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London open: Stocks jump ahead of Fed, Syria concerns ease

Mon, 16th Sep 2013 08:29

Markets opened strongly on Monday morning as eyes begin to turn to the Federal Reserve ahead of its all-important policy meeting this week while concerns about Syria eased.The Federal Open Market Committee's two-day meeting is due to come to a close on Wednesday and will likely be one of the most closely-watched policy decisions in recent years, given rising expectations that the Fed will begin to scale back its quantitative easing (QE) programme."The ability of the economy to show sufficient signs of improvement within the jobs markets has been a core driver of expectations and the trends appear to point towards the economy being just about accommodative to such a move," said Market Analyst Craig Erlam from Alpari.Meanwhile, concerns over a potential military attack on Syria receded over the weekend after the US and Russia agreed that Bashar al-Assad's regime must hand over details of its stockpile within a week; the weapons will then be removed and destroyed before mid-2014.Asian markets performed well overnight after former Treasury Secretary Larry Summers pulled out of the running to replace Ben Bernanke as Fed Chairman when he steps down in January. The removal of Summers - widely viewed as a hawkish candidate in the running for the position - also positive reaction on markets on Monday on the back of hopes that current Fed Vice Chair and well-known dove Janet Yellen may now by the firm favourite. She is expected to favour a slower reduction of stimulus."Larry Summers was seen as more concerned about the unintended consequences of quantitative easing than the current Chairman and also the other contender in the race, current Vice-Chair Janet Yellen. So the Fed was seen reducing QE and raising rates earlier with him at the helm," said Chief Economist Simon Smith from FxPro.Insurers, airlines provide a liftInsurers were performing well this morning with Standard Life, Prudential and Legal & General among the highest risers. Airlines were also providing a lift as falling crude prices eased fears about rising jet fuel costs; easyJet and IAG were in demand.Miners on the other hand were putting in a mixed performance with Fresnillo a standout faller, dropping over 10% early on. ENRC was also lower, while Anglo American and Antofagasta headed higher.Plumbers merchant Wolseley was in the red after Credit Suisse downgraded the stock to 'neutral'.Oil and gas services provider Petrofac was higher on the news that it is to operate and manage two training facilities for Malaysian oil major PETRONAS in a contract worth $120m. Petra Diamonds jumped after swinging to an annual profit driven by a rise in revenue and production along with tight cost control and operational expansion. Net profit after tax came to $27.9m from the prior year's loss of $2.1m as revenue jumped 27% to $402.7m from $316.9m.Aim listed water purification and dispensing systems group Waterlogic however fell despite seeing a strong increase in profits in the first half of 2012. FTSE 100 - RisersInternational Consolidated Airlines Group SA (CDI) (IAG) 323.00p +2.64%Shire Plc (SHP) 2,540.00p +2.54%Standard Life (SL.) 350.50p +2.28%Prudential (PRU) 1,193.00p +2.23%easyJet (EZJ) 1,329.00p +2.23%Compass Group (CPG) 862.00p +2.07%Anglo American (AAL) 1,600.50p +2.04%TUI Travel (TT.) 360.50p +1.98%Barclays (BARC) 307.35p +1.91%AstraZeneca (AZN) 3,233.50p +1.86%FTSE 100 - FallersFresnillo (FRES) 1,060.00p -11.52%Eurasian Natural Resources Corp. (ENRC) 217.10p -1.32%Persimmon (PSN) 1,158.00p -0.34%Wolseley (WOS) 3,373.00p -0.33%Tate & Lyle (TATE) 791.00p -0.25%GlaxoSmithKline (GSK) 1,619.00p -0.18%Rolls-Royce Holdings (RR.) 1,123.00p -0.18%Aberdeen Asset Management (ADN) 377.60p -0.05%FTSE 250 - RisersRedrow (RDW) 238.00p +2.76%Bumi (BUMI) 210.10p +2.69%Diploma (DPLM) 649.50p +2.61%Ashmore Group (ASHM) 389.70p +2.58%Betfair Group (BET) 1,083.00p +2.56%Centamin (DI) (CEY) 45.64p +2.56%Amlin (AML) 399.80p +2.43%esure Group (ESUR) 233.00p +2.33%Dunelm Group (DNLM) 961.50p +2.29%Ophir Energy (OPHR) 343.60p +2.05%FTSE 250 - FallersAfrican Barrick Gold (ABG) 141.20p -14.01%Hochschild Mining (HOC) 242.20p -12.25%Polymetal International (POLY) 658.50p -7.19%Kazakhmys (KAZ) 293.00p -2.69%888 Holdings (888) 161.30p -2.24%Domino Printing Sciences (DNO) 671.50p -1.54%UBM (UBM) 736.50p -1.34%Cobham (COB) 297.70p -1.19%Devro (DVO) 335.00p -0.89%Atkins (WS) (ATK) 1,229.00p -0.81%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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