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FTSE 100 back above 6500

Last updated: 08:17 14 Mar 2013 EDT, First published: 09:17 14 Mar 2013 EDT

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Having dragged itself back above the 6,500 level the top-share index topped out at 6,513 this morning, as investors await the open on Wall Street, where the Dow is expected to open 30 points higher.

For once, the blue-chip index’s direction is not being steered by the mining heavyweights, most of which are off the pace this morning; Rio Tinto (LON:RIO) is the biggest faller, down 61.5p at £33.19p, while Fresnillo (LON:FRES), down 24p at £14.61, and Vedanta Resources (LON:VED), down 12p at £11.57, keep Rio company in the doghouse.

Temporary power provider Aggreko (LON:AGK) leads the advance after bagging a contract to provide gas-fuelled power to utilities in Mozambique and Namibia. The shares power up to £19.48, up 105p on the day.

Supermarket giant Morrisons (LON:MRW) is also wanted after having a change of heart and making a very belated entry into the arena of online retailing, possibly in partnership with groceries delivery specialist Ocado (LON:OCDO). Morrisons rises 2.6% to 278.6p on the news but the big winner is Ocado, up 22% to 168p, as the mooted tie-up reduces its strategic dependence on supermarket chain Waitrose.

Elsewhere in retail, Argos and Homebase owner Home Retail (LON:HOME) has whacked up its profit guidance again for the financial year just ended after a storming finish to the year. The shares are up 10.5% to 146.9p.

Customers are still taking the tablets, apparently, with Argos seeing strong demand for hand-held computing devices such as the Samsung Galaxy Tab.

Home Retail now expects to make about £90mln profit in the year to 2 March. The retailer had already raised its profits guidance in January, to about £83mln.

The FTSE 100 is up 22 at 6,504, while at the small-cap end of the market the AIM All-Share is down 2 at 746 and the FTSE Fledgling is up 13 at 5,314.

Horizonte Minerals (LON:HZM, TSE:HZM) edges up an eighth of a penny to 11.75p after it revealed its drilling programme on the Araguaia project in north central Brazil has intercepted high-grade nickel.

At the Jacutinga target, the best result was 7.61 metres at 1.8% of the metal, while Vila Oito returned 6.75 metres at 2.53%, 10.52 metres at 1.91% and 13.33 metres at 1.78% nickel.

Chief executive Jeremy Martin said: "The results of the on-going infill drill programme at Araguaia continue to deliver high nickel grades with good vertical thickness over the main target zones.“

Sticking with the drilling theme, shale oil play Nighthawk Energy (LON:HAWK) has set up a US$5mln short term loan and told investors it will drill two new wells on the Smoky Hills project in the second quarter of 2013. The wells will follow up the Steamboat Hansen discovery.

The short term loan, via Nighthawk’s largest shareholder Johan Claesson, will cost 15% interest per year and will run until the end of May next year. Claesson will also receive a 10% profit share in up to four new wells at Smoky Hills.

The announcement came as Nighthawk revealed a 65% increase in revenue to US$1.6bn in the six months to the end of 2012 compared to the corresponding period of 2011.

Gross average production in the six month period shot up to 134 barrels of oil per day, a 165% increase on the gross average for the year to 30 June 2012.

Nighthawk’s shares were up 0.04p to 4.04p on the news.

Also on the fund raising trail is Bullabulling Gold (LON:BGL, AUS:BBB). It is to raise up to £4.2mln through an equity issue to complete the definitive feasibility study at its flagship project in Western Australia.

The entitlement offer will open to existing shareholders on a 1 for 2 basis at 3.5p (5c). The share issue is not being underwritten.

The shares are off 6% at 4p.

Jupiter Energy (LON:JPRL, ASX:JPR) saw a sharp year-on-year increase in production in the second half of 2012, the Aussie and AIM listed oil producer revealed this morning.

The Kazakhstan-focused company said total production for the period was about 77,000 barrels of oil, compared to 11,739 barrels the year before.

The company, which only started clocking up revenue last year, posted a gross profit of AU$293,552 for the half year.

The shares eased 2.2%, however, as the company revealed a wider loss at the pre-tax level of AU$2.79mln, versus a loss of AU$2.02mln the year before.

The milestones keep whizzing by for blur Group (LON:BLUR), the fast-growing crowdsourcing specialist.

The company announced on Thursday that it has now received more than 1,700 briefs for its services from customers on five continents. The shares closed last night at an all-time high but are up again today, rising 4.5p to 179p.

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