The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksLAM.L Share News (LAM)

  • There is currently no data for LAM

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Sector movers: Petrofac profit warning sinks oil services stocks, OPEC meeting eyed

Mon, 24th Nov 2014 15:11

A profit warning from blue-chip oilfield services group Petrofac rattled the oil services, equipment and distribution sector in London on Monday, with stocks falling by an average 10%.There was nervousness ahead of a pivotal meeting of the Organization of Petroleum Exporting Countries (OPEC) on Thursday, when members will face a tough decision over whether to cut output in the wake of a 30% slump in crude prices since June.Petrofac's share price had crashed over 25% after the company scaled back its profit assumptions for next year, saying that depressed oil prices and the timing of deliveries will result in a weaker bottom line.Chief executive Ayman Asfari said it has been a "difficult period for Petrofac and the industry" and that the company's execution on a number of its projects has "fallen short of the high standards we set for ourselves".Net profit for 2014 is now being guided to come in at the low end of the expected $580m-600m range, down from $650m in 2013. Furthermore, while Petrofac had previously forecast "strong earnings growth" for 2015, net profit next year is now only predicted to be just $500m.Every $1 movement in the oil price - currently trading at its lowest in four years - has a $2m impact on Petrofac's net profit, the company said.Analyst Tony Shepard from Charles Stanley said the update was "another disappointment after several earlier profit warnings". He said: "Unfortunately, there are still too many uncertainties over the outlook including weak cash flow and strategy."Others in the oil services sector were also taking a hit from negative read-across, including Greka Drilling, Hunting, Amec Foster Wheeler, Wood Group, GETECH and Lamprell.Meanwhile, the OPEC meeting, which will be held in Vienna at the organisation's headquarters, is expected to divide OPEC's 12 members over the decision whether or not to cut output, prompting investors to tread cautiously in London.Any further weakness in the oil price could prompt oil exploration and development companies to scale back spending on projects, sparking concerns about demand in the oil services sector.OPEC, which produces around a third of global crude output with a target of 30m barrels per day, is "stuck between a rock and a hard place", according to analyst Connor Campbell from Spreadex."If they cut production the US can consume more of the market share, and become less reliant on the oil cartel; if they don't, oil's fall will be swift and unforgiving. We won't know until Thursday what side OPEC's coin toss will land," he said. Top performing sectors so far todayFixed Line Telecommunications 4,464.78 +2.99%Health Care Equipment & Services 6,376.56 +2.89%Industrial Metals & Mining 1,534.85 +1.72%Automobiles & Parts 7,874.61 +0.90%Electronic & Electrical Equipment 3,790.10 +0.70%Bottom performing sectors so far todayOil Equipment, Services & Distribution 20,214.48 -9.72%Industrial Transportation 2,707.97 -1.68%Mining 15,450.86 -1.68%Food Producers & Processors 7,957.39 -1.27%Mobile Telecommunications 5,057.50 -1.10%
More News
1 Jul 2022 07:54

Lamprell shareholder Sami Al Angari evaluating takeover offer

(Sharecast News) - Shares in Lamprell have been temporarily suspended after Sami Al Angari - the chief executive of Al Gihaz Company - confirmed on Friday that he and Al Gilaz are in the very early stages of evaluating a possible offer for Lamprell.

Read more
28 Jun 2022 08:32

Lamprell misses $26.4m loan facility repayment

(Sharecast News) - Energy industry services supplier Lamprell has missed a $26.4m repayment due on Monday for its UAE Export Credit Agency debt facility.

Read more
27 Jun 2022 19:19

IN BRIEF: Lamprell in talks after missing loan facility repayment

Lamprell PLC - United Arab Emirates-based provider of oil field services - Says it has not made initial milestone repayment of USD26.4 million under USD45 million UAE export credit agency backed revolving trade loan facility which was agreed in October 2021. Continues to work with lending banks and also Blofeld Investment Management, which holds 25% stake in Lamprell, in connection with a extension to the payment date. "The group also continues to engage with Blofeld regarding an interim funding solution or bridge financing in connection with a possible offer to acquire the entire issued and to be issued share capital of Lamprell," it says.

Read more
24 Jun 2022 16:51

LONDON MARKET CLOSE: Stocks surge as traders bet on slower Fed hikes

(Alliance News) - European equities defied the uncertain global economic outlook and jumped on Friday, posting a first weekly gain in three weeks, as markets begin to price in a slower monetary policy tightening process by the US Federal Reserve.

Read more
24 Jun 2022 12:24

LONDON MARKET MIDDAY: Stocks rise on US Fed pledge to fight inflation

(Alliance News) - Stock prices in London were higher at midday on Friday as traders and investors pondered remarks by US Fed Chair Powell in two appearances before legislators.

Read more
24 Jun 2022 10:34

SMALL-CAP WINNERS & LOSERS: Lamprell down on discounted takeover offer

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.

Read more
24 Jun 2022 08:45

TOP NEWS: Cash-stripped Lamprell's shares dive after takeover offer

(Alliance News) - Lamprell PLC on Friday said it received a "discounted" cash takeover offer from a large shareholder and tat it was in discussions over a potential equity fundraise of USD150 million.

Read more
24 Jun 2022 07:51

LONDON MARKET PRE-OPEN: Barclays buys mortgage lender for GBP2 billion

(Alliance News) - Stock prices in London are seen opening higher on Friday following a rally on Wall Street overnight and a positive day in Asia.

Read more
24 Jun 2022 07:11

Lamprell says it's exploring funding options, shares tank

(Sharecast News) - Lamprell shares tanked on Friday as it said it was exploring funding options and that it had received a bid approach from major shareholder Blofeld at a "very significant" discount.

Read more
10 May 2022 16:06

UK earnings, trading statements calendar - next 7 days

Wednesday 11 May 
Airtel Africa PLCFull Year Results
Anexo Group PLCFull Year Results
Angling Direct PLCFull Year Results
Bank of Georgia Group PLCQ1 Results
Brewin Dolphin Holdings PLCHalf Year Results
Compass Group PLCHalf Year Results
Conduit Holdings LtdTrading Statement
Dignity PLCTrading Statement
ITV PLCTrading Statement
Spirax-Sarco Engineering PLCTrading Statement
Tui AGHalf Year Results
Vertu Motors PLCFull Year Results
Thursday 12 May 
3i Group PLCFull Year Results
Adnams PLCTrading Statement
Balfour Beatty PLCTrading Statement
BT Group PLCFull Year Results
Coca-Cola HBC AGQ1 Results
ConvaTec Group PLCTrading Statement
Entain PLCTrading Statement
Grainger PLCHalf Year Results
Hargreaves Lansdown PLCTrading Statement
Plant Health Care PLCFull Year Results
Rolls-Royce Holdings PLCTrading Statement
Seraphim Space Investment Trust PLCQ3 Results
Superdry PLCTrading Statement
Titon Holdings PLCHalf Year Results
Versarien PLCHalf Year Results
Friday 13 May 
ContourGlobal PLCTrading Statement
Sage Group PLCHalf Year Results
Monday 16 May  
Diploma PLCHalf Year Results
Finsbury Growth & Income Trust PLCHalf Year Results
Greggs PLCTrading Statement
Petropavlovsk PLCFull Year Results
Ryanair Holdings PLCFull Year Results
Tuesday 17 May 
accesso Technology Group PLCTrading Statement
Benchmark Holdings PLCHalf Year Results
Big Yellow Group PLCTrading Statement
Britvic PLCHalf Year Results
C&C Group PLCFull Year Results
DCC PLCFull Year Results
Fresnillo PLCTrading Statement
Imperial Brands PLCHalf Year Results
Lamprell PLCFull Year Results
Land Securities Group PLCFull Year Results
Micro Focus International PLCTrading Statement
Renew Holdings PLCHalf Year Results
Shoe Zone PLCHalf Year Results
Smartspace Software PLCFull Year Results
Sureserve Group PLCHalf Year Results
TI Fluid Systems PLCTrading Statement
Tremor International LtdTrading Statement
Tritax EuroBox PLCHalf Year Results
Velocys PLCFull Year Results
Victorian Plumbing Group PLCHalf Year Results
Vitec Group PLCTrading Statement
Vodafone Group PLCFull Year Results
Watkin Jones PLCHalf Year Results
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
10 May 2022 10:42

SMALL-CAP WINNERS & LOSERS: Lamprell secures rig; Treatt profit falls

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.

Read more
10 May 2022 09:52

IN BRIEF: Lamprell wins deal to upgrade three jack-up drilling rigs

Lamprell PLC - Hamriyah, United Arab Emirates-based provider of oil field services - Working with "international rig operator" for key upgrade work on three jack-up drilling rigs for deployment in Gulf region. "The first of the rigs will arrive at Lamprell's Hamriyah quayside this month and work will begin immediately. The second and third rigs will follow later," Lamprell says. Contracts is defined as "small", meaning value is below USD50 million.

Read more
27 Apr 2022 11:01

SMALL-CAP WINNERS & LOSERS: Metro Bank rises, Bank of Ireland falls

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.

Read more
11 Apr 2022 20:51

TRADING UPDATES: Pod Point wins BMW deal; Lamprell seals contract

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

Read more
11 Apr 2022 10:28

SMALL-CAP WINNERS & LOSERS: Amigo moves step closer to lending restart

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.