Leni climbs on Trinidad well news June 2, 2014 Aim-listed energy explorer Leni Gas and Oil, which lost a court case earlier this year against peer Mediterranean Oil and Gas over its sale of an asset off Malta, saw its share price soar 37 per cent yesterday after an encouraging well update. The firm said the first well in a drilling programme in Trinidad [...]
Range enters pact with LandOcean June 2, 2014 Range Resources, the London-quoted oil and gas explorer, yesterday said it has awarded an eight-year agreement to LandOcean Energy Services, valued at $400m (£238.7m). Chinese firm LandOcean will act as the preferred contractor for Range for oilfield services including geoscience, engineering and construction. In addition, LandOcean will provide Range an option to take up to [...]
Rival to estate agents launched June 2, 2014 The founders of Poundland and Match.com launched an estate agency firm yesterday that aims to challenge its high street rivals by replacing commission rates with a fixed fee. Steve Smith and Darren Richards said they plan to expand EstatesDirect.com across the UK after piloting the business since 2012 in Worcestershire, where it has sold and [...]
Best of the Brokers for 03 June 2014 June 2, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BELLWAY Numis has upgraded Bellway to “buy” from “add”, with the target price remaining 1,810p. The broker believes that the company will remain prudent with its balanced approach to growth and risk management, while being expected to be at the forefront of revenue [...]
London Report: Chinese factory figures see FTSE shares edge up June 2, 2014 BRITAIN’S top share index inched higher yesterday as upbeat Chinese factory data lifted mining stocks and as homebuilders shrugged off worse-than-expected mortgage approval figures in the UK. The blue-chip FTSE 100 index closed up 0.3 per cent, or 19.59 points, at 6,864.10 points. Mining stocks across Europe, including London-listed Rio Tinto and BHP Billiton, rose [...]
New York Report: Dow and S&P hit fresh highs after data blip June 2, 2014 THE DOW and the S&P 500 finished at record highs again last night after a closely watched read on US manufacturing was revised to show more strength than initially indicated. After hours of confusion, the Institute for Supply Management officially corrected its earlier report to show that the pace of growth in the US manufacturing [...]
Economists made two huge errors in a key US manufacturing survey June 2, 2014 A US manufacturing sector survey came in at an unexpectedly low level earlier. The ISM manufacturing index dropped from 54.9 in April to 53.2 for May, well below the 55.5 economists had been expecting. But analysts at Stone McCarthy Research Associates spotted a huge flaw with how adjustments to the survey data were made, which [...]
Global house prices slow as the UK jumps up world rankings June 2, 2014 Global house prices have increased for the eighth quarter in a row but the rate of price growth is now slowing, according to figures out today from Knight Frank. Prices rose by 7.1 per cent in the year to March, according to the property agency’s Global House Price Index. However the last quarter [...]
Six new restaurants opening in the City this summer June 2, 2014 The sun is out, we’ve spotted some shorts in Canary Wharf and rose at lunchtime is starting to sound like an agreeable diversion; summer’s here. And with that most delightful of seasons comes a new wave of bars and restaurants in the City for us to spend our pocket money in. As you [...]
Here’s why aluminium could be the new nickel June 2, 2014 After an Indonesian export ban caused the price of nickel to soar over 40 per cent this year due to a squeeze on supply, the market is poised for aluminium prices to follow suit. With more than 10 per cent of the world’s bauxite (aluminium ore) coming from Indonesia before the ban – equivalent to [...]