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London open: Footsie heads lower as G20 heats up

Thu, 03rd Nov 2011 09:08

BThe Footsie fell lower on Thursday morning, with investors keeping a cautious eye on developments in the Eurozone, as the G20 Summit begins to heat up in Cannes.GREEK ROWS ONGOINGIt's now make-or-break time for Greek prime minister George Papandreou, after German chancellor Angela Merkel and French president Nicolas Sarkozy told him that Greece would not receive the next €8bn tranche of aid unless the referendum on the bail-out is passed.Angela Merkel told reporters last night before today's summit: "We would rather achieve a stabilisation of the euro with Greece than without Greece, but this goal of stabilizing the euro is more important."The managing director of the International Monetary Fund (IMF), Christine Lagarde, said: "As soon as the referendum is completed, and all uncertainty removed, I will make a recommendation to the IMF executive board regarding the sixth tranche of our loan to support Greece's economic program".BT & RSA IN DEMAND; MINERS & FINANCIALS HEAD LOWERTelecoms titan BT was a high riser early on after a strong second quarter performance reinforced its confidence of hitting its full-year targets. Adjusted profit before tax, which excludes the effects of a retrospective regulatory ruling in Germany, rose 15% to £570m in the three months to 30 September from £496m in the corresponding period of last year. Ireland popped up as an unexpected bright spot in the interim management statement of insurance behemoth RSA, which appears to be firing on all cylinders. Net written premiums rose by 11% from the year before to £6.1bn in the third quarter, with all regions said to be delivering good growth. Canada and Ireland, however, were singled out as especially strong performers, supported by acquisitions made by year.Mining companies and financial stocks - typically sensitive to macroeconomic developments - headed lower in the opening hour.Insurance giant Aviva was among the worst performers after revealing that revenues in the first three quarter fell by 4.7%. Nevertheless, the firm reiterated its targets for the full year.Other financials, including Old Mutual, Barclays, Admiral and Schroders were close behind, registering moderate losses.Mining peers Kazakhmys, Rio Tinto and Antofagasta fell lower as well.Cable & Wireless Communications jumped on the FTSE 250 after seeing revenues rise by 24% in the first half.BCFTSE 100 - RisersTate & Lyle (TATE) 685.50p +5.95%Man Group (EMG) 146.80p +3.89%BT Group (BT.A) 194.00p +3.52%RSA Insurance Group (RSA) 107.40p +1.99%ARM Holdings (ARM) 596.00p +1.53%Burberry Group (BRBY) 1,362.00p +1.26%BAE Systems (BA.) 272.30p +1.23%Petrofac Ltd. (PFC) 1,394.00p +1.16%United Utilities Group (UU.) 616.50p +0.90%Fresnillo (FRES) 1,797.00p +0.79%FTSE 100 - FallersAviva (AV.) 317.50p -2.34%Barclays (BARC) 177.15p -2.18%Old Mutual (OML) 107.40p -2.10%International Consolidated Airlines Group SA (IAG) 159.00p -1.67%Admiral Group (ADM) 1,141.00p -1.64%Unilever (ULVR) 2,039.00p -1.59%Antofagasta (ANTO) 1,157.00p -1.45%Rio Tinto (RIO) 3,326.50p -1.44%Kazakhmys (KAZ) 893.00p -1.43%Schroders (Non-Voting) (SDRC) 1,183.00p -1.42%
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5 Aug 2010 15:40

FTSE 100 movers: Insurers please market

Strong results from insurers are offsetting disappointing figures from other Footsie companies. Aviva reported a better-than-expected 21% rise in its half-year profit, while RSA Insurance Group announced revenue growth in all geographic regions and a 'resilient underwriting result' in what was a t

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1 Jul 2010 13:57

FTSE 100 movers: Investment managers decline

Footsie remains lower with financials heading the losers. This is because of concerns of a slow-down at Barclays Capital (BarCap) investment management arm. Barclays said BarCap had seen weaker trading conditions in the past two months. Schroders and Investec are also well down on the back of this

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6 May 2010 15:33

FTSE 100 movers: Banks lead market down

Banks are leading Footsie downwards after ratings agency Moody's warned that the UK lenders are "at risk of Greek contagion". Barclays, Royal Bank of Scotland, Lloyds, HSBC and even Asia-focused Standard Chartered fell sharply after Moody's said banks in the UK, as well as in Ireland, Italy, Portu

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1 Apr 2010 11:20

Home Retail boss opens Hammerson account

Terry Duddy, chief executive of Argos and Homebase owner Home Retail Group, has opened his account at Hammerson having joined the board of the shopping centre operator in December. He took 20,000 shares at 394p a time in his first purchase of shares in the company, paying a total of £78,800. In a

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10 Mar 2010 16:19

FTSE 100 movers: Footsie ahead despite ex-dividends

Resources companies and banks are heading the risers on the Footsie, while the forward momentum has been held back by a raft of companies going ex-dividend. Rising copper prices have boosted the shares of Fresnillo, Eurasian Natural Resources and Xstrata. RBS upgraded oil services provider Petro

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4 Mar 2010 16:05

FTSE 100 movers: Results dominate index

A mixed bag of results dominate the main movers in the Footsie. The bright spot was fund manager Schroders. Net new business inflows jumped to £15bn in 2009 compared with net outflows of £9.6bn in 2008, while funds under management ended the year at £148.4bn versus £110.2bn a year earlier. Total p

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17 Nov 2009 15:51

Schroders executives pocket option gains

Two executive directors of asset manager Schroders have taken up options and sold most of them for large profits. Chief executive Michael Dobson took up options over 1,802,033 non-voting shares, of which 906,285 were at nil cost and the rest at prices of 705p, 483p and 398p a share. The total cost

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29 Jul 2009 11:32

FTSE 100 movers: Schroders leads the pack

Fund manager Schroders leads the FTSE 100 higher after saying it is seeing strong demand for its European corporate bond product, prompting Morgan Stanley to upgrade the stock. Rexam is the heaviest faller. The packaging giant's well -flagged right issue has been launched with the firm looking to r

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24 Jul 2009 17:13

London close: Ten out of ten for Footsie

The FTSE 100 index made it ten days of rises in a row, despite tailing off towards the close as investors looked to bank profits ahead of the week-end. It capped the best rally by the blue-chip index in five years. The rise was achieved despite dismal gross domestic product data. UK output contract

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24 Jul 2009 14:11

London afternoon: Financials find favour

Footsie eased back a little over the lunchtime session but thanks to firm financials the blue-chip index continues to shrug off this morning's gloomy data on gross domestic product (GDP). UK output contracted 0.8% between April and June after a 2.4% decline in the first quarter, according to the Of

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