Market Report: Rothschild miner Bumi hits a slump

More bad news has been dug up for Nat Rothschild at his coal miner Bumi. Shares in Indonesia's Bumi Resources hit a three-year low in Jakarta after Asia's top thermal coal exporter posted a first-half loss at the weekend.

London-listed parent Bumi Plc, established by financier Rothschild and Indonesian investor Samin Tan, which owns a 29 per cent stake in Bumi Resources, has already been hit by boardroom disagreements and worries over debts this year.

Bumi, which has had to contend with falling thermal coal prices and a lack of demand from China, also updated the market on a $231m (£146m) loan that was due to be repaid earlier this year. In July it said the repayment is delayed and yesterday it confirmed talks continue between Bumi Resources and Recapital about a "new repayment schedule".

Bumi slumped 15p to 340p.

In better news Aim-listed Xcite Energy continued its ascendance that began in July. Traders back from their August holidays have taken note of the gushing oil at its Bentley oilfield and have even whispered that Xcite might look interesting to a bigger rival such as Statoil. It finished the day up 1p to 93p.

Is there a false market in Marks & Spencer shares? The question has been on the lips of some City traders. On the back of weeks of speculation that a potential bidder is circling the high street giant, the shares have jumped more than 10 per cent since the beginning of August. On Friday Bloomberg reported that private-equity outfit CVC Capital Partners had explored a bid, sending the shares up again.

Yesterday they eased back, losing 8.9p to 362.8p, as takeover talk faded, a reassurance to those shorting the stock. Shore Capital scribe Clive Black questioned whether there is an "orderly market in M&S shares".

M&S has not made a formal statement about the bid – if it did, how far would the shares fall, he mused. He said: "Whilst noting the mark-up, which provides lesser immediate upside, we retain our positive stance for now."

Home shopping group Findel climbed 0.9p to 6p. Last week WH Ireland reiterated its buy rating with a target price of 12.5p, up from 8p. The online and catalogue retailer, which runs businesses including door-to-door cleaning products brochure Kleeneze, looks like it has turned a corner. There was even very vague rumours that it could be looking at a rights issue to raise money to grow further.

With a short week ahead, the FTSE 100 appeared to be still on holiday and fell only 0.89 points to 5775.7 after remaining flat on Friday.

Carnival, which had its outperform rating reiterated by analysts at Exane BNP Paribas sailed into steadier waters and was up 78p to 2170p. Scribes at Citigroup were in the holiday mood and said the cruise sector has recovered after the Costa Concordia disaster with bookings on the rise.

Over on the FTSE 250, a proposed total dividend of 5.5p and a profits rise at specialist chemicals maker Yule Catto helped shares move up 16.2p to 158p.

Troubled military equipment maker Chemring issued a profits warning blaming IT problems and its shares nosedived 46.5p to 324p, the worst performer of the mid-cap market. There was no update of a possible bid from Carlyle.

On Aim, Fox Marble, the first company out of Kosovo to list on Aim, will use the £9.65m raised from its listing at 20p a share to fund a processing plant to cut and polish marble. Kosovar marble already has a claim to fame – it was used in the construction of America's White House.

Explorer Red Emperor Resources has struck water, not oil, at its Shabeel North well in Puntland, Somalia. The explorer, which last week suspended its shares awaiting the news, saw its share price spiral down 40.7 per cent to 4.7p, a 3.2p slide. Partner Range Resources, in a joint venture with Horn Petroleum Corp at the project, edged up slightly 0.2p to 5.1p. Despite the disappointment the partners plan to look at other wells in the area.

Futura Medical shares drooped to 47.5p, down 11p, after it admitted talks with Reckitt Benckiser to sell its CSD500 condom have ended with no deal.

News
i100
News
people Emma Watson addresses celebrity nude photo leak
News
Katie Hopkins appearing on 'This Morning' after she purposefully put on 4 stone.
peopleKatie Hopkins breaks down in tears over weight gain challenge
News
peopleHis band Survivor was due to resume touring this month
PROMOTED VIDEO
Arts and Entertainment
Robert De Niro, Martin Scorsese and DiCaprio, at an awards show in 2010
filmsDe Niro, DiCaprio and Pitt to star
News
i100
News
In this photo illustration a school student eats a hamburger as part of his lunch which was brought from a fast food shop near his school, on October 5, 2005 in London, England. The British government has announced plans to remove junk food from school lunches. From September 2006, food that is high in fat, sugar or salt will be banned from meals and removed from vending machines in schools across England. The move comes in response to a campaign by celebrity TV chef Jamie Oliver to improve school meals.
science
Life and Style
Red or dead: An actor portrays Hungarian countess Elizabeth Báthory, rumoured to have bathed in blood to keep youthful
health
Arts and Entertainment
James Dean on the set of 'Rebel without a Cause', 1955
photographyHe brought documentary photojournalism to Tinseltown, and in doing so, changed the way film stars would be portrayed for ever
News
people'It can last and it's terrifying'
News
ebooksAn unforgettable anthology of contemporary reportage
Arts and Entertainment
tv
Life and Style
fashionModel of the moment shoots for first time with catwalk veteran
News
i100
Sport
Tom Cleverley
footballLoan move comes 17 hours after close of transfer window
Sport
Alexis Sanchez, Radamel Falcao, Diego Costa and Mario Balotelli
footballRadamel Falcao and Diego Costa head record £835m influx
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

C++ Quant Developer

£700 per day: Harrington Starr: Quantitative Developer C++, Python, STL, R, PD...

Java/Calypso Developer

£700 per day: Harrington Starr: Java/Calypso Developer Java, Calypso, J2EE, J...

SQL Developer

£500 per day: Harrington Starr: SQL Developer SQL, C#, Stored Procedures, MDX...

C#.NET Developer

£500 per day: Harrington Starr: C#.NET Developer C#, WPF, WCF, ASP.NET, Prism...

Day In a Page

Chief inspector of GPs: ‘Most doctors don’t really know what bad practice can be like for patients’

Steve Field: ‘Most doctors don’t really know what bad practice can be like for patients’

The man charged with inspecting doctors explains why he may not be welcome in every surgery
Stolen youth: Younger blood can reverse many of the effects of ageing

Stolen youth

Younger blood can reverse many of the effects of ageing
Bob Willoughby: Hollywood's first behind the scenes photographer

Bob Willoughby: The reel deal

He was the photographer who brought documentary photojournalism to Hollywood, changing the way film stars would be portrayed for ever
Hollywood heavyweights produce world's most expensive corporate video - for Macau casino

Hollywood heavyweights produce world's most expensive corporate video - for Macau casino

Scorsese in the director's chair with De Niro, DiCaprio and Pitt to star
Angelina Jolie's wedding dress: made by Versace, designed by her children

Made by Versace, designed by her children

Angelina Jolie's wedding dressed revealed
Anyone for pulled chicken?

Pulling chicks

Pulled pork has gone from being a US barbecue secret to a regular on supermarket shelves. Now KFC is trying to tempt us with a chicken version
9 best steam generator irons

9 best steam generator irons

To get through your ironing as swiftly as possible, invest in one of these efficient gadgets
'I’ll tell you what I would not serve - lamb and potatoes': US ambassador hits out at stodgy British food served at diplomatic dinners

'I’ll tell you what I would not serve - lamb and potatoes'

US ambassador hits out at stodgy British food
Radio Times female powerlist: A 'revolution' in TV gender roles

A 'revolution' in TV gender roles

Inside the Radio Times female powerlist
Endgame: James Frey's literary treasure hunt

James Frey's literary treasure hunt

Riddling trilogy could net you $3m
Fitbit: Because the tingle feels so good

Fitbit: Because the tingle feels so good

What David Sedaris learnt about the world from his fitness tracker
Saudis risk new Muslim division with proposal to move Mohamed’s tomb

Saudis risk new Muslim division with proposal to move Mohamed’s tomb

Second-holiest site in Islam attracts millions of pilgrims each year
Alexander Fury: The designer names to look for at fashion week this season

The big names to look for this fashion week

This week, designers begin to show their spring 2015 collections in New York
Will Self: 'I like Orwell's writing as much as the next talented mediocrity'

'I like Orwell's writing as much as the next talented mediocrity'

Will Self takes aim at Orwell's rules for writing plain English
Meet Afghanistan's middle-class paint-ballers

Meet Afghanistan's middle-class paint-ballers

Toy guns proving a popular diversion in a country flooded with the real thing