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London close: Greek talks bolster late recovery

Fri, 17th Jun 2011 16:33

As European leaders seemed to come closer to a solution to the Greek crisis, sentiment was lifted across the continent with markets finishing higher across the board. Despite a poor start, London equities got a boost in the late morning period, helping the Footsie back above the 5,700 mark. A strong start on Wall Street fuelled the rise in the afternoon.The miners were leading the comeback as metals prices recovered slightly. Randgold Resources, Lonmin and Kazakhmys were among the best performers on the blue chip index, despite falling early on. Following the acquisition of an additional stake in Africa-focused coal miner Riversdale Mining, Rio Tinto announced on Friday that it has now taken full control of the target, after months of deliberation and deadline extensions. After edging lower in morning trading, the mining giant has joined its sector peers on the rise. Commodities trading house Glencore was higher, helped by Charles Stanley which said that it sees this week's share price decline (after the first quarter results) as an "over-negative interpretation of the CEO's outlook for metal prices." Temporary power provider Aggreko was also helped by broker commentary, after Goldman Sachs raised its target price on the firm ahead of a trading update on Monday. BAE Systems, the defence firm, was heading lower after revealing that it will incur significantly higher-than-planned costs to complete the Omani Offshore Patrol Vessel programme. A charge of £160m (pre-tax) will be announced in its first half results. On the FTSE 250, Supergroup was the highest riser of the day, gaining 8% on Friday afternoon, recovering after a recent sell-off. Despite being 8% higher today, shares are still 19% lower than they were one month ago. Meanwhile, retail peer Dunelm was the worst performer, losing almost 7%. Electrical components manufacturer Laird extended gains after yesterday's surge on the back of new that it rejected a takeover proposal from Cooper Industries. The group announced today that it is to exit its underperforming handset antenna business. Bluetooth chip specialist CSR was edging higher after the price it is to pay for US video streaming outfit Zoran was slashed to reflect a worse than expected trading performance by Zoran in the second quarter. The new terms of the agreement vale Zoran at $484m, down from $680m previously. Infrastructure specialist Balfour Beatty was wanted after its United States unit acquired Fru-Con Construction, a water and wastewater infrastructure contractor, for £12m, in an attempt to expand its presence in the growing US water market. Engineering and design consultancy WS Atkins was edging higher after Credit Suisse raised its target price from 706.58p to 752p. A big mover of the day was IndigoVision, the internet video security company, which fell by almost a third on Friday after the group warned that sales for the full year will fall short of its expectations. "Since our interim results announcement in March, the Group's rate of growth has slowed. We continue to expect that full year sales will exceed last year's revenue of £28.0m, but that they will fall short of internal forecasts," the statement said. AIM-quoted sweetener maker PureCircle also turned a little sour after it said it expects to book one off costs of $10-15m in 2011 after it scaled down production and reduced inventory levels to match current demand and to improve operating cashflows. ---BCFTSE 100 - RisersAggreko (AGK) 1,911.00p +2.41%3i Group (III) 270.00p +2.27%Randgold Resources Ltd. (RRS) 4,679.00p +2.16%Imperial Tobacco Group (IMT) 2,016.00p +1.87%Old Mutual (OML) 126.50p +1.77%Tate & Lyle (TATE) 656.00p +1.71%Kazakhmys (KAZ) 1,261.00p +1.69%Intertek Group (ITRK) 1,969.00p +1.65%Lonmin (LMI) 1,404.00p +1.59%Serco Group (SRP) 574.00p +1.50%FTSE 100 - FallersKingfisher (KGF) 264.70p -1.23%Inmarsat (ISAT) 564.50p -1.22%Capital Shopping Centres Group (CSCG) 381.80p -1.19%ARM Holdings (ARM) 556.00p -0.98%Eurasian Natural Resources Corp. (ENRC) 716.00p -0.97%British Land Co (BLND) 576.50p -0.86%BAE Systems (BA.) 309.90p -0.86%Cairn Energy (CNE) 400.00p -0.82%John Wood Group (WG.) 629.50p -0.71%ICAP (IAP) 452.70p -0.66%
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29 Sep 2010 16:39

London close: Lower finish after sluggish day

Footsie closed a few points lower at the end of a dull day's trading that was overshadowed by continuing eurozone debt worries. Ireland was the focus of attention again. The rating agency Standard & Poors says the price of bailing out nationalised bank Anglo Irish could exceed $47bn. Banks Royal B

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29 Sep 2010 14:15

London afternoon: Dull mood continues

Leading shares remain mixed but with a lower bias as investors continue to fret over European debt issues. Debt-stricken Ireland is the focus of attention again. The rating agency Standard & Poors says the price of bailing out nationalised bank Anglo Irish could exceed $47bn. Banks Royal Bank of

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29 Sep 2010 08:38

IndigoVision hikes divi on FY optimism

Internet video security specialist IndigoVision posted a 6% drop in annual operating profit but said it had an encouraging start to the new financial year, with sales comfortably ahead of last year. The firm saw a mixed performance across the regions however it remains cautiously optimistic in rela

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10 Aug 2010 15:00

Operating profits to dip at IndigoVision

Internet video security specialist IndigoVision said margins in the year to 31 July were, as expected, lower, reflecting a change in the sales mix. As a consequence, operating profits for the year just ended are expected to be lower than in 2009. Turnover is estimated to have risen by around 6% to

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11 Mar 2010 17:02

London close: Miners pull index lower

London bounced off 5,600 despite a weak start on Wall Street but still closed in the red on a poor day for miners. Falling commodity prices and China inflation concerns prompted profit taking in Fresnillo, Randgold, Rio Tinto, ENRC, Kazakhmys, BHP Billiton and Xstrata. Speculation rose that Chin

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11 Mar 2010 14:32

London afternoon: Footsie holds above 5,600

A steady decline continued through lunch, but London bounced off 5,600 despite a weak start on Wall Street as mining sector losses narrowed very slightly. Falling commodity prices have damaged miners Thursday. Investors decided to take profits in Fresnillo, Randgold, Rio Tinto, ENRC, Kazakhmys, BHP

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11 Mar 2010 12:08

London midday: Thos. Cook a ray of sunshine

The Footsie has drifted into the red, weighed down by the weakness of mining stocks. Among the miners Fresnillo, Randgold Resources, Rio Tinto, ENRC, Kazakhmys, BHP Billiton and Xstrata are all on offer, as metals prices retreat. Smith & Nephew is under the weather after coming out on the wrong

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11 Mar 2010 08:37

IndigoVision profit unchanged

Shares in security camera firm Indigovision fell nearly 7% after it said first half profit was unchanged from the previous year and added that the economic backdrop remains uncertain. Pre-tax profit was flat at £1.2m for the six months to 31 January while revenue rose 12% to £12m. The results were

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9 Oct 2009 16:47

IndigoVision boffin spies selling opportunity

IndigoVision's chief technical officer Barry Keepence has cut his holding in the CCTV group after a sharp spike in the share price since August. It is Keepeace's second sale of a small parcel of shares recently. In June, he sold 10,000 shares at 415p. The group, which uses internet-based digital t

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30 Sep 2009 08:21

Small caps round-up: Finsbury Food, Hyder Consulting, Harvey Nash...

Bread and cake maker Finsbury Food posted a fall in pre-tax profits in the year to July 4 and said trading conditions are likely to remain tough in the short term. Finsbury, which has licensing agreements with the chocolate retailer Thorntons and the confectionery giant Nestle, posted pre-tax profi

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27 Sep 2009 19:00

Sunday tips round-up: Vodafone, IndigoVision, Songbird

Perhaps most pleasing of all for investors of Vodafone is that it appears to have abandoned its aggressive expansion. Instead it is focused on cost savings and grinding out the cash flow, which makes the dividend payouts look that bit safer. The shares are trading on around 10 times forecast earning

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6 Aug 2009 16:22

London close: Financials spark good gains

Footsie fell back in the afternoon session after the Bank of England increased its quantitative easing programme, but still finished healthily in the blue. Banks continued to rise with Royal Bank of Scotland, Lloyds Banking and Barclays all up. RBS reports its interim figures tomorrow. It is being

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6 Aug 2009 15:15

TechMark movers: IndigoVision jumps on expected higher profits

IP security systems provider IndigoVision surged after it said improving operating margins will help operating profits for the year to finish "materially ahead" of market expectations. The group said it experienced strong sales, particularly in the final month. As a result, it estimates turnover fo

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6 Aug 2009 11:46

Small caps round-up: IndigoVision, Minorplanet, Highland Gold...

IP security systems provider IndigoVision said improving operating margins for the year will help operating profits for the year to finish "materially ahead" of market expectations. The group said it experienced strong sales, particularly in the final month. As a result, it estimates turnover for t

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12 Jun 2009 16:46

LSL chief buys

Estate agent LSL Property Services said chief executive officer Simon Embley acquired 250,000 shares in the group. Embley has acquired the shares at 135p each, increasing his stake to 9.95m shares, or 9.56% of the group. Top Director Buys Symphony International Holdings (SIHL) Director name: M

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