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London close: Stocks inch higher in shortened session as Santa Rally continues

Wed, 24th Dec 2014 12:46

The UK stock market closed a half-session in positive territory on Christmas Eve to extend its winning streak into the seventh straight day.With trading volumes low - many European markets were already closed for Christmas - London stocks were rangebound for most of the session as investors refrained from taking on too much risk ahead of the four-day festive break.Nevertheless, the FTSE 100 still managed to close 0.2% higher at 6,610 by the end of trade at 12:30.Stock exchanges in Paris and Madrid were also open for a half-day, while markets in Frankfurt and Milan were already closed.Trading volumes were "thinner than the spread on Scrooge's Christmas table", according to analyst Chris Beauchamp from IG. "However the Santa Rally did its work and markets look a lot healthier than they did just a week ago."Also supporting stocks was speculation that Japan's newly re-elected prime minister Shinzo Abe is set to push through a $29bn stimulus package to boost regional economies and low-income households.Stock futures on Wall Street were heading higher ahead of the opening bell with the Dow Jones benchmark index set to extend gains after hitting a new record high of 18,024 on Tuesday on the back of an upwards revision to US growth estimates.The only major economic data release on Wednesday will be US jobless claims figures for last week. Claims are expected to have risen just 1,000 to 290,000 in the week ended 20 December.Financial markets in the US, Europe and parts of Asia will be closed Thursday for Christmas Day. Japan and China, however, remain open.Smith & Nephew a big mover on a quiet news dayShares in Smith & Nephew surged on the back of rumours that US surgical implants group Stryker Corp could return to the table to launch a takeover offer within weeks. According to Bloomberg, which cited "people with knowledge of the matter", Stryker is looking to make a bid at a premium of around 30% to S&N's current share price and is not planning a controversial tax-inversion deal.Financials were also providing a lift with Direct Line, RBS, RSA Insurance and Standard Chartered putting in decent gains.Real estate group Intu Properties fell after buying the Puerto Venecia shopping centre and retail park in Zaragoza, Spain, for €451m. Intu's chief executive David Fischel said Puerto Venecia is "another great addition for the group" and "substantially accelerates our activities in Spain".Among the small-cap stocks, the share price of India-focused Hardy Oil & Gas plunged by 24% after the firm "consented to the relinquishment" of an exploration licence. The company said that $22m of its intangible assets attributable to licence D3 "will be subject to write down in the current financial year". Market MoverstechMARK 2,967.14 +0.45%FTSE 100 6,609.93 +0.18%FTSE 250 16,104.92 +0.07%FTSE 100 - RisersSmith & Nephew (SN.) 1,173.00p +7.71%TUI AG Reg Shs (Post- 16/12/14)(DI) (TUIJ) 1,068.00p +1.33%ITV (ITV) 216.20p +0.98%Royal Bank of Scotland Group (RBS) 394.90p +0.95%AstraZeneca (AZN) 4,555.50p +0.86%Standard Chartered (STAN) 958.40p +0.78%Centrica (CNA) 284.70p +0.78%Weir Group (WEIR) 1,927.00p +0.78%British Land Co (BLND) 781.50p +0.77%Tesco (TSCO) 186.00p +0.76%FTSE 100 - FallersIndivior (INDV) 145.00p -3.33%Randgold Resources Ltd. (RRS) 4,153.00p -2.05%Shire Plc (SHP) 4,470.00p -1.39%BHP Billiton (BLT) 1,369.00p -0.98%Johnson Matthey (JMAT) 3,396.00p -0.93%Schroders (SDR) 2,690.00p -0.88%Coca-Cola HBC AG (CDI) (CCH) 1,246.00p -0.80%Admiral Group (ADM) 1,336.00p -0.74%Experian (EXPN) 1,095.00p -0.73%Old Mutual (OML) 190.20p -0.73%FTSE 250 - RisersAlent (ALNT) 344.20p +4.59%Dechra Pharmaceuticals (DPH) 849.50p +2.91%SSP Group (SSPG) 294.10p +2.69%Micro Focus International (MCRO) 1,107.00p +2.59%De La Rue (DLAR) 530.50p +2.31%COLT Group SA (COLT) 135.00p +2.27%Ophir Energy (OPHR) 143.70p +2.20%Kier Group (KIE) 1,515.00p +2.16%Barr (A.G.) (BAG) 604.00p +2.11%Petra Diamonds Ltd.(DI) (PDL) 195.50p +2.09%FTSE 250 - FallersCentamin (DI) (CEY) 56.35p -6.32%Stock Spirits Group (STCK) 218.00p -5.63%Afren (AFR) 49.00p -3.54%Vedanta Resources (VED) 574.00p -3.37%NMC Health (NMC) 465.00p -3.02%Jimmy Choo (CHOO) 170.00p -2.86%Rathbone Brothers (RAT) 1,977.00p -2.37%Synergy Health (SYR) 2,031.00p -2.17%Polymetal International (POLY) 544.00p -2.07%RPS Group (RPS) 214.00p -2.01%
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17 Aug 2009 07:30

Hardy Oil & Gas posts H1 pre-tax loss

Oil and gas exploration and production firm Hardy Oil & Gas reported a first half pre-tax loss of $5.4m compared with a profit of $9.7m the year before. Revenue at the India-focused firm fell to $5.8m for the six months ended 30 June 2009 from $9.9m the year before. Hardy posted a net loss of $4.3m

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14 Jun 2009 10:33

Sunday tips round-up: Petrofac, Hardy Underwriting, BP

Things just seem to be getting better and better for oil services group Petrofac says the Telegraph. The group designs, builds and operates oil and gas facilities as well as trains personnel and develops exploration and production projects. The company has more than doubled its backlog this year t

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27 May 2009 17:02

London close: Footsie limps back into positive territory

The movements of London's blue-chip index looked as if they were being directed by the grand old Duke of York today, with the index starting the day on the up, then heading lower over the lunchtime session before finishing roughly where it started. Sterling moved above $1.60 for the first time sin

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27 May 2009 14:58

London afternoon: Footsie drifts into the red

London's leading shares are mixed in quiet trading. Hopes of receiving a lift from a strong start on Wall Street have been dashed, with the US market trading indecisively as London as traders await the release of US existing home sales data. Water companies receive a boost ahead of the sector's res

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27 May 2009 12:10

London midday: Water companies keep Footsie afloat

The Footsie is barely keeping its head above water, despite expectations of a moderately firm start on Wall Street. Water companies receive a boost ahead of the sector's results season which starts this week, with Credit Suisse claiming the sector's rally is set to continue. The Swiss bank has upgr

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27 May 2009 10:49

Hardy Oil receives resource estimate boost

The market has given an enthusiastic response to the release of a technical evaluation report on Hardy Oil and Gas's D3 and D9 exploration licences in the Krishna Godavari Basin. The India-focused oil and gas company said the risked Best Estimate Resources for the D3 block is 9.5 trillion cubic fee

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