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FTSE 100 starts the week in fine fettle

Last updated: 12:03 17 Feb 2014 EST, First published: 13:03 17 Feb 2014 EST

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The FTSE 100 started the new week as it ended the last as it blasted through the 6,700 level.

At close the blue-chip index was up 72.38 points, or just over 1%, at 6,7360, with miners leading the way.   

Hammerson (LON:HMSO) is the top performing heavyweight after full-year results that showed earnings per share rose 10.5% to 23.1p from 20.9p the year before, paving the way for an 8% hike in the full-year dividend to 10.8p.

British Land (LON:BLND) and Land Securities (LON:LAND) rise in sympathy.

Also up there was Anglo American (LON:AAL) after mining heavyweight was upgraded by Credit Suisse ‘outperform’ from ‘neutral’. The stock rose 2.1% to £15.52.

Still feeling the bruises from last week’s earnings alert was Rolls-Royce, which topped the loser’s list, falling 1.9% to £10.06.

Also among the laggards is Aberdeen Asset Management (LON:AND), which is weighed down by Goldman Sachs chopping its price target from 600p to 540p, while another casualty is Coca Cola HBC (LON:CCH), where Citigroup has slashed its price target from 1950p to 1700p.

Citi is looking more favourably on Randgold Resources (LON:RRS), which has been upgraded to ‘neutral’ from ‘sell’, with price target up from 3544p to 4897p.

Vodafone (LON:VOD) is another enjoying a broker boost, having seen its price target lifted to 216p from 238p while Anglo American (LON:AAL), up 1.6%, shrugs off a price target reduction from 1500p to 1460p by Deutsche Bank.

Insurance group RSA (LON:RSA) is on the move, advancing 2.1%, on rumours that it is looking to raise money, possibly through the sale of its Noraxis Capital unit in Canada.

It is not just the big beasts of the stock market that are benefitting from tips; natural insecticide group TyraTech (LON:TYR) is up more than 13% after a positive write-up in the Mail on Sunday.

Sticking with the small caps, Mariana Resources (LON:MARL) jumps 10% after it unveiled positive channel sampling and mapping results at its gold, silver, copper Soledad prospect in Peru.

Sunrise Resources (LON:SRES), up 15.1%, is at its zenith for the day after it said it has acquired two groups of mineral claims targeting copper, gold and industrial metals in Nevada.

Shaft Sinkers (LON:SHFT) is down in the dumps but well off above its worst level for the day. Shares dived after it revealed 2013 revenues would be down year-on-year, while profits will be “materially below expectations” after what chief executive Alon Davidov called an “extremely difficult trading period”.

However, the group revealed it remains on a sound financial footing, while Davidov said the business has “solid fundamentals”. This point is underscored by a significant order book which stands at £350mln.

Shares are down 13.6%.

Also taking a battering is Goldplat (LON:GDP), down 12.9%, after updating the market on a “difficult” first half to the financial year.

The AIM-listed company warned that operating profits for the 2014 financial year will be “materially below” last year’s figure of £4.53 million, which should not come as a surprise to anyone who has been tracking the gold price.

The ever-busy Magnolia Petroleum (LON:MAGP) is up 4.6% after it revealed it is to participate in a programme of eight wells on a lease operated by Devon Energy in Oklahoma.

The AIM quoted oil junior will have a 4.1% net revenue interest in the first of these wells, Marion 1-23, which is currently being drilled.

OPG Power Ventures (LON:OPG) has been on a terrific run this year, rising from 58p at the end of 2013 to 80.75p at the end of last week, but, as often happens, a trading update has prompted some holders to bank profits, even though the statement was upbeat and positive.

The Indian firm said its two latest electricity plants are on time and on budget as it confirmed full-year results are on target to meet City forecasts.

Shares power down 2.5%.

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