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LONDON MARKET OPEN: Stocks Higher; Pound Firm As EU Backs Brexit Deal

Mon, 26th Nov 2018 08:50

LONDON (Alliance News) - Stocks in London opened higher on Monday, with the FTSE 100 index climbing above the 7,000 mark, recovering from last week's Brexit-related losses after the European Union signed off on the UK's deal to exit the bloc. Individual stocks reflected a risk-on attitude among investors.The FTSE 100 was up 74.79 points, or 1.1%, at 7,028.84 in early trade. The FTSE 250 was up 106.63 points, or 0.6%, at 18,639.64 and the AIM All-Share was up 0.4% at 927.09.The Cboe UK 100 was up 0.9% at 11,900.15, the Cboe UK 250 up 0.2% at 16,715.35 with the Cboe UK Small Companies flat at 11,389.61."Jumping just over 1%, the FTSE found itself climbing on Monday morning, recovering a decent chunk of the end of last week's losses in the process," said Spreadex analyst Connor Campbell.The Japanese Nikkei 225 index closed up 0.8%. In China, the Shanghai Composite closed down 0.1%, while the Hang Seng index in Hong Kong closed up 1.7%.On the London Stock Exchange, John Wood Group was the best blue-chip performer, up 3.5% after HSBC raised the oilfield services company to Buy from Hold. Fresnillo was up 3.2% rebounding from sharp losses last week, when the gold miner had been hit by a broker downgrade about concerns over mining restrictions in Mexico. The stock fell 11% last week. Banks were in the green, clawing back Brexit-related losses, with Barclays, up 2.4%, HSBC up 2.3%, and Royal Bank of Scotland up 2.2%.The FTSE 350 Banks sector index was the second-best performing sector after Oil Services. The bank index was up 2.0%. At the other end of the FTSE 100, tobacco producers, which often rise during times of market turmoil, were among a handful of fallers, with British American Tobacco and Imperial Brands down 1.2% and 1.0%, respectively, as demand for defensive stocks waned.Elsewhere, Faroe Petroleum was up 22% at 153.50 pence after Norwegian oil and gas company DNO announced a GBP607.9 million hostile takeover offer, just over six months after first taking a stake in the AIM-listed oil and gas company.DNO, which holds a 28% stake in Faroe, made a 152.00 pence cash offer directly to Faroe Petroleum shareholders. The offer represents a 21% premium to Faroe's closing share price of 125.80p on Friday and a 45% premium to when DNO first acquired shares in April at 105p.The pound was firm at USD1.2836 early Monday from USD1.2806 at the London equities close Friday, after the European Union signed off on UK Prime Minister Theresa May's Brexit withdrawal agreement."The pound remains little changed this morning. Markets remain acutely aware that PM May's task of obtaining parliamentary approval for the deal is likely to prove more challenging," analysts at Lloyds said. May will challenge MPs to back her Brexit plan or risk crashing out of the EU without an agreement. The UK prime minister will face the Commons after EU leaders endorsed the deal and made it clear it was not up for renegotiation. May will tell the Commons "with absolute certainty" that "there is not a better deal available".The prime minister, who will chair a meeting of her Cabinet on Monday morning, will warn rejecting her deal will "open the door to more division and uncertainty, with all the risks that will entail".At a historic summit in Brussels on Sunday, the leaders of the remaining 27 member states took less than 40 minutes to approve the deal.May will now put it to a vote of MPs before Christmas but faces a battle to get it through the House of Commons in the face of intense opposition on both the Leave and Remain-supporting wings of her party.In addition, May's proposed Brexit deal would shrink the value of the UK's economy by 3.9% a year by 2030, independent analysis has suggested.May's negotiated deal to exit the EU would leave the UK GBP100 billion a year poorer, a report by the National Institute of Economic & Social Research found.NIESR's analysis, commissioned by the People's Vote campaign, concluded the UK's gross domestic product per head would fall by 3% a year, amounting to an average cost per person a year of GBP1,090 at today's prices - the equivalent of losing the economic output of Wales or the City of London.In a shortened trading session in the US on Friday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.7%, S&P 500 down 0.7%, and the Nasdaq Composite down 0.5%.Still to come in the economic calendar there are UK mortgage approvals figures at 0930 GMT.

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29 Oct 2018 12:04

Faroe Petroleum Extends Loan Maturity, Raises Value To USD350 Million

LONDON (Alliance News) - Oil & gas exploration company Faroe Petroleum PLC on Monday said it has increased the value and extended the maturity of its loan.The reserve based lending bank

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19 Oct 2018 11:50

Faroe Petroleum Starts Exploration On Rungue Well In North Sea

LONDON (Alliance News) - Oil and gas company Faroe Petroleum PLC said Friday that drilling has commenced on the Rungne exploration well 30/6-30 in the Norwegian North Sea, in which Faroe holds a a

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19 Oct 2018 09:00

Faroe spuds Rungne exploration well

(Sharecast News) - Oil and gas outfit Faroe Petroleum has spudded its Rungne exploration well, a near field exploration target in the Norwegian North Sea.

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24 Sep 2018 12:59

Monday broker round-up

(Sharecast News) - Thomas Cook: Shore Capital Markets downgrades to hold.

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18 Sep 2018 09:30

Faroe Petroleum Posts Significant Profit As It Targets Higher Output

LONDON (Alliance News) - Oil producer Faroe Petroleum PLC on Tuesday said higher oil prices offset lower production for the first half of 2018, though the company has swung to a significant for to

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11 Sep 2018 15:54

UK Earnings, Trading Statements Calendar - Next 7 Days

Wednesday 12 September Galliford TryFull Year Results Property FranchiseHalf Year 13

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28 Aug 2018 13:05

Tuesday broker round-up

(Sharecast News) - John Laing Group: RBC Capital Markets downgrades to sector perform with a target price of 330p.

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28 Aug 2018 11:45

Faroe Petroleum Plantain Well Operations Start, DNO Spikes Requisition

LONDON (Alliance News) - Oil and gas company Faroe Petroleum PLC said on Tuesday the Plantain exploration well on the UK Continental Shelf spudded on Friday last week.The well is expected a

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14 Aug 2018 17:40

Faroe Petroleum Farms Into UK Continental Shelf Agar Plantain Well

LONDON (Alliance News) - Faroe Petroleum PLC said Tuesday it has farmed into the UK Continental Shelf Agar Plantain exploration & appraisal well operated by Azinor Catalyst Ltd.The will

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14 Aug 2018 13:24

Tuesday broker round-up

(Sharecast News) - Elementis: Berenberg upgrades to buy with a target price of 315p.

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8 Aug 2018 13:36

Faroe Petroleum Lowers Full Year Guidance To 12,000-14,000 Boepd

LONDON (Alliance News) - Faroe Petroleum PLC said Wednesday that it narrowed its production guidance range as two gas fields in the UK will cease production at the end of August.The oil gas

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8 Aug 2018 09:25

Faroe Petroleum set for strong H2 after maintenance slows production

(Sharecast News) - Independent oil and gas company Faroe Petroleum on Wednesday narrowed its annual production expectations after bringing all wells back online following a busy maintenance schedule in the first half of the year.

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19 Jun 2018 16:03

UK Shareholder Meetings Calendar - Next 7 Days

Wednesday 20 JunePrimorus InvestmentsDeltex MedicalUK Commercial Property Sykes Emerging Europe (re 21

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24 May 2018 11:48

Parkmead, Serica, United Oil & Gas And Faroe Awarded UKCS Licences

LONDON (Alliance News) - The UK Oil & Gas Authority awarded five licences to the Parkmead Group PLC, three to Serica Energy PLC, two to United Oil & Gas PLC, and one to Faroe Petroleum PLC

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23 May 2018 15:29

Faroe Petroleum To Drill Norwegian Brasse Well In 2018 Fourth Quarter

LONDON (Alliance News) - Faroe Petroleum PLC said Wednesday drilling at the Norwegian Brasse East exploration well is set to begin in the fourth quarter of 2018.Faroe owns 50% of the well a

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