Kenmare Resources share price jumps 18 per cent as company agrees debt restructuring and capital raising plan June 20, 2016 Shares in Irish mining company Kenmare Resources have jumped by over 18.5 per cent this morning after the firm unveiled plans to raise capital and pay off its debt. Kenmare is aiming to raise $275m (£188m) of new equity, and State General Reserve Fund of the Sultanate of Oman (SGRF) has, through its subsidiary African [...]
Say what? EU referendum week gets off to a stonking start as sterling and FTSE close higher – pushed up by banking and housebuilding shares June 20, 2016 Investors may have been bracing themselves for a disastrous pre-referendum week – but things got off to a pretty good start today, with sterling hitting its highest since May, and banking shares bouncing back after a less-than-impressive performance last week. The FTSE 100 closed three per cent per cent higher – soaring above 6,000 points to hit 6,204. Meanwhile, the pound [...]
Base metals turn brighter as Remain campaign gains momentum June 20, 2016 Reduced fears that Britain might vote to leave the European Union later this week added a sheen to copper and other base metals today. Copper steadied above a four-month low and nickel hit a six-week high as polls showed rising support for the Remain camp, however the overall picture is still one of an evenly split electorate. Read [...]
IPOh dear: Flotation revenue down 58 per cent so far in 2016 June 20, 2016 Global revenue from initial public offerings (IPOs) has declined by 58 per cent year on year so far in 2016. The $1.3bn (£0.9bn) figure is down from $3bn in the same period in 2015 and the lowest it has been at this date since 2009. Read more: IPOs might be back – but for how [...]
Oil back above $50 as polls dampen Brexit fears June 20, 2016 Oil breached the $50 mark today, as fresh polls dampened fears that the Leave campaign would triumph in the EU referendum later this week. Three opinion polls ahead of the vote showed rising support for the Remain camp, however the overall picture is still one of an evenly split electorate. Campaigning resumed yesterday after a two-and-a-half day [...]
Maturity of Aim questioned as it celebrates its 21st birthday June 20, 2016 The London Stock Exchange’s alternative investment market (Aim) has turned 21. But, in a happy birthday message, Hargreaves Lansdown has questioned its maturity. Senior analyst Laith Khalaf highlighted in a note this morning how the FTSE Aim Index has fallen by 30 per cent since its launch. Read more: Here's why you should invest on [...]
EU referendum: Stock markets and currencies poised for unprecedented volatility before Brexit vote June 20, 2016 Financial markets are bracing themselves for one of the most volatile weeks of trading in living memory ahead of the EU referendum. Analysts said this week could unleash “chaos” on the stock markets, with volatility already sky-high and indexes across the world bouncing up and down on the slightest whiff of referendum news. Sterling, meanwhile, [...]
BP says natural gas overtakes coal as dominant US power source for the first time ever June 17, 2016 The world's largest economy burned more natural gas than coal for the first time ever last year. It coincides with a spate of bankruptcies within the embattled US coal industry, with embattled coal producers Peabody, Arch Coal, Patriot and Alpha Natural Resources all filing for bankruptcy in the last year. Spencer Dale, former Bank of England MPC [...]
At the close: Sterling stable and FTSE 100 fizzes June 17, 2016 Markets ended the day on the up as the moratorium in the EU referendum campaign allowed markets to compose themselves ahead of what is certain to be one of the most volatile weeks since the financial crisis. The FTSE 100 recovered some lost ground to close above the benchmark 6,000 point mark – but only just. [...]
Brexit fears prompt multi-million pound outflows from UK funds June 17, 2016 Rising Brexit fears prompted a huge outflow from UK equity funds in the week to Thursday. Data compiled by Bank of America shows that nervous investors withdrew $1.1bn (£769m) during this period, which marks the second largest outflows in the past decade behind last year's nail-biting General Election. Read more: No, Brexit won't hit house prices – [...]