Wood Group (J) Share News (WG.)

LONDON (Alliance News) - Miners led a firm open in London Monday, led by a buoyant Randgold Resources.

The gold miner declared 2015 "one of the best years in the company's history" as it fought off lower bullion prices with higher production and lower costs. The stock was up 4.3%.

Close behind was fellow gold miner Fresnillo, up 1.5%.

Among mid-caps, John Wood Group was down 3.0% after the stock was added to Goldman Sachs' 'Conviction Sell List'.

Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: up 0.2% at 5,857.20
FTSE 250: up 0.1% at 16,012.86
AIM ALL-SHARE: flat at 689.80
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Hang Seng: market closed for holiday
Nikkei 225: closed up 1.1% at 17,004.30
DJIA: closed down 1.3% at 16,204.97
S&P 500: closed down 1.9% at 1,880.05
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GBP: up at USD1.4531 (USD1.4475)
EUR: flat at USD1.1142 (USD1.1137)

GOLD: up at USD1,166.00 per ounce (USD1,155.50)
OIL (Brent): flat at USD34.08 a barrel (USD34.40)

(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Monday's Key Economic Events still to come
(all times in GMT)

holiday China Chinese New Year

09:30 EU Sentix Investor Confidence
13:00 Canada Building Permits
13:15 Canada Housing Starts
15:00 US Labor Market Conditions Index
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More than 100 people are missing two days after a 6.4-magnitude earthquake killed at least 37 in southern Taiwan, while three people were rescued alive, authorities said. A male survivor, Li Zong-dian, who was found by search teams on Sunday, was rescued Monday morning after being trapped for 55 hours, the state-run Central News Agency reported. A woman, Tsao Wei-ling, and an 8-year-old girl were also rescued Monday morning and sent to hospital, CNA reported. More than 520 people were injured in southern Tainan City during the quake and 114 people were still missing, according to figures from the Central Emergency Operation Centre.
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The UN Security Council vowed to "expeditiously" pursue measures to punish North Korea Sunday after its launch of a long-range rocket, which Pyongyang said was carrying a satellite, but the council condemned as a missile test. The launch strengthened the council's determination to take the "further significant measures," it had promised if North Korea continued to violate international sanctions, the council said in a statement. The missile launch comes one month after North Korea conducted a nuclear test.
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China's foreign exchange reserves declined to the lowest since 2012, data published by the People's Bank of China showed. Foreign exchange reserves fell USD99.5 billion to USD3.23 trillion in January. The decline was followed by a USD107.9 billion decrease in December. In 2015 as a whole, reserves dropped by a more than USD510 billion. After an unexpected currency devaluation by PBoC last August, the central bank had to use its reserves to curb the further weakness in yuan.
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A measure of peoples' assessment of the Japanese economy decreased more-than-expected at the start of the year, survey figures from the Cabinet Office showed. The current index of Economy Watchers' survey dropped to 46.6 in January from a 4-month high of 48.7 in December. Economists had expected the index to fall to 48.4. Any reading above 50 indicates optimism and a reading below 50 suggests pessimism. At the same time, the outlook index improved to 49.5 in January from 48.2 in the preceding month. It was expected to rise slightly to 48.4.
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Japan had a current account surplus of JPY960.7 billion in December, the Ministry of Finance said. The headline figure was shy of expectations for JPY1,051.7 billion and down from JPY1,143.5 billion in November. The trade balance showed a surplus of JPY188.7 billion - beneath the forecast for JPY305.3 billion but up from the JPY271.5 billion deficit in the previous month. Exports were down 12% on year to JPY6.247 trillion after dipping 6.3% in November. Imports skidded an annual 19% to JPY6.059 trillion after tumbling an annual 11% in the previous month.
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Total labor cash earnings in Japan increased at a slower-than-expected pace in December, preliminary report from the Ministry of Health, Labor and Welfare showed. Gross earning rose slightly by 0.1% year-over-year in December, slower than the 0.7% hike expected by economists. In November, earnings showed no variations.
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The total value of overall bank lending in Japan was up 2.3% on year in January, the Bank of Japan said - coming in at JPY498.470 billion. That follows the 2.2% increase in December.
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The Denver Broncos stifled the high-scoring Carolina offense and capitalized on critical turnovers by Panthers quarterback Cam Newton to win 24-10 in Super Bowl 50 on Sunday night. Newton, named the most valuable player in the National Football League for the regular season, fumbled twice deep in Carolina territory, leading to Denver's two touchdowns at Levi's Stadium in Santa Clara, California. Legendary quarterback Peyton Manning won his first Super Bowl with Denver, on top of his 2007 championship with the Indianapolis Colts.
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BROKER RATING CHANGES
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HSBC CUTS ASTRAZENECA TO 'HOLD' ('BUY') - PRICE TARGET 4880 (4910) PENCE
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BARCLAYS CUTS INMARSAT TO 'UNDERWEIGHT' ('EQUAL WEIGHT') - TARGET 1000 (740) PENCE
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GOLDMAN SACHS CUTS JOHN WOOD GROUP TO 'CONVICTION SELL LIST' ('NEUTRAL') - TARGET 517.6 (639.6) PENCE
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NOMURA CUTS JOHN WOOD GROUP PRICE TARGET TO 350 (435) PENCE - 'REDUCE'
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NOMURA CUTS AMEC FOSTER WHEELER TO 'NEUTRAL' ('BUY') - TARGET 360 (660) PENCE
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COMPANIES - FTSE 100
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Randgold Resources said 2015 was "one of the best years in the company's history" despite experiencing a large drop in profit as it continued to battle the downturn in the market. The gold miner reported a USD260.8 million pretax profit in 2015, falling from USD353.0 million a year earlier, as revenue experienced slipped slightly USD1.00 billion from USD1.08 billion - but the miner is expecting a ramp up in production and lower cash costs during 2016. Despite the fall in profit, Randgold upped its dividend for 2015 by 10% to 66.0 cents per share from 60.0 cents per share last year.
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HSBC Holdings will pay USD470.0 million under a deal with US authorities to settle allegations of past "abusive" mortgage practices, covering loan origination, servicing and foreclosure. The settlement, which was revealed on Friday and agreed with the US Justice Department, the Department of Housing & Urban Development and the Consumer Financial Protection Bureau, along with 49 state attorneys general and the District of Columbia, releases HSBC from civil claims over its past mortgage loan origination, servicing and foreclosure practices.
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HSBC Holdings is close to a decision to keep its headquarters in the UK, The Sunday Times reported, citing senior sources. A decision by directors to remain could be made this week, the newspaper said, or at a board meeting the weekend after next, before the release of annual results, due on Monday, February 22. Such a vote would follow a series of concessions to the City by UK Chancellor of the Exchequer George Osborne, including on Britain’s levy on bank assets. Hong Kong has been seen as the most likely destination for HSBC, but the market turmoil in China has weighed against that idea, The Sunday Times said.
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Old Mutual agreed to sell its London-based fixed income asset management business Rogge Global Partners to Allianz Global Investors. Rogge had GBP24.1 billion of funds under management as at the end of 2015, Old Mutual said. It expects to sale to be completed in the second quarter of 2016. No further financial details of the sale were disclosed.
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BT Group confirmed it has begun a process to find a successor to Finance Director Tony Chanmugam, following press speculation that he may step down later this year. However, BT said that no formal decision has been taken on a replacement, or on the timing of any such change. The company said it will make a further announcement "if and when required".
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COMPANIES - FTSE 250
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Elementis confirmed Peter Waterman has joined the company's board as its new chief executive. The speciality chemicals company awarded Waterman the role back in November, and he will now work with outgoing David Dutro, who is retiring, until the end of the month to ensure a smooth handover. Waterman has joined Elementis from BP Lubricants, where he was chief executive.
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COMPANIES - LONDON MAIN MARKET AND AIM
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Imagination Technologies Group detailed restructuring plans, including the sale of its consumer electronics business Pure, as it said Chief Executive Hossein Yassaie has stepped down with immediate effect. Additionally, the chip designer said that it now expects to report a loss before interest and tax for its full year to end-April, as conditions in the semiconductor sector have "not improved" since its last update in December. Non-Executive Director Andrew Heath has been appointed interim chief executive, and the company said it will start a search for a new chief executive immediately.
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Genel Energy said it has received a further payment from the Kurdistan regional government of Iraq for the oil it exported out of the country in January and a backpayment for oil that was previously exported out of the country. Genel and its partner on the Tawke field have been paid USD18.0 million for the oil it exported from the field out of the country via the Iraq-Turkey pipeline in January. Genel also said the regional government has made a further payment of USD3.5 million for oil that has been previously produced and exported from the field.
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COMPANIES - INTERNATIONAL
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Tidjane Thiam, The CEO of Credit Suisse Group, has asked his board to slash his bonus, after the Swiss bank posted disappointing quarterly results that sent its share price tumbling lower, according to media reports. Thiam reportedly said his bonus "has been substantially reduced," though he didn't elaborate. He added that, "the board of directors explained to me at the same time that people are happy with my work." Last week, Credit Suisse Group reported that its net loss attributable to shareholders for the fourth quarter was CHF5.828 billion, compared to a profit of CHF691 million a year ago. The result was hurt by impairment, restructuring and other charges, as well as weak revenues.
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Toyota Motor halted all production at its factories in Japan due to a steel shortage following a blast last month at a steel plant. Assembly lines will be suspended for the rest of the week at 29 plants, including 18 operated by seven other companies within the Toyota group, a spokeswoman said. Operations are expected to resume on February 15, she said.
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Monday's Scheduled AGMs/EGMs

Hotel Corp (re share offer)
F&C Capital & Income Inv Tst
RWS Holdings
Schroder Mid Cap
Daily Mail and General Trust
Grainger
Victrex
Blackrock Frontiers Investment Trust
Chemring (re rights issue)
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

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