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Sector movers: Big Oil, Industrial Metals pace gains on heels of G-20

Mon, 05th Sep 2016 15:21

(ShareCast News) - Big Oil again lent its heft to the market´s advance after Russia and Saudi Arabia unveiled an agreement to collaborate in the energy space.In a statement issued at the Group of 20 meeting in Hangzhou,China the oil producers said they would set up a working group to monitor the market and draft recommendations to ensure its stability.Reports published earlier in the day had suggested that a specific deal had been brokered to freeze oil output at its current levels, which contributed to a 5% jump in crude oil futures when the headlines first began crossing traders´ screens.By the close of trading in London, Brent futures had trimmed their initial advance, finishing the day up by 1.43% at $47.51 per barrel.Although it did not find its way into the first breaking headlines, the assembled G-20 leaders also endorsed creating a global body charged with monitoring steel overproduction.That may have contributed to gains in shares of Evraz which, for the moment at least, appeared to have reached a nadir on 1 September, almost coinciding with the start of the G-20 gatherings (and after hitting its 200-day moving average).Also on the frontfoot at the start of the week was the Aerospace and Defence group, on the back of positive noises from analysts at Goldman Sachs, who reiterated their Conviction-Buy recommendation for stock in BAE Systems.The broker´s analysts believed the aerospace and defence engineering outfit was set to benefit from increased spend both in the UK and the US.Goldman also reiterated its neutral stance towards Cobham and Meggitt, emphasising the importance of the new management team (changes in the CEO and CFO roles were in progress) at the former and expectations for organic revenue growth to pick-up at the latter during the backhalf of 2016.Stock in US-exposed CRH also rose, pulling the Construction & Materials sector higher with it. Tobacco on the other hand gave back some of the previous session´s gains, while Ibstock and Polypipe Group dragged on the Household goods and Home construction sector.Top performing sectors so far todayIndustrial Metals & Mining 1,291.17 +2.50%Construction & Materials 6,322.98 +1.27%Oil & Gas Producers 7,170.08 +0.99%Oil Equipment, Services & Distribution 15,358.38 +0.91%Aerospace and Defence 4,732.08 +0.84%Bottom performing sectors so far todayTobacco 56,469.45 -1.45%Technology Hardware & Equipment 1,997.74 -1.41%Household Goods & Home Construction 16,937.07 -0.87%Mobile Telecommunications 5,108.57 -0.60%Beverages 17,128.12 -0.57%

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16 Feb 2017 08:53

UPDATE 1-Cobham shares plunge on yet another profit cut for British engineer

(Adds shares, background) LONDON, Feb 16 (Reuters) - Britain's Cobham missed a profit target that had already been repeatedly lowered and took a charge on a troubled contract with Boeing, capping "an incredibly turbulent and disappointing year" for the defence and aerospace group. In

16 Feb 2017 08:45

European shares steady after 7 days of gains, Cobham slumps

LONDON, Feb 16 (Reuters) - European shares steadied on Thursday after rising for the past seven sessions, with gains in airlines stocks offset by weaker miners and a slump in British engineering group Cobham following a poor update. The pan-European STOXX 600 index was little changed in per

16 Feb 2017 08:41

LONDON MARKET OPEN: Airlines Up As Cobham Suffers From Profit Warning

16 Feb 2017 08:11

Cobham issues fifth profit warning after balance sheet review

(ShareCast News) - Cobham warned on profits for the fifth time in just over a year, as it made further extensive write-downs after judging its balance sheet is "clearly not strong enough". The FTSE 250 aerospace and defence group has taken a total £179m charge, including £150m from the KC-46 air tan

16 Feb 2017 07:48

Cobham takes charge on troubled Boeing tanker programme, cuts guidance

LONDON, Feb 16 (Reuters) - British engineering group Cobham said it would take a 150 million pound ($187 million) charge on its work on Boeing's troubled KC-46 tanker program and downgraded its likely 2016 trading profit again. The company said on Thursday its trading profit for 2016 was e

20 Jan 2017 09:36

BROKER RATINGS SUMMARY: Exane BNP Cuts Sainsbury's And Tesco

15 Jan 2017 17:13

Sunday share tips: Cobham, H&T

(ShareCast News) - Cobham has become something of a specialist in profit warnings, having issued four since 2015, but the shares are still worth 'holding', The Times´s Tempus said. During the previous week, the heavily-indebted Dorset-based maker of air-refuelling kit told investors it might have to

11 Jan 2017 17:41

Pharma weighs on European shares but FTSE sets record-breaking streak

* FTSE 100 scores longest winning streak on record * Pan-European STOXX index ends up 0.2 pct * Trump comments on drug prices hits healthcare stocks * Mediaset rallies on report of Vivendi boss offer (Live coverage of European markets now available on cpurl://apps.cp./cms/?pag

11 Jan 2017 13:58

UPDATE 3-British aerospace company Cobham misses profit target, scraps dividend

* Early readout puts trading profit at 245 mln stg * Group's already lowered target range was 255-275 mln stg * Scraps dividend after poor result on profit and debt * Shares fall as much as 21 pct (Adds CEO, CFO comments from analyst call) By Paul Sandle LONDON, Ja

11 Jan 2017 10:40

European shares up, Britain's FTSE set for record-breaking streak

(Adds detail, new comments.) By Kit Rees and Helen Reid LONDON, Jan 11 (Reuters) - European shares rose on Wednesday, with retail stocks back in focus after a well-received update from British grocer Sainsbury, though Cobham tanked on disappointing profits. The pan-European STOX

11 Jan 2017 10:17

IN THE KNOW: UBS Stays Neutral On Cobham Despite Skipped Dividend

11 Jan 2017 08:47

EXTRA: Cobham Shares Drop As It Warns Again On Profit, Scraps Payout

11 Jan 2017 08:41

European shares down, Cobham bottom of STOXX - For more see the European equities LiveMarkets blog

LONDON, Jan 11 (Reuters) - Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: **European shares down 0.2 pct **British engineer Cobham down 18 pct after profit miss **UK grocer Sainsbury's gains on Christmas trading update<

11 Jan 2017 07:40

Cobham trading profit falls short of guidance, scraps dividend

(ShareCast News) - Aerospace and defence group Cobham posted group trading profit below guidance for the year ended 31 December and said it was not recommending a final dividend. In a post-close trading update, the company said group trading profit for the year came in at £245m, below the range of £

11 Jan 2017 07:13

British engineer Cobham misses profit target, scraps dividend

LONDON, Jan 11 (Reuters) - British engineering group Cobham said it made 245 million pounds ($298 million) in trading profit in 2016, at least 10 million pounds short of its target, and as a result of poorer than expected trading would scrap its final dividend. The company said its new man

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Sector movers: Big Oil, Industrial Metals pace gains on heels of G-20

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