|
  Prudential, Inmarsat, Shire, RBS and Kazakhmys lead FTSE 100 rally
Reported by Proactive Investors on Monday, 9 November 2009 (on November 9, 2009)
|
Overview: the FTSE 100 expectedly climbed in early trade on Monday as commodities were buoyant following this weekend’s meeting of G20 ministers, which vowed to keep the stimulus in place. Financial stocks also were in demand on the news with partly nationalised bank Royal Bank of Scotland (LSE: RBS) making it to the top of the leaderboard with a 5% gain. Insurers also did well as Legal & General (LSE: LGEN) and Standard Life (LSE: SL) gained 4% and 3.5% respectively, while Prudential (LSE: PRU) led the market with a 5.5% advance.
Telecom company Inmarsat (LSE: ISAT) followed with its own 5% gain on the back of a positive Q3 report.
Pharmaceutical company Shire (LSE: SHP) was another non-commodity stock to show up on the leaderboard with a 3.7% climb.
Not much was going on in the top fallers list as no FTSE 100 constituent lost 1% or more. Telecommunications company Cable & Wireless (LSE: CW), British American Tobacco (LSE: BATS) and peer Imperial Tobacco Group (LSE: IMT) were the worst performers with losses of 0.5%.
The UK blue chip index climbed 1.5% to break through the 5,200 point mark.
The US market is also set to meet the news from the G20 meeting with a positive response as stock index futures rose this morning, pointing to a higher start on Wall Street. The Dow Jones industrial average and the Nasdaq composite are seen rising 0.8%, while the S%P 500 index is projected to tack on almost 1%.
Commodities
Oil prices rose from Friday’s levels as December Brent Crude inched higher to US$77.13/barrel and US light, sweet crude for December delivery improved to US$78.74/barrel.
Oil and gas stocks were in buying mode this morning as oil prices increased. Petrofac (LSE: PFC) and Tullow Oil (LSE: TLW) led the second in the FTSE 100, advancing 3%. Cairn Energy (LSE: CNE) followed with a 2.5% gain.
Supermajors BP (LSE: BP) and Shell (LSE: RDSB) both added 1.8%, while BG Group (LSE: BG) improved 1.5%.
Midcaps also rose with Heritage Oil (LSE: HOIL) and Dana Petroleum (LSE: DNX) tacking on 2% and 1.5% respectively, while Dragon Oil (LSE: DGO) was flat.
Juniors also traded well in the morning. Atlantic Canada operating oil and gas group Enegi Oil (AIM: ENEG) was in the lead with a gain of over 9%. US focused junior Empyrean Energy (AIM: EME), North America focused oil & gas junior Pantheon Resources (AIM: PANR) and North Sea explorers Xcite Energy (AIM: XEL) followed with gains of over 5%.
Peru, Colombia and Cuba operating oil and gas explorer and producer Gold Oil (LSE: GOO) climbed 4.5%. North American based explorer Nighthawk Energy (AIM: HAWK) and Ukraine focused gas producer Regal Petroleum (AIM: RPT) both gained 3%.
Eastern Europe focused junior Aurelian Oil & Gas (AIM: AUL) and energy investor Xtract Energy PLC (AIM: XTR) went in a different direction, shedding 3% and 5.4% respectively.
Miners advance as godl reaches $1,100
Major mining stocks were up this morning after precious metals rose. Gold broke through the $1,100 mark, reaching US$1,106/oz. Silver and platinum followed, climbing to US$17.69/oz and US$1,355/oz respectively.
Silver miner Fresnillo (LSE: FRES) led the pack with a 3.5% advance. Platinum producer Lonmin (LSE: LMI) gained 3%, while gold miner Randgold Resources (LSE: RRS) rose 2%.
Specialty chemicals firm Johnson Matthey (LSE: JMAT) added 1%.
Mid tier miners also were in demand as gold miner Petropavlovsk (LSE: POG) tacked on 3.3%, while Aquarius Platinum (LSE: AQP) and silver producer Hochschild Mining (LSE: HOC) both gained 2%.
Canada based junior gold developer Rambler Metals and Mining Plc (AIM: RMM) led the juniors with a 13% rally. Argentina focused gold explorer Patagonia Gold (AIM: PGD) and Uzbekistan focused gold miner Oxus Gold (AIM: OXS) followed with gains of over 7%.
Western Australia operating Norseman Gold (AIM: NGL), Fiji focused gold miner Vatukoula Gold Mines (AIM: VGM) and South American based explorer Mariana Resources (AIM: MARL) added more than 6%, while Philippines focused gold producer Medusa Mining (AIM&ASX: MML) and Africa focused gold deposit developer Cluff Gold (AIM: CLF) advanced 5.5% and 4.5% respectively.
African focused nickel and gold exploration and development junior Nyota Minerals (ASX&AIM: NYO), Tajikistan operating gold miner Kryso Resources (AIM: KYS) and Africa focused gold miner Pan African Resources (AIM: PAF) followed with gains of over 3%.
Brazil focused gold miner Horizonte Minerals (AIM: HZM) went against the tide, sliding 3%.
Copper and nickel recover to bolster miners
Base metals focused stocks also advanced, bolstered by higher metal prices. Copper improved to US$2.98/lb and nickel climbed to US$7.92/lb, while zinc reached US$0.99/lb.
Kazakhmys (LSE: KAZ) was in the lead with a gain of 5.3%. Rio Tinto (LSE: RIO) and Xstrata (LSE: XTA) advanced 4%, while Anglo American (LSE: AAL) and Antofagasta (LSE: ANTO) added 3.5%. Vedanta Resources (LSE: VED) and BHP Billiton (LSE: BLT) moved up 3%, while Eurasian Natural Resources (LSE: ENRC) climbed 1.8%.
London's only listed pure iron ore producer and FTSE 250 constituent, Ferrexpo (LSE: FXPO) moved with the market, tacking on 4%.
Uranium and copper explorer Kalahari Minerals (AIM: KAH) was one of the top performers among junior miners with a 5.6% climb. Copper and nickel explorer Regency Mines (AIM: RGM) went against the tide, slipping 9.5%.
Banks, insurance, private equity
Major banking stocks were on the rise this morning. Royal Bank of Scotland (LSE: RBS) was in the lead with a 5% advance. Fellow bailed out bank Lloyds (LSE: LLOY) rose 1%, as did HSBC (LSE: HSBA). Barclays (LSE: BARC) was up 2.5%. Standard Chartered (LSE: STAN) posted marginal gains.
Prudential (LSE: PRU) led the insurance sector and the FTSE 100 with a 5.5% gain. Peers Legal & General (LSE: LGEN) and Standard Life (LSE: SL) advanced 4% and 3.5% respectively. Aviva (LSE: AV) moved up 3%, while Old Mutual (LSE: OML) added 2%.
RSA Insurance Group (LSE: RSA) and car insurer Admiral Group (LSE: ADM) rose marginally.
Private equity group 3i (LSE: III) advanced 2.8%.
Small Cap Movers
Other notable movers among the small caps included developer of CAD and image analysis software Medicsight (AIM: MDST), which lost 9% and Africa focused conglomerate Lonrho (AIM: LONR), which gained 5%.
Large and Mid Cap News
JKX Oil & Gas (LSE: JKX) released their third quarter interim statement today, which revealed a 24% increase in production in the quarter compared with Q3 2008. According to JKX Chief Executive Dr Paul Davies, JKX has made ‘ good progress’ on its development and exploration projects.
Inmarsat plc (LSE: ISAT) reported its interim results for the quarter ended 30 September 2009, which underlined continuing growth for the Mobile Satellite Services (MSS) provider. During the period Inmarsat achieved a substantial improvement in both revenues and profitability, with after tax profits rising 33% compared with 2008.
Small Cap News
Invicta Capital has launched a renewable energy fund to raise £300 million for the funding of the construction and operation of nine biomass combined heated and power (CHP) plans in Scotland with a total generating capacity of 90MW (megawatts) of electricity.
Uruguay Mineral Exploration (TSX-V: UME, AIM: UGY) said today it has signed a definitive arrangement agreement with Fortune Valley Resources (TSX-V: FVX) to combine their businesses after extending the deadline from October 30 last week to undertake due diligence prior to moving forward with the transaction.
African Medical Investments PLC (AIM: AMEI) said it has signed an agreement with American International Group (NYSE: AIG) unit AIG Travel Assist under which African Medical's healthcare facilities will be recommended by AIG Travel to its clients in need of medical care when travelling in Africa.
Inspired Gaming Group PLC (AIM: INGG) said the business has stabilised and recovered in the year to September 26 2009, following an “exceptionally difficult” 2008, and announced a capital reorganisation aimed at simplifying the capital structure and improving liquidity in the stock.
Shares in Synairgen PLC (AIM: SNG) rocketed in morning deals today after the respiratory drug discovery and development company announced that recent laboratory experiments have been completed which confirm the antiviral potency of its inhaled interferon beta against the 2009 strain of the H1N1 swine flu virus.
Top Level Domain Holdings Ltd (AIM: TLDH) has welcomed the latest move by the Internet Corporation for Assigned Names and Numbers (ICANN) to authorise the creation of new top-level domains (TLDs), or web addresses, in non-Latin scripts.
Self-storage company Lok’n Store Group (AIM: LOK) said its full year revenues declined 7.6% to £10.01 million against the “difficult economic backdrop,” while pre-tax losses narrowed to £0.65 million from £0.74 million as occupancy rose and operating and financing costs were reduced.
Eco-technology company TyraTech (AIM: TYR) said its partner Arysta LifeScience North America has introduced new insecticide “Shooter” with the Responsive Pest Management (RPM) Technology, developed under the strategic partnership agreement between the two companies signed earlier this year.
Coal and uranium investment and development group, Polo Resources (LSE: PRL) announced that it increased its stake in Namibia focussed uranium play Extract Resources (TSX, ASX: EXT). Following a purchase of ordinary shares Polo and its associates increased their shareholding by 1%, and now hold an aggregate interest of 10.32%.
Strategic Natural Resources PLC (AIM: SNRP) confirmed that South Africa-focused Coal of Africa Ltd (AIM, ASX, JSE: CZA) and Switzerland based international wealth management group Caldwell Management AG have taken a 4.67 percent and 4 percent stake, respectively, in the fundraising the group announced last week.
ThirdForce (AIM, IEX: THF) CEO Brendan O’Sullivan and Chairman Pat McDonagh have made an improved offer for the company through their privately owned investment vehicle, LearnVantage. The offer implies a cash value of €27.2m for the Irish based E-Learning company. LearnVantage’s offer provides shareholders three options with the cash and composite (cash & share) offer representing a significant premium on yesterday’s close.
University IP commercialisation company Fusion IP (AIM: FIP) has raised £3.2 million in a proposed subscription by its cornerstone investor IP Group (LSE: IPO) and a placing with another new institutional shareholder. The proceeds will be used to fund the spin out of its portfolio companies.
Links: Full news story
|
|
| |
| | Recent related news |
| |
Proactive Investors
2 days ago - Business | *Overview:* contrary to pre-trade projections, the FTSE 100 was flat in late afternoon just before... |
Proactive Investors
2 days ago - Business | *Overview:* contrary to pre-trade projections, the FTSE 100 was flat in late afternoon just before... |
Proactive Investors
2 days ago - Business | *Overview:* contrary to pre-trade projections, the FTSE 100 was flat in late afternoon just before... |
Proactive Investors
3 days ago - Business | *Overview:* the FTSE 100 moved in line with pre-trade projections, tacking on 0.5% after UK inflation... |
Proactive Investors
4 days ago - Business | Overview: the FTSE 100 moved in line with pre-trade projections, climbing 0.65% as commodities... |
| |
Proactive Investors
4 days ago - Business | Overview: the FTSE 100 moved in line with pre-trade projections, climbing 0.65% as commodities... |
Proactive Investors
5 days ago - Business | *Overview:* The FTSE 100 was in decline today, shedding 0.45% to drop below 5,600 as commodities... |
Proactive Investors
5 days ago - Business | *Overview:* The FTSE 100 was in decline today, shedding 0.45% to drop below 5,600 as commodities... |
Proactive Investors
5 days ago - Business | *Overview:* The FTSE 100 was in decline today, shedding 0.45% to drop below 5,600 as commodities... |
Proactive Investors
1 week ago - Business | *Overview: *the FTSE added just 0.1%, failing to fully recover from Thursday’s decline as today’s... |
| |
|
|
|
| |
Facebook
E-mail
Twitter
Mixx
StumbleUpon
FriendFeed
Tweet the News!
Select Region >
Top News RSS Feed | News for my Website | Archive | Advertise | Help | Enquiries | Bookmark this site | 
U.S. version
