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Most followed, including Lloyds, Astrazeneca-Pfizer, Punch Taverns, Rose Petroleum

Published: 07:22 27 May 2014 EDT

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A proposed competition-boosting break-up of Lloyds Banking Group (LON:LLOY), with a spin-off and float of the TSB unit, was the top story on Tuesday.

On orders from the European Commission, the tax-payer backed bank is to jettison the TSB business, which comprises 600 retail branches and 4.5mln UK customers.

Through an IPO in June it is anticipated that 25% of the unit will be sold to investors.

With an estimated value of £1.5bn the retail banking business is expected to establish a footing as the UK’s seventh largest high street bank.

As no dividends are planned until 2017, it may prove a tough sell in the City. Loyal shareholders will, however, be given free shares if they hold TSB for a year.

Whether or not the predicted rise in competition equals happier customers will remain to be seen, though figures from the British Bankers' Association suggest many may still be left wanting for some time yet.

BBA stats today revealed that mortgage approvals in April were at the lowest level for eight months. It is the third consecutive month that the figure had reduced.

Despite the apparent slowdown, approvals are still 25% higher than this time last year and net mortgage lending is now at its highest since summer 2011.

Elsewhere, the longest running drugs saga since Breaking Bad continued to burn through column inches amid speculation that any future takeover offer made by Pfizer for AstraZenca would be lower than the £69bn bid that was snubbed earlier this month.

The woes of investors in troubled pub group Punch Taverns (LON:PUB) are set to be compounded after a debt restructuring proposal that would see existing shareholders left owning just 15% of the pub group.

The proposals have come from a group that owns more than a third of Punch’s securitisation debt and more than half of the junior loan notes. If implemented, the junior notes would be exchanged for shares in Punch in addition to cash and new junior notes as proposed by the company.

The plan would see Punch’s total net debt drop by £0.6bn.

Punch has about 4.300 pubs, but has never recovered from a debt-funded expansion spree that coincided with the UK's economic problems after the 2008 financial crash. Shares today were down 24% at 11p.

Small cap oil stocks were among the most searched for items on Google Finance, with Rose Petroleum being the sought after above all others.

The miner-come-oiler has been transformed through recent acquisition of shale interests in Germany and the US, though the recent excitement stems mainly from the latter.

In March, the firm bought 230,000 acres in the Paradox and Mancos shale plays in Utah, in a deal for just US$19mln. 

And just last week it highlighted potentially vast upside, as independent assessments of resources revealed potential for ‘billions of barrels’ oil equivalent.

Investors were also keenly searching for info on Falklands and now Malta focussed Rockhopper (LON:RKH), North Sea driller Faroe (LON:FPM) and Trinidad focussed Leni Gas and Oil (LON:LENI).

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