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London close: Stocks close lower as rally fizzles out

Wed, 22nd Sep 2010 17:00

Footsie gave up a brief rally to close in the red on an uncertain day's trading in the wake of Federal Reserve chairman Ben Bernanke's nervous comments on US economic prospects yesterday. Shares in the US moved lower despite having rallied earlier.Similar sentiments to those expressed by Bernanke appeared in minutes released by the Bank of England today from its Monetary Policy Committee (MPC) meeting earlier this month. The MPC voted 8-1 in favour of keeping interest rates at a record low of 0.5%. Andrew Sentence, who repeated his call for a 25 basis point rate rise, said that the rebound in domestic demand over the past year suggested that the recovery would have sufficient momentum to withstand fiscal tightening, but other MPC members have become concerned about economic prospects.Mining stocks moved ahead industrial metal miners such as Antofagasta, Kazakhmys and Rio Tinto overtaking gold miners such as African Barrick, Fresnillo, and Randgold, which raced ahead in the morning session as the price of gold hit a new high. Anglo-Swiss mining giant Xstrata was also on the up after announcing it has successfully negotiated a $4bn multi-currency revolving credit facility to replace its existing $5.5bn facility, which matures in October 2011.BHP Billiton shareholders will demand success from chief executive Marius Kloppers this year after it emerged that the company, currently facing the prospect of a bid battle for Potash Corp, paid him $11.3m (£7.2m) in 2009. Kloppers, who's coming up to three years in the job now, received a base salary and bonus of $4.4m, with chunky pension, dividend and share-based payments making up the rest.Elsewhere, shares in Imperial Tobacco proved a draw as the Lambert & Butler cigarettes maker assured the market it is still on track to meet forecasts for the year, though growth in tobacco revenues has slowed slightly over the last six months. IMPs expects net revenues to be up around 3% in the year to 30 September compared with a 4% gain to £3.4bn for the six months to 31 March. Stockbroker Killik & Co was singing IMPs' praises as "one of the most attractively rated defensive companies in the market" with a little bit of added spice of murmurings of bid interest, though given the level of debt IMPs has and the regulatory hurdles any bidder would have to clear, the broker considers the prospect of a bid to be low.Broker comment was less helpful to pumps maker Weir , just a couple of days after it made it into the FTSE 100. RBS has changed its stance on the company's shares from "buy" to "hold", even though it has raised its target price from 1412p to 1567p.Moir Lockhead, the veteran chief executive of FirstGroup, is to retire next March after twenty one years in charge of the bus and train group. His replacement will be his current deputy Tim O'Toole, previously the managing director of London Underground.Waste management firm Shanks has been a bid target in the past, having been approached by private equity group Carlyle, and it could be a target again in the near future if market gossip is to be believed. The shares are the best performers among FTSE 250 companies. The utility solutions arm of energy supplier Scottish and Southern Energy is to develop an embedded electricity network for Nissan Motor manufacturing UK.Redhall has agreed to buy Mount Engineering for 70p per share, valuing the oil and gas valve maker at £16m. Redhall said the purchase will boost in its international presence in the oil and gas market and strengthen its specialist manufacturing capability, especially in high hazard markets.Shareholders are loving Internet dating agency Easydate after it won the hand of rival Cupid for which it will pay a total of $6.6m (£4.4m) from US owners OnTargetJobs.Sugar replacement firm PureCircle said full year operating profit slumped as it decided to move all sales solely to end users.FTSE 100 - RisersAntofagasta (ANTO) 1,214.00p +3.14%Kazakhmys (KAZ) 1,440.00p +2.86%Randgold Resources (RRS) 6,485.00p +2.77%Xstrata (XTA) 1,198.50p +2.66%African Barrick Gold (ABG) 601.00p +2.47%Rio Tinto (RIO) 3,652.50p +2.31%BHP Billiton (BLT) 2,000.00p +2.09%Fresnillo (FRES) 1,220.00p +2.01%Cairn Energy (CNE) 445.00p +1.95%Imperial Tobacco Group (IMT) 1,926.00p +1.74%FTSE 100 - FallersAviva (AV.) 397.00p -4.80%Invensys (ISYS) 281.70p -3.30%Autonomy Corporation (AU.) 1,769.00p -3.28%Weir Group (WEIR) 1,395.00p -3.12%Petrofac Ltd. (PFC) 1,369.00p -2.77%WPP Group (WPP) 709.50p -2.74%Essar Energy (ESSR) 444.10p -2.59%Smiths Group (SMIN) 1,212.00p -2.42%Hammerson (HMSO) 387.20p -2.30%Royal Bank of Scotland Group (RBS) 47.50p -2.22%FTSE 250 - RisersShanks Group (SKS) 109.80p +6.09%ITE Group (ITE) 170.00p +2.53%Victrex (VCT) 1,230.00p +2.50%Keller Group (KLR) 626.00p +2.37%Cranswick (CWK) 840.50p +2.25%Shaftesbury (SHB) 438.40p +2.12%Gartmore Group (GRT) 114.80p +1.59%Centamin Egypt (CEY) 187.50p +1.52%Jardine Lloyd Thompson Group (JLT) 591.00p +1.46%TalkTalk Telecom Group (TALK) 141.20p +1.36%FTSE 250 - FallersDevro (DVO) 242.40p -5.75%Supergroup (SGP) 1,221.00p -5.50%Pace (PIC) 188.50p -5.04%Kenmare Resources (KMR) 19.00p -5.00%Kier Group (KIE) 1,124.00p -4.91%Morgan Crucible (MGCR) 206.40p -4.84%Capital & Counties Properties (CAPC) 131.10p -4.65%PZ Cussons (PZC) 366.80p -4.03%CPP Group (CPP) 264.20p -3.93%JPMorgan Indian Inv Trust (JII) 465.40p -3.82%
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21 Mar 2014 09:36

Friday broker round-up UPDATE

Anglo American: Nomura reduces target price from 1550p to 1475p and retains a neutral rating. Antofagasta: Nomura cuts target price from 800p to 720p and stays with its reduce rating. Canaccord Genuity reduces target price from 1030p to 880p, while its buy recommendation is kept. ASOS: UBS reduces

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20 Mar 2014 09:12

Thursday tips round-up: Smiths Group, Pure Circle

Following yesterday's dip in shares of Smiths Group, after the release of its latest set of halfway figures, the stock is back at where it was when talk surfaced last summer of an approach for its medical division. Ironically, it was precisely that division's performance which was one of the weakest

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19 Mar 2014 12:07

PureCircle Narrows Losses; Driven By Strong Volume, Sales Growth

LONDON (Alliance News) - Food and drinks flavouring company PureCircle Ltd Wednesday said it narrowed its losses in the first half of the year, driven by strong volume growth in the period, and a 32% increase in sales for its all-natural, no-calorie sweetener and natural flavour systems. In

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19 Mar 2014 07:33

PureCircle swings to H1 operating profit as sales surge

PureCircle, the stevia sweetener producer and marketer, swung to an operating profit in its first half, helped by a strong growth in sales across all regions. Operating profit totalled $2.9m in the six months to December 31st, compared with a loss of $2.9m the year before, on sales that surged by 3

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6 Jan 2014 12:34

PureCircle expects first half sales growth on back of innovations

PureCircle, the world's largest producer of stevia ingredients, said it expects first half sales to be 31 per cent ahead of last year's performance at 34.7m dollars. In a trading update the group reported sales growth across all high purity ingredients, driven by innovations in the Stevia 3.0 TM po

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6 Jan 2014 11:43

UK WINNERS & LOSERS: RSA Jumps Ahead Of Irish Business Review Findings

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6 Jan 2014 10:06

UK BROKER RATING CHANGES: Six Brokers Raise Next Price Target

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6 Jan 2014 09:30

STOCKS NEWS EUROPE-UK small caps up 0.2 pct in morning trade

The FTSE small cap index rise 0.2 percent in morning trade, while junior-listed AIM shares gain 0.1 percent, both outperforming a 0.2 percent drop on the blue chips. Crawshaw Group rallies 15.6 percent to 19.75 pence after the butchers group says like-for-like sales in the seven weeks to De

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6 Jan 2014 08:42

PureCircle To Swing To Interim Operating Profit On Sales Rise

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30 Dec 2013 12:46

UK WINNERS & LOSERS: LED International Soars; Max Petroleum Slips

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30 Dec 2013 09:39

PureCircle Receives No Objections From US FDA For Reb M Stevia Sweetener

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8 Oct 2013 10:11

DIRECTOR DEALINGS: PureCircle Chief Executive, CFO Awarded Options

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18 Sep 2013 08:28

Wednesday broker round-up UPDATE

African Minerals: Canaccord Genuity reduces target price from 410p to 330p, while its buy recommendation remains unaltered. Amlin: Goldman Sachs moves target price from 405p to 420p and reiterates a neutral rating. Andor Technology: Investec takes target price from 360p to 410p leaving its buy rec

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16 Sep 2013 12:13

Monday broker round-up

AEC Education: WH Ireland places both its target price (prev.: 11p) and its recommendation under review. Aggreko: Citi reduces target price from 2100p to 2000p leaving its buy recommendation unaltered. Allergy Therapeutics: Panmure Gordon lowers target price from 18p to 16p, while keeping its buy

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16 Sep 2013 10:10

PureCircle Pretax Losses Narrow As New Soft Drinks Take Off

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