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London close: Stocks slip despite mining strength

Tue, 16th Jul 2013 16:55

Strong gains in the mining sector weren't enough to lift the FTSE 100 on Tuesday as a number of upcoming 'risk events' prompted investors to pause for breath following a decent performance over recent weeks.The FTSE 100 finished down 30 points at 6,556, a fall of 0.45% on the day. London's benchmark index was pulling back after closing at its highest level since the end of May on Monday.A barrage of economic data kept markets busy today, with figures from across the globe coming in rather mixed, including consumer prices in the UK which rose less than expected in the UK, weakening German economic sentiment and a higher-than-forecast rise in US consumer prices.Following another record close for the Dow Jones and S&P 500 last night after Citigroup beat quarterly forecasts, Wall Street benchmarks slipped into the red after the opening bell today as investors turned cautious ahead of Federal Reserve Chairman Ben Bernanke's semi-annual testimony to Congress on Wednesday and Thursday.Better-than-expected earnings from bellwether heavyweights Goldman Sachs and Johnson & Johnson were offset by disappointing figures from soft-drinks giant Coca-Cola.Senior Market Analyst Michael Hewson from CMC Markets said: "It appears that investors seem content to sit on the sidelines today ahead of a big day tomorrow, when Fed Chairman Ben Bernanke starts his semi-annual testimony to Congress, while UK markets will be awaiting the first set of post Carney minutes from the Bank of England, as well as unemployment and average earnings data."FTSE 100: Miners track metal prices higherMining stocks were the best performers on Tuesday afternoon, as metals prices rose on the back of a weaker dollar. Precious metal producers Fresnillo and Randgold were among the highest risers as gold and silver futures advanced.Diversified mining group Rio Tinto was also making gains after being able to work through a equipment issues and unseasonal wet weather in Australia to deliver record iron ore production in the first half.Glencore Xstrata rose after saying it had received a number of approaches to buy its interest in Peru's Las Bambas copper mine project as it started the sale process. Sector peers ENRC, Anglo American, BHP Billiton and Antofagasta were also making gains.One miner bucking the trend this morning was Vedanta with shares lower after RBC Capital Markets downgraded the stock to 'underperform' and cut its target price from 1,200p to 1,100p.DIY retailer Kingfisher advanced after Nomura upgraded the stock from 'reduce' to 'neutral' on the back of its exposure to a UK housing recovery. Engineering support services group Babcock meanwhile was up after Panmure Gordon raised its rating to 'buy', saying it is "very well positioned" compared to outsourcing peers.Food ingredients group Tate & Lyle was trading lower today after a profit warning from sector peer Ingredion, the US manufacturer of sweetener and starches.FTSE 100 - RisersFresnillo (FRES) 1,016.00p +6.00%Randgold Resources Ltd. (RRS) 4,479.00p +4.85%Rio Tinto (RIO) 2,883.00p +2.73%G4S (GFS) 212.40p +2.36%Eurasian Natural Resources Corp. (ENRC) 210.50p +2.13%Anglo American (AAL) 1,324.00p +1.81%Centrica (CNA) 379.90p +1.44%BHP Billiton (BLT) 1,832.00p +1.36%Kingfisher (KGF) 383.70p +1.24%Antofagasta (ANTO) 833.00p +1.22%FTSE 100 - FallersPersimmon (PSN) 1,241.00p -4.90%ITV (ITV) 156.40p -3.04%TUI Travel (TT.) 365.50p -2.95%Standard Chartered (STAN) 1,503.50p -2.78%Burberry Group (BRBY) 1,498.00p -2.54%WPP (WPP) 1,172.00p -2.33%GlaxoSmithKline (GSK) 1,707.50p -2.12%Whitbread (WTB) 3,160.00p -2.02%Marks & Spencer Group (MKS) 460.50p -1.81%Old Mutual (OML) 194.80p -1.72%FTSE 250 - RisersPolymetal International (POLY) 552.50p +7.18%Imagination Technologies Group (IMG) 290.30p +6.30%Evraz (EVR) 96.85p +5.56%Ferrexpo (FXPO) 161.40p +4.33%Inchcape (INCH) 554.50p +3.36%Lonmin (LMI) 292.80p +3.21%African Barrick Gold (ABG) 104.30p +2.46%RPC Group (RPC) 425.90p +2.43%Kenmare Resources (KMR) 24.35p +2.31%Kazakhmys (KAZ) 251.40p +2.24%FTSE 250 - FallersDialight (DIA) 1,030.00p -6.36%Hochschild Mining (HOC) 136.10p -6.27%Salamander Energy (SMDR) 127.50p -5.56%Barratt Developments (BDEV) 336.30p -4.46%Ocado Group (OCDO) 316.60p -4.44%Senior (SNR) 265.20p -4.09%Bovis Homes Group (BVS) 820.50p -3.64%Elementis (ELM) 230.00p -3.64%Kier Group (KIE) 1,435.00p -3.43%Bellway (BWY) 1,407.00p -3.30%BC
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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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