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Gatwick oil explorer plays down claim UK Oil & Gas Investments says it is too early to assess commerciality of find

Drop in house purchase lending CML figures have revealed that house purchase lending declined in February, as seasonal factors and political uncertainty took their toll. The number of loans advanced (40,600) fell by 1% monthly and by 16% compared with February 2014, while the value of those loans (£6.8bn) fell by 3% and 13% respectively. Remortgage lending also decreased, following a slight uptick at the beginning of the year - the number of loans advanced (21,500) posted a drop of 16% monthly and 14% over the year, while the value (£3.3bn) decreased by 20% and 11% respectively. The buy-to-let sector was the only area to display positive annual growth, up 11% by number and 16% by value (15,900 loans were advanced at a total of £2.2bn). However, despite the slowdown in house purchase lending, Paul Smee of the CML said that they "still expect to see an upturn in the spring and summer months".

The latest official inflation figures show that CPI remained at its record low of 0.0% in March, unchanged from February and marking the 16th consecutive month of remaining at or below the Bank's 2.00% target. There's still a strong possibility of inflation turning negative in the coming months, particularly in light of the ONS revealing that, were inflation measured to two decimal places, it would have posted a decline of 0.01%. In the meantime, the record low level means that all savings accounts on the market will beat inflation and preserve the value of savers' money: Moneyfacts figures show that there are 874 accounts available, all of which beat inflation, with 681 being restriction-free. This figure is made up of 149 no notice accounts, 79 notice versions, 243 fixed rate bonds and 210 cash ISAs. However, while it's easier for savers to secure real returns, rates are still disappointing, as Rachel Springall, finance expert at Moneyfacts, comments: "The low rate of inflation means that it is the everyday consumer who will find their cash going further than before, which will make a big difference to those who carefully budget their day-to-day spending. Savings rates, on the other hand, are still at appalling lows, [which] will hit those reliant on monthly interest to supplement their income. With inflation at its current level there will be no desire for the Bank of England to raise interest rates any time soon, so it is likely that savers will need to wait it out for at least another year."

Billionaire backer cuts Virgin stake: Billionaire investors Wilbur Ross and Stanhope Investments cut their stake in high street bank Virgin Money by selling $354 million (£240 million) of shares in the Richard Branson-backed venture.

Enegi gets Kongsberg Maritime and Braemar Shipbroking as partners: Enegi Oil has said its floating buoy technology venture has secured major international partners for its plans to develop marginal fields using lower cost methods.

Next Boss Lord Wolfson pledges 5% shopfloor wage rise: Next Chief Executive Lord Wolfson has pledged to raise shopfloor wages at the retailer by at least 5%, offering to share his bonus among staff if there is a shortfall in funding.

Mortgage lending dips 16% in February: The number of mortgages handed out to first-time buyers and people moving house fell by 16% year on year in February, banks and building societies have reported.

Clear buying opportunity in Poundland shares: Poundland shares offer a buying opportunity, as a number of important company announcements in the coming weeks could help the price recover. The discount retailer started life as a market stall in Lincolnshire in the 1990s. It grew to list on the stock market in March last year, with the shares priced at 300p each, valuing the group at about £925 million. The company is growing fast by tapping into U.K. shoppers’ demands for low-cost products. The CMA has raised concerns that the deal could reduce competition in the discount retail market, identifying 92 areas where the pair both have stores. However, even if the deal is called off, the shares could recover on June 18 when Poundland reports full year results. The company will update the market on the progress of a trial expansion into Spain. Jim McCarthy, Chief Executive, said they were ahead of schedule in the country, having opened six stores in less than a year, with plans for a total of 10. Mr McCarthy said he plans to open a minimum of 60 new stores in the year ahead. The company certainly has the balance sheet strength to fund store openings, as it reported net cash of £13.9 million at the end of March. The shares will get further support after analysts said they expected Poundland to pay a maiden dividend of about 4.3p this year. That may be a fairly meagre prospective yield of 1.3%, but the payout is forecast to increase by about 20% a year. This profit-generating, high-growth retailer looks like a buy. Poundland at 335+3p. Questor Says “Buy”.

House prices starting to cool, report shows: House prices increased by 0.6% month on month in February, but the annual pace of growth in property values is showing signs of slowing across the majority of the U.K., according to an official report.

Leading Indonesian family behind rival to Rothschild bid for Arms: One of Indonesia’s richest family-owned businesses has emerged as backer of a possible offer for Asia Resource Minerals, the distressed London-listed mining group which is subject to a refinancing offer led by a leading shareholder, Nat Rothschild.

Asos appoints Helen Ashton as Finance Director: Asos has raided the ranks of a U.K. debt management company to find a Finance Director, ending a six-month search to replace Nick Beighton who was promoted in autumn to help revive the online retailer’s fortunes following three profit warnings.

Election jitters apply brakes to London house price rises: London has been knocked off its perch as the region with the fastest- growing house prices for the first time in almost two years as uncertainty surrounding the election and rules aimed at curbing risky lending dampen demand.

North Sea hit hardest by oil slump: Britain’s North Sea oil industry will be hit harder by the global collapse of crude prices than most other parts of the world, the International Monetary Fund has warned.

UK PPI core output rose as expected in March On a YoY basis, the non-seasonally adjusted PPI core output climbed 0.10% in March, in the UK, meeting market expectations. PPI core output had registered a revised rise of 0.30% in the previous month. UK PPI core output remained steady in March On a MoM basis, the non-seasonally adjusted PPI core output in the UK remained flat in March, less than market expectations for a rise of 0.10%. In the prior month, PPI core output had registered a revised unchanged reading. UK consumer price index advanced as expected in March On a monthly basis, the consumer price index advanced 0.20% in the UK, in March, compared to a rise of 0.30% in the previous month. Market anticipations were for the consumer price index to rise 0.20%. UK house price index climbed in February The house price index in the UK climbed 7.20% in February on a YoY basis. In the previous month, the house price index had registered a rise of 8.40%. UK retail price index ex-mort int. payments advance less than expected in March The retail price index ex-mort int. payments rose 0.90% on an annual basis in the UK, in March, compared to a rise of 1.00% in the prior month. Market anticipations were for the retail price index ex-mort int. payments to rise 1.00%. UK input producer price index rose surprisingly in March The non-seasonally adjusted input producer price index unexpectedly advanced 0.30% in the UK on a MoM basis in March, higher than market expectations for a drop of 0.40%. In the prior month, input producer price index had advanced by a revised 0.10%. UK retail price index advanced less than expected in March In the UK, the retail price index advanced 0.90% on an annual basis in March, lower than market expectations for an advance of 1.00%. In the previous month, the retail price index had risen 1.00%. UK input producer price index declined less than expected in March In March, on an annual basis, the non-seasonally adjusted input producer price index dropped 13.00% in the UK, lower than market expectations for a fall of 13.50%. Input producer price index had registered a drop of 13.50% in the previous month. UK retail price index advanced in March In March, the retail price index in the UK advanced 0.20%, on MoM basis, to a level of 257.10, compared to market expectations of 257.40. The retail price index had recorded a level of 256.70 in the prior month. UK output producer price index rose as expected in March The non-seasonally adjusted output producer price index rose 0.20% on a monthly basis in the UK, in March, at par with market expectations. In the previous month, output producer price index had registered a similar rise. UK core consumer price index rose less than expected in March On a YoY basis, the core consumer price index climbed 1.00% in March, in the UK, lower than market expectations for an advance of 1.20%.

At 0330GMT today, the GBP is trading 0.13% lower against the USD at $1.4762. Yesterday, the GBP strengthened 0.72% versus the USD, to close at $1.4781, recovering from its weakness earlier during the session after the nation’s annual rate of consumer inflation remained unchanged at a record low of 0% in March

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At 0330GMT today, the EUR is trading 0.2% lower against the USD at $1.0635, ahead of the ECB interest rate decision, scheduled later today. Yesterday, the EUR strengthened 0.83% versus the USD, to close at $1.0656, after US retail sales for March trailed expectations. However, gains in the common currency were capped amid reports of tensions between Greece and its Eurozone creditors.

Wilbur Ross sells down Virgin Money stake Shares in challenger bank soar by nearly 50% only five months after initial public offering

Norway's oil fund The $880bn fund will begin to disclose in advance how it will vote at company shareholder meetings as part of its efforts to become a more active investor. The world's largest sovereign wealth fund will also back shareholder resolutions at BP and Royal Dutch Shell to force the oil companies to reveal more about how they are tackling climate change.

Morgan Stanley offered $1bn for oil unit Bidder Castleton has expanded beyond base in natural gas markets