ShareCast News for Bp (BP.)
Tue, 18th Oct 2011 12:43
Unsurprisingly, it was miners that bore the brunt of the selling amid concerns over global growth in the wake of disappointing Chinese gross domestic product data. Among the fallers was diversified giant Xstrata, which gave a taste of the uncertain global picture with a third quarter update that showed production of some commodities roaring on amid continued high prices, but others slowing down as prices ease.
Xstrata has continued to ramp up production of coal and other commodities in the third quarter as prices stayed strong, though lower alloy prices prompted the company to extend furnace maintenance programmes, resulting in lower production.
Rising higher was television broadcaster ITV, which has revealed its intention to acquire Jersey-based Channel Television from its current owners Yattendon Group for an, as of yet, undisclosed sum.
In a short statement released this morning, ITV said, "ITV plc announces that it has entered into an agreement with Yattendon plc to acquire Channel Television subject to the approval of the Jersey Competition Regulatory Authority."
Also on the up was BP after UBS reiterated its buy rating on the oil titan following its $4bn settlement with Anadarko, which the broker sees as an "important step towards resolution".
Hotel and coffee shop operator Whitbread's relatively low priced product offerings helped it post a rise in profits in the six months to 1 September despite the tough economic climate.
FTSE 100 - Risers
G4S (GFS) 236.60p +7.59%
GKN (GKN) 194.30p +2.10%
Tullow Oil (TLW) 1,400.00p +1.82%
BP (BP.) 432.85p +1.72%
Meggitt (MGGT) 368.10p +1.57%
ITV (ITV) 63.35p +1.52%
BG Group (BG.) 1,365.00p +1.45%
British Sky Broadcasting Group (BSY) 674.50p +1.43%
Whitbread (WTB) 1,647.00p +1.23%
Rolls-Royce Group (RR.) 697.50p +1.23%
FTSE 100 - Fallers
Rio Tinto (RIO) 3,164.50p -4.16%
Hargreaves Lansdown (HL.) 486.90p -3.96%
Vedanta Resources (VED) 1,161.00p -3.73%
Standard Chartered (STAN) 1,376.50p -3.67%
Lonmin (LMI) 1,041.00p -3.34%
Fresnillo (FRES) 1,576.00p -3.25%
Land Securities Group (LAND) 690.00p -2.27%
Capital Shopping Centres Group (CSCG) 329.80p -2.22%
Aviva (AV.) 332.70p -2.15%
Schroders (Non-Voting) (SDRC) 1,108.00p -2.12%
NR
The Bank of Japan has held off on new monetary easing, according to the Financial Times, "judging that the huge stimulus unveiled in April will be enough to spur price gains in the world's third-largest economy". The central bank said that Japan has "started picked up".
[Yesterday 06:51]An improved outlook from the Bank of England (BoE) lifted UK markets into the blue by Wednesday lunchtime as investors shrugged off disappointing growth figures from the Eurozone and rising unemployment at home.
[15 May '13]BP and Shell are being investigated into allegations they colluded to rig oil prices for more than a decade.
[15 May '13]Worse-than-expected growth figures from Eurozone powerhouses Germany and France dampened market sentiment in London on Wednesday morning, as stocks pulled back after hitting fresh multiyear highs the day before.
[15 May '13]BP, Shell and a number of other oil majors are under investigation by European regulators into whether they rigged the price of oil for over a decade, writes The Telegraph. Authorities raided offices of the companies yesterday after MPs and officials suggested that the oil price could be vulnerable to being manipulated in the same way as LIBOR was rigged by the banks.
[15 May '13]BP's first quarter results beat analysts' expectations by 35 per cent driven by strong trading, lower costs and production of higher-margin barrels.
[5 May '13]A disappointing reading of business activity in the States sparked a late sell-off on UK financial markets on Tuesday afternoon as traders turned nervous ahead some key risk events later this week.
[30 Apr '13]Market Movers
techMARK 2,417.78 -0.51%
FTSE 100 6,450.46 -0.12%
FTSE 250 13,960.25 -0.23%
[30 Apr '13]