Markets
London - The FTSE 100 rose 31.69 points to 5,983.49 yesterday, extending the highest level for the FTSE 100 Index since June 2008, as shares of ARM Holdings Plc surged. ARM, which designs the semiconductors that power Apple Inc.’s iPhone, jumped 9.1% after Microsoft Corp. was said to be preparing a version of Windows to run on the U.K. Company’s chips for the first time. BSkyB rallied 2% to 743 pence, the highest price since February 2004. U.K. Business Secretary Vince Cable was stripped of responsibility for media, broadcasting and telecommunications by the government after he was quoted as saying he had “declared war” on News Corp.’s Rupert Murdoch. Cable had the power to decide if the acquisition of BSkyB by News Corp. would give Murdoch too much media power. News Corp., the owner of four of the biggest-selling U.K. newspapers, is waiting for the government to rule on the deal. Petrofac climbed 1.5% to 1,580 pence after the company started work on a new phase of its South Yoloten project in Turkmenistan. The second part of the project should last more than two years and will bring gas exports to 20 billion cubic meters per annum, Petrofac said.

Posted: December 23rd, 2010 under Asset Management.
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Markets
London - The FTSE 100 rallied 60.19 points to 5,951.8 yesterday, pushing the benchmark FTSE 100 Index to the highest level since June 2008, amid speculation the recovery in the global economy will continue. Rio Tinto Group, Anglo American Plc and BHP Billiton Ltd. rose more than 2% as higher metals prices boosted the outlook for raw-material companies. Rolls-Royce Group Plc gained 2% after Citigroup Inc. advised buying the shares. Centamin Egypt Ltd. rose 3.8% to 172.6 pence, the biggest gain in a month, after announcing the results of a scoping study for a possible expansion of its Sukari project. Mondi Plc, Europe’s largest maker of office paper, led shares on the FTSE 250 Index higher as Finland’s UPM-Kymmene Oyj agreed to acquire two rival papermakers.

Posted: December 22nd, 2010 under Asset Management.
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Markets
London - The FTSE 100 gained 19.86 points to 5,891.61 yesterday as losses at British Airways Plc were outweighed by gains among utility companies. The freezing temperatures boosted utilities with Severn Trent advancing 1.1% to 1,452 pence, Scottish and Southern gaining 1.3% to 1,200 pence and National Grid climbing 2% to 563 pence. British Airways lost 1.9 % to 265.2 pence after London’s Heathrow Airport said there will be further delays and cancellations today and in the next few days after snow blanketing Western Europe disrupted holiday travel plans during the final weekend before Christmas.

Posted: December 21st, 2010 under Asset Management.
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Markets
London - Heavy losses from AstraZeneca and the banking sector helped ensure a lower finish from the FTSE100 on Friday. AstraZeneca was under pressure after it suffered another delay in getting US approval for its potential blockbuster blood thinning drug Brilinta. Irish worries hurt banks such as RBS, Barclays and Lloyds, which said that it anticipates that compared to the midyear point, about another 10 percent of its £26.7bn Irish portfolio will become impaired by the year end. Aggreko finished as a top riser despite and uncertain start. A surge in activity in the fourth quarter enabled the temporary power and company to budge its full year profit estimates higher. The FTSE100 closed 9.37 points lower at 5871.75.

Posted: December 20th, 2010 under Asset Management.
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Markets
London - UK stocks closed slightly lower on Thursday, as persistent concerns over Europe’s debt problems capped moves on the upside while BP fell after the US government launched a lawsuit over the Gulf oil spill. The FTSE100 closed 1.06 points lower at 5881.12. The index fell from an intraday high of 5907.10, with analysts citing lingering doubts over euro zone debt helping to peg back London’s blue chips. EU leaders met to discuss changing the bloc’s treaty to create a permanent crisis-resolution mechanism from 2013, and may look at enlarging their existing crisis fund. BP fell 1.4 percent after the US government launched a legal battle against the company and its partners that might make the cost of the oil spill much greater than earlier thought. Miners and energy stocks were the main weight on the index, falling along with commodities as the dollar strengthened on Europe concerns. Serco rose 4.1 percent after reiterating its guidance for 2010, reassuring investors in the light of the UK government’s austerity measures.

Posted: December 17th, 2010 under Asset Management.
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