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London midday: Stocks flat as markets digest mixed data

Tue, 16th Jul 2013 11:46

The UK stock market was flat on Tuesday morning, pausing for breath after hitting highs not seen in seven weeks, as investors reacted to a barrage of mixed economic data.The UK annual consumer price index (CPI) hit a 14-month high of 2.9% in June, up from 2.7% in May. While this came in slightly below the 3.0% consensus forecast, it means that new Bank of England Governor Mark Carney will now have to write to the Chancellor to explain a rise in inflation (as is compulsory when the rate deviates by more than a percentage point from the 2.0% target).Annual Eurozone CPI inflation meanwhile remained unchanged at 1.6% last month, as expected.Surveys on investor sentiment published by the German Centre for European Economic Research (ZEW) showed mixed readings: the ZEW indicator of economic sentiment for Germany fell from 38.5 to 36.3 in July, compared to market expectations of a rise to around 40; however, the Eurozone gauge increased from 30.6 to 32.8, ahead of the 31.8 estimate.Meanwhile, new EU car sales in June fell 5.6% compared to a year as high unemployment and a weak economy hit demand, figures from the European Automobiles Association showed.Stock futures Stateside were pointing to a flat start on Wall Street following another record close last night after Citigroup joined Wells Fargo and JPMorgan to report earnings that beat analysts' forecasts.The results pushed both the Dow Jones Industrial Average and S&P 500 to their highest-ever closing levels. US heavyweights Goldman Sachs and Johnson & Johnson will be in focus today ahead of their results; CPI and industrial production figures are also due for release.Federal Reserve Chairman Ben Bernanke's semi-annual testimony to Congress on Wednesday and Thursday will also be closely watched for any indications of future monetary policy.FTSE 100: Miners rise stronglyDiversified mining group Rio Tinto was one the day's best performers after being able to work through a equipment issues and unseasonal wet weather inĀ 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 Fresnillo, ENRC, Randgold and Anglo American were also making gains.One miner bucking the trend this morning was Vedanta with the stock flat after RBC Capital Markets downgraded the stock to 'underperform' and cut its target price from 1,200p to 1,100p.DIY retailer Kingfisher was also a high riser this morning 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 this morning after a profit warning from US sweetener and starches manufacturer Ingredion. FTSE 100 - RisersFresnillo (FRES) 1,005.00p +4.85%Rio Tinto (RIO) 2,892.00p +3.05%Randgold Resources Ltd. (RRS) 4,378.00p +2.48%G4S (GFS) 212.60p +2.46%Kingfisher (KGF) 387.30p +2.19%BHP Billiton (BLT) 1,846.50p +2.16%Eurasian Natural Resources Corp. (ENRC) 209.70p +1.75%Anglo American (AAL) 1,321.00p +1.58%ARM Holdings (ARM) 922.00p +1.54%Glencore Xstrata (GLEN) 264.85p +1.15%FTSE 100 - FallersTUI Travel (TT.) 361.50p -4.01%Standard Chartered (STAN) 1,498.00p -3.14%Persimmon (PSN) 1,270.00p -2.68%William Hill (WMH) 455.00p -2.05%Whitbread (WTB) 3,161.00p -1.98%Burberry Group (BRBY) 1,507.00p -1.95%International Consolidated Airlines Group SA (CDI) (IAG) 268.70p -1.90%Marks & Spencer Group (MKS) 460.10p -1.90%ITV (ITV) 158.40p -1.80%BT Group (BT.A) 338.40p -1.63%FTSE 250 - RisersPolymetal International (POLY) 538.50p +4.46%Ferrexpo (FXPO) 161.00p +4.07%Kazakhmys (KAZ) 254.20p +3.38%Imagination Technologies Group (IMG) 282.00p +3.26%RPC Group (RPC) 426.30p +2.53%African Barrick Gold (ABG) 103.80p +1.96%Lonmin (LMI) 289.10p +1.90%Inchcape (INCH) 545.50p +1.68%KCOM Group (KCOM) 83.40p +1.58%Drax Group (DRX) 614.00p +1.32%FTSE 250 - FallersHochschild Mining (HOC) 136.60p -5.92%Ocado Group (OCDO) 315.20p -4.86%Bovis Homes Group (BVS) 818.00p -3.93%Kier Group (KIE) 1,431.00p -3.70%Inmarsat (ISAT) 677.00p -2.66%Informa (INF) 490.20p -2.64%Thomas Cook Group (TCG) 142.00p -2.54%Bellway (BWY) 1,418.00p -2.54%Oxford Instruments (OXIG) 1,333.00p -2.34%Centamin (DI) (CEY) 36.63p -2.32%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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