China currency move pulls on mining stocks – London Report August 12, 2015 LUXURY goods firm Burberry was one of the hardest hit UK firms yesterday, after China devalued its currency, raising the costs of imports. The FTSE 100 closed down 1.1 per cent. Weakness in commodity stocks has contributed to recent declines in the index, which is now more than six per cent off April’s record high. [...]
FTSE suffering longest losing streak since 2011 – London Report August 21, 2015 BRITAIN’S top share index fell to its lowest point in seven months yesterday, its worst losing run since 2011 as investor concerns over the global economy resurfaced. The blue chip FTSE 100 index dropped 0.6 per cent to 6,367.89 points, its lowest level since January. The index was down for the eighth straight session and [...]
FTSE falters as miners and oil stocks crumple – London Report August 19, 2015 THE FTSE 100 ended lower for a sixth consecutive session yesterday, dragged down by mining stocks as copper prices continue to trade near six-year lows. The blue chip index ended down 0.38 per cent, or 24.01 points, at 6,526.29, more than eight per cent below its record high of 7,122.74, reached in April. However, the [...]
FTSE closes flat but miners fall to six-year low – London Report August 18, 2015 BRITAIN’S top share index closed flat yesterday, weakened by US data and by mining companies hitting multi-year lows. The FTSE 100 index closed down a tiny 0.007 per cent – or 0.44 points – at 6,550.30. This followed the release of a survey which showed manufacturing activity in New York state at its weakest level [...]
Glencore rules itself out of Rio Tinto bid for six months October 7, 2014 Glencore has distanced itself from a merger with rival miner Rio Tinto – forgoing the opportunity to make a formal bid for the next six months as a result. Last night Rio Tinto revealed it had firmly rejected an approach from the smaller firm, which would have created a £100bn giant, leapfrogging BHP Billiton [...]
Rio Tinto rejects Glencore’s £60bn mega-merger bid October 6, 2014 Merger would create world’s biggest mining group Giant mining group Rio Tinto last night revealed it had firmly rejected an approach from Glencore, in the opening salvo of a new mega-merger bid in the sector. The estimated £60bn offer would have created a £100bn titan by market capitalisation, with the combined group leapfrogging BHP Billiton [...]
London Mining and Glencore share prices hit by dispute over contract payment September 22, 2014 London Mining has accused Glencore of non-payment of an iron ore contract between the two mining firms, hitting shares in both companies hard yesterday. Shares in Aim-listed London Mining plummeted over 10 per cent yesterday to close at an all-time low of 23.25p, while giant mining company Glencore saw its shares fall nearly five per [...]
FTSE decreases after miners fall down a hole – London Report July 22, 2015 BRITAIN’S top share index yesterday dropped to its lowest level in more than a week after a poorly received earnings report from Apple hit tech stocks and weaker metals prices and an update from BHP Billiton dragged down miners. The FTSE 100 index closed 1.5 per cent weaker at 6,667.34 points after falling earlier to [...]
US interest rate rise 2015: What will a Fed hike mean for global markets? September 15, 2015 The US Federal Reserve, after months of speculation, will announce on Thursday whether or not it is to raise its benchmark interest rate for the first time in nine years. Experts have questioned whether the US, and the world, is ready. Even the IMF has called for a delay. Unemployment in the States [...]
The future of the FTSE 100: What next? The quarterly reshuffle has changed the complexion of the leading index September 23, 2015 The Bloodbath continued yesterday as mining shares plummeted further and the FTSE dipped below 6,000 points. Glencore, whose shares fell by 10.63 per cent yesterday, only graduated to the elite index in 2011, but the commodities supercycle has come to a juddering halt, depressing the internationally exposed FTSE. This week also saw one [...]