Oil on course for largest weekly drop in six months July 8, 2016 Global oil prices headed towards their biggest weekly drop in six months today. Brent crude, the global benchmark, rose 0.39 per cent to $46.58 per barrel in late afternoon trading. Meanwhile, its US counterpart West Texas Intermediate rose 0.20 per cent to $45.23. Read more: Norway union and oil industry talks break down as strike threat looms Both benchmarks were [...]
UK vote fails to float Europe’s IPO boat July 7, 2016 The EU referendum has been blamed for slowing flotation activity levels across Europe in a new report. Mergermarket tracked 77 initial public offerings (IPOs), with €11.6bn (£9.9bn) raised, across the continent during the first six months of the year. This was down from 115 floats, which raised €27.1bn, in the first half of 2015. Read [...]
Gold miner Centamin glistens with strong second quarter production growth July 7, 2016 Gold miner Centamin said today that second quarter gold production was significantly ahead of the last quarter and the previous year. The FTSE 250-listed firm reported quarterly gold production at its mine in Egypt jumped 12 per cent to 140,306 ounces in the three months ended 30 June. It rose 30 per cent from the same period a year ago, when output [...]
Norway union and oil industry talks break down as strike threat looms July 6, 2016 Talks between Norwegian oil service workers and their employers broke down today, as the threat of strike action in Western Europe's biggest oil exporter loomed. The Norwegian Oil and Gas Association, which represents the employers, separately said the negotiations had been put on hold for the time being, Reuters reported. But the affected workers can't strike until [...]
Oil prices charge back from two-day drop ahead of US data July 6, 2016 Oil prices ticked up after falling in early trading today, as global markets convulsed over Britain's vote to leave the European Union. Brent crude, the global benchmark, added 0.75 per cent to $48.32 per barrel this afternoon. Meanwhile, its US counterpart, West Texas Intermediate crude, swelled 1.01 per cent to $47.07. Read more: Tullow Oil shares [...]
Tullow Oil shares tank as it announces $300m bond auction July 6, 2016 Tullow Oil's latest bid to shore up its balance sheet sent the oil explorer's shares tumbling to a near three-month low. The FTSE 250-listed firm said it would offer $300m (£234.5m) convertible bonds. It comes just months Tullow agreed a $3.5bn loan deal, with access to $800m in April next year and an extra $200m available if needed. Read more: S&P downgrades Tullow amid low [...]
Bank of England: How climate change news affects energy firms’ share prices July 6, 2016 Bloggers over at the Bank of England have looked at the effect of climate change news on energy firms' valuations. Central banks are paying more attention to whether climate goals will leave vast reserves of oil, coal and gas unburnable, meaning fossil fuel firms are overvalued. Bank of England governor, Mark Carney, previously warned investors [...]
At the open: Strong FTSE 100 highlights wider Brexit fears July 6, 2016 Financial markets appear to be getting themselves into a bit of a pattern in the wake of the EU referendum. As sterling moves one way (down, inevitably), the FTSE 100 moves in the other. This morning is no different. After a small hiccup at the open, London's leading benchmark rose 0.4 per cent to 6,570, [...]
Ding Dong! Hostess to IPO under a new owner July 5, 2016 The US maker of cream-filled cakes Twinkies is set to be sold to private equity firm Gores Group, who will then take it public. The $725m (£555m) deal for Hostess Brands will leave current owners Apollo Global Management and consumer industry investor C Dean Metropoulos as major share holders in Gores. Hostess generated sales of about [...]
Canada is the world’s best-performing investment market this year July 5, 2016 Canada has been the best-performing stock market in the world this year, defying the knock-on effects of Brexit carnage to give investors double-digit returns. The MSCI Canada index has risen 15.5 per cent year to date in US dollar terms compared to just 1.6 per cent from the MSCI All Countries World index. Many global stock [...]