Copper volumes tumble but Xstrata stays upbeat on year July 31, 2012 MINER Xstrata reported an 18 per cent drop in copper volumes in the first six months of 2012 yesterday, as it replaces ageing operations and undertakes expansion that will boost production in the second half. Xstrata is in the throes of a merger with commodities trader Glencore, which made a $26bn (£16.57bn) takeover bid for [...]
Financials and miners lead the FTSE 100 up September 7, 2012 The blue chip index rose in early deals this morning, following positive gains in Asia and the US as investors reacted positively to European Central Bank (ECB) plans to spend billions of euros shoring up troubled governments. Miners Evraz and Ferrexpo led the index up, by 8.51 and 7.11 per cent respectively, as the ECB’s [...]
Bumi’s issues are a further blow to IPOs September 25, 2012 WHEN Nat Rothschild set about raising finance in the City last year for a special purpose acquisition company named Vallares, he was met by investors with open arms. Going to the market through advisers at Credit Suisse, JP Morgan and Evolution (now part of Investec), the heir to the Rothschild dynasty rose above the woes [...]
FTSE 100 lower on worries over global economy August 29, 2012 The UK’s blue chip index opened lower this morning, with concerns over the health of the global economy and falling metal prices dragging shares down. Russian oil and gas company Ruspetro led the fallers, shedding 8.41 per cent in early trading as investors reacted negatively to news that it swung to a loss in the [...]
Engineering firm Weir tops list of most shorted stocks July 30, 2012 ENGINEERING firm Weir Group remains by far the most shorted stock in the FTSE 100 according to data released today, suggesting investors continue to feel unease over the firm’s exposure to the US gas fracking industry. Figures from Markit, the financial information provider, show Weir’s stock is three times more shorted than outsourcing firm Serco, [...]
Luxfer’s New York flotation shines light on London’s listing problems October 4, 2012 Another day, and another company that has its roots firmly in the UK decides to float in the US. In the past few weeks two companies normally associated with the UK market, Manchester United and Salford-based speciality metals group Luxfer, have chosen the US financial markets to list and raise new capital. The latest figures [...]
ADVISERS GOLDMAN SACHS July 30, 2012 London Mining was advised on the royalty transaction by Goldman Sachs, while Standard Chartered was lead adviser on the debt finance component of the planned expansion of its Marampa mine. Goldman is no stranger to mining deals, and has a long pedigree of involvement in the sector, including its ongoing role advising Xstrata on its [...]
FTSE slides lower as commodities and banks hit by economic worries August 20, 2012 BRITAIN’S top share index fell yesterday, easing further from four-month highs hit last week, weighed by a slide in banks and commodity stocks as expectations for stimulus measures in China and Europe took a slight knock. The European Central Bank sought to quash speculation about the shape of its new bond-buying plans and the Bundesbank [...]
Eurozone chatter helps lift the FTSE 100 in very light volumes August 21, 2012 BRITAIN’S top share index advanced yesterday in light trade, led up by miners and banking stocks, as investors speculated as to how Eurozone policy makers would tackle the region’s debt crisis. The FTSE 100 ended up 33.15 points, or 0.6 per cent, at 5,857.52, having shed 0.5 per cent on Monday, in volume at around [...]
Xstrata delays merger meeting July 5, 2012 Mining group Xstrata yesterday called off a shareholder meeting on 12 July intended to approve its £56.5bn merger with Glencore, in order to give the firms more time to smooth relations with irate shareholders. Qatar, which holds an 11 per cent stake in Xstrata, has in recent weeks been pushing management for 3.25 new shares [...]