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London close: Shares soar on Libya deal hopes

Thu, 03rd Mar 2011 16:39

Reports that the Libyan situation might be resolved through mediation rather than violence sent UK shares sharply higher.The Arab League is said to be considering a proposal to end the fighting in Libya sending oil prices higher. Heavy oil users such as airline International Consolidated Airlines and cruise operator Carrnival react positively to the oil price fall.The European Central Bank (ECB) kept key lending rates unchanged for the 22nd month running, but indicated that it could lift rates in April to contain inflationary pressures in the eurozone. The interest rate on its main refinancing operations stayed at 1%, as expected, but ECB president Jean-Claude Trichet did show concern on rising food and commodity pricesEngineering and project management company Amec enjoyed a spell at the top of the Footsie leaderboard, as it shrugged off any worries of a double-dip recession by saying it expects to grow regardless of the pace of economic recovery. Pre-tax profits in 2010 soared to £258.2m from £203.5m the previous year as revenues grew to £2.95bn from £2.54bn. Fellow engineer IMI is also on investors' shopping lists after an increase in demand and cost cutting helped the company grow full-year profits by 44% to a new record, though the search for a new chairman goes on. Profit from continuing operations before tax and exceptional items rose to £304.4m from £211.7m in 2009.Insurer Aviva ramped up profits by 35% in 2010, helped by cost cutting, and had a record year in the UK. The firm, which has 19m customers in Britain, posted a profit before tax of £2.44bn, up from £1.81bn in 2009. Operating earnings jumped 26% to £2.55bn. Oil and gas firm Tullow Oil hailed an "exceptional result" on its drilling of the Enyenra-2A appraisal well, in the Deepwater Tano licence offshore Ghana. Drilling successfully encountered oil in excellent quality sandstone reservoirs, with solid evidence of communication with the Owo-1 well, which confirms that the Owo oil discovery, now renamed Enyenra, is a major light oil field. The government has agreed to let Rupert Murdoch's NewsCorp, the publisher of the Times and Sun, buy satellite broadcaster BSKyB in a deal that will see Sky News placed under independent control."While News Corporation continues to believe that the proposed acquisition of the shares in BSkyB that it does not already own will not result in insufficient plurality for any audience in the UK, it has submitted this comprehensive proposal in order to avoid a lengthy and costly review by the Competition Commission," News Corp said, as it welcomed the announcement.Full year earnings for mining giant Kazakhmys were a little higher than expected as the price of copper raced higher in 2010. Stripping out any contribution from the group's 26% stake in fellow Kazakh resources firm ENRC, earnings before interest, tax, depreciation and amortisation totalled $1.93bn, up 59.5% from $1.21bn the year before.Defence firm Cobham's profits in 2010 were hurt by delays in orders in the US and the company sees continuing difficulties this year as the world's only superpower seeks to rein in spending following the financial crisis. Statutory pre-tax profits in the year to 31 December fell to £189m from £245m on revenues that edged up to £1.8bn from £1.75bn. The profits slide did not stop the shares outperforming the rest of the FTSE 250, however.Housebuilder Taylor Wimpey returned to profit in 2010 and has made a positive start to the current year with prices up in some places. The firm made a profit before tax and one-off items of £75.1m compared with a £96.1m loss in 2009 on revenue up a fraction at £2.6bn despite total completions falling from 15,166 to 14,272. Identity theft and credit card insurer CPP celebrated a strong first year as a public company, with profits increasing by a third. Underlying profit before tax in 2010 rose 33% to £46.7m from £35.2m the year before on revenue that rose 12% to £325.8m from £292.1m in 2009. Telecoms testing group Spirent reported a 32% rise in 2010 pre-tax profit, increased its dividend and said it is confident of further growth in 2011. The company, which tests the performance of IT and communications systems, said pre-tax profit for the year rose to $112.2m compare with $84.9m in 2009. Revenue was up 13% at $482.2m. Newspaper group Trinity Mirror has taken a dive. It held back from reinstating its dividend despite a big jump in profits as it slashed costs to cope with the tough times the newspaper industry is facing. The publisher of the Mirror and a host of local titles said pre-tax profits in 2010 were up to £101.5m from £72.7m the previous year, even as revenues slipped to £761.5m from £763.3m. Some analysts had been expecting a slight rise in revenues.Online gaming operator Partygaming has been bid up, after it announced a rise in "clean" earnings before interest, tax, depreciation and amortisation to £100.4m in 2010 from £93.2m the year before, despite the continued loss of appetite among punters for online poker.Marketing services provider Communisis reported 2010 operating profit in line with expectations but there were additional amortisation costs relating to the refinancing of debt.Shares in information technology services firm Parity were below par after the company's full year results disappointed. Revenues in 2010 slumped to £93.0m from £119.0m the year before, while the group suffered a loss before tax and exceptional items of £3.1m, compared to a profit of £0.3m the year before. Canamens BNG is not making the final $11.98m payment to AIM-quoted oil and gas explorer Roxi Petroleum for the purchase of BNG Ltd, which has a stake in exploration interests in Kazakhstan. Canamens will forfeit a 6.25% interest in the BNG contract area to Roxi as a result.JJB Sports is offering its landlords as much as £7.5m if they agree to a series of proposals that might save the hard-up sports retailer from going bust. Under the terms of a proposed company voluntary arrangement (CVA), 43 stores will shut by 24 April 2012, while a further 46 shops could close during the following year if their performance doesn't improve.FTSE 100 - RisersIMI (IMI) 943.00p +6.55%Amec (AMEC) 1,190.00p +5.40%TUI Travel (TT.) 241.80p +4.63%Weir Group (WEIR) 1,770.00p +4.00%FTSE 100 - FallersAutonomy Corporation (AU.) 1,657.00p -1.02%African Barrick Gold (ABG) 577.50p -0.77%Investec (INVP) 466.10p -0.75%Standard Life (SL.) 230.80p -0.73%FTSE 250 - RisersPartyGaming (PRTY) 191.00p +9.14%Cobham (COB) 224.60p +7.52%Inchcape (INCH) 403.00p +5.22%Taylor Wimpey (TW.) 41.00p +5.13%FTSE 250 - FallersHansen Transmissions International NV (DI) (HSN) 39.06p -7.51%Home Retail Group (HOME) 208.10p -3.52%Micro Focus International Plc (MCRO) 301.00p -3.40%Marston's (MARS) 93.70p -3.35%
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6 Jul 2010 07:46

PartyGaming poker loses out to World Cup

The World Cup in South Africa has hit PartyGaming's poker business harder than expected, knocking quarter on quarter revenue by 2%, though there's excitement at the prospect of industry consolidation. Revenue, now published in euros, would have fallen between 6% and 7% quarter on quarter in dollar

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6 Jul 2010 07:28

UK MARKET TALK ROUNDUP: BROKERS COMMENTS

Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com 0628 GMT [Dow Jones] PartyGaming's (PRTY.LN) trading update for the second quarter is better than expected, Numis Securities

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6 Jul 2010 07:28

MARKET TALK: PartyGaming 2Q Better Than Expected - Numis

0628 GMT [Dow Jones] PartyGaming's (PRTY.LN) trading update for the second quarter is better than expected, Numis Securities analyst Wyn Ellis says. Adds the group's statement that it is committed to play an active role in sector consolidation will go down well with investors. Has a buy rating and 4

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6 Jul 2010 07:21

PartyGaming Trading In Line, 2Q Revenue Up

By Simon Zekaria Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K.-listed gambling group PartyGaming PLC (PRTY.LN) Tuesday said that it is trading in line with expectations, with second-quarter revenue expected rise 28% year-on-year boosted by the Cashcade and World Poker Tour acquisitions an

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2 Jul 2010 09:26

UK MARKET TALK ROUNDUP: SHARES GAINING

Stocks on the rise in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com 0826 GMT [Dow Jones] Liberum cuts PartyGaming (PRTY.LN) target to 330p from 380p on recent negative news flow. Also says t

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2 Jul 2010 09:26

MARKET TALK: Liberum Cuts PartyGaming Price Target

0826 GMT [Dow Jones] Liberum cuts PartyGaming (PRTY.LN) target to 330p from 380p on recent negative news flow. Also says the 2Q trading statement could prompt further downgrades so the shares could remain weak in the short term. Says the company faces currency issues and ongoing competitive pressure

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28 Jun 2010 16:24

London close: Miners lift Footsie

London's top stocks ended Monday's trading session with modest gains thanks to strong mining stocks. Footsie traded in and out of the blue during the day, largely mirroring the performance of BP's share price. The massive clean-up operation in the Gulf of Mexico continues and has now cost BP $2.65

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28 Jun 2010 14:16

London afternoon: Miners prop up Footsie

The Footsie has been in retreat since shortly after ten this morning and dipped back into the red over the lunchtime session before limping back into positive territory, helped by the strength of mining stocks. The Footsie's performance largely mirrors that of the share price of oil giant BP, which

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28 Jun 2010 12:55

FTSE 250 movers: Oil find boosts Premier

Premier Oil is leading the FTSE 250 risers after a successful drilling result at its 35% owned Catcher East 28/9 licence in the UK Central North Sea. The estimated find of 300m recoverable barrels is the biggest in the North Sea for years and could be worth over £7bn. Partners Encore and Nautical al

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28 Jun 2010 12:14

London midday: Oils lift indices

Markets are higher after some better news from BP in the Gulf of Mexico and on reflection of the outcome of the latest G20 summit. The massive clean-up operation in the Gulf of Mexico continues and has now cost BP $2.65bn (£1.75bn). The oil giant is stopping almost 23,000 barrels of oil from leakin

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28 Jun 2010 08:53

London open: Hangover carries into Monday

Markets are struggling for direction this morning, with traders still probably dissecting the disappointment of yesterday, which could take some time. Renewed pledges from the G20 meeting to force banks to keep a lot more capital have also hit sentiment while Standard Chartered's comment that inco

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28 Jun 2010 08:41

UK MARKET TALK ROUNDUP: BROKERS COMMENTS

Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com 0741 GMT [Dow Jones] PartyGaming (PRTY.LN) has been awarded a French gaming licence, showing more progress in new markets, sa

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28 Jun 2010 08:41

MARKET TALK: France Offers Opportunity For PartGaming

0741 GMT [Dow Jones] PartyGaming (PRTY.LN) has been awarded a French gaming licence, showing more progress in new markets, says KBC Peel Hunt. Says France is an exciting opportunity for PartyGaming, despite the short-term marginally negative impact on revenues. Says this licence extends the bridgehe

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28 Jun 2010 08:09

MARKET TALK: PartyGaming French License To Open Up Key Market

0709 GMT [Dow Jones] France is likely to become a key market for online operators, now that PartyGaming (PRTY.LN) has been offered a French gaming license, says Shore Capital. As a result sees significant growth potential, although the current tax regime implemented by French regulators will likely

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28 Jun 2010 08:09

UK MARKET TALK ROUNDUP: BROKERS COMMENTS

Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com 0709 GMT [Dow Jones] France is likely to become a key market for online operators, now that PartyGaming (PRTY.LN) has been of

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