Editor's Picks
Broker snap: Goldman downgrades Imperial Tobacco to neutral
Wednesday 07 Sep 2011
Imperial Tobacco was one of the biggest losers on the FTSE 100 on Wednesday after Goldman Sachs downgraded the firm to 'neutral' in its latest review of European consumer firms.
London close: Oil stocks pull Footsie above 5,300
Wednesday 07 Sep 2011
Oil stocks were the star performers on a decent day for the Footsie, which clawed its way back above the 5,300 mark, helped by a better start on Wall Street. The oil companies were leading the rise on Wednesday, with Tullow Oil, Essar Energy and BP being helped by a rising oil price. Drilling in the previously untested northern segment of the Mad Dog field in the ...
BP's Mad Dog rivals Thunder Horse
Wednesday 07 Sep 2011
Drilling in the previously untested northern segment of the Mad Dog field in the Gulf of Mexico has resulted in a “significant resource extension”, according to the oil giant BP.
US newspaper round-up: Yahoo!, BofA, Groupon/Zynga...
Wednesday 07 Sep 2011
Yahoo CEO Carol Bartz was ousted late Tuesday by the Internet pioneer's board of directors. The company says Bartz will be replaced by Chief Financial Officer Timothy Morse on an interim basis. Bartz, 63, who joined Yahoo in early 2009, has had a rocky tenure marked by layoffs, slumping sales and discord among the company's executive ranks, USA Today reports.
FTSE 100 Movers: Oil stocks lead the rise
Wednesday 07 Sep 2011
The oil companies were leading the rise on Wednesday afternoon, with Tullow Oil, Essar Energy and BP among the better performers on the blue chip index, helped by a rising oil price. BP rose after drilling results confirmed a significant resource extension of The Mad Dog Field complex in the Gulf of Mexico.
Landkom considers options after low rapeseed yields
Wednesday 07 Sep 2011
Shares in Landkom wilted after lower than expected yields from its rapeseed harvest prompted the grain and oilseeds grower to “review its strategic options.” “Although the wheat harvest was successful, bringing in 60,600 tonnes at a yield of 3.3 tonnes per ha, the yield on the winter rapeseed crop proved disappointing at only 1.75 tonnes per ha - below the Board's expectations,” Landkom said.
Broker tips: Whitbread, SuperGroup, Avocet
Wednesday 07 Sep 2011
Evolution Securities has confirmed its buy rating on coffee shop, restaurant and hotel owner Whitbread, saying that while the UK consumer outlook may be uncertain, “there is no evidence of the malaise affecting Whitbread”.
Europe midday: Eurozone hopes buoy bourses
Wednesday 07 Sep 2011
Bourses are buoyant this morning on hopes that the Eurozone crisis will be resolved.
Coastal Energy "very pleased" with drilling results
Wednesday 07 Sep 2011
Coastal Energy cheered investors after announcing successful drilling results at its Bua Ban North A site off the coast of Thailand.
CEO Bartz given the sack by Yahoo! board
Wednesday 07 Sep 2011
US internet giant Yahoo! announced that its board has decided to oust chief executive officer (CEO) Carol Bartz after more than two years in charge.
London midday: Eurozone optimism buoys stocks
Wednesday 07 Sep 2011
Stocks remain buoyant amid hopes that the Eurozone situation may be nearing some kind of resolution. Office provider Regus in particular is benefiting from increased risk appetite. The shares are up more than 17%. Company updates are also attracting attention. Shares in Dixons gave up strong gains after its chief executive John Browett poured cold water on rumours that the electrical products retailer has been in merger talks with Carphone Warehouse.
Anglo rumoured to offer $7.5bn for Walter Energy
Wednesday 07 Sep 2011
Multi-metal mining giant Anglo American is rumoured to be considering an offer for US coking coal miner Walter Energy.
Obama is preparing a $300 billion job creation plan
Wednesday 07 Sep 2011
U.S president Barack Obama will present new legislation to stimulate job creation through the injection of $300bn next year via tax cuts, infrastructure spending and direct aid to local and state governments.
House prices fall in August but outlook stable
Wednesday 07 Sep 2011
UK house prices fell by 1.2% in August compared with the previous month but will hold steady over the coming months, according to the Halifax.
Ex-BP frontman to head up Iraq-focused oil giant
Wednesday 07 Sep 2011
Vallares, the newly listed oil and gas explorer led by ex-BP frontman Tony Hayward, is to merge with Genel Energy International, which has stakes in two world-scale producing oil fields in the Kurdistan Region of Iraq. Vallares – which raised gross proceeds of $2bn after being admitted to the London Stock Exchange (LSE) on 22 June – will issue new shares worth $2.1bn at a price of 1,000 per share to acquire 100% of Genel,...
Sports Direct suffers after tough like-for-like comparison
Wednesday 07 Sep 2011
Sports Direct International has seen a drop in profit after tough comparisons with the same period last year when the FIFA World Cup was taking place. Although total sales for the 13 weeks ending 25 July were up £0.2m to £410m, gross profit decreased 5.7% to £174m (2011: £185m). The company said: "These results are against tough comparatives as the FIFA ...
Supergroup's sales jump 66%
Wednesday 07 Sep 2011
Supergroup, the firm behind the ultra-trendy Superdry fashion label, was in demand on Wednesday morning after posting a surge in sales in the first quarter.
Europe open: Stocks rally after slide
Wednesday 07 Sep 2011
Mainland European bourses rallied as investors sought to take advantage of recent declines.
London open: Shares jump as Dixons and Supergroup impress
Wednesday 07 Sep 2011
Shares are buoyant in early dealings, with some well-received updates from the retail sector lightening the mood. Consumer electronics retailer Dixons said like-for-like sales were down 7% from a year earlier in the 12 weeks to 23 July. The PC World and Currys owner said total group sales were down 1% in the period in sterling terms, with stores in the UK & Ireland seeing a 9% year-on-year decline.
Impairment charges sour Thorntons profit
Wednesday 07 Sep 2011
Chocolate maker Thorntons lifted half-year revenue 1.7% while impairment charges eroded the group's pre-tax profit as it battles against difficult trading conditions.
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