Market Report: From oil to tech, deal fever is gripping the City
Thursday 24 July 2014
Deal fever is still gripping the City, with new rumours emerging daily.
Yesterday traders heard that Indonesian oil giant Pertamina is looking at Salamander Energy, the Asian operator that this week sold a 40 per cent stake in its Great Bualuang field in the Gulf of Thailand.
Salamander failed to find a buyer after putting itself on the block in May. But word is that the asset sale is tempting Pertamina to take a second look. Salamander climbed 1.5p to 115.5p.
Cloud computing firm iomart was also the subject of speculation, with talk circulating that it has rejected a £3 a share bid from an unnamed suitor. Iomart jumped 3p to 235p in volumes seven times its normal average.
Both these tales follow speculation that Weir, down 44p at 2,704p, could be planning a bid for Finnish mining services operator Outotec, which yesterday said it had yet to be approached.
The FTSE 100 was points treading water, just 2.81 points higher at 6,798.15. Outsourcer Capita was the best performer, up 55p at 1,210p on strong results, but those gains were tempered by a profit warning from GlaxoSmithKline, which fell 73.5p to 1,481.5p, and companies trading ex-dividend – SSE lost 43p to 1,498p, while London Stock Exchange slipped 26p to 1,920p.
Kazakhmys surprised the market by pulling off a tricky demerger. The Kazakhstan copper miner has been struggling with a host of unprofitable mines in its portfolio; pressure from the Kazakh government to keep jobs has prevented any from being shut. A restructure review was launched in February with news expected by September.
But yesterday Vladimir Kim, Kazakhmys’s former chairman, agreed to take on 11 of the mines. Kazakhmys was always planning to pay towards working costs but the company is handing over just $150m, much lower than analysts forecast.
It plans to rename itself KAZ Minerals, and now looks like a much better investment. Kazakhmys jumped 26p to 344.8p.
AIM-listed Astar Minerals climbed 0.22p to 2.95p after a Mexican Senate ruling paved the way to let private players into the country’s energy industry, which Astar is targeting.
As anti-Semitic attacks rise, Grant Feller re-evaluates his identity
Savoury patisserie is a thing now
Meet the primary school where every day is National Poetry Day
Kirstie Allsopp has waded into the female fertility debate again
...and it wasn't caused by an asteroid crash, as first thought
Gillian Anderson lays into gender disparity in Hollywood
Striker ignored Brendan Rodger's request to applaud audience
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered...
- 3 35,000 walrus gather on north-west Alaska beach 'for a rest'
- 4 Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Stella McCartney apologises over controversial 'very ill' model picture on Instagram
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered...
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Cheryl Cole named 'the most dangerous celebrity' on the internet
Former Tory donor Arron Banks ups his Ukip donation to £1million following William Hague 'nobody' comment
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...