FTSE falters as miners and oil stocks crumple – London Report August 19, 2015 THE FTSE 100 ended lower for a sixth consecutive session yesterday, dragged down by mining stocks as copper prices continue to trade near six-year lows. The blue chip index ended down 0.38 per cent, or 24.01 points, at 6,526.29, more than eight per cent below its record high of 7,122.74, reached in April. However, the [...]
Glencore August 18, 2015 The figures Net income of $780m (£498m), a sharp contrast to the $2bn it made in the same period last year Why it's interesting Crumbling global commodity prices have consistently pushed miners such as Glencore to the bottom of In recent weeks, tumbling global commodity prices, have consistently pushed miners such as Glencore to the [...]
FTSE closes flat but miners fall to six-year low – London Report August 18, 2015 BRITAIN’S top share index closed flat yesterday, weakened by US data and by mining companies hitting multi-year lows. The FTSE 100 index closed down a tiny 0.007 per cent – or 0.44 points – at 6,550.30. This followed the release of a survey which showed manufacturing activity in New York state at its weakest level [...]
FTSE lags European markets as commodities are hit again August 17, 2015 The FTSE 100 was the only European market not to make gains this morning, falling 0.25 per cent to 6,534 points, after China's decision to devalue its currency continued to hit commodities. The index was pulled down by Randgold Resources, BP and BHP Billiton, as well as Glencore, whose share price fell 0.64 per cent [...]
Glencore braced to reveal huge drop in profits August 16, 2015 GLENCORE is set to add more blows to dwindling investor confidence when it delivers a disappointing set of results on Wednesday. The mining and commodity giant’s financial results for the first half of the year are expected to reveal a net income of $780m (£498m), a sharp contrast to the $2bn it made in the [...]
Inflation data set to fuel debate over Bank rate increase – London Report August 16, 2015 SEVERAL data releases over the coming week will add more fuel to debates about interest rates hikes in the UK, with inflation figures being published. Tomorrow sees UK producer, retail and consumer prices index (PPI, RPI and CPI) inflation. Britain’s CPI inflation fell back to zero per cent annual and monthly growth in June, while [...]
Glencore to cut capex by $800m as mining is hit August 14, 2015 MINING and commodities giant Glencore yesterday announced it would be cutting capital expenditure for the second half of the year, reducing its previous upper estimate by $800m (£513m) to $6bn. Its half-year production report also revealed that the value of its oil operation in Chad could fall by as much as $790m from its previous [...]
Unilever and China weigh on FTSE but Randgold shines – London Report August 13, 2015 BRITAIN’S top share index was dragged lower yesterday by Unilever and mining companies after the fall in the value of China’s currency pulled down metal prices. The blue chip FTSE 100 index was down 1.4 per cent at 6,571.19p by the close, slightly outperforming other European equities. Consumer goods company Unilever shed 4.3 per cent [...]
Investor worries over commodity markets drag the FTSE August 13, 2015 COPPER prices hit six-year lows this week, and mining stocks have tumbled over the past few days, with companies in the sector the biggest losers on the FTSE yesterday. Currency weakness in China has prompted concerns among commodity investors, who fear that import costs for Chinese firms could rise if prolonged weakness in the yuan [...]
China currency move pulls on mining stocks – London Report August 12, 2015 LUXURY goods firm Burberry was one of the hardest hit UK firms yesterday, after China devalued its currency, raising the costs of imports. The FTSE 100 closed down 1.1 per cent. Weakness in commodity stocks has contributed to recent declines in the index, which is now more than six per cent off April’s record high. [...]