Embattled Africa-focused oil company Afren on Monday released a statement of its notification to the UK's Serious Fraud Office over concerns about expense payments expressed by the company's legal advisers. Afren said that its lawyers, Wilkie, Farr & Gallagher (WFG) have identified preliminary conce
Read moreBodycote: N+1 Singer downgrades to hold. Morrrison: Deutsche Bank lifts target to 210p from 190p and reiterates hold. Centrica: Deutsche Bank reiterates hold and 280p target price. Rio Tinto: HSBC downgrades to neutral. IGas Energy: Cannacord Genuity lowers target to 85p from 125p and reiterates
Read moreAfren's share price was extending Friday's losses when the company proposed a debt-for-equity swap with lenders to keep it afloat. The deal will lead to a substantial dilution of shareholders' interests. More broadly, oil stocks tumbled on declining Brent crude prices, with Premier Oil and Nostrum O
Read moreBargain hunting and hopes for stimulus measures in China gave UK stocks a lift on Monday, as investors readied for a busy week for financial markets worldwide. The FTSE 100 was up 0.5% at 6,776.87 by midday. The Footsie had lost 2.5% over the past five sessions on the back of a strengthening US dol
Read moreUK stocks gained on Monday as investors hunted for bargains following a sharp slide in the value of the FTSE 100 over the last week. Ahead of a busy week for financial markets worldwide, the Footsie was up 0.4% at 6,767.46 early on. The index had lost 2.5% over the past five sessions on the back of
Read moreUK stocks bounced off their lowest levels of the day by the close but still ended in the red as falling mining, energy and utility shares provided a drag. After touching a low of 6,713.50, London's FTSE 100 finished down 20.49 points (-0.3%) at 6,740.58, ending the week down 2.5%. Brent crude was t
Read moreA fall in oil prices was hitting shares in the energy sector on Friday after the International Energy Agency (IEA) warned that crude may have further to fall. In its monthly report, the Paris-based institution said that the partial rebound that occurred at the start of the year seems to have paused
Read moreShares in Afren tumbled after the struggling oil and gas group proposed a debt-for-equity swap with creditors to address its funding needs and recapitalise . The company said it "will result in substantial dilution for existing shareholders", and if shareholders don't approve the plan, the company w
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