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Man Group, Autonomy Corp, BAE Systems, Whitbread, Old Mutual and Invensys keep FTSE 100 positive: Overview: the FTSE 100 stood just 0.1% above the opening level in late afternoon, holding on to yesterday’s 2.7% gain in spite of today’s bearish update on US jobless claims. The Labor Department said that initial claims for unemployment benefits decreased by just 6,000 to 472,000, while a larger decline was expected. Continuing claims dropped by 23,000 to 4.456 million. Hedge fund manager Man Group (LON:EMG) led the blue chips with a gain of nearly 5%. Software developer Autonomy Corp (LON:AU) followed, tacking on 4%. Defence and aerospace systems manufacturer BAE Systems (LON:BA) climbed 3.3%. Hospitality company Whitbread (LON:WTB) and insurer Old Mutual (LON:OML) each added 2%. Other notable risers included engineering firms Smiths Group (LON:SMIN) and Invensys (LON:ISYS), which climbed 1.5%. Chipmaker ARM Holdings (LON:ARM) was the heaviest faller in the index with a 4% loss. Telecom company Cable & Wireless Worldwide (LON:CW) and energy company Centrica (LON:CNA) declined 3% and 2% respectively. US stocks didn’t move by much in early trade. The Dow Jones Industrial Average rose 0.1%, the broader S&P 500 index added 0.35% and the technology heavy NASDAQ composite climbed 0.3%. Commodities Oil prices didn't move by much today as stock markets were flat following Wednesday’s rally that saw the FTSE 100 advance 2.7%, while the Dow Jones and S&P 500 indexes in the US surged 2.5% and 3% respectively. Investors are taking a breather ahead of today's update on US jobless claims and tomorrow's non-farm payrolls and undermployment rate data. The markets on both sides of the Atlantic got a boost from a batch of upbeat data released in US, Australia and China on Wednesday. Australia said its GDP grew at a 1.2% rate in Q2, while China’s PMI (purchasing managers index) measuring manufacturing growth climbed from 51.2 in July to 51.7 in August. On Wednesday, the US Energy Department said that crude inventories added 3.4 million barrels last week, while energy information provider Platts expected a gain of 1.9 million barrels. According to the report, gasoline stockpiles declined by 200,000 barrels, while distillates, which include diesel and heating oil, shed 700,000 barrels.Prior to that, the American Petroleum Investor (API) reported an even bigger gain of 4.8 million barrels in US crude stockpiles. October Brent Crude slid to US$75.95/barrel, while US light, sweet crude for October delivery inched higher to US$74.06/barrel. Most blue chip oil and gas producers were in decline today. Supermajors BP (LON:BP) and Shell (LON:RDSB) posted small losses, while Cairn Energy (LON:CNE) and Tullow Oil (LON:TLW) shed 2.6% and 2.2% respectively. BG Group (LON:BG) outperformed its peer, climbing 1.2%. Amec (LON:AMEC) stood just above the opening level, while fellow oil and gas engineering firm Petrofac (LON:PFC) declined 1%. Most midcaps followed the trend. Dragon Oil (LON:DGO), Melrose Resources (LON:MRS), Premier Oil (LON:PMO) and Soco International (LON:SIA) shed less than 1%, while Heritage Oil (LON:HOIL) declined 1.3%. Salamander Energy (LON:SMDR) did better, tacking on nearly 2%. JKX Oil & Gas (LON:JKX) posted a marginal gain. Dana Petroleum (LON:DNX) was flat. Services company Wood Group (LON:WG) dropped 1.6%. US operating junior Caza Oil & Gas (LON:CAZA) led the sector with a 19% rally. North Sea oil explorer and developer Xcite Energy (LON:XEL) followed with a 4% gain. Gold finds support at $1,245 Gold posted only a marginal loss following yesterday’s better than expected US manufacturing data and upbeat updates on Chinese manufacturing and Australia’s GDP growth. Gold is seen as one of the main safe haven assets and usually moves inversely to equities. This week, however, the yellow metal has been strong and almost unresponsive to movements in stock markets . Investors are buying more gold, seeking refuge ahead of Friday’s key US jobs data, which will include updates on non-farm payrolls and US unemployment rate. Today, gold inched higher to US$1,246/oz, while silver and platinum rose to US$19.44/oz and US$1,537/oz respectively. Major mining stocks were in decline. Silver miner Fresnillo (LON:FRES) and platinum miner Lonmin (LON:LMI) slid 1.1%, while African Barrick Gold (LON:ABG) declined 1.8%. Randgold Resources (LON:RRS) was flat. Specialty chemicals firm Johnson Matthey (LON:JMAT) did better, advancing 1.8%. Aquarius Platinum (LON:AQP) led the midcaps with a 3.2% advance. Petropavlovsk (LON:POG) rose marginally and silver producer Hochschild Mining (LON:HOC) slipped 2.7%. Botswana and South Africa operating diamond mining and exploration company Firestone Diamonds (LON:FDI) was among the top performers in the sector with a 15% surge. Vatukoula Gold Mines (LON:VGM), which produces gold from the Vatukoula mine in Fiji, also did well, posting a 7% gain. Tajikistan focused mineral exploration and development company Kryso Resources (LON:KYS) added 5%. Base metals rise Copper and nickel climbed to US$3.46/lb and US$9.73/lb, while zinc improved to US$0.97/lb. Base metal miners didn’t move by much today. Anglo American (LON:AAL) was in the lead with a 1.3% advance. Kazkahmys (LON:KAZ) and Vedanta Resources (LON:VED) added 1%. The world’s largest miner BHP Billiton (LON:BLT) posted a small gain. Antofagasta (LON:ANTO) moved in the opposite direction, sliding 1.1%. Eurasian Natural Resources (LON:ENRC), Rio Tinto (LON:RIO) and Xstrata (LON:XTA) were little moved. Swiss-headquartered resources company with assets in Ukraine and the only London listed pure iron ore producer Ferrexpo (LON:FXPO) tacked on 1.2%. Australia and Papua New Guinea focused nickel and copper explorer and investor Regency Mines (LON:RGM) and Indonesia and Australia operating copper and gold miner Finders Resources (LON:FND) led the juniors, advancing 10% and 6% respectively. Southern Africa focused coal exploration and production company Strategic Natural Resources (LON:SNR) climbed 5%. Banks, insurance, private equity Part-nationalised banks Lloyds (LON:LLOY) and Royal Bank of Scotland (LON:RBS) added nearly 1%, as did Standard Chartered (LON:STAN). Barclays (LON:BARC) declined 1.1% and HSBC (LON:HSBA) was unmoved. Old Mutual (LON:OML) led the insurance companies with a 1.9% gain. Aviva (LON:AV) and RSA Insurance Group (LON:RSA) added 1.5% and 1.2% respectively. Legal & General (LON:LGEN), Prudential (LON:PRU) and Standard Life (LON:SL) added less than 1%. Admiral Group (LON:ADM) was in the red with a loss of 1%. Private equity group 3i (LON:III) dropped 1.6%. Small Cap Movers Other notable movers among the small caps included drug discovery and development company ImmuPharma (LON:IMM), which rallied 15.5%, and offshore marine renewables development company SeaEnergy (LON:SEA) with a 6.5% climb. Small Cap News Baobab Resources’ (LON:BAO) ongoing step-out drilling at the South Zone of the Tete project has intersected substantial widths of titanium and iron bearing rock (magnetite-ilmenite) in seven of the eight RC drill holes completed to date. University IP commercialisation company Fusion IP (LON:FIP) has said that its Sheffield-based biotechnology company Absynth Biologics has signed a licensing and collaboration agreement with MorphoSys AG. Leni Gas and Oil (LON:LGO) has raised an additional £800,000, with the issue of 40 million new shares to institutional investors at 2 pence per share. Back in July, the company raised £1.5m to fast-track its Spanish assets. Synchronica (LON:SYNC) believes that the proposed iseemedia (TSX-V:IEE) acquisition will position the company as a market leader for next-generation mobile messaging. Retailer of stamps and other collectibles Stanley Gibbons (LON:SGI) has bought the business and certain assets of specialist stamp dealer Nigel Haworth, formerly M & N Haworth, for £0.3 million. Kryso Resources (LON:KYS) has announced that China Nonferrous Metals International Mining (CNMIM) has completed the due diligence process necessary to proceed with the £10.99 million investment in the company. The company said that CNMIM confirmed that it had concluded its legal, financial and technical due diligence on Kryso “to its satisfaction”. Prosperity Minerals (LON:PMHL) has made another significant transaction as part of its ongoing share buy-back programme. Yesterday, the company bought 1.35 million shares on-market for 145.5p per share. Firestone Diamonds' (LON:FDI) shares have jumped over 15% following an upbeat statement, ahead of tomorrow’s general meeting. The company highlighted that it has made significant progress with the development of the BK11 kimberlite and production is ahead of schedule. Following the Phase 1 commissioning in July, the BK11 plant is currently running with the average throughput of 185 tonnes per hour (tph), 23% ahead of the initial 150tph target. Large and Mid Cap News Xstrata Zinc, a division of Xstrata Plc (LON:XTA), has ended discussions with Canada`s Noranda Income Fund (TSX:NIF.UN) about a possible acquisition of the fund. The two companies had entered into a non-binding letter of intent about the potential acquisition of the fund by Xstrata, initially at a cash price of C$3.40 per unit. Oil and gas major Tullow Oil (LON:TLW, PINK:TUWOY) has entered into an agreement to acquire a 50% operating interest in six licences held by oil and gas minnow Africa Oil (TSX-V:AOI).
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FTSE 100 adds 0.1% as Dow Jones, S&P 500 and NASDAQ open higher: Overview: the FTSE 100 stood just 0.1% above the opening level in late afternoon, holding on to yesterday’s 2.7% gain in spite of today’s bearish update on US jobless claims. The Labor Department said that initial claims for unemployment benefits decreased by just 6,000 to 472,000, while a larger decline was expected. Continuing claims dropped by 23,000 to 4.456 million. Hedge fund manager Man Group (LON:EMG) led the blue chips with a gain of nearly 5%. Software developer Autonomy Corp (LON:AU) followed, tacking on 4%. Defence and aerospace systems manufacturer BAE Systems (LON:BA) climbed 3.3%. Hospitality company Whitbread (LON:WTB) and insurer Old Mutual (LON:OML) each added 2%. Other notable risers included engineering firms Smiths Group (LON:SMIN) and Invensys (LON:ISYS), which climbed 1.5%. Chipmaker ARM Holdings (LON:ARM) was the heaviest faller in the index with a 4% loss. Telecom company Cable & Wireless Worldwide (LON:CW) and energy company Centrica (LON:CNA) declined 3% and 2% respectively. US stocks didn’t move by much in early trade. The Dow Jones Industrial Average rose 0.1%, the broader S&P 500 index added 0.35% and the technology heavy NASDAQ composite climbed 0.3%. Commodities Oil prices didn't move by much today as stock markets were flat following Wednesday’s rally that saw the FTSE 100 advance 2.7%, while the Dow Jones and S&P 500 indexes in the US surged 2.5% and 3% respectively. Investors are taking a breather ahead of today's update on US jobless claims and tomorrow's non-farm payrolls and undermployment rate data. The markets on both sides of the Atlantic got a boost from a batch of upbeat data released in US, Australia and China on Wednesday. Australia said its GDP grew at a 1.2% rate in Q2, while China’s PMI (purchasing managers index) measuring manufacturing growth climbed from 51.2 in July to 51.7 in August. On Wednesday, the US Energy Department said that crude inventories added 3.4 million barrels last week, while energy information provider Platts expected a gain of 1.9 million barrels. According to the report, gasoline stockpiles declined by 200,000 barrels, while distillates, which include diesel and heating oil, shed 700,000 barrels.Prior to that, the American Petroleum Investor (API) reported an even bigger gain of 4.8 million barrels in US crude stockpiles. October Brent Crude slid to US$75.95/barrel, while US light, sweet crude for October delivery inched higher to US$74.06/barrel. Most blue chip oil and gas producers were in decline today. Supermajors BP (LON:BP) and Shell (LON:RDSB) posted small losses, while Cairn Energy (LON:CNE) and Tullow Oil (LON:TLW) shed 2.6% and 2.2% respectively. BG Group (LON:BG) outperformed its peer, climbing 1.2%. Amec (LON:AMEC) stood just above the opening level, while fellow oil and gas engineering firm Petrofac (LON:PFC) declined 1%. Most midcaps followed the trend. Dragon Oil (LON:DGO), Melrose Resources (LON:MRS), Premier Oil (LON:PMO) and Soco International (LON:SIA) shed less than 1%, while Heritage Oil (LON:HOIL) declined 1.3%. Salamander Energy (LON:SMDR) did better, tacking on nearly 2%. JKX Oil & Gas (LON:JKX) posted a marginal gain. Dana Petroleum (LON:DNX) was flat. Services company Wood Group (LON:WG) dropped 1.6%. US operating junior Caza Oil & Gas (LON:CAZA) led the sector with a 19% rally. North Sea oil explorer and developer Xcite Energy (LON:XEL) followed with a 4% gain. Gold finds support at $1,245 Gold posted only a marginal loss following yesterday’s better than expected US manufacturing data and upbeat updates on Chinese manufacturing and Australia’s GDP growth. Gold is seen as one of the main safe haven assets and usually moves inversely to equities. This week, however, the yellow metal has been strong and almost unresponsive to movements in stock markets . Investors are buying more gold, seeking refuge ahead of Friday’s key US jobs data, which will include updates on non-farm payrolls and US unemployment rate. Today, gold inched higher to US$1,246/oz, while silver and platinum rose to US$19.44/oz and US$1,537/oz respectively. Major mining stocks were in decline. Silver miner Fresnillo (LON:FRES) and platinum miner Lonmin (LON:LMI) slid 1.1%, while African Barrick Gold (LON:ABG) declined 1.8%. Randgold Resources (LON:RRS) was flat. Specialty chemicals firm Johnson Matthey (LON:JMAT) did better, advancing 1.8%. Aquarius Platinum (LON:AQP) led the midcaps with a 3.2% advance. Petropavlovsk (LON:POG) rose marginally and silver producer Hochschild Mining (LON:HOC) slipped 2.7%. Botswana and South Africa operating diamond mining and exploration company Firestone Diamonds (LON:FDI) was among the top performers in the sector with a 15% surge. Vatukoula Gold Mines (LON:VGM), which produces gold from the Vatukoula mine in Fiji, also did well, posting a 7% gain. Tajikistan focused mineral exploration and development company Kryso Resources (LON:KYS) added 5%. Base metals rise Copper and nickel climbed to US$3.46/lb and US$9.73/lb, while zinc improved to US$0.97/lb. Base metal miners didn’t move by much today. Anglo American (LON:AAL) was in the lead with a 1.3% advance. Kazkahmys (LON:KAZ) and Vedanta Resources (LON:VED) added 1%. The world’s largest miner BHP Billiton (LON:BLT) posted a small gain. Antofagasta (LON:ANTO) moved in the opposite direction, sliding 1.1%. Eurasian Natural Resources (LON:ENRC), Rio Tinto (LON:RIO) and Xstrata (LON:XTA) were little moved. Swiss-headquartered resources company with assets in Ukraine and the only London listed pure iron ore producer Ferrexpo (LON:FXPO) tacked on 1.2%. Australia and Papua New Guinea focused nickel and copper explorer and investor Regency Mines (LON:RGM) and Indonesia and Australia operating copper and gold miner Finders Resources (LON:FND) led the juniors, advancing 10% and 6% respectively. Southern Africa focused coal exploration and production company Strategic Natural Resources (LON:SNR) climbed 5%. Banks, insurance, private equity Part-nationalised banks Lloyds (LON:LLOY) and Royal Bank of Scotland (LON:RBS) added nearly 1%, as did Standard Chartered (LON:STAN). Barclays (LON:BARC) declined 1.1% and HSBC (LON:HSBA) was unmoved. Old Mutual (LON:OML) led the insurance companies with a 1.9% gain. Aviva (LON:AV) and RSA Insurance Group (LON:RSA) added 1.5% and 1.2% respectively. Legal & General (LON:LGEN), Prudential (LON:PRU) and Standard Life (LON:SL) added less than 1%. Admiral Group (LON:ADM) was in the red with a loss of 1%. Private equity group 3i (LON:III) dropped 1.6%. Small Cap Movers Other notable movers among the small caps included drug discovery and development company ImmuPharma (LON:IMM), which rallied 15.5%, and offshore marine renewables development company SeaEnergy (LON:SEA) with a 6.5% climb. Small Cap News Baobab Resources’ (LON:BAO) ongoing step-out drilling at the South Zone of the Tete project has intersected substantial widths of titanium and iron bearing rock (magnetite-ilmenite) in seven of the eight RC drill holes completed to date. University IP commercialisation company Fusion IP (LON:FIP) has said that its Sheffield-based biotechnology company Absynth Biologics has signed a licensing and collaboration agreement with MorphoSys AG. Leni Gas and Oil (LON:LGO) has raised an additional £800,000, with the issue of 40 million new shares to institutional investors at 2 pence per share. Back in July, the company raised £1.5m to fast-track its Spanish assets. Synchronica (LON:SYNC) believes that the proposed iseemedia (TSX-V:IEE) acquisition will position the company as a market leader for next-generation mobile messaging. Retailer of stamps and other collectibles Stanley Gibbons (LON:SGI) has bought the business and certain assets of specialist stamp dealer Nigel Haworth, formerly M & N Haworth, for £0.3 million. Kryso Resources (LON:KYS) has announced that China Nonferrous Metals International Mining (CNMIM) has completed the due diligence process necessary to proceed with the £10.99 million investment in the company. The company said that CNMIM confirmed that it had concluded its legal, financial and technical due diligence on Kryso “to its satisfaction”. Prosperity Minerals (LON:PMHL) has made another significant transaction as part of its ongoing share buy-back programme. Yesterday, the company bought 1.35 million shares on-market for 145.5p per share. Firestone Diamonds' (LON:FDI) shares have jumped over 15% following an upbeat statement, ahead of tomorrow’s general meeting. The company highlighted that it has made significant progress with the development of the BK11 kimberlite and production is ahead of schedule. Following the Phase 1 commissioning in July, the BK11 plant is currently running with the average throughput of 185 tonnes per hour (tph), 23% ahead of the initial 150tph target. Large and Mid Cap News Xstrata Zinc, a division of Xstrata Plc (LON:XTA), has ended discussions with Canada`s Noranda Income Fund (TSX:NIF.UN) about a possible acquisition of the fund. The two companies had entered into a non-binding letter of intent about the potential acquisition of the fund by Xstrata, initially at a cash price of C$3.40 per unit. Oil and gas major Tullow Oil (LON:TLW, PINK:TUWOY) has entered into an agreement to acquire a 50% operating interest in six licences held by oil and gas minnow Africa Oil (TSX-V:AOI).
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Tullow Oil acquires 50% Interest in Africa Oil`s East African Rift Basin Licences: Oil and gas major Tullow Oil (LON:TLW, PINK:TUWOY) has entered into an agreement to acquire a 50% operating interest in six licences held by oil and gas minnow Africa Oil (TSX-V:AOI).The six adjacent licences cover approximately 97,000 square kilometers of the East African Rift Basins of Kenya and Ethiopia.Under the terms of the agreement Tullow Oil will reimburse pro-rata past costs in each of these blocks and will carry Africa Oil for future net expenditures up to US$23.75 million.“This East African Rift Basin acreage shares many geological attributes with Tullow's Lake Albert Rift Basin position in Uganda however it is approximately ten times larger,” Tullow stated this morning. “The acreage, which is located 500 km to the east of Lake Albert has good evidence of a live oil system. "The Loperot-1 well drilled in 1992 recovered 29 degree API waxy crude from Miocene sandstones.”Tullow Oil added that it is planning to kick of seismic programmes across the acreage this year, carrying on into 2011, with drilling also planned to commence in 2011.In Africa, Tullow Oil currently has production in Gabon, Côte d'Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea and two large appraisal and development programmes in Ghana and Uganda. The company has been one of the most high profile success stories out of the London market in the past decade, with an impressive drilling success rate underlining its technical capabilities."We are delighted to be extending our acreage across the prospective East African Rift Basins of Kenya and Ethiopia. Rift Basins are a core play for Tullow and to date we have discovered and identified resources in excess of 2.5 billion barrels in the Lake Albert Rift Basin in Uganda. We look forward to working with our new partners and applying our valuable technical insights to this under-explored frontier region of East Africa,” said exploration director Angus McCoss.
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US jobless claims fall less than expected, but FTSE 100 holds steady: Overview: the FTSE 100 stood just 0.1% above the opening level in late afternoon, holding on to yesterday’s 2.7% gain in spite of today’s bearish update on US jobless claims. The Labor Department said that initial claims for unemployment benefits decreased by just 6,000 to 472,000, while a larger decline was expected. Continuing claims dropped by 23,000 to 4.456 million. Hedge fund manager Man Group (LON:EMG) led the blue chips with a gain of nearly 5%. Software developer Autonomy Corp (LON:AU) followed, tacking on 4%. Defence and aerospace systems manufacturer BAE Systems (LON:BA) climbed 3.3%. Hospitality company Whitbread (LON:WTB) and insurer Old Mutual (LON:OML) each added 2%. Other notable risers included engineering firms Smiths Group (LON:SMIN) and Invensys (LON:ISYS), which climbed 1.5%. Chipmaker ARM Holdings (LON:ARM) was the heaviest faller in the index with a 4% loss. Telecom company Cable & Wireless Worldwide (LON:CW) and energy company Centrica (LON:CNA) declined 3% and 2% respectively. US stocks didn’t move by much in early trade. The Dow Jones Industrial Average rose 0.1%, the broader S&P 500 index added 0.35% and the technology heavy NASDAQ composite climbed 0.3%. Commodities Oil prices didn't move by much today as stock markets were flat following Wednesday’s rally that saw the FTSE 100 advance 2.7%, while the Dow Jones and S&P 500 indexes in the US surged 2.5% and 3% respectively. Investors are taking a breather ahead of today's update on US jobless claims and tomorrow's non-farm payrolls and undermployment rate data. The markets on both sides of the Atlantic got a boost from a batch of upbeat data released in US, Australia and China on Wednesday. Australia said its GDP grew at a 1.2% rate in Q2, while China’s PMI (purchasing managers index) measuring manufacturing growth climbed from 51.2 in July to 51.7 in August. On Wednesday, the US Energy Department said that crude inventories added 3.4 million barrels last week, while energy information provider Platts expected a gain of 1.9 million barrels. According to the report, gasoline stockpiles declined by 200,000 barrels, while distillates, which include diesel and heating oil, shed 700,000 barrels.Prior to that, the American Petroleum Investor (API) reported an even bigger gain of 4.8 million barrels in US crude stockpiles. October Brent Crude slid to US$75.95/barrel, while US light, sweet crude for October delivery inched higher to US$74.06/barrel. Most blue chip oil and gas producers were in decline today. Supermajors BP (LON:BP) and Shell (LON:RDSB) posted small losses, while Cairn Energy (LON:CNE) and Tullow Oil (LON:TLW) shed 2.6% and 2.2% respectively. BG Group (LON:BG) outperformed its peer, climbing 1.2%. Amec (LON:AMEC) stood just above the opening level, while fellow oil and gas engineering firm Petrofac (LON:PFC) declined 1%. Most midcaps followed the trend. Dragon Oil (LON:DGO), Melrose Resources (LON:MRS), Premier Oil (LON:PMO) and Soco International (LON:SIA) shed less than 1%, while Heritage Oil (LON:HOIL) declined 1.3%. Salamander Energy (LON:SMDR) did better, tacking on nearly 2%. JKX Oil & Gas (LON:JKX) posted a marginal gain. Dana Petroleum (LON:DNX) was flat. Services company Wood Group (LON:WG) dropped 1.6%. US operating junior Caza Oil & Gas (LON:CAZA) led the sector with a 19% rally. North Sea oil explorer and developer Xcite Energy (LON:XEL) followed with a 4% gain. Gold finds support at $1,245 Gold posted only a marginal loss following yesterday’s better than expected US manufacturing data and upbeat updates on Chinese manufacturing and Australia’s GDP growth. Gold is seen as one of the main safe haven assets and usually moves inversely to equities. This week, however, the yellow metal has been strong and almost unresponsive to movements in stock markets . Investors are buying more gold, seeking refuge ahead of Friday’s key US jobs data, which will include updates on non-farm payrolls and US unemployment rate. Today, gold inched higher to US$1,246/oz, while silver and platinum rose to US$19.44/oz and US$1,537/oz respectively. Major mining stocks were in decline. Silver miner Fresnillo (LON:FRES) and platinum miner Lonmin (LON:LMI) slid 1.1%, while African Barrick Gold (LON:ABG) declined 1.8%. Randgold Resources (LON:RRS) was flat. Specialty chemicals firm Johnson Matthey (LON:JMAT) did better, advancing 1.8%. Aquarius Platinum (LON:AQP) led the midcaps with a 3.2% advance. Petropavlovsk (LON:POG) rose marginally and silver producer Hochschild Mining (LON:HOC) slipped 2.7%. Botswana and South Africa operating diamond mining and exploration company Firestone Diamonds (LON:FDI) was among the top performers in the sector with a 15% surge. Vatukoula Gold Mines (LON:VGM), which produces gold from the Vatukoula mine in Fiji, also did well, posting a 7% gain. Tajikistan focused mineral exploration and development company Kryso Resources (LON:KYS) added 5%. Base metals rise Copper and nickel climbed to US$3.46/lb and US$9.73/lb, while zinc improved to US$0.97/lb. Base metal miners didn’t move by much today. Anglo American (LON:AAL) was in the lead with a 1.3% advance. Kazkahmys (LON:KAZ) and Vedanta Resources (LON:VED) added 1%. The world’s largest miner BHP Billiton (LON:BLT) posted a small gain. Antofagasta (LON:ANTO) moved in the opposite direction, sliding 1.1%. Eurasian Natural Resources (LON:ENRC), Rio Tinto (LON:RIO) and Xstrata (LON:XTA) were little moved. Swiss-headquartered resources company with assets in Ukraine and the only London listed pure iron ore producer Ferrexpo (LON:FXPO) tacked on 1.2%. Australia and Papua New Guinea focused nickel and copper explorer and investor Regency Mines (LON:RGM) and Indonesia and Australia operating copper and gold miner Finders Resources (LON:FND) led the juniors, advancing 10% and 6% respectively. Southern Africa focused coal exploration and production company Strategic Natural Resources (LON:SNR) climbed 5%. Banks, insurance, private equity Part-nationalised banks Lloyds (LON:LLOY) and Royal Bank of Scotland (LON:RBS) added nearly 1%, as did Standard Chartered (LON:STAN). Barclays (LON:BARC) declined 1.1% and HSBC (LON:HSBA) was unmoved. Old Mutual (LON:OML) led the insurance companies with a 1.9% gain. Aviva (LON:AV) and RSA Insurance Group (LON:RSA) added 1.5% and 1.2% respectively. Legal & General (LON:LGEN), Prudential (LON:PRU) and Standard Life (LON:SL) added less than 1%. Admiral Group (LON:ADM) was in the red with a loss of 1%. Private equity group 3i (LON:III) dropped 1.6%. Small Cap Movers Other notable movers among the small caps included drug discovery and development company ImmuPharma (LON:IMM), which rallied 15.5%, and offshore marine renewables development company SeaEnergy (LON:SEA) with a 6.5% climb. Small Cap News Baobab Resources’ (LON:BAO) ongoing step-out drilling at the South Zone of the Tete project has intersected substantial widths of titanium and iron bearing rock (magnetite-ilmenite) in seven of the eight RC drill holes completed to date. University IP commercialisation company Fusion IP (LON:FIP) has said that its Sheffield-based biotechnology company Absynth Biologics has signed a licensing and collaboration agreement with MorphoSys AG. Leni Gas and Oil (LON:LGO) has raised an additional £800,000, with the issue of 40 million new shares to institutional investors at 2 pence per share. Back in July, the company raised £1.5m to fast-track its Spanish assets. Synchronica (LON:SYNC) believes that the proposed iseemedia (TSX-V:IEE) acquisition will position the company as a market leader for next-generation mobile messaging. Retailer of stamps and other collectibles Stanley Gibbons (LON:SGI) has bought the business and certain assets of specialist stamp dealer Nigel Haworth, formerly M & N Haworth, for £0.3 million. Kryso Resources (LON:KYS) has announced that China Nonferrous Metals International Mining (CNMIM) has completed the due diligence process necessary to proceed with the £10.99 million investment in the company. The company said that CNMIM confirmed that it had concluded its legal, financial and technical due diligence on Kryso “to its satisfaction”. Prosperity Minerals (LON:PMHL) has made another significant transaction as part of its ongoing share buy-back programme. Yesterday, the company bought 1.35 million shares on-market for 145.5p per share. Firestone Diamonds' (LON:FDI) shares have jumped over 15% following an upbeat statement, ahead of tomorrow’s general meeting. The company highlighted that it has made significant progress with the development of the BK11 kimberlite and production is ahead of schedule. Following the Phase 1 commissioning in July, the BK11 plant is currently running with the average throughput of 185 tonnes per hour (tph), 23% ahead of the initial 150tph target. Large and Mid Cap News Xstrata Zinc, a division of Xstrata Plc (LON:XTA), has ended discussions with Canada`s Noranda Income Fund (TSX:NIF.UN) about a possible acquisition of the fund. The two companies had entered into a non-binding letter of intent about the potential acquisition of the fund by Xstrata, initially at a cash price of C$3.40 per unit. Oil and gas major Tullow Oil (LON:TLW, PINK:TUWOY) has entered into an agreement to acquire a 50% operating interest in six licences held by oil and gas minnow Africa Oil (TSX-V:AOI).
ri/ga/ul
JKX Oil & Gas spuds exploration well in Bulgaria: JKX Oil & Gas (LON:JKX) told investors that it will spud the first of two exploration wells in Bulgaria today. The ‘Staro Oryahovo South R-1’ well will test an estimated 20-30 billion cubic feet (Bcf) resource.The ‘Staro Oryahovo South R-1’ well will be drilled to 1,800m to test a 'submarine fan target' of Eocene age in the Kamchia Basin, south west of Varna. Drilling is expected to last until the end of September, at which point the rig will move onto the next well location, ‘Shkorpilovtci South West R2’ location, 5km to the south. The second well will also drill an Eocene age target - the turbidite channel complex - with an estimated 20-30Bcf resource.The wells are being drilled through a joint venture.JKX are the operators with a 40% stake, whilst Balkan Explorers Ltd and Sorgenia E&P Bulgaria each hold 30%.The company also revealed that it is preparing testing operations at the Tiszavasvari-6 well in Hungary, with work slated for mid-September.In July, Tiszavasvari-6 was drilled to its 2,893m target depth, and initial electronic logging indicated the presence of up to 50m of pay, within a 300m interval. The company noted that it is a low net/gross interval, which may require fracture stimulation.
un/ F/me
Xstrata Pulls out of Possible Acquisition of Noranda Income Fund: Xstrata Zinc, a division of Xstrata Plc (LON:XTA), has ended discussions with Canada`s Noranda Income Fund (TSX:NIF.UN) about a possible acquisition of the fund.The two companies had entered into a non-binding letter of intent about the potential acquisition of the fund by Xstrata, initially at a cash price of C$3.40 per unit. The proposed price was improved to C$3.90 on August 30th, but the revised offer was rejected by an Independent Committee set up by Noranda. “Xstrata has determined that the parties are unlikely to agree to terms for an acquisition of the Fund and accordingly today provided notice to the Fund that it has terminated the LOI and does not intend to proceed with the proposal,” the mining giant stated.Xstrata currently owns an effective 25% voting and economic interest in the Noranda Income Fund and manages the Fund's sole operating asset, the CEZinc processing facility in Québec. Xstrata is also the sole supplier of zinc concentrate to CEZinc."Our proposal was based on our ability to consolidate the CEZinc refinery into Xstrata Zinc's global operations to secure its long-term future and on our considered view, as the operators and managers of the asset, of its prospects on a standalone basis,” said Xstrata Zinc Chief Executive Santiago Zaldumbide.Zaldumbide went on to note that the Fund will cease to benefit from its tax-free status on January 1st, 2011, and must also refinance its current debt pile of C$193 million."CEZinc faces competition with low-cost processing capacity in China which has driven treatment changes to very low levels. "In the future, when the current supply contract expires, CEZinc will need to source zinc concentrates at a time when existing Canadian and Western world sources are likely to be constrained and Chinese demand is expected to have grown further. "In the light of these uncertainties, Xstrata's proposal would have provided unitholders with the certainty of cash." The CEZinc processing facility is located in Salaberry-de-Valleyfield, Quebec. It produces refined zinc metal and various byproducts from zinc concentrates. As of December 31, 2009, the processing facility produced 228,600 tons of zinc metal.
nu/ti/la
African Barrick Gold, Lonmin and Fresnillo decline despite gains in gold, silver and platinum: Gold posted only a marginal loss following yesterday’s better than expected US manufacturing data and upbeat updates on Chinese manufacturing and Australia’s GDP growth. China said its PMI (purchasing managers index) rose from 51.2 to 51.7, signalling a faster rate of the expansion of the country’s manufacturing sector, while Australia’s GDP grew at an annualised rate of 1.2% in Q2, marking the fastest growth in three years. Shares in the US and Europe took off a little later when the Institute of Supply Management (ISM) reported that its US manufacturing index unexpectedly rose to 56.3 in August. Gold is seen as one of the main safe haven assets and usually moves inversely to equities. This week, however, the yellow metal has been strong and almost unresponsive to movements in stock markets. Investors are buying more gold, seeking refuge ahead of Friday’s key US jobs data, which will include updates on non-farm payrolls and US unemployment rate. Weekly initial and continuing jobless claims data is due out today. Expectations aren’t very high with an increase in the unemployment rate expected along with further reductions in payrolls. Today, gold inched higher to US$1,246/oz, while silver and platinum rose to US$19.44/oz and US$1,537/oz respectively. Major mining stocks were in decline. Silver miner Fresnillo (LON:FRES) and platinum miner Lonmin (LON:LMI) slid 1.1%, while African Barrick Gold (LON:ABG) declined 1.8%. Randgold Resources (LON:RRS) was flat. Specialty chemicals firm Johnson Matthey (LON:JMAT) did better, advancing 1.8%. Aquarius Platinum (LON:AQP) led the midcaps with a 3.2% advance. Petropavlovsk (LON:POG) rose marginally and silver producer Hochschild Mining (LON:HOC) slipped 2.7%. Botswana and South Africa operating diamond mining and exploration company Firestone Diamonds (LON:FDI) was among the top performers in the sector with a 15% surge. Vatukoula Gold Mines (LON:VGM), which produces gold from the Vatukoula mine in Fiji, also did well, posting a 7% gain. Tajikistan focused mineral exploration and development company Kryso Resources (LON:KYS) added 5%.
im/cl/m
Gold finds support at $1,245, silver and platinum climb: Gold posted only a marginal loss following yesterday’s better than expected US manufacturing data and upbeat updates on Chinese manufacturing and Australia’s GDP growth. China said its PMI (purchasing managers index) rose from 51.2 to 51.7, signalling a faster rate of the expansion of the country’s manufacturing sector, while Australia’s GDP grew at an annualised rate of 1.2% in Q2, marking the fastest growth in three years. Shares in the US and Europe took off a little later when the Institute of Supply Management (ISM) reported that its US manufacturing index unexpectedly rose to 56.3 in August. Gold is seen as one of the main safe haven assets and usually moves inversely to equities. This week, however, the yellow metal has been strong and almost unresponsive to movements in stock markets. Investors are buying more gold, seeking refuge ahead of Friday’s key US jobs data, which will include updates on non-farm payrolls and US unemployment rate. Weekly initial and continuing jobless claims data is due out today.Expectations aren’t very high with an increase in the unemployment rate expected along with further reductions in payrolls. Today, gold inched higher to US$1,246/oz, while silver and platinum rose to US$19.44/oz and US$1,537/oz respectively. Major mining stocks were in decline. Silver miner Fresnillo (LON:FRES) and platinum miner Lonmin (LON:LMI) slid 1.1%, while African Barrick Gold (LON:ABG) declined 1.8%. Randgold Resources (LON:RRS) was flat. Specialty chemicals firm Johnson Matthey (LON:JMAT) did better, advancing 1.8%. Aquarius Platinum (LON:AQP) led the midcaps with a 3.2% advance. Petropavlovsk (LON:POG) rose marginally and silver producer Hochschild Mining (LON:HOC) slipped 2.7%. Botswana and South Africa operating diamond mining and exploration company Firestone Diamonds (LON:FDI) was among the top performers in the sector with a 15% surge. Vatukoula Gold Mines (LON:VGM), which produces gold from the Vatukoula mine in Fiji, also did well, posting a 7% gain. Tajikistan focused mineral exploration and development company Kryso Resources (LON:KYS) added 5%.
$7/w /lo
BP, Shell, Cairn Energy and Tullow Oil slide as Brent Crude slips below $76: Oil prices didn't move by much today as stock markets were flat following Wednesday’s rally that saw the FTSE 100 advance 2.7%, while the Dow Jones and S&P 500 indexes in the US surged 2.5% and 3% respectively. Investors are taking a breather ahead of today's update on US jobless claims and tomorrow's non-farm payrolls and undermployment rate data. The markets on both sides of the Atlantic got a boost from a batch of upbeat data released in US, Australia and China on Wednesday. Australia said its GDP grew at a 1.2% rate in Q2, while China’s PMI (purchasing managers index) measuring manufacturing growth climbed from 51.2 in July to 51.7 in August. Later in the day, the Institute of Supply Management’s (ISM) US manufacturing index was reported to have risen to 56.3 last month, while analysts expected it to decline. The data sent positive signals to investors, which have been in an increasingly pessimistic mood in the wake of weak US jobs and manufacturing updates released last month. In other news, a Reuters survey showed that supplies from OPEC (Organization of Petroleum Exporting Countries) declined to the lowest since November 2009, averaging 26.83 million barrels per day for the 11 members with output targets compared to 26.95 million in July. Total supplies stood at 29.09 million barrels per day. The decrease was attributed to lower output from Nigeria and Iraq due to disruptions. The oil cartel slashed its output targets by 4.2 million barrels in late 2008 in response to a substantial fall in oil prices. On Wednesday, the US Energy Department said that crude inventories added 3.4 million barrels last week, while energy information provider Platts expected a gain of 1.9 million barrels. According to the report, gasoline stockpiles declined by 200,000 barrels, while distillates, which include diesel and heating oil, shed 700,000 barrels. Prior to that, the American Petroleum Investor (API) reported an even bigger gain of 4.8 million barrels in US crude stockpiles. October Brent Crude slid to US$75.95/barrel, while US light, sweet crude for October delivery inched higher to US$74.06/barrel. Most blue chip oil and gas producers were in decline today. Supermajors BP (LON:BP) and Shell (LON:RDSB) posted small losses, while Cairn Energy (LON:CNE) and Tullow Oil (LON:TLW) shed 2.6% and 2.2% respectively. BG Group (LON:BG) outperformed its peer, climbing 1.2%. Amec (LON:AMEC) stood just above the opening level, while fellow oil and gas engineering firm Petrofac (LON:PFC) declined 1%. Most midcaps followed the trend. Dragon Oil (LON:DGO), Melrose Resources (LON:MRS), Premier Oil (LON:PMO) and Soco International (LON:SIA) shed less than 1%, while Heritage Oil (LON:HOIL) declined 1.3%. Salamander Energy (LON:SMDR) did better, tacking on nearly 2%. JKX Oil & Gas (LON:JKX) posted a marginal gain. Dana Petroleum (LON:DNX) was flat. Services company Wood Group (LON:WG) dropped 1.6%. US operating junior Caza Oil & Gas (LON:CAZA) led the sector with a 19% rally. North Sea oil explorer and developer Xcite Energy (LON:XEL) followed with a 4% gain.
at/ d/bs
Oil prices hold steady ahead of US jobs data: Oil prices didn't move by much today as stock markets were flat following Wednesday’s rally that saw the FTSE 100 advance 2.7%, while the Dow Jones and S&P 500 indexes in the US surged 2.5% and 3% respectively. Investors are taking a breather ahead of today's update on US jobless claims and tomorrow's non-farm payrolls and undermployment rate data. The markets on both sides of the Atlantic got a boost from a batch of upbeat data released in US, Australia and China on Wednesday. Australia said its GDP grew at a 1.2% rate in Q2, while China’s PMI (purchasing managers index) measuring manufacturing growth climbed from 51.2 in July to 51.7 in August. Later in the day, the Institute of Supply Management’s (ISM) US manufacturing index was reported to have risen to 56.3 last month, while analysts expected it to decline. The data sent positive signals to investors, which have been in an increasingly pessimistic mood in the wake of weak US jobs and manufacturing updates released last month. In other news, a Reuters survey showed that supplies from OPEC (Organization of Petroleum Exporting Countries) declined to the lowest since November 2009, averaging 26.83 million barrels per day for the 11 members with output targets compared to 26.95 million in July. Total supplies stood at 29.09 million barrels per day. The decrease was attributed to lower output from Nigeria and Iraq due to disruptions. The oil cartel slashed its output targets by 4.2 million barrels in late 2008 in response to a substantial fall in oil prices. On Wednesday, the US Energy Department said that crude inventories added 3.4 million barrels last week, while energy information provider Platts expected a gain of 1.9 million barrels. According to the report, gasoline stockpiles declined by 200,000 barrels, while distillates, which include diesel and heating oil, shed 700,000 barrels.Prior to that, the American Petroleum Investor (API) reported an even bigger gain of 4.8 million barrels in US crude stockpiles. October Brent Crude slid to US$75.95/barrel, while US light, sweet crude for October delivery inched higher to US$74.06/barrel. Most blue chip oil and gas producers were in decline today. Supermajors BP (LON:BP) and Shell (LON:RDSB) posted small losses, while Cairn Energy (LON:CNE) and Tullow Oil (LON:TLW) shed 2.6% and 2.2% respectively. BG Group (LON:BG) outperformed its peer, climbing 1.2%. Amec (LON:AMEC) stood just above the opening level, while fellow oil and gas engineering firm Petrofac (LON:PFC) declined 1%. Most midcaps followed the trend. Dragon Oil (LON:DGO), Melrose Resources (LON:MRS), Premier Oil (LON:PMO) and Soco International (LON:SIA) shed less than 1%, while Heritage Oil (LON:HOIL) declined 1.3%. Salamander Energy (LON:SMDR) did better, tacking on nearly 2%. JKX Oil & Gas (LON:JKX) posted a marginal gain. Dana Petroleum (LON:DNX) was flat. Services company Wood Group (LON:WG) dropped 1.6%. US operating junior Caza Oil & Gas (LON:CAZA) led the sector with a 19% rally. North Sea oil explorer and developer Xcite Energy (LON:XEL) followed with a 4% gain.

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