1 Apr 2015 13:30
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Don't have an account? Click here to register.Hika Pharma promoted to FTSE 100 but Tullow Oil gets kicked out
Thu, 05th Mar 2015 15:01
Hika Pharmaceuticals and Tullow Oil are switching places at start of the second quarter of this year as the FTSE Group reshuffles components across its leading London benchmarks.In its quarterly review, the FTSE Group have outlined which companies have been promoted or demoted from its indices. The decisions are based on a rise and fall in the company's market capitalisation.Companies with the lowest market cap in the FTSE 100 drop into the FTSE 250 and conversely, companies with the highest market cap on the FTSE 250 get promoted to the FTSE 100.In the case of Hikma and Tullow, the market cap for Hikma at £4.94billion, beats that of Tullow's at £3.24bn. That's helped the pharma company wriggle its way into the leading blue-chip FTSE100 index. Hikma floated on the London Stock Exchange in 2005.Companies that get into the FTSE 100 have an opportunity to see the value of their shares increase as the main London benchmark attracts more demand from fund managers, pension funds and mutual funds who all track the index.When the FTSE100 index was launched, the total market cap of the companies was just over £100bn. As of the September 2014 quarterly review, the total market cap stood at £1.79trn.A drop in Tullow's share price after it reported a £1.3bn pre-tax together with lower oil prices and worries about delays in its West African projects combined to hit the company's market cap. The loss in profit was followed by news of a £1.5bn write-off at the beginning of the year. As such, Tullow will have to make the FTSE 250 its new home.Meanwhile, AA, Imagination Technologies Group and Virgin Money Holdings have all booked a place in the FTSE 250. Virgin Money floated in November 2014, raising £500m and valuing the business at £1.25bn. On Thursday, the company reported that it's doubled its profit to £121.2m.Three companies are heading out of the FTSE 250. They include oil producer Afren, video game retailer Game Digital and Oxford Instruments. Afren's share price has slumped since the announcement that it will default on £9.7m of interest payments that were due on 1 Feb.
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23 Mar 2015 07:32
Afren notifies UK's SFO over expense payment concerns
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 more16 Mar 2015 15:59
Monday broker round-up
Bodycote: 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 more16 Mar 2015 14:11
FTSE 250 movers: Afren lower on debt-for-equity swap, retailers and health stocks higher
Afren'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 more16 Mar 2015 11:43
London midday: China stimulus hopes help markets rebound
Bargain 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 more16 Mar 2015 08:30
London open: Stocks rebound after sell-off as markets eye Fed meeting
UK 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 more13 Mar 2015 16:45
London close: Resource and utility stocks drag markets lower, data comes in weak
UK 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 more13 Mar 2015 15:51
Sector movers: Oil stocks drops as IEA warns of further crude declines
A 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 more13 Mar 2015 13:47
FTSE 250 movers: Afren plummets on looming dilution, Diploma higher on Kubo deal
Shares 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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