Market Report: From oil to tech, deal fever is gripping the City

 

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.

Start your day with The Independent, sign up for daily news emails
Sport
wimbledonScot will face Ivo Karlovic next
Sport
football
News
Hillary Clinton comments on viral Humans of New York photo of gay teenager
Arts and Entertainment
The gang rape scene in the Royal Opera’s production of Gioachino Rossini’s Guillaume Tell has caused huge controversy
music
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Sales Assistant / Buyer

£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....

Recruitment Genius: Compliance Manager

£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...

Day In a Page

Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate
Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'
10 best statement lightbulbs

10 best statement lightbulbs

Dare to bare with some out-of-the-ordinary illumination
Wimbledon 2015: Heather Watson - 'I had Serena's poster on my wall – now I'm playing her'

Heather Watson: 'I had Serena's poster on my wall – now I'm playing her'

Briton pumped up for dream meeting with world No 1
Wimbledon 2015: Nick Bollettieri - It's time for big John Isner to produce the goods to go with his thumping serve

Nick Bollettieri's Wimbledon Files

It's time for big John Isner to produce the goods to go with his thumping serve
Dustin Brown: Who is the tennis player who knocked Rafael Nadal out of Wimbeldon 2015?

Dustin Brown

Who is the German player that knocked Nadal out of Wimbeldon 2015?
Ashes 2015: Damien Martyn - 'England are fired up again, just like in 2005...'

Damien Martyn: 'England are fired up again, just like in 2005...'

Australian veteran of that Ashes series, believes the hosts' may become unstoppable if they win the first Test