummets after halting operations at Sukari.
Europe midday: Poor GDP figures add to selling pressure
Tuesday 06 Mar 2012
-Iran will give UN watchdog access to Parchin –ISNA
Broker snap: Slowdown expected at Pru, says Nomura
Tuesday 06 Mar 2012
Nomura has reiterated its reduce rating and 700p target price for insurance giant Prudential ahead of the group's full-year results next Tuesday.
UK consumers still cautious in February, BRC says -UPDATE
Tuesday 06 Mar 2012
The value of UK retail sales fell by 0.3% on a like-for-like basis in February versus a year ago. On a total basis however –taking into account volumes- sales grew by 2.3%, above the 1.1% rate of growth seen in the same month of 2011, the BRC-KPMG sales monitor says this morning.
Revenues up by a fifth at Wood Group
Monday 05 Mar 2012
Wood Group's strategy to focus more on its positions in engineering, production facilities support and gas turbine services seems to be paying off, after the group reported strong growth in both profits and revenues in 2011.
Broker snap: Jefferies has some reservations about Meggitt's outlook
Monday 05 Mar 2012
Jefferies has maintained its hold recommendation and 300p target price for aerospace, defence and energy engineer Meggitt, saying that it has ‘just a reservation or two’ following the company’s full-year results.
London close: Miners lead the decline as China cuts GDP forecast
Monday 05 Mar 2012
- Chinese growth forecasts dampens miners. - UK and Eurozone PMIs disappoint. - Steering Committee to participate in Greek debt swap.
FX round-up: Dollar snaps winning streak
Monday 05 Mar 2012
The dollar lost momentum on Monday, falling against the euro for the first time in three sessions, as profit takers moved in following mixed economic data from the US and Europe.
UK consumers still cautious in February, BRC says
Monday 05 Mar 2012
The value of UK retail sales fell by 0.3% on a like-for-like basis in February versus a year ago. On a total basis however –taking into account volumes- sales grew by 2.3%, above the 1.1% rate of growth seen in the same month of 2011, the BRC-KPMG sales monitor says this morning.
Eurozone PMI services returns to recessionary levels
Monday 05 Mar 2012
The Eurozone's Purchase Managers' Index (PMI) for the services sector has revealed that the economic slowdown continued its course in February.
Tesco defends 20,000 'new' job claim
Monday 05 Mar 2012
The man in charge of Tesco’s huge UK business has defended the firm’s commitment to “create 20,000 new jobs” in 2012.
China cuts growth target to eight-year low
Monday 05 Mar 2012
China kicks off the week as one of the market’s main protagonists as its Premier Wen Jiabao announced a 7.5 percent growth target for 2012.
London midday: China, Eurozone worries weigh on stocks
Monday 05 Mar 2012
- China cuts 2012 GDP target to 7.5%. - Eurozone/UK services PMIs disappoint. - German DSW recommends rejecting PSI deal.
Broker snap: UBS cautious on growth prospects for IMI
Monday 05 Mar 2012
UBS has raised its target price for FTSE 100 engineer IMI but maintained its neutral rating, saying that the group is improving margins at the expense of growth.
Exillon Energy ramps up production in February
Monday 05 Mar 2012
Oil producer Exillon Energy has reported a month-on-month increase in production at its assets in the oil-rich regions of Timan-Pechora in Russia and West Siberia.
Greek restructuring deal looms on the horizon
Monday 05 Mar 2012
Europe is awaiting a final decision this week on the Greek debt restructuring. Private investors have a March 8th deadline to decide if they will accept a debt exchange in which they will be required to take a 53.5% haircut in an agreement that would save Athens about €106bn (£88bn).
Amlin's Chairman retires after challenging 2011
Monday 05 Mar 2012
Following an 'exceptionally challenging year' for insurance and reinsurance underwriter Amlin, the firm has remained upbeat and expects a return to a good level of profitability in 2012.
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