Trading in small caps set to be volatile this Friday February 7, 2011 TRADING on London’s Alternative Investment Market (Aim) may be volatile on Friday because this is when CMC Markets will close out any Aim share bets made by its clients. CMC delisted trading in the junior index with no new positions opened via its trading platform on Aim shares after 21 January . Any Aim bets [...]
Asset managers warn on EU rules February 7, 2011 LONDON’S asset management industry body said yesterday it was “not convinced” proposed new EU regulation of financial trading platforms would improve the markets. The Investment Management Association (IMA), whose members manage £3.37 trillion of assets, said plans to define venues as organised or multilateral trading facilities were too broad. In its submission to the EU [...]
LCH Clearnet to clear real-time freight platform February 7, 2011 CLEARING platform LCH Clearnet is to clear all trades on freight and commodity derivatives on trading venue ClearTrade Exchange. Singapore-based Cleartrade is the first regulated venue for over-the-counter cleared shipping and soft commodities derivatives. For the first time, screen trades will be fed automatically in real time from processing to clearing. The process will reduce [...]
A move back to houses aids Bellway sales February 7, 2011 RENEWED demand for traditional two-storey homes helped housebuilder Bellway post a 7.6 per cent rise in its average sale price yesterday. Bellway said in an update that it sold 2,332 properties in the six months to the end of January, a rise of 3.8 per cent on last year. The FTSE 250-listed firm has shifted [...]
St Modwen returns to profit on rising rents in regional properties February 7, 2011 ST MODWEN Properties swung back into annual profit and net asset growth yesterday, and pledged to pay shareholders their first final dividend in two years. Pre-tax profit at the firm, which specialises in brownfield sites around England, was £37.5m for the year, compared to a £119.4m loss in 2009. St Modwen’s property values rose three [...]
Traditional two-storeys boost developer February 7, 2011 DURING the debt-fuelled property boom, developers built endless blocks of flats. Many of these were located in so-called “regeneration” areas, downtrodden urban wastelands on the edge of Britain’s former industrial cities like Manchester and Sheffield; many now stand empty, a testament to the industry’s collective stupidity. Part of the problem was central government-imposed housing density [...]
PRICE OF LOVE RUNS HIGH FOR ST VALENTINE February 7, 2011 WITH heart-strewn cards and lavish bouquets lining the shelves of the City’s shops, it seems even the most business-focused of postcodes can’t escape the romantic distractions of St Valentine’s Day. So it’s lucky that bonus season is in full flow, as the VAT hike and inflation combine to push the expected Valentine spend up from [...]
Gold prices boost profit at Randgold February 7, 2011 RANDGOLD Resources was one of the biggest risers in the FTSE 100 yesterday after soaring gold prices gave its fourth-quarter results a boost. Gold sales for the quarter rose 25 per cent on last year to $145m (£90m), despite turbulent elections in the Ivory Coast hitting production at Randgold’s Tongon mine. The firm said the [...]
When it makes sense to shun the bigger banks February 7, 2011 WHEN BP announced its recent share swap with the Russian oil group Rosneft there was a sharp intake of breath amongst corporate financiers working for the likes of Credit Suisse, Goldman Sachs and Bank of America Merrill Lynch. None of the bulge bracket firms were named as advisers to BP on the deal. Instead the [...]
ANALYST VIEWS: HAS RANDGOLD RESOURCES TURNED A CORNER? February 7, 2011 DMITRY KALACHEV | CANACCORD GENUITY We knew this would be a challenging quarter, but the firm thinks the Ivory Coast issues will be resolved this year. JOHN MCGLOIN | COLLINS STEWART Randgold is mid-transition from a medium-sized miner with open pits to a massive underground miner. CHARLES KERNOT | EVOLUTION SECURITIES There remains considerable uncertainty [...]
