Market Updates
London Slips On Weak Commodities
Ivaylo
11 Sep, 2006
London
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Plunging copper prices pushed miners into negative territory while the declining oil pressed energy stocks down. Royal Ducth Shell and BG group suffered heavily from the lower oil prices. BHP Billiton led the decliners. Vodafone advanced but failed to provide some respite to the downward trend on UK markets. Prudential also edged up on a bid with Swiss Re. The FTSE 100 in London shed 0.6% at mid-day trading.
[R]9:30AM The FTSE 100 declines as mining and energy stocks plunge.[/R]
The FTSE 100 in London fell 0.6% to trade at 5844.00 at mid-day on Monday. Mining companies BHP Billiton, Rio Tinto and Anglo American all shed more than 3%, while oil and gas stocks including Royal Dutch Shell and BP also dived.
Other miners stocks that were hit included Vedanta Resources, shedding 3% and Kazakhmys losing 2.8%. The declines are due to record Chinese trade figures causing concerns that further interest rate hikes would be needed to slow growth.
Prudential bucked the downtrend, advancing 0.2% after the weekend press reports that Swiss Re has offered to buy the UK ensurer closed funds in a deal worth potentially £5bn. Vodafone gained 0.9% following its statement that it had signed a contract with BT Wholesale to provide its customers in the UK with Vodafone-branded consumer fixed-line broadband services.
Online-gambling company Sportingbet plunged 39% after the stock restarted trading. Stanley Leisure advanced 2.2% to 874 pence in the wake of news late on Sunday that Malaysian gaming group Genting made an offer to buy the UK casino operator.
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