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| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Premier Oil agrees $200m sale of Wytch Farm stake to Verus Premier Oil has agreed to sell its entire 33.8% stake in the Wytch Farm oilfield to Verus Petroleum SNS for a cash consideration of $200m.
The cash consideration will be payable on completion and Premier will also be able to release around $75m in letters of credit related to future decommissioning liabilities that are now being transferred to Verus.
Premier said the disposal is in the best long-term interest of the company and its stakeholders and represents "an excellent opportunity to realise an attractive valuation well in excess of the implied valuation from the most recent transaction in Wytch Farm".
Proceeds from the disposal will be used to pay down Premier's existing debt.
Chief executive Tony Durrant said: "The disposal will allow for a significant reduction in Premier's net debt and generates material value for shareholders. This is the latest in a series of disposals in line with Premier's strategy of realising value for shareholders at the appropriate stage of an asset's life cycle and at an attractive valuation."
Wytch Farm is a large onshore oil field although a significant area extends offshore. The field has been developed with 11 well sites linked to a central onshore gathering station and is operated by Perenco UK Limited. Production is exported via pipeline to the Hamble terminal near Southampton for tanker loading.
At 0930 BST, the shares were up 1.7% to 58.62p. |
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| Market Movers
FTSE 100 (UKX) 7,416.95 0.05%
FTSE 250 (MCX) 19,693.37 -0.00%
techMARK (TASX) 3,467.47 0.05%
FTSE 100 - Risers
Ashtead Group (AHT) 1,768.00p 4.99%
Smurfit Kappa Group (SKG) 2,372.00p 1.76%
Sainsbury (J) (SBRY) 239.10p 1.27%
Old Mutual (OML) 202.30p 1.10%
Mondi (MNDI) 2,072.00p 1.07%
Johnson Matthey (JMAT) 2,891.00p 0.94%
Tesco (TSCO) 187.90p 0.94%
Associated British Foods (ABF) 3,129.00p 0.84%
Barclays (BARC) 188.10p 0.78%
BHP Billiton (BLT) 1,429.50p 0.70%
FTSE 100 - Fallers
Whitbread (WTB) 3,637.00p -3.68%
Taylor Wimpey (TW.) 190.70p -2.60%
Persimmon (PSN) 2,495.00p -2.35%
Barratt Developments (BDEV) 592.50p -2.23%
International Consolidated Airlines Group SA (CDI) (IAG) 597.00p -1.73%
St James's Place (STJ) 1,136.00p -1.22%
Randgold Resources Ltd. (RRS) 7,935.00p -0.81%
Fresnillo (FRES) 1,595.00p -0.75%
Carnival (CCL) 5,145.00p -0.68%
InterContinental Hotels Group (IHG) 3,768.00p -0.66%
FTSE 250 - Risers
JD Sports Fashion (JD.) 373.00p 8.87%
Nostrum Oil & Gas (NOG) 392.00p 3.10%
Fisher (James) & Sons (FSJ) 1,567.00p 2.55%
Polypipe Group (PLP) 396.70p 2.48%
AA (AA.) 166.20p 2.09%
Softcat (SCT) 410.10p 2.01%
TBC Bank Group (TBCG) 1,637.00p 1.80%
PayPoint (PAY) 940.00p 1.79%
Sirius Minerals (SXX) 26.61p 1.56%
Tullow Oil (TLW) 157.00p 1.55%
FTSE 250 - Fallers
Redrow (RDW) 576.00p -8.93%
Petra Diamonds Ltd.(DI) (PDL) 81.85p -3.54%
SSP Group (SSPG) 515.50p -2.55%
Berkeley Group Holdings (The) (BKG) 3,509.00p -2.31%
Bellway (BWY) 3,105.00p -1.86%
Ascential (ASCL) 369.00p -1.76%
Countryside Properties (CSP) 344.00p -1.71%
Lancashire Holdings Limited (LRE) 664.00p -1.48%
Acacia Mining (ACA) 180.30p -1.48% |
| | Tuesday September 05
INTERIMS
888 Holdings, Alpha Fx Group , Cairn Homes , Dalata Hotel Group, EU Supply, Gamma Communications, Lighthouse Group, Spectra Systems Corporation, Stadium Group, Vipera
INTERIM DIVIDEND PAYMENT DATE
Keller Group, St. Modwen Properties
QUARTERLY EX-DIVIDEND DATE
Schlumberger Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Factory Orders (US) (15:00)
Gross Domestic Product (EU) (10:00)
Retail Sales (EU) (11:00)
FINALS
A&J Mucklow Group, Craneware, Mattioli Woods
AGMS
Aberdeen New India Investment Trust, Better Capital Pcc Ltd (2009), Downing Four VCT DP67 , Jupiter Green Inv Trust, Smith (DS)
TRADING ANNOUNCEMENTS
Halfords Group
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01) |
| | Market Analysis 08/09/2017 Today’s highlights: Global markets seen lower - US closes mostly lower: Both the Dow Jones and S&P 500 closed slightly lower yesterday, while the Nasdaq showed small gains.
- Disney falls more than 4%: The entertainment giant tumbled after CEO Bob Iger said that the company's earning per share this year will be in line with earnings reported in 2016.
Read More... |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks track gains in US ahead of Apple 8 launch Stocks are pushing higher again in early trading, tracking a record close overnight on the main gauge for the US stockmarket, the S & P 500, although some observers are wary of the potential for a negative reaction from Pyongyang after the UN Security Council imposed new sanctions on the regime in response to its nuclear missile programme.
Against that backdrop, the focus in markets on Tuesday was expected to be tech giant Apple's launch of its new iPhone 8.
As of 0823 BST, the benchmark Stoxx 600 was 0.31% or 1.18 points higher to 380.61, alongside a gain of 0.41% or 50.80 points to 12,526.47 for Germany's Dax and a rise of 0.28% or 14.43 points to 5,1919.20 in the French Cac-40.
The possibility that the fallout from Hurrican Irma might delay the US central bank's hand was cited as another potential tailwind for Wall Street by Michael Hewson, chief market analyst at CMC Markets UK.
"Nonetheless the lost output and reduced economic activity as a result of these recent storms, as we look ahead to the next few weeks, has also prompted the expectation that the Federal Reserve won't be raising rates again for a while, and this is also helping boost stock markets," he said.
Overnight, the UN Security Council approved to force a reduction in the country's energy supplies, cut-off its sales of textiles overseas and to toughen rules for the inspection of ships which may be carrying illegal cargoes.
However, under pressure from China and Russia the sanctions stopped well short of a ban on oil exports to North Korea, which would cripple its economy, or of ordering a 'freeze' on the personal financial assets of its leader, Kim Jong Un.
Meanwhile, in Switzerland, according to Nippon Television North Korean officials and former US ones were planning informal talks.
In terms of economic data, Tuesday's calendar was quite sparse, with only Portuguese consumer price figures for the month of August set for release.
However, a speech from European Central Bank vicepresident Vitor Constancio at 1445 BST would be watched for any further clues about the current state of thinking of rate-setters in Frankfurt.
Later in the day, the US NFIB's small business confidence index for August was set for release at 1100 BST, followed by the results of the JOLTS labor market survey for July at 1500 BST.
Kingdom Holding will purchase a 16.2% stake in Banque Saudi Fransi from Credit Agricole.
French oil major Total's 225,000 barrel a day refinery at Port Arthur, Texas, may be shuttered for weeks as a result of damage from Hurricane Harvey, Reuters reported citing market sources Stateside.
Deutsche Bank's head of subprime mortgage lending was charged with civil fraud in connection to the last financial crisis. |
| | Barclays Vs Lloyds - Which is a better Buy? | | Barclays and Lloyds are two of the UK’s most popular stocks.
But which is the better buy?
In this Complimentary Guide we explain in plain English what’s really going on at these key British Banks.
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Why Barclays has a ‘secret weapon’ that could unlock serious value
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Click here for your Complimentary Guide |
| | US Market Report | | US close: Markets end higher as investor sentiment improves Wall Street's main market averages finished in the green on Monday, with the prior week's worries about North Korea and Hurricane Irma apparently receding in the rearview mirror.
The Dow Jones Industrial Average was ahead 1.19%, the S&P 500 added 1.08% to 2,488.11 and the Nasdaq 100 was up 1.14% at 5,980.53.
Investors had been worried that North Korea would launch more missile tests over the weekend as it celebrated its 69th anniversary.
"Fortunately, this never materialised, with Kim Jong Un instead using the celebration to recognise the previous weekend's achievements, allowing investors the opportunity to unwind some of the safe haven trades from the days before," noted Oanda analyst Craig Erlam
Erlam added that with Hurricane Irma now downgraded to category one, there was hope that the devastation wreaked by the storm would not be as bad as feared, potentially bringing down the eventual bill.
"The debt ceiling can being kicked down the road a few months is also providing temporary relief but as always with this kind of thing, the problem has only been delayed rather than resolved."
On the corporate front, shares in Teva Pharmaceuticals were spiking 19.35% after the outfit announced the appointment of Lundbeck's Kare Schultz as its new top dog.
Elsewhere, Tesla was also in the black by 5.91% after the electric car market sent out a free software update to temporarily extend the battery life of some of its cars to help owners evacuate Hurricane Irma.
Stock in Pilgrim's Pride was down 3.2% after it announced the takeover of Northern Ireland's Moy Park in a $1.3bn transaction.
There were no major US data releases due in the first trading session of the week.
Dow Jones - Risers
Travelers Company Inc. (TRV) $122.56 2.34%
Cisco Systems Inc. (CSCO) $32.19 2.26%
3M Co. (MMM) $209.60 1.88%
Apple Inc. (AAPL) $161.50 1.81%
Goldman Sachs Group Inc. (GS) $221.06 1.77%
American Express Co. (AXP) $85.69 1.71%
Johnson & Johnson (JNJ) $133.23 1.70%
International Business Machines Corp. (IBM) $144.83 1.69%
Intel Corp. (INTC) $35.77 1.65%
Visa Inc. (V) $106.15 1.65%
Dow Jones - Fallers
Home Depot Inc. (HD) $158.35 -0.81%
General Electric Co. (GE) $23.72 -0.42%
E.I. du Pont de Nemours and Co. (DD) $83.93 -0.00%
Walt Disney Co. (DIS) $97.09 0.02%
United Technologies Corp. (UTX) $109.57 0.08%
Wal-Mart Stores Inc. (WMT) $79.09 0.25%
Verizon Communications Inc. (VZ) $46.30 0.41%
Coca-Cola Co. (KO) $46.51 0.48%
Exxon Mobil Corp. (XOM) $79.25 0.55%
Pfizer Inc. (PFE) $34.32 0.65%
S&P 500 - Risers
Endo International Plc (ENDP) $9.28 6.42%
American Airlines Group (AAL) $45.86 5.18%
XL Group Ltd (XL) $40.54 5.02%
Navient Corporation (NAVI) $14.13 4.59%
Southwestern Energy Co. (SWN) $5.41 4.44%
Mallinckrodt Plc Ordinary Shares (MNK) $36.80 4.16%
Goodyear Tire & Rubber Co. (GT) $31.55 4.09%
Textron Inc. (TXT) $51.19 3.96%
Royal Caribbean Cr (RCL) $121.64 3.61%
Chubb Corp. (CB) $145.88 3.57%
S&P 500 - Fallers
Equifax Inc. (EFX) $113.12 -8.20%
Regeneron Pharmaceuticals Inc. (REGN) $445.11 -5.60%
Vulcan Materials Co. (VMC) $116.95 -3.72%
Martin Marietta Mtrl (MLM) $204.26 -3.65%
Seagate Technology Plc (STX) $30.95 -3.25%
Extra Space Storage (EXR) $79.73 -3.06%
Nordstrom Inc. (JWN) $44.72 -2.99%
Newmont Mining Corp. (NEM) $38.22 -2.77%
CBS Corp. (CBS) $58.00 -2.39%
Bed Bath & Beyond Inc. (BBBY) $27.66 -2.26%
Nasdaq 100 - Risers
Mercadolibre Inc. (MELI) $285.26 9.72%
Tesla Inc (TSLA) $363.69 5.91%
American Airlines Group (AAL) $45.86 5.18%
Symantec Corp. (SYMC) $32.75 3.54%
Nvidia Corp. (NVDA) $169.00 3.24%
Amgen Inc. (AMGN) $186.49 3.24%
Micron Technology Inc. (MU) $33.44 3.05%
Netflix Inc. (NFLX) $181.74 3.02%
KLA-Tencor Corp. (KLAC) $97.17 2.99%
Mylan Inc. (MYL) $33.04 2.93%
Nasdaq 100 - Fallers
Regeneron Pharmaceuticals Inc. (REGN) $445.11 -5.60%
Incyte Corp. (INCY) $124.95 -3.48%
Seagate Technology Plc (STX) $30.95 -3.25%
Charter Communications Inc. (CHTR) $381.01 -3.03%
Discovery Communications Inc. Class C (DISCK) $19.62 -2.19%
Discovery Communications Inc. Class A (DISCA) $20.80 -2.12%
Liberty Global plc Series A (LBTYA) $32.07 -1.69%
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $59.16 -1.68%
Liberty Global plc Series C (LBTYK) $31.04 -1.65% |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
| | Newspaper Round Up | | Tuesday newspaper round-up: Brexit vote, defence plans, FOBTs, balance transfers Senior Tory MPs yesterday warned ministers that they would have to accept changes to their flagship Brexit legislation or face defeats when the bill returns to the Commons next month. Ministers last night won a comfortable victory at the European withdrawal bill's second reading, with seven Labour MPs joining the DUP in supporting the government and no Conservative MPs voting against it. After more than 13 hours of debate, the government secured a majority of 36, with 326 votes for and 290 against. - The Times
Britain will offer to agree positions on foreign policy with Brussels and contribute to joint military operations after leaving the EU, according to the government's Brexit position paper on defence. The foreign secretary, Boris Johnson, said it was important to make sure the UK's "commitment to European security is undiminished" after Brexit, citing collective efforts to bring Iran to the negotiating table and the united response to Russian aggression in Ukraine as areas of successful EU action in the past. - Guardian
Fixed-odds betting terminals - described as the "crack cocaine of gambling" - will be subject to new curbs after Philip Hammond dropped his opposition to limiting their maximum stake. The issue has caused divisions in Whitehall, with the Treasury resisting proposals by the Department for Culture, Media and Sport (DCMS) to cut the maximum stake because they would cost 400 million a year in lost tax revenues. - The Times
Theresa May has raised concerns with Donald Trump about a trade dispute that threatens thousands of jobs in Northern Ireland amid pressure from the Democratic Unionist party. Sources confirmed that the prime minister spoke to the US president and expressed her concerns that more than 5,000 jobs in Belfast could be put in jeopardy if Boeing won its case against rival planemaker Bombardier. - Guardian
Royal Bank of Scotland's finance chief has warned that credit card lenders face a crackdown on zero balance transfers as regulators weigh up how to combat poor consumer borrowing practices. Ewen Stevenson, chief financial officer of RBS, said that 0 per cent balance transfers, which allowed borrowers to switch credit card debt from one lender to another to gain a limited interest-free period, were a "bad product" and faced curbs from the authorities. - The Times
The Financial Conduct Authority has called for representatives of Standard Chartered to meet it as the regulator examines allegations of bribery connected with the bank's ownership of an Indonesian power plant builder. Standard Chartered officials will meet the City watchdog this week to discuss claims that managers at the bank sat on the board of Maxpower when executives at the Indonesian company authorised the payment of bribes to win business. - The Times
The UK's offshore wind sector could power a 17.5bn investment inthe UK economy over the next four years after faster than expected cost-cutting slashed subsidies for the technology by half. The Government's latest auction for support contracts, released on Monday, shows that offshore wind costs have halved in recent years to under 58 for every megawatt-hour of electricity produced, even lower than the estimates given by experts in the run-up to the results. - Telegraph
Google is appealing against the record €2.4bn (2.2bn) fine imposed by the European Union for its abuse of its dominance of the search engine market in building its shopping comparison service. The world's most popular internet search engine has launched its appeal after it was fined by the European commission for what was described as an "old school" form of illegality. - Guardian
Facebook has been hit with a €1.2m (1.1m) fine in Spain after the country's data watchdog found it broke privacy laws. The social network breached laws designed to protect citizens' information and privacy on three occasions, according to the Spanish authorities. - Telegraph
Government efforts to boost the housing supply are being choked by a squeeze on funding for smaller housebuilders, according to an industry study. The Federation of Master Builders and 54pc of small and medium-sized developers said accessing finance is a major barrier to building more homes, up from 50pc last year. - Telegraph
Public sector employers are preparing to hire at the fastest pace since 2015, as NHS staff shortages and the rejection of austerity at the election encourages managers to recruit more workers, according to a survey. There are about 5.1 million public sector workers in the UK excluding banks rescued in the financial crisis, of whom 1.6 million work for the NHS and 1.5 million work in education. - Guardian
Halfords and the financial services company Prudential have been criticised for employing young jobseekers without pay for six weeks or more under a government-backed scheme. Some smaller businesses and training providers are pushing schemes that last as long as six months. - Guardian
Just 4% of the world's richest families lost money last year thanks to booming stock markets and money-spinning private-equity deals. Research into the intensely privately guarded family offices of the super-rich found that just 10 out of 262 suffered a decline in wealth in 2016. Three-quarters [74.2%] of the families - who had an average fortune of $1.45bn (1.1bn) - increased their wealth. - Guardian | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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