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Sector movers: Oil-related sectors retreat as Aerospace & Defence flies

Thu, 28th Jul 2016 16:42

(ShareCast News) - FTSE indices were mixed heading towards the closing bell on Thursday, with the blue-chip index helped south by oil stocks undermined by crude's weakness and Royal Dutch Shell's second-quarter shocker."An unsurprisingly indecisive session in Europe has seen the likes of the FTSE largely flat-lining as traders reduced their risk overnight ahead of the week's risk event from the Bank of Japan," said Joshua Mahony, market analyst at IG."Commodities have enjoyed a particularly volatile second half of this week, with crude continuing to tumble heavily on a global supply glut alongside evidence that fund managers are heavily shorting crude prices," he said.In the Oil & Gas Producers sector, Shell's second-quarter profits adjusted for one-offs and inventory changes, dived 72% to $1.05bn due to lower oil prices and narrower refining margins.Sibling sector Oil Equipment, Services and Distribution was down as the market react to a rise in US inventories on Wednesday, and fears the black liquid faces a demand cliff amid a chronic global glut.Within the Healthcare grouping, Smith & Nephew revealed its interim profits were hit by forex headwinds. Pre-tax profits fell to $453m, from $481m.Looking to the upside, Aerospace & Defence was on the front foot behind Rolls-Royce as it said first-half pre-tax losses came in at £2.15bn from a £310m profit last year.This was largely a result of a revaluation of the company's US-dollar hedge book after sterling's recent collapse in the wake of the UK's vote to quit the European Union.In the same sector, BAE Systems booked a first-half net profit of £418m, from £398m a year ago as revenues rose to £8.7bn, from £8.4bn.The company said the UK's decision to leave the EU would lead to a period of uncertainty but did not anticipate any material near-term trading impact on business.Fixed-Line Telecommunications received a boost as BT Group confirmed an encouraging start to its financial year. In the June quarter, adjusted pre-tax profit was £802m, up 16%.Astrazeneca guided the Pharmaceuticals & Biotechnology mob north as it posted first-half results on Thursday, despite operating profit sliding 24% to $1.341bn, with core operating profit dropping 14% to $2.999bn.Among the metals diggers filling out the Mining sector, Anglo American narrowed its first-half pre-tax loss to $364m, from $1.92bn, and said it was on track to achieve its net-debt target of less than $10bn at end-2016.It and other miners benefited as safe-haven gold rose after the US Federal Reserve held its key interest rate last night, and as traders looks to Bank of Japan's policy meeting on Friday.Against the backdrop, BHP Billiton said the Samarco dam disaster in Brazil would hit full year profits by an extra $1.1bn-$1.3bn.Top performing sectors so far todayAerospace and Defence 4,721.13 +4.31%Fixed Line Telecommunications 4,727.91 +3.07%Pharmaceuticals & Biotechnology 14,676.79 +1.89%Software & Computer Services 1,969.49 +1.68%Mining 11,723.69 +0.87%Bottom performing sectors so far todayElectricity 9,141.01 -4.31%Health Care Equipment & Services 7,664.86 -3.00%Oil Equipment, Services & Distribution 13,416.41 -2.74%Automobiles & Parts 6,747.66 -2.47%Oil & Gas Producers 7,321.46 -2.40%
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30 Dec 2021 09:28

UPDATE 2-FTSE 100 edges down as COVID fears dull festive cheer

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30 Dec 2021 05:33

UPDATE 5-Oil prices rise slightly ahead of OPEC+ meeting next week

* U.S. crude, fuel stocks fell last week; output rises -EIA* Saudi king says OPEC+ pact 'essential' for oil market stability (New throughout, updates prices, market activity and comments to settlement, adds OPEC+ meeting details and PSM details)By...

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28 Dec 2021 09:41

S.African court halts Shell's offshore seismic survey

CAPE TOWN, Dec 28 (Reuters) - A South African high court on Tuesday blocked Shell from conducting seismic testing offshore from South Africa's pristine Wild Coast, in the latest ruling in a case seeking to prevent the oil major from exploring for...

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27 Dec 2021 14:01

Mexican president says Pemex to close Deer Park deal in January

MEXICO CITY, Dec 27 (Reuters) - Mexican state oil company Petroleos Mexicanos (Pemex) will complete its purchase of a controlling interest in a Texas oil refinery in January, Mexican President Andres Manuel Lopez Obrador said on Monday.Mexico's go...

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24 Dec 2021 10:03

UPDATE 1-Russia says Europe missing out on gas with Nord Stream 2 delay

(Recasts, adds quote, background)MOSCOW, Dec 24 (Reuters) - Europe, struggling with soaring gas prices, is missing out on additional Russian supplies amid delays to the Nord Stream 2 pipeline, a top Russian official signalled on Friday.Deputy Prim...

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24 Dec 2021 08:26

Russia's Novak: Nord Stream 2 hindered by politics

MOSCOW, Dec 24 (Reuters) - The launch of the Nord Stream 2 natural gas pipeline is being hindered by politics, but Russia still hopes its certification will be completed by mid-2022, Russian Deputy Prime Minister Alexander Novak said on Friday.The...

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24 Dec 2021 08:19

Russia says Nord Stream 2 a bargaining chip for U.S., EU, Interfax reports

MOSCOW, Dec 24 (Reuters) - The Nord Stream 2 gas pipeline project linking Russia with Europe has become a bargaining chip in a game played by the United States and the European Union, Russian Deputy Foreign Minister Sergei Ryabkov said on Friday, ...

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23 Dec 2021 14:14

Third Point's Loeb slams activists after UK fund chairman quits

LONDON, Dec 23 (Reuters) - Hedge fund Third Point's boss Dan Loeb on Thursday blamed the departure of the chairman of the firm's London-listed fund on "inexperienced" and "juvenile antics" of activist investors.Third Point Investors Limited (TPIL)...

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22 Dec 2021 20:56

Shell declares force majeure on Nigerian Forcados crude

LAGOS, Dec 22 (Reuters) - Royal Dutch Shell's Nigerian subsidiary SPDC has declared force majeure on exports of Nigerian Forcados crude oil after the obstruction of a tanker path by a malfunctioning barge, the company said in a statement.The actio...

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22 Dec 2021 13:49

UPDATE 3-Mexico says U.S. approves Deer Park refinery deal, sees completion early 2022

(Adds details)MEXICO CITY, Dec 22 (Reuters) - The U.S. government has authorized the purchase by Petroleos Mexicanos (Pemex) of Royal Dutch Shell's controlling interest in a Texas oil refinery in a transaction that should conclude early next year,...

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22 Dec 2021 13:49

UPDATE 2-Mexico says U.S. government approves Deer Park refinery deal

(Adds context, comment from Pemex CEO)MEXICO CITY, Dec 22 (Reuters) - The U.S. government has authorized the purchase by Petroleos Mexicanos (Pemex) of Royal Dutch Shell's controlling interest in a Texas oil refinery, Mexican President Andres Manu...

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22 Dec 2021 13:49

UPDATE 1-Mexico says U.S. government approves Deer Park refinery deal

(Adds details)MEXICO CITY, Dec 22 (Reuters) - The U.S. government has authorized the purchase by Petroleos Mexicanos (Pemex) of Royal Dutch Shell's controlling interest in a Texas oil refinery, Mexican President Andres Manuel Lopez Obrador said on...

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22 Dec 2021 13:15

Mexico says U.S. government approves Deer Park refinery deal

MEXICO CITY, Dec 22 (Reuters) - The U.S. government has authorized the purchase by Petroleos Mexicanos (Pemex) of Royal Dutch Shell's controlling interest in a Texas oil refinery, Mexican President Andres Manuel Lopez Obrador said on Wednesday.Lo...

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21 Dec 2021 19:06

UPDATE 1-Texas lawsuit by laundromat owners seeks to block Shell refinery sale to Pemex

(Adds U.S. Treasury, CFIUS decline to comment)By Stefanie Eschenbacher and Gary McWilliamsMEXICO CITY/HOUSTON, Dec 21 (Reuters) - A pair of New York businessmen filed a lawsuit in a U.S. court seeking to block Mexico's state oil company Petroleos M...

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21 Dec 2021 18:32

Texas lawsuit by laundromat owners seeks to block Shell refinery sale to Pemex

By Stefanie EschenbacherMEXICO CITY/HOUSTON, Dec 21 (Reuters) - A pair of New York businessmen filed a lawsuit in a U.S. court seeking to block Mexico's state oil company Petroleos Mexicanos (Pemex) from taking control of a Texas refinery, claimin...

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