Date: Friday 11 Jun 2010
A revival by BP has started Footsie off on the front foot this morning after a surge by oil stocks on Wall Street overnight.
BP is the best performer. The company yesterday reported the amount of oil is capturing from the Gulf of Mexico leak has risen to 15,800 barrels per day, though an upward revision of how much is leaking to up to 30,000 barrels suggests it has still some way to go.
On the financial front, UK fund managers are now telling US president Obama to back off in his verbal attacks on the company, while David Cameron will talk to the US president abut the situation next week.
Cairn and Tullow are also higher in a buoyant oil sector.
BHP Billiton chairman Jac Nasser has written to shareholders to restate the mining giant’s opposition to the new super tax on the mining industry proposed by the Australian government. He said meetings with government representatives since the controversial plan was first announced on 2 May have been about how the tax would be brought in, not about its “major design features (and flaws)”. Other miners are weak with Rio Tinto and Antofagasta the worst hit.
Underwriters are a strong sector after Brit Insurance last night rejected a £10 per share indicative takeover approach from US private equity firm Apollo saying it significantly undervalued the group. Rivals Catlin and Amlin are up in sympathy.
Pub group and brewer Fuller's is cheering even before the World Cup starts. The London-based group posted record profits last year as its managed pubs and hotels pushed forward with its brewing business also going well. Profits in the year to March jumped 86% to £26.8m, with underlying profits 17% ahead at £26.6m - well ahead of market forecasts.
Bury St. Edmund’s based brewer and pubs group Greene King meanwhile has bought four freehold pub restaurants from cash constrained competitor Punch Taverns for £5.3m. The pubs which are located in “highly attractive, food-led, destination sites in Aberdeen, Northampton and Nottingham,” Greene King said.
Real estate investment trust Hammerson has bought a long leasehold on Leadenhall Court, a City of London office building, for £65m including transaction costs. The building is fully let until March 2014. Passing rents are £7.16m per annum reflecting an initial yield of 11%.
A revival by BP has started Footsie off on the front foot this morning after a surge by oil stocks on Wall Street overnight.BP is the best performer. The company yesterday reported the amount of oil is capturing from the Gulf of Mexico leak has risen to 15,800 barrels per day, though an upward revision of how much is leaking to up to 30,000 barrels suggests it has still some way to go.
On the financial front, UK fund managers are now telling US president Obama to back off in his verbal attacks on the company, while David Cameron will talk to the US president abut the situation next week.
Cairn and Tullow are also higher in a buoyant oil sector.
BHP Billiton chairman Jac Nasser has written to shareholders to restate the mining giant’s opposition to the new super tax on the mining industry proposed by the Australian government. He said meetings with government representatives since the controversial plan was first announced on 2 May have been about how the tax would be brought in, not about its “major design features (and flaws)”. Other miners are weak with Rio Tinto and Antofagasta the worst hit.
Underwriters are a strong sector after Brit Insurance last night rejected a £10 per share indicative takeover approach from US private equity firm Apollo saying it significantly undervalued the group. Rivals Catlin and Amlin are up in sympathy.
Pub group and brewer Fuller's is cheering even before the World Cup starts. The London-based group posted record profits last year as its managed pubs and hotels pushed forward with its brewing business also going well. Profits in the year to March jumped 86% to £26.8m, with underlying profits 17% ahead at £26.6m - well ahead of market forecasts.
Bury St. Edmund’s based brewer and pubs group Greene King meanwhile has bought four freehold pub restaurants from cash constrained competitor Punch Taverns for £5.3m. The pubs which are located in “highly attractive, food-led, destination sites in Aberdeen, Northampton and Nottingham,” Greene King said.Real estate investment trust Hammerson has bought a long leasehold on Leadenhall Court, a City of London office building, for £65m including transaction costs. The building is fully let until March 2014. Passing rents are £7.16m per annum reflecting an initial yield of 11%.
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