THE TIPSTER March 21, 2011 SPECIALIST engineering group Smiths is expected to deliver solid interim results on Wednesday, on the back of ongoing cost-saving efforts. After hitting all-time highs around 1,440p early in 2011, the shares slipped back to around 1,250p. With Smiths seen as a target for break-up bidders, look for dips back around 1,250-1,300p to buy some CFDs. [...]
Kazakhmys boosts profit March 29, 2011 Kazakhmys, the world’s 10th largest copper miner, said yesterday its full-year profit jumped 74 per cent thanks to higher metal prices. Earnings before interest, tax, depreciation and amortisation, excluding special items, rose to $2.84bn (£1.8bn). The figure included a $903m contribution from its 26 per cent stake in Eurasian Natural Resources Corporation (ENRC). Earlier this [...]
ENRC faces legal action September 15, 2010 First Quantum Minerals is suing units of Eurasian Natural Resources Corp which bought rights to Kolwezi, a disputed copper project, after Democratic Republic of Congo withdrew First Quantum’s licence. First Quantum will also inititate international arbitration proceedings shortly over Frontier, a second project in the DRC, as the miner fights for the return of assets [...]
BEST OF THE BROKERS February 28, 2011 ENRC Morgan Stanley rates the miner “overweight” with a target price of £14. The broker believes that rising ferrochrome spot prices could give a lift to 2011 earnings of between five and seven per cent, and thinks that consensus upgrades could be higher still. Morgan Stanley adds that ENRC’s leverage to iron ore still looks [...]
ENRC lifted by new mines August 18, 2010 KAZAKH miner Eurasian Natural Resources Corporation (ENRC) posted an 80 per cent rise in first-half pre-tax profit yesterday and raised its earnings per share 63 per cent to 70 cents, crediting a rise in production and acquisitions. Shares dipped by four per cent to 928.5p, however, as the firm voiced concern over falling commodities prices. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 12, 2011 FINANCIAL TIMES LLOYDS’ BISCHOFF COUNTERS CALLS FOR CHANGE The chairman of Lloyds Banking Group has countered suggestions from some investors that he should step down ahead of the bank’s reprivatisation. “In one or two years I suspect I’ll still be here,” Sir Win Bischoff told the Financial Times. The government is expected to begin selling [...]
Global growth fears weigh on FTSE April 12, 2011 Worries over global growth and Japan’s continuing nuclear crisis have combined to cause an almost 100-point plunge on the FTSE today. The FTSE 100 lost 89 points in the day’s trading to close 1.5 per cent down at 5,964.47 after the International Monetary Fund downgraded the US’ growth forecast to 2.8 per cent and the [...]
FTSE buoyed by upbeat corporate results April 26, 2011 Strong corporate results and positive broker research buoyed the FTSE today, leading the market to its highest close in more than two months. The FTSE 100 closed 0.9 per cent higher at 6.069.36 in low volumes following the long Easter weekend and ahead of a second four-day weekend to celebrate the Royal wedding and Mayday. [...]
FTSE at two-week low as banks and Reckitt fall April 14, 2011 The FTSE returned to a downward path today to close at a two-week low after household goods giant Reckitt Benckiser broke the news that its chief executive had unexpectedly stepped down. The FTSE 100 lost 46.6 points or 0.8 per cent to close at 5,963.80 as banks and miners also suffered, with fears over Asian [...]
FTSE at two-week low as banks and Reckitt fall April 14, 2011 The FTSE returned to a downward path today to close at a two-week low after household goods giant Reckitt Benckiser broke the news that its chief executive had unexpectedly stepped down. The FTSE 100 lost 46.6 points or 0.8 per cent to close at 5,963.80 as banks and miners also suffered, with fears over Asian [...]