GKN slides as it warns currency movements could hit outlook February 25, 2014 GKN’S share price fell more than one per cent yesterday, after the engineering firm warned that adverse currency movements could hinder its performance this year. The market reacted negatively despite the FTSE 100 firm reporting a 17 per cent rise in pre-tax profit for 2013, thanks to strong trading from its automotive business, due to [...]
Genus profit falls but revenue up February 25, 2014 FTSE 250-quoted bull and pig semen specialist Genus yesterday reported a one per cent drop in pre-tax profits for the six months to 31 December and a four per cent decline in operating profit, due to acquisitions and investments in China. Genus warned that it faces near-term headwinds from the strengthening of sterling and a [...]
Wood Group signs North Sea deal February 25, 2014 Wood Group, the FTSE 250-listed energy services firm, yesterday said it has been awarded a $500m (£300m) five-year contract extension with Talisman Sinopec Energy in the UK, with an option for two additional, two year extensions. Under the new deal, Wood Group will provide engineering and modification services to Talisman’s 11 offshore assets in the [...]
Progress made at Randgold mine February 25, 2014 FTSE 100 gold miner Randgold Resources yesterday said that commissioning of the sulphide circuit at the Kibali mine in the Democratic Republic of Congo is underway, which will significantly advance the project’s development. Kibali started production last September. “While the plant processes ore from the open pit mine, the underground mine is still being developed [...]
City Moves for 26 February 2014 | Who’s switching jobs February 25, 2014 Menzies Business Recovery The recovery and insolvency arm of Menzies has hired David Thurgood as a director. He joins from Grant Thornton, where he spent 30 years working on receiverships, administrations and liquidations. Aldermore Bank The bank has appointed Stuart Williams as a property development manager. He was most recently at Bridgebank Capital, where he [...]
Best of the Brokers for 26 February 2014 February 25, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BRITISH AMERICAN TOBACCO Barclays analysts have re-iterated support for the tobacco stock, with an overweight rating and target price of 3,800p. “Although we don’t expect a reversal of either headwind in the near term, we see the Tobacco growth and cash return model [...]
London Report: FTSE dragged back by weak mining sector February 25, 2014 LONDON-listed mining shares fell further yesterday, putting pressure on the blue-chip FTSE 100 index, which snapped a seven-session winning run. Mining shares recorded their biggest one-day slide in a month, amid concern that slower growth and lending curbs on the property sector in China would hurt metals demand. The FTSE 100 index, which touched its [...]
New York Report: Poor housing data prompts shares decline February 25, 2014 US STOCKS edged lower last night, easing back from record territory a day earlier as weak economic data offset gains in Home Depot and other retail shares. Seven out of the 10 S&P 500 sector indexes ended lower, led by industrials while consumer discretionaries led on the upside. Gains in US home prices slowed in [...]
Video: Betfair founder says Bitcoin adoption is “inevitable” February 25, 2014 Ed Wray knows a fair bit about the internet. Having worked at JP Morgan for eight years he co-founded of Betfair in 1999, where he served as chairman until March 2012. He went on to become a non-executive director at crowdfunding site Funding Circle and to invest in taxi app Kabee. We caught [...]
Here’s why MtGox’s statement means nothing at this stage February 25, 2014 Too little, too late from MtGox. That's the verdict from enthusiastic Bitcoin adoptees on the hyper-active Bitcoin subreddit. The leading Bitcoin exchange is alleged to have lost over $300m worth of Bitcoin, or around six per cent of all Bitcoin currently in circulation. Shortly after those reports emerged, the company disappeared entirely. The statement now [...]