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London midday: Lloyds leads rally

Tue, 16th Jun 2009 12:04

Footsie is making a valiant attempt to claw back yesterday's losses but its progress is being impeded by a weak mining sector. Tesco's first quarter trading update has been well received. Like-for-like (LFL) sales growth came in at the top end of expectations, helped by a resumption of growth in non-food sales. Excluding petrol and VAT, UK LFL sales in the 13 weeks to the end of May rose 4.3% from a year earlier. Analysts predicted 3.5% to 4.3%. Sainsbury's is up in sympathy ahead of its trading update tomorrow.Lloyds Banking, one of the few blue-chips to advance yesterday, is ahead of the pack again today only this time it has some sector peers for company, with Royal Bank of Scotland and Barclays both in the blue.BT Group is firmer after broker Morgan Stanley upgraded the stock to "overweight" and increased its price target. Outsourcing firm Serco is also better after UBS raised it to "buy" from "neutral".Recession bit hard into Whitbread's latest quarter with sales at Premier Inns tumbling as businessmen stopped travelling. Like-for-like sales in the 13 weeks to 28 May fell by 2.7% as Premier struggled. Total sales rose by 2.5%. Tullow Oil's Kigogole-3 exploration well in the Butiaba region of Uganda Block 2 has found oil. The well encountered over 20 metres of net oil pay in two separate zones, with a 5 metre total net reservoir section above the 15 metre main reservoir interval. Mike Hussey, the managing director of the London portfolio of property giant Land Securities is to leave the company at the end of June. The company said the decision for Husssey to step down from the board and leave the company was by mutual agreement, following a major change in the strategic direction of the company. During the time Land Securities was preparing to split itself into three quoted companies Hussey had been lined up to be the chief executive of one of those companies, but the company has since abandoned its demerger plans.Full-year profit from health and sensor group Halma came in, as expected, towards the bottom end of forecasts, following weaker order intake during the second half. Profit before tax and amortisation of acquired intangibles on continuing operations rose to £79.1m in the 12 months to 28 March 2009, up from £72.8m a year ago. Kesa Electricals, best known in the UK for its Comet electricals stores, has confirmed it is in talks to sell off its Swiss operation. The company is in exclusive negotiations with Swiss electrical retailing chain FUST, which is interested in buying Kesa's Swiss operations for SF20m (£11.4m). Kesa said the sale will not result in a paper loss for the group.US focused oil group Nighthawk has scrapped the $10.9m deal to sell finance group San Severina a 20% working interest in the Jolly Ranch prospect in Colorado. Nighthawk said payment of the initial consideration was due by 15 June 2009 and no payment from San Severina had been received.Elsewhere in the sector Papua New Guinea-focused oil and gas explorer Rift Oil has agreed terms of a takeover bid from Talisman Energy worth £108m, or 13p a share in cash.Fashion chain Ted Baker expects weak first half figures after a tough time for its wholesale division, though retail sales fared better helped by sales in the UK.Specialist computer and video games retailer Game Group said overall trading since the start of February remains in line with company expectations.FTSE 100 - RisersLloyds Banking Group (LLOY) 70.00p +4.79%Royal Bank of Scotland Group (RBS) 39.60p +4.49%BT Group (BT.A) 99.10p +4.43%Man Group (EMG) 284.50p +3.64%FTSE 100 - FallersLiberty International (LII) 406.25p -2.34%Anglo American (AAL) 1,656.00p -2.19%Amec (AMEC) 668.50p -1.98%Rio Tinto (RIO) 2,849.00p -1.76%
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3 Jan 2013 09:25

Nighthawk wells closed by excess water

Shares in Nighthawk, the US focused shale oil development and production company, fell on Thursday after it said weather problems had kept one of its mines closed. Its wholly-owned Knoss 6-21 well in the Jolly Ranch Denver-Julesburg Basin in Colorado had to be shut shortly after production began in

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3 Dec 2012 12:34

Nighthawk Energy unveils highly successful drilling campaign

On Monday morning Nighthawk Energy provided a drilling update on its Steamboat Hansen 8-10 well, the highlight of which was that it confirmed the potential of a shale formation located in the northern part of its acreage. As well, the AIM listed and US focused shale oil development and production c

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6 Nov 2012 08:34

Gyllenhammar doubles stake in Nighthawk Energy

Activist value investor Peter Gyllenhammar has more than doubled his stake in Nighthawk Energy by converting a loan note into equity. Gyllenhammar, a Swedish investor renowned for spotting undervalued companies, now holds 10.9% of AIM-listed Nighthawk, a US-focused shale oil development and product

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1 Nov 2012 09:42

Resources round-up: Nostra Terra, Nighthawk, Sunrise

US-focused oil and gas producer Nostra Terra is to abandon work on the first well drilled at its Bale Creek prospect to concentrate on the second well drilled, which is now producing oil at a rate of 2.5 barrels per hour. Nighthawk Energy, a US-focused shale oil development and production company,

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19 Oct 2012 09:13

Resources round-up: Mariana, Red Rock, Nighthawk

Mariana Resources, the mineral exploration company focused on South America, has completed due diligence and is press on with the earn-in option with Condor Resources for the Condor de Oro project in Northern Peru, as detailed in its announcement on October 4th. Condor has granted Mariana two opti

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27 Sep 2012 16:00

Broker tips: Compass, Nighthawk, Rexam

Seymour Pierce has turned less positive on Compass Group, despite the contract caterer's fourth quarter numbers coming in ahead of expectations. According to the broker's calculations, the company's £0.5bn budget to buy back shares should be blown by the end of the year, at which point the question

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27 Sep 2012 15:21

Broker snap: Nighthawk's results of historical interest only

Westhouse Research, the house broker for US-focused shale oil development and production company Nighthawk Energy, said Thursday morning's poorly received full year results are of historical interest only. The results cover the period of the transfer between the David Bramhill management and the ne

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27 Sep 2012 09:05

Resources round-up: Astar Minerals, Nostra Terra, Eurasia Mining

Astar Minerals, an operator of quarries in British Columbia, has signed a heads of terms with Aggregates West to operate a number of quarries based in an area between the US/Canadian border and Seattle. Aggregates West as a number of sites with high quality reserves of sand and gravel and either own

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21 Sep 2012 16:48

London close: Stocks finish flat, Sterling up but overbought

Footsie's movements were being directed by the Grand Old Duke of York today and, as in the old nursery rhyme, ended the day more or less neither up nor down. Extra time often leads to penalties What was set up to be the big item of the day, the decision from the independent directors of mining gr

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21 Sep 2012 11:50

London midday: Stocks tread water

After a bright start London reversed course shortly after 10:00 and the top-share index is now little changed. Miners are still going well, clawing back some of yesterday's losses, but utilities are out of favour, especially National Grid, after JP Morgan Cazenove downgraded the stock to "underweig

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21 Sep 2012 08:34

Nighthawk soars on oil success at Jolly Ranch

Nighthawk, a US-focused shale oil development and production company, has said a continuous 24-hour flow test on the John Craig 6-2 well at its 75 per cent owned and operated project at Jolly Ranch in the Denver-Julesburg Basin, Colorado, produced over 600 barrels of oil. The well tested commercia

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27 Apr 2012 14:33

Resource round-up: Thor Mining, ECR Minerals, Jupiter Energy

Thor Mining has said that the deasibility study for the Molyhil tungsten and molybdenum project in Australia's Northern Territory is progressing but there 'remains a substantial amount of due process and procedural work to be completed'. The report is consequently now not due before June 2012. ECR

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23 Jan 2012 16:35

Another Tesco director races to the checkout

Senior Independent Director of Tesco's, Patrick Cescau, has become the third director to hit the till with a trolley load of shares this month. Cescau footed a £60,247 bill having purchased 18,340 shares at 328.5p each. It's proved to be something of a trolley-dash in the past few weeks, with

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17 Jan 2012 08:52

Nighthawk raises more cash

US-focused oil firm Nighthawk said it had raised around £2.9m by selling more new shares to investors. The 115.7m new shares, which have been placed with institutional and other investors at 2.5p per share, come at a discount of 7.4% to the closing share price yesterday. The sale is part of a wide

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26 Oct 2011 14:36

Nighthawk spreads its wings

Nighthawk, the US-focused oil development and production company, has raised around £1.97m through the placing of 78,892,000 new ordinary shares at 2.5p per share. Steve Gutteridge, chairman of Nighthawk, said the move "represents an initial and welcome step towards rebuilding value for Nighthawk s

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