Market Report: Rupert Murdoch’s promotion of sons has reignited speculation about a bid for Sky
Friday 28 March 2014
BSkyB moved higher in a subdued market yesterday, amid renewed speculation that it could be a bid target.
Rupert Murdoch’s promotion of his two sons within his media empire has reignited speculation about a possible bid for Sky. UBS said at the start of the year the broadcaster could be a target for either Murdoch or the likes of Vodafone or O2.
The chatter comes amid consolidation in the US market, with Comcast taking over rival Time Warner for $45bn and reports of talks between Dish Network and DirecTV. Sky added 14p to 930p.
The Footsie fell 16.98 points to 6588.32 yesterday as banks and miners hit the index. The US Federal Reserve blocked the shares buyback and dividend plans at HSBC, off 2.9p at 608.3p, and RBS, down 4.2p at 301.9p, amid concerns over capital, while fears of a Chinese slow-down continued to weigh on the mining sector. It wasn’t helped by Glencore Xstrata’s suspending production at an Australian mine after a fall in coal prices– down 4p to 307.1p.
Tullow Oil fell 18p to 759p after a disappointing update on its Kenya project. Mid-cap Scottish explorer Cairn Energy was up 6.2p at 173.3p after upgrades from Investec and Goldman Sachs.
AIM-listed Mediterranean Oil & Gas toasted a victory in the courts over one-time partner Leni Oil & Gas. Leni, run by David Lenigas, sold out a 10 per cent stake in a Malta site to MOG for $1, which it then flogged to Tony Hayward’s Genel Energy for $10m. Leni, down 0.07p to 0.74p, claimed MOG had mislead it over the deal, but Mr Justice Males decided not, saying: “Litigation like the oil business is a high risk activity and LGO failed to strike oil.” MOG welled up 0.87p to 6p.
Horizon Discovery started life on AIM with a pop. The Cambridge-based biotech firm, which works on disease mapping and personalised medicine, hit 214.5p after floating at 180p. Panmure Gordon was the book runner.
South African coal operator Strategic Natural Resources collapsed 3.5p to 3p after revealing its had a winding-up petition from London Commodity Brokers, seeking $1.15m. Its subsidiary Elitheni was also hit with a court order in South Africa, freezing the firm’s interest.
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 4 Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
Asteroid narrowly scrapes past Earth: how to watch the closest space rock for decades as it flies by
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Greece elections: Greek PM Alexis Tsipras takes aim at 'neo-liberal' Europe as country gears up for prolonged austerity battle
Pornhub star Mia Khalifa receives death threats after being ranked the site's top adult actress
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
30,000 reasons why the rhetoric on immigrants claiming benefits can stop now
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...