Algeria invests in Petroceltic field October 7, 2013 Aim-listed Petroceltic’s shares rose over two per cent yesterday, after the Irish oil and gas explorer said that Sonatrach, the Algerian state oil company, plans to increase its stake in one of its exploration areas. The deal is worth up to $170m in payments and contributions towards development, providing the Isarene asset hits early production [...]
Adriatic Oil to apply for Aim listing October 7, 2013 Energy explorer Adriatic Oil yesterday said it plans to move up to the junior stock market Aim, which if successful will be accompanied by a fundraising. “The board believes that a move to Aim is a natural step in the board’s plans to further grow and diversify our asset portfolio to generate value for shareholders,” [...]
City Moves for 08 October 2013 | Who’s switching jobs October 7, 2013 Cushman & Wakefield The property company has hired George Edwards as an associate in its London development team. Edwards was most recently at Lambert Smith Hampton, where he was an associate director and member of its investment advisory services team. Mayer Brown The law firm has appointed two partners to its banking and finance group in [...]
Best of the Brokers for 08 October 2013 October 7, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com HOCHSCHILD UBS has upgraded the mining firm from “neutral” to “buy” and lowered its target price on the stock from 225p to 220p after its acquisition of a minority interest in the Pallancata mine and the Inmaculada project, the broker says it is [...]
London Report: FTSE hit by US debt and weak sales in China October 7, 2013 BRITAIN’S main share index fell yesterday, with broad sentiment bruised by political stalemate over the US debt ceiling, and with luxury goods group Burberry hit by concerns over a slowdown in its sales in China. The US government moved into a second week of shutdown, raising the risk that a compromise will not be reached [...]
New York Report: Stocks fall as government standoff drags October 7, 2013 US stocks fell yesterday, extending two weeks of losses, as a lack of progress in ending the partial US government shutdown or the debt-ceiling standoff kept investors nervous. The S&P 500 ended near its lows of the session in a volatile day and dropped for its 10th time in the past 13 sessions. The CBOE [...]
More volatility expected as Republicans stand firm October 7, 2013 Liam Ward-Proud looks at the market implications of a continued stand-off in the US budget and debt ceiling debates AS THE US shutdown continues, with Republicans and Democrats also looking less likely to agree on raising the debt ceiling, markets are becoming increasingly jittery. The cost of insuring €10m (£8.45m) of one-year US Treasuries against [...]
CNBC Comment: Fresh concerns for America’s housing market October 7, 2013 BEN Bernanke and the US Federal Reserve have done all that mere mortals can do to repair the housing market post-financial crisis, but despite tarting up the mortgage industry like Cinderella for the ball, buyers are not jumping into the golden carriage to attend the best party ever staged. How can this be, when house [...]
DailyFX: Analyst picks October 7, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Short dollar-yen from ¥97.75 Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks My long New Zealand dollar-dollar exposure was cut down at $0.8240 from $0.8165 for a modest 0.75 per cent gain, but my attention has shifted into “risk-off” FX [...]
Any other business – 08/10 October 7, 2013 To celebrate its 180th anniversary, luxury watch brand Jaeger-LeCoultre is holding an exhibition of its new collection – and selected highlights from its watchmaking past – at Watches of Switzerland in the Royal Exchange. The exhibition will be celebrated with a VIP launch night this Thursday, 10 October, and The Capitalist has secured one lucky [...]