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London open: Stocks rise after German data and Chinese central-bank action

Wed, 26th Jun 2013 08:51

UK stocks opened with moderate gains on Wednesday morning as markets continued to claw back from their recent sell-off, with data from Germany and central-bank action in China providing some support early on.While Germany continues to trudge through the Eurozone recession, consumer confidence is still hitting highs not seen since September 2007. The Gfk consumer confidence indicator advanced to 6.8 points in July, ahead of the June reading of 6.5. The market research company noted that German consumers continued to be in an "optimistic mood" with economic and income expectations increasing further.Over in China, the People's Bank of China had announced that it had injected funds into some financial institutions in an effort to increase liquidity and stabilise interbank lending rates. The central bank said it would make similar moves in the future, with one PBoC official quoted as saying that it would "guide market interest rates into a reasonable range".Meanwhile, Market Strategist Ishaq Siddiqi said that traders this morning had "put aside 'tapering' fears and instead warmed up to data indicating strength in the US economy". This comes after American consumer confidence, durable-goods orders and housing-market data released last night all came in ahead of forecasts.FTSE 100: Miners under pressure early onMining stocks were in the red this morning as metals prices fell sharply. Precious metals groups Fresnillo and Randgold were among the worst hit after gold prices dropped to their lowest level since September 2010 as better-than-expected US data pushed the dollar higher. Mining peers Antofagasta, Glencore Xstrata, Anglo American and ENRC were also out of favour.A number of heavyweight stocks were trading lower after going ex-dividend this morning, including Next, Tate & Lyle and Compass, meaning that investors won't have a chance to be awarded the companies' latest payouts.Security solutions group G4S was a high riser this morning after RBC Capital Markets upgraded the stock to 'outperform', leaving its 260p target price in place.Insurance, savings and investment group Legal & General rose on plans to purchase UK annuity buy-out firm Lucida for £151m after identifying retirement solutions as one of its "five key themes for growth".Distribution and outsourcing group Bunzl was trading broadly flat after saying overall trading remains in line with company expectations and is unchanged from its last update in April.FTSE 250: Ex-div stocks provide a dragInterdealer broker ICAP was a heavy faller this morning after going ex-dividend. Others going ex-dividend this morning include: N Brown, Dairy Crest, KCOM, PayPoint and Petropavlovsk, all of which were trading firmly lower this morning.Transport group Stagecoach was heading the other way, surging after reporting full-year results ahead of expectations following a strong performance from its North American and British rail businesses, adding that current trading in line with management expectations. Infrastructure company Balfour Beatty gained after selling its interest in Exeter Airport to Patriot Aerospace, the aviation division of Rigby Group.Bumi plc fell despite saying that its Indonesian coal-mining subsidiary BT Berau is on track to meet its 2013 production target of 23m tonnes. FTSE 100 - RisersPersimmon (PSN) 1,162.00p +2.29%Aberdeen Asset Management (ADN) 369.00p +2.19%Croda International (CRDA) 2,405.00p +2.12%ARM Holdings (ARM) 802.00p +2.04%Prudential (PRU) 1,051.00p +1.94%Reckitt Benckiser Group (RB.) 4,681.00p +1.87%TUI Travel (TT.) 350.80p +1.80%Land Securities Group (LAND) 870.50p +1.75%International Consolidated Airlines Group SA (CDI) (IAG) 259.70p +1.48%Legal & General Group (LGEN) 167.90p +1.39%FTSE 100 - FallersFresnillo (FRES) 870.00p -3.17%Antofagasta (ANTO) 799.00p -2.44%Glencore Xstrata (GLEN) 271.45p -1.79%Tate & Lyle (TATE) 799.50p -1.72%Anglo American (AAL) 1,277.00p -1.69%Randgold Resources Ltd. (RRS) 4,029.00p -1.66%Next (NXT) 4,449.00p -1.64%Eurasian Natural Resources Corp. (ENRC) 210.70p -1.54%Rio Tinto (RIO) 2,627.00p -0.83%Petrofac Ltd. (PFC) 1,209.00p -0.82%FTSE 250 - RisersAfren (AFR) 130.00p +6.82%Direct Line Insurance Group (DLG) 230.50p +5.20%Stagecoach Group (SGC) 313.30p +4.61%Victrex (VCT) 1,559.00p +3.79%Barratt Developments (BDEV) 304.80p +3.74%Elementis (ELM) 231.10p +3.73%Spirent Communications (SPT) 141.60p +2.98%Capital & Counties Properties (CAPC) 315.60p +2.73%Taylor Wimpey (TW.) 93.45p +2.69%Close Brothers Group (CBG) 977.00p +2.57%FTSE 250 - FallersCentamin (DI) (CEY) 27.90p -8.16%ICAP (IAP) 360.80p -6.72%KCOM Group (KCOM) 79.45p -5.53%FirstGroup (FGP) 92.75p -3.49%Tullett Prebon (TLPR) 308.80p -2.71%Dairy Crest Group (DCG) 452.90p -2.71%PayPoint (PAY) 1,043.00p -2.52%African Barrick Gold (ABG) 107.40p -2.19%Hochschild Mining (HOC) 172.70p -1.99%Mitie Group (MTO) 251.00p -1.68%
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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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