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London afternoon: Stocks pare losses

Wed, 16th Mar 2011 14:06

Stocks pared losses over the lunch time session leaving the overall picture looking mixed, though the Footsie is slightly easier on balance, as investors continue to fret about the fall-out from the Japanese disaster, while sovereign debt concerns in Europe have been revived by the downgrade of Portugal's debt by ratings agency Moody's.There has been a brace of executive departures in the leisure industry with the chief executives of hotels group Intercontinental Hotels and pubs group Mitchells & Butlers settling their tabs and moving on. InterContinental Hotels' chief executive Andrew Cosslett shocked the Crowne Plaza and Holiday Inns chains owner by handing in his notice. Long-serving Cosslett will stand down on 30 June to be replaced by finance director Richard Solomons, who has been on the board since 2003. Solomons is also head of Head of Commercial Development. The shares are lower.Mitchells & Butlers said chief executive, Adam Fowle, is to leave the company by mutual consent after a period of two years in the post.Elsewhere in the pubs sector, the food offering at Marston's is defying consumers' attempts at belt tightening. The company said it has "delivered an encouraging and robust performance despite the continued economic uncertainty" in the 23 weeks to 12 March, with profitability in line with expectations.Tullow Oil has signed a Memorandum of Understanding (MoU) with the Government of Uganda that should bring an end to the conflict over taxation and enable it to push ahead with developing its Ugandan assets. This has perked up the shares but no details of the agreement have been published. Associated British Foods is going well after being upgraded from neutral to outperform by Credit Suisse. Sausage roll fans filed into Greggs in record numbers during 2010, pushing profits up almost 8%, and like for like sales growth so far in 2011 is double what it was for all of 2010. The Newcastle-based company, which runs over 1,480 value bakers shops up and down the country, made £52.5m in the 52 weeks to 1 January, a record high and up from £48.8m in 2009.It's a case of 'chips with everything' for Imagination Technologies, which continues to see growing demand for its graphics chip technology, though its Digital Audio Broadcasting division, PURE, is finding things a bit tougher. Venerable Witan Investment Trust, founded 102 years ago, showed there is still life in the old dog as it outperformed its benchmark index in 2010. Net asset value (NAV) total return in 2010 was 18.9%, compared with a return on the trust's benchmark index of 15.5%.Fashion retailer French Connection made even more in the 12 months to 31 January than the hefty increase promised at last month's trading update. Profit before tax from continuing operations leapt to £7.3m from £0.7m the year before. It had predicted "at least £6.8m" in February. Sales rose 2% to £205m.Robert Wiseman Dairies is increasing the volume of milk it supplies to the Co-operative Group following a new two-year agreement that starts in August.Mainland European newspaper publisher Mecom said it had seen an improvement in digital advertising revenues and plans to pay a dividend this autumn.Oil and gas exploration company Bahamas Petroleum is to raise in the region of £45.6m through a placing of shares at 18.75p each. The funds will be used to speed up the company's exploration programme.Upstream oil and gas company Sound Oil hit a 52-week high Wednesday after its Italian subsidiary, Apennine Energy, signed a contract with Hydro Drilling International to supply a drilling rig for the Marciano-1ST well completion operation.

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20 May 2014 13:24

DIRECTOR DEALINGS: Bahamas Petroleum CEO, Chairman Buy Shares

LONDON (Alliance News) - Bahamas Petroleum Company PLC Tuesday said Chief Executive Officer Simon Potter bought 1 million shares at a price of 3.72 pence per share. Following this transaction, Potter now holds 2 million shares, which represents 0.16% stake in the firm. The company als

12 May 2014 11:59

UK MIDDAY BRIEFING: BSkyB Confirms Talks To Buy Sky Italia, Deutschland

LONDON (Alliance News) - British Sky Broadcasting confirmed Monday that it is working on the potential acquisition of 21st Century Fox's interests in Sky Deutschland and Sky Italia.

Bloomberg, citing people familiar with the matter, reported that talks about the pot

12 May 2014 11:13

UK WINNERS & LOSERS: Mining Stocks Rise; BSkyB Falls Sharply

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Monday. ------- FTSE 100 - WINNERS ------- Rio Tinto, up 3.6%, BHP Billiton, up 2.4%, Antofagasta, up 2.4%, Anglo American, up 1.6%, and Glencore Xstrata,

12 May 2014 10:13

Bahamas Petroleum Pretax Losses Narrow

LONDON (Alliance News) - Bahamas Petroleum Company Monday said its pretax loss narrowed in 2013 as a result of a range of lower expenses during the period. The oil and gas exploration company, which is yet to produce any revenues, said its pretax loss narrowed to USD5.2 million from USD6.3

24 Apr 2014 12:16

UK MIDDAY BRIEFING: AstraZeneca Maintains Guidance Despite Profit Hit

LONDON (Alliance News) - AstraZeneca shares jumped Thursday after the pharmaceutical giant maintained its full-year guidance for 2014, even as its pretax profit dropped in the first quarter to end-March, hit by write-downs on the sale of its Alderley Park site and its acquisit

24 Apr 2014 11:57

Bahamas Petroleum soars as ex-BP man takes Exec Chair role

Shares in mining minnow Bahamas Petroleum Company (BPC) have leapt on news that a former BP regional chief and a former Bahamas senator have been appointed to the board as the company closes in on farm-out discussions. Former BP man Bill Schrader has been hired as Executive Chairman, while former B

24 Apr 2014 11:02

UK WINNERS & LOSERS: Centamin Encouraged By New Egyptian Law

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Thursday.
-------
FTSE 100 - WINNERS
-------
Anglo American, up 3.2%. The mining company said production has broadly incr

24 Apr 2014 09:08

Bahamas Petroleum Shares Double As It Announces Board Changes

LONDON (Alliance News) - Bahamas Petroleum Co PLC Thursday announced changes to its board as developments in oil drilling legislation in the country and increased activity in ongoing farm-out discussions help the company. Bahamas Petroleum Co shares have more than doubled early Thursday on

20 Jan 2014 08:35

Bahamas Petroleum Slides As Statoil Ends Joint License Applications Deal

LONDON (Alliance News) - Bahamas Petroleum Co PLC Monday saw its shares fall after it said that Norwegian oil company Statoil has given it notice that it will discontinue their joint licence development agreement, meaning that its Zapata, Falcones and Islamorada licence applications will revert i

3 Oct 2013 10:32

BROKER RATING CHANGES: Tesco Receives Slew Of Price Targets Cuts

24 Sep 2013 08:39

DIRECTOR DEALINGS: Bahamas Petroleum Non-Exec Buys 200K Shares

4 Jun 2013 07:25

Tuesday broker round-up UPDATE

Afren: Goldman Sachs shifts target price from 224p to 221p keeping a buy recommendation. Alent: Goldman Sachs initiates with a target price from 426p and a buy recommendation. Amerisur Resources: Goldman Sachs moves target price from 65p to 82p and stays with its neutral rating. Bahamas Petroleum

11 Mar 2013 08:33

Bahamas Petroleum advances on Govt go-ahead for drilling

Shares in AIM-listed Bahamas Petroleum soared on Monday following the news that the government of the Bahamas had decided to permit the company to undertake exploration drilling ahead of any referendum process. The company said the government's decision provided "clarity on the timing and process o

26 Sep 2012 08:03

Bahamas Petroleum reduces half year losses

Bahamas Petroleum, an oil and gas exploration company with offshore licence permits in the Bahamas, has reduced its losses for the half year ended June 30th as a result of a decrease of 47 per cent in employee related expenses. Total operating loss (and total comprehensive losses before tax) for th

10 Sep 2012 08:19

Bahamas Petroleum ticks all the boxes for regional government

Bahamas Petroleum, the oil and gas exploration company with offshore licence permits in the Bahamas, has been given written confirmation by the regional government that it is in full compliance with the terms of its signed oil exploration licences, the provisions of the Petroleum Act and the Petrole

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