Market Report: Shares at Tullow Oil spurted up more than 7 per cent after bid rumours
Thursday 06 February 2014
A re-heated bid rumour that Norway's Statoil is eyeing African-focused Tullow Oil sent shares in the London-listed group spurting up more than 7 per cent yesterday. Tullow has been rumoured to be a potential takeover target since its share price came under pressure last year after a series of disappointing updates. The rumours of Statoil's interest were reported last month and yesterday the City's enthusiasm for the chit-chat led to a spike in volumes, with more than 6 million shares traded. Statoil, which is speculated to be considering a 1,400p a share bid, fell ahead of its fourth-quarter update, due tomorrow. Tullow was the top riser on the benchmark index, up 56p to 849.5p.
The wider market edged out of the red as negative sentiment subsided but traders remained cautious before tomorrow's US jobs figures and the FTSE 100 climbed 8.62 points to 6,457.89.
On the mid-tier table, Essar Energy surged ahead by 4.95p to 59.3p after it said it had restored power to its Stanlow refinery.
The share price of the emerging market-focused investment manager Ashmore was picking up – a sign that investor concerns about emerging markets were starting to ease. The stock soared 16.8p to 334.4p after Analysts at Canaccord Genuity raised it to buy.
Wolfson Microelectronics, the small-cap audio chip maker, fell 5p to 125p after a fourth-quarter operating loss.
Blinkx, the troubled Aim-listed online video search specialist, fell 5.5p to 107.25p. It suffered last week after a blog about the company circulated among investors. Muddy Waters' Carson Block has also taken a short position – betting the shares will fall. Karl Loomes, a market analyst for SunGard Astec Analytics, said: "Our data shows that the number of Blinkx shares being borrowed began to increase in early January… it has now climbed almost 40 per cent."
UK analytics firm Ebiquity said its major shareholder, the US private equity house Veronis Suhler Stevenson (VSS) had sold its 40 per cent stake. VSS placed 28.9 million shares with a number of institutions through Numis Securities at 120p a share – above its mid-market price. Ebiquity ticked up 0.5p to 119.5p.
Emergency call 'started off dumb, but got pretty serious'
Britain First criticised for using actress's memory to draw attention to their 'hate-filled home page'
Thought you'd seen it all after the Jeremy Paxman interview?
Greatest mystery about the hit BBC1 show is how it continues to be made at all, writes Grace Dent
"History is violent," says the US Army tank commander Don "Wardaddy" Collier
Argentinian scored 'rabona' wonder goal for Tottenham in Europa League – see it here
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Watch what happened when food critics were unknowingly served McDonald's
- 3 Jimmy Carr's controversial Oscar Pistorius joke goes a bit too far at the Q Awards
- 4 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo
- 5 Of course, teenage girls need role models – but not like beauty vlogger Zoella
Isis releases first video showing the stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
This 'woman calls police to order pizza' story isn't going where you're expecting
FCKH8: YouTube reinstates provocative anti-sexism video showing young girls swearing
Diwali: What is the festival of lights – and how is it celebrated around the world?
Jimmy Carr's controversial Oscar Pistorius joke goes a bit too far at the Q Awards
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Residents should throw a street party and mix with immigrant neighbours, councils told
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...
£100 - 125k: Guru Careers: A CTO / Chief Technology Officer is needed to join ...
Competitive (DOE): Guru Careers: A COO / Chief Operating Officer is needed to ...