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FTSE 100 movers: Miners fall on concerns over Chinese slowdown

Mon, 24th Jun 2013 14:13

Mining stocks were again bearing the brunt of the market-wide sell-off on Monday on concerns over slowing growth in China after Goldman Sachs cut its growth forecasts for the powerhouse for this year and the next. Vedanta, Antofagasta, Glencore Xstrata and Anglo American were all registering moderate losses in afternoon trade, tracking commodities prices lower.Rio Tinto, meanwhile underwhelmed this morning with the decision to keep hold of its diamonds business, saying that market fundamentals remain robust with growing demand for luxury goods in Asia and continued strong demand in the US. However, ENRC was bucking the trend today despite receiving a lower takeover offer from its founding shareholders of around £3.0bn, under the previous £3.3bn proposal last month. Director Mohsen Khalil said that the board is "very disappointed by the value of the offer, which it believes materially undervalues ENRC, its fundamentals, the intrinsic value of its underlying assets and its growth prospects".Banking stocks were also under pressure this morning with Lloyds, Barclays, HSBC and StanChart trading in the red. RBS however was making gains after its rating was upgraded by Investec from 'sell' to 'hold'.Severn Trent, which was recently the target of a takeover bid from an international consortium, was performing well today, rebounding after a +20% fall over the last month following the withdrawal of an offer. Utilities peers United Utilities and SSE were also higher.Vodafone was subdued after confirming its intention to acquire Kabel Deutschland, Germany's biggest cable company, for more than £8.5bn. Supermarket peers Sainsbury and Morrison were under the weather today after Citigroup downgraded its ratings on the stocks to 'sell' and 'neutral', respectively. Tesco, which the broker already rates it as a 'sell', was also down.FTSE 100 - RisersSevern Trent (SVT) 1,643.00p +1.80%Aggreko (AGK) 1,646.00p +1.04%G4S (GFS) 234.30p +0.99%United Utilities Group (UU.) 654.50p +0.85%Capita (CPI) 951.50p +0.85%Serco Group (SRP) 589.50p +0.60%Eurasian Natural Resources Corp. (ENRC) 218.10p +0.55%Kingfisher (KGF) 334.30p +0.54%Wood Group (John) (WG.) 784.50p +0.26%Royal Bank of Scotland Group (RBS) 282.40p +0.25%FTSE 100 - FallersVedanta Resources (VED) 1,043.00p -4.92%Croda International (CRDA) 2,275.00p -4.17%Travis Perkins (TPK) 1,408.00p -3.76%Aberdeen Asset Management (ADN) 350.70p -3.71%International Consolidated Airlines Group SA (CDI) (IAG) 252.50p -3.15%Hammerson (HMSO) 471.90p -3.10%ITV (ITV) 133.40p -2.91%Standard Life (SL.) 342.60p -2.84%Wolseley (WOS) 2,941.00p -2.74%British Land Co (BLND) 556.00p -2.71%
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24 Aug 2023 18:08

SFO drops 10-year probe into Rio Tinto, Eurasian Natural Resources

(Alliance News) - The Serious Fraud Office has dropped a 10-year probe into Rio Tino PLC and former FTSE 100 miner Eurasian Natural Resources Corp, saying it does not have enough evidence to prosecute.

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24 Nov 2013 16:46

Sunday newspaper round-up: Iran, RBS, Babcock

The interim deal between Iran and six world powers hammered out in the small hours of November 24th to curb the former's nuclear programme is a long way from perfect, but it meets two key tests. The first is that it will extend Iran's so-called "critical capability"?the time needed for it to produce

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12 Nov 2013 15:58

Potash slump raises stakes in Russia legal battle

* Eurochem seeks $800 mln from London-listed Shaft Sinkers * Seeks similar sum in Dutch suit from main shareholder IMR * Claim "nonsensical and fabricated" - Shaft Sinkers * IMR says will make robust defence * Eurochem stands by investments despite potash price slump Read more

7 Nov 2013 09:12

ENRC Says Sales Down, Production Up In Third Quarter, Ahead Of Delisting

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6 Nov 2013 15:26

FCA tightens listing rules to give minority shareholders more power

Minority shareholders in large companies are to be given more powers as the City regulator tightens listing rules in London. In a move which it hopes will "protect" small investors, the Financial Conduct Authority (FCA) has strengthened its listing rules to give shareholders "additional voting righ

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5 Nov 2013 18:22

UPDATE 1-British regulator to toughen London share listing rules

By Kylie MacLellan LONDON, Nov 5 (Reuters) - Britain's financial regulator is to bolster its stock market listing rules to better protect minority shareholders, after high-profile scandals at mining companies ENRC and Bumi left some investors nursing heavy losses. The Financial Conduc

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5 Nov 2013 13:10

UK regulator to toughen London share listing rules

By Kylie MacLellan LONDON, Nov 5 (Reuters) - Britain's financial regulator is to bolster its stock market listing rules to better protect minority shareholders, after high-profile scandals at mining companies ENRC and Bumi left some investors nursing heavy losses. The Financial Conduc

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25 Oct 2013 17:31

ENRC Non-Executives Resign Following Eurasian Resources Offer Becoming Unconditional

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25 Oct 2013 10:19

Founders apply to delist Kazakh miner ENRC

(.) LONDON, Oct 25 (Reuters) - The founders of Kazakh miner ENRC , whose bid to buy out minority shareholders went unconditional on Friday, have applied to UK regulators and the London Stock Exchange to delist the company. The trio of billionaire founders, who launched the bid alongsi

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23 Oct 2013 13:24

ENRC proposes "quarantine" for foreign firms eyeing UK listing

* Suggests probationary period for companies seeking to join UK main market * Says it was not allowed enough time to shift from "private, Kazakh-based company" * UK parliamentarians have called for evidence from UK-based oil, mining industry * ENRC, Bumi among companies expected

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4 Oct 2013 11:15

Kazakhmys Accepts Offer For Its 26% Holding In ENRC

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4 Oct 2013 10:52

UK WINNERS & LOSERS: Carpetright Slips As Tate & Lyle Leads Blue-Chip Gainers

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26 Sep 2013 08:57

OFFICIAL CORRECTION-ENRC offer deadline extended to 6 Oct

LONDON, Sept 26 (Reuters) - * Rpt-ENRC bidders say have shares representing approximately 95.99 per cent. of the issued share capital of ENRC * Official Correction-ENRC bidders say offer is being extended and will remain open for acceptance until 1.00 P.M. (London time) on 6 October 2013 *

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26 Sep 2013 08:50

Takeover Deadline For ENRC Extended, Shareholding Increased

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20 Sep 2013 16:39

London close: Stocks hit by Bullard comments as post-Fed rally fades

The exuberant post-Fed mood quickly faded on Friday with comments from one US policymaker dampening stocks before the close of trade. Risk appetite was also scaled back as caution set in ahead of the German elections at the weekend with the outcome still highly uncertain. The FTSE 100 finished 28.

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