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London close:Dull end to the week

Fri, 22nd Oct 2010 16:24

London has closed lower as Wall Street failed to arouse much enthusiasm and miners fell back with a weak dollar.Talks about currency tensions at this weekend's G20 meeting in Korea are also making traders cautious.Lonmin, Eurasian Natural Resources Corp, Vedanta and Anglo American are lower.Two well-received IPOs couldn't make much impact after an initial burst. AIA, the Asian arm of the American insurance giant AIG, is raising $20.5bn from the float, which it priced at HK$19.68, at the top of the indicated range. The price values AIA at $30.5bn - exactly matching the price Prudential eventually baulked at paying earlier this year after months of shilly-shallying.Meanwhile online betting firm Betfair has priced its London float at 1,300p, valuing it at a more modest £1.39bn.Legal & General is red-faced as it revealed its third quarter results more than two weeks early after sending them to analysts last night by mistake. Included were figures revealing total worldwide new business on an annual premium equivalent (APE) basis of £466m in the three months to 30 September, taking the nine-month number to £1.35bn, up 27% on 2009. Elsewhere, BSkyB is higher after it added more customers than expected in the first quarter, boosting revenue by 15% and profit by 25%, but there's no word on News Corp's bid to take over the satellite broadcaster. Net customer growth of 96,000 in the three months to 30 September took the total to 9.96m, while a 12% increase in net product growth of 989,000 was a record. African Barrick Gold's profit fell 8% during the third quarter and revenue dipped 1%. Net income dropped to $40m during the three months to 30 September from $43m a year ago and sales of $209m compare with $211m in 2009. The company, which recently slashed production forecasts at its Buzwagi operation following a huge fuel theft, blamed the quarterly drop in revenue on a drop in ounces sold, though this was partially offset by 29% increase in the average realised gold price to $1,233 an ounce.Home credit group Provident Financial played down the possible impact of the government's welfare and spending cuts even though its core customer base are low to middle income earners. Events and publishing group UBM's trading environment is improving steadily with revenue for the nine months up 3.9% to £643m (Sept 2009: £619m) and underlying revenue up 2.1%.Internet gambling firm PartyGaming, which is merging with rival bwin Interactive Entertainment, raised revenue by 9% in the third quarter and has named Simon Duffy as chairman of the enlarged group.Broadcast and photographic equipment supplier Vitec says that trading is stronger than expected. The evidence of the period between the 1 July and 21 October is enough to suggest that Vitec will report better than expected 2010 figures. Analysts had been forecasting a 2010 profit of £23m-£24m.FTSE 100 - RisersTUI Travel (TT.) 211.50p +3.17%Resolution Ltd. (RSL) 259.40p +2.90%Essar Energy (ESSR) 539.00p +2.86%Lloyds Banking Group (LLOY) 71.85p +2.12%Marks & Spencer Group (MKS) 426.20p +1.89%Next (NXT) 2,313.00p +1.72%Intertek Group (ITRK) 1,890.00p +1.67%Royal Bank of Scotland Group (RBS) 46.18p +1.36%Inmarsat (ISAT) 626.00p +1.21%Sage Group (SGE) 275.00p +1.10%FTSE 100 - FallersReckitt Benckiser Group (RB.) 3,386.00p -4.62%Man Group (EMG) 257.00p -2.39%Eurasian Natural Resources Corp. (ENRC) 907.00p -2.16%Vedanta Resources (VED) 2,157.00p -1.91%Investec (INVP) 500.50p -1.86%Prudential (PRU) 641.00p -1.84%Weir Group (WEIR) 1,608.00p -1.71%Lonmin (LMI) 1,796.00p -1.64%Bunzl (BNZL) 756.50p -1.63%National Grid (NG.) 585.50p -1.43%FTSE 250 - RisersMicro Focus International Plc (MCRO) 411.50p +7.58%Provident Financial (PFG) 808.00p +4.53%Elementis (ELM) 114.50p +4.47%RPS Group (RPS) 215.00p +4.32%Fidessa Group (FDSA) 1,630.00p +3.89%Ultra Electronics Holdings (ULE) 1,887.00p +3.68%Premier Foods (PFD) 18.60p +3.33%JD Sports Fashion (JD.) 830.00p +3.11%Dunelm Group (DNLM) 490.50p +3.02%Avis Europe (AVE) 214.00p +2.69%FTSE 250 - FallersDaejan Holdings (DJAN) 2,528.00p -5.88%Stagecoach Group (SGC) 206.40p -4.40%Bodycote (BOY) 279.60p -4.38%Taylor Wimpey (TW.) 23.13p -4.10%Stobart Group Ltd. (STOB) 142.90p -3.97%Barratt Developments (BDEV) 80.20p -3.95%Hochschild Mining (HOC) 465.00p -3.57%Mondi (MNDI) 542.50p -2.69%Aquarius Platinum Ltd. (AQP) 365.00p -2.54%Big Yellow Group (BYG) 325.60p -2.19%
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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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