Sterling hit its lowest level on record last night October 12, 2016 The pound fell to its lowest ever level during yesterday afternoon's brutal sell-off as the currency remains under intense pressure. Sterling, which has been suffering at the hands of nervy traders keeping both eyes on every utterance from Prime Minister Theresa May, hit its weakest mark on the Bank of England's "effective exchange rate index" [...]
FTSE 100 dips again as sterling recovers some strength October 12, 2016 What a difference a day makes. Having hit a record high yesterday, the FTSE 100 started this morning in negative territory. The index fell 0.5 per cent to 7,032 points in early trading, having reached the heady heights of 7,127 yesterday – above the record high of 7,122 points it set in April 2015 (although it later closed slightly lower). It [...]
Fresnillo reports increased silver and gold production October 12, 2016 Miner Fresnillo has reported an uptick in production of silver, gold, lead and zinc in the third quarter of the year. Silver production was up 6.7 per cent, gold was up 20.9 per cent, lead was up 19 per cent and zinc was up 32.1 per cent compared with the same quarter last year. Production of [...]
US-run firm targets FX takeovers as it floats on London Stock Exchange October 12, 2016 A US-run company targeting takeovers in the foreign exchange sector is to float on the London Stock Exchange (LSE) today. Boston International Holdings is to list all of its shares, valued at £1.4m, on the LSE’s main market for listed securities from 8am. The company will now be seeking to buy firms within the FX sector. [...]
Sterling hammered as pound drops toward $1.21 October 11, 2016 Sterling continued its dramatic decline last night, crashing through key levels against both the dollar and the euro during a punishing session. The pound lost two cents against the dollar in a matter of four hours yesterday evening, falling to a low of $1.209 after US markets opened. Sterling also plunged through the €1.10 mark [...]
Tony Hayward reportedly eyeing oil fields in Latin America for a big investor October 11, 2016 The former BP boss, Tony Hayward, is reportedly working with private equity investor Carlyle to find oil fields to purchase in Latin America. Sky News reported that, if successful, he's likely to be paid a fee by Carlyle for introducing the deal to the firm. While it is unclear whether Hayward would have an ongoing role in the new venture, [...]
Biffa, GoCompare and others will not follow Pure Gym in binning IPO plans October 11, 2016 A series of high-profile London stock market flotations are set to go ahead in the coming weeks, despite Pure Gym abandoning its plans for an initial public offering (IPO) this month. City A.M. understands waste disposal company Biffa remains confident of listing on the London Stock Exchange this month. Read more: Pure Gym avoids overstretch [...]
IEA says oil market will recover faster if Opec sticks to cut deal October 11, 2016 The International Energy Agency (IEA) said today that the global oil market could recover more quickly if the Organisation of Petroleum Exporting Countries (Opec) sticks to its production cut deal. "Even with tentative signs that bulging inventories are starting to decline, our supply-demand outlook suggests that the market — if left to its own devices — may remain [...]
FTSE 100 fails to hold on to new record high October 11, 2016 The FTSE 100 hit a new record high today, before a bumper round of profit-taking sent the index of leading stocks down for the day. The UK's bluechip index hit a high of 7,129 points in lunchtime trading, beating the previous intraday high set in April 2015 of 7,022 points. The gains came as the pound suffered another topsy-turvy [...]
Bank of England rate-setter thinks sterling could fall further October 11, 2016 The newest member of the monetary policy committee (MPC) has said the pound could continue to fall given inherent weaknesses in the UK economy. Michael Saunders, who joined the Bank of England's rate-setting committee over the summer, told MPs today: "Given the scale and persistence of the UK's current account deficit, I would not be [...]