Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

London midday: Stocks hit by political uncertainty, economic data

Wed, 03rd Jul 2013 11:26

Political uncertainty in Europe, disappointing economic figures from China and nervousness ahead of some key 'risk events' later this week prompted a sell-off on the FTSE 100 on Wednesday morning.Resignations of both the Portuguese Finance Minister and Foreign Minister over the last few days have sparked concerns all over the Eurozone, as anti-austerity rallies gather support. Portugal's 10-year bond yields have now surged above 8.0% for the first time since November."It's looking increasing likely that we'll see early elections in Portugal," said Market Analyst Craig Erlam from Alpari. "This is far from ideal for the Eurozone at a time when it has benefitted from not being centre stage for a few months, and only a couple of months before the elections in Germany. The last thing Angela Merkel needs in the run up to the election is more bailout and austerity discussions with a new Portuguese government."Meanwhile, activity in China's services sector remained sluggish in June with the official non-manufacturing purchasing managers' index (PMI) falling from 54.3 to a nine-month low of 53.9 in June. Meanwhile, separate data published by HSBC/Markit showed that the services PMI edged up to 51.3 from May's reading of 51.2, but the rate of expansion in new orders was the weakest in 55 months.The Eurozone services PMI also disappointed, falling from 48.6 to 48.3 in June (forecast: no change). However, one bright spot came from the UK where economic data continues to impress: the UK services PMI rose to 56.9 points, its best reading since March 2011, from 54.9 in the month before (forecast: 55.0). Markets nervous ahead of 'risk events'The US services PMI and ADP employment report are due out later, in addition to US jobless claims which are being released one day early due to the Independence Day holiday tomorrow.Meanwhile, markets are also looking ahead to the European Central Bank and Bank of England (BoE) which are to reveal their latest policy decisions on Thursday afternoon with all eyes turning to Mark Carney as he heads up his first meeting as BoE Governor.However, the big event of the week is likely to be the US non-farm payroll report due out on Friday with investors waiting nervously given that a positive surprise could prompt the Federal Reserve to move more quickly to scale back its stimulus programme.FTSE 100: Miners, ex-divs and financials fallConcerns over a slowdown in China were weighing heavily on mining stocks this morning with Anglo American, Vedanta and Glencore Xstrata among the worst performers. Burberry was trading firmly in the red after going ex-dividend, along with heavyweights British Land and Babcock.Banking group Barclays was also lower after S&P cut its credit rating by one notch, saying that its debt holders "face heightened credit risk owing to the industry's tighter regulation, fragile global markets, stagnant European economies and rising litigation risk stemming from the financial crisis".Heading the other way was Tullow Oil, rising strongly after a strong first-half operational update. The company said that revenue totalled $1.3bn, slightly ahead of the $1.2bn reported the year before.Sector peer Shell however fell despite revealing upbeat drilling results from an exploratory well in the Gulf of Mexico. The well, located 75 miles offshore in the De Soto Cayon Block 393 in 7,446 feet (ft) of water, encountered more than 500ft of net oil pay after being drilled to a total depth of 26,385ft.FTSE 250:Spirent Communications shares tumbled after the technology testing company revealed weaker-than-expected revenues for the second quarter. Group revenue is expected to fall by $26m to $92.7m for the three months to the end of June after weak orders in the first quarter, Spirent said in a trading statement. Pizza delivery firm Domino's Pizza was also down despite reporting 11.7% sales growth in the second quarter. The company said that the results come on top of "very strong comparatives" from last year.Halfords, HomeServe and TalkTalk were lower after going ex-dividend.FTSE 100 - RisersTullow Oil (TLW) 1,062.00p +2.81%ARM Holdings (ARM) 818.50p +1.36%Next (NXT) 4,662.00p +0.63%G4S (GFS) 225.70p +0.49%Kingfisher (KGF) 354.20p +0.45%London Stock Exchange Group (LSE) 1,400.00p +0.29%Bunzl (BNZL) 1,318.00p +0.23%Severn Trent (SVT) 1,688.00p +0.18%Pearson (PSON) 1,194.00p +0.17%Serco Group (SRP) 666.50p +0.15%FTSE 100 - FallersAnglo American (AAL) 1,215.50p -5.04%CRH (CRH) 1,288.00p -4.87%Vedanta Resources (VED) 995.00p -4.23%Glencore Xstrata (GLEN) 264.95p -4.00%Burberry Group (BRBY) 1,349.00p -3.99%Weir Group (WEIR) 2,078.00p -3.75%BHP Billiton (BLT) 1,653.50p -3.36%Fresnillo (FRES) 888.50p -3.27%Standard Chartered (STAN) 1,417.50p -3.14%Barclays (BARC) 274.65p -2.95%FTSE 250 - RisersPZ Cussons (PZC) 379.70p +1.80%Countrywide (CWD) 537.00p +1.32%Workspace Group (WKP) 415.40p +1.02%Micro Focus International (MCRO) 717.50p +0.77%BH Macro Ltd. EUR Shares (BHME) € 21.07 +0.77%Menzies(John) (MNZS) 705.00p +0.71%Fisher (James) & Sons (FSJ) 986.00p +0.61%Greggs (GRG) 412.80p +0.41%Synergy Health (SYR) 1,122.00p +0.36%Utilico Emerging Markets Ltd (DI) (UEM) 171.50p +0.35%FTSE 250 - FallersSpirent Communications (SPT) 122.00p -9.23%Domino's Pizza Group (DOM) 623.00p -6.88%Homeserve (HSV) 268.90p -5.85%Hochschild Mining (HOC) 155.90p -5.52%De La Rue (DLAR) 933.50p -5.23%Fenner (FENR) 303.10p -3.99%UBM (UBM) 639.00p -3.91%Evraz (EVR) 101.10p -3.90%Essar Energy (ESSR) 123.10p -3.75%TalkTalk Telecom Group (TALK) 220.40p -3.59%
More News
16 Dec 2021 22:13

UPDATE 2-Royal Dutch Shell confirms delay in sale of Texas refinery to Mexico's Pemex

(Adds approval expected by Jan. 13)By Stefanie Eschenbacher and Erwin SebaMEXICO CITY/HOUSTON, Dec 16 (Reuters) - Royal Dutch Shell on Thursday confirmed a Reuters report that the sale of its controlling interest in a Texas refinery to Mexican stat...

Read more
16 Dec 2021 14:42

Latin American oil auctions kick off after two-year lull

* 11 firms registered to bid in Brazil's auction on Friday* Competition expected to be fiercest since 2018* Seven Latin American nations to hold auctions in 2022-2023By Marianna Parraga and Sabrina ValleHOUSTON, Dec 16 (Reuters) - Latin America's oil...

Read more
15 Dec 2021 12:16

Five companies seek to develop CO2 storage off Norway

OSLO, Dec 15 (Reuters) - Five companies have applied to build carbon dioxide (CO2) storage on the Norwegian continental shelf, the country's oil and energy ministry said on Wednesday.The ministry proposed in September two offshore areas, one in th...

Read more
15 Dec 2021 10:10

UPDATE 2-FTSE dips as inflation surges to 10-year high

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* IAG down on plans to cancel Air Europa acquisition* Rentokil falls for second day on M&A plans* Inflation jumped to 5.1% in Nov vs. 4.2% in...

Read more
15 Dec 2021 09:33

LONDON BROKER RATINGS: BofA starts Pod Point at Buy; Barclays cuts DCC

LONDON BROKER RATINGS: BofA starts Pod Point at Buy; Barclays cuts DCC

Read more
14 Dec 2021 09:40

LONDON BROKER RATINGS: JPMorgan raises Experian, cuts BAE Systems

LONDON BROKER RATINGS: JPMorgan raises Experian, cuts BAE Systems

Read more
13 Dec 2021 16:10

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
13 Dec 2021 11:48

Brazil's oil regulator approves Mero oilfield production agreement

SAO PAULO, Dec 13 (Reuters) - Brazilian state-run oil company Petrobras said on Monday that the country's oil regulator ANP has approved a production agreement for the Mero oilfield, deciding on which stake of its oil and gas output will be hold ...

Read more
13 Dec 2021 10:16

UPDATE 2-Energy, bank stocks drag London's FTSE 100; Omicron fears weigh

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Purplebricks plunges after delaying results* SThree drops as CEO steps down* FTSE 100 down 0.8%, FTSE 250 off 1.2% (Updates to close)By Ba...

Read more
13 Dec 2021 07:22

Qatar Energy acquires 17% stake in Shell-operated concessions in Egypt

DUBAI, Dec 13 (Reuters) - Qatar Energy will acquire a 17% stake in two Shell-operated concessions (Block 3 and Block 4) in Egypt's Red Sea region, Shell Egypt said on Monday.Shell will remain the main operator of the concessions, Shell Egypt's st...

Read more
12 Dec 2021 14:00

Activist group targets Exxon with shareholder climate resolution

* Follow This targets Exxon for first time* Dutch group also targets other energy companiesBy Ron Bousso and Sabrina ValleLONDON, Dec 12 (Reuters) - Climate activist group Follow This targeted Exxon Mobil Corp with a shareholder resolution urging i...

Read more
10 Dec 2021 23:26

UPDATE 1-Shell restarting Louisiana refinery crude unit after repairs from Hurricane Ida -sources

(Adds no reply from company)HOUSTON, Dec 10 (Reuters) - Royal Dutch Shell Plc was restarting on Friday the crude distillation unit (CDU) at its 230,811 barrel-per-day (bpd) Norco, Louisiana, refinery after completing repairs from Hurricane Ida, sa...

Read more
10 Dec 2021 20:44

Shell restarting Louisiana refinery crude unit after repairs from Hurricane Ida -sources

HOUSTON, Dec 10 (Reuters) - Royal Dutch Shell Plc was restarting on Friday the crude distillation unit (CDU) at its 230,811 barrel-per-day (bpd) Norco, Louisiana, refinery after completing repairs from Hurricane Ida, said sources familiar with pl...

Read more
10 Dec 2021 16:57

Can we still be friends? Shell sends Dutch PM parting note

By Toby SterlingAMSTERDAM, Dec 10 (Reuters) - On the day that shareholders of Royal Dutch Shell PLC voted to move the company's headquarters to London https://www.reuters.com/markets/europe/royal-dutch-shell-plc-shareholders-set-approve-move-london...

Read more
10 Dec 2021 15:29

Belarus oil firm cancels 2022 exports to Germany after EU sanctions - traders

MOSCOW, Dec 10 (Reuters) - Belarusian oil company Belorusneft has cancelled its 2022 export plans to Germany via the Druzhba pipeline following new European Union sanctions on the company, three traders familiar with the matter said on Friday.On ...

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.