IntelliAM aiming for significant growth with £5 million Aquis IPO. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCapricorn Energy PLC Share News (CNE)

Share Price Information for Capricorn Energy PLC (CNE)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 188.50
Bid: 185.50
Ask: 186.50
Change: 4.00 (2.17%)
Spread: 1.00 (0.539%)
Open: 184.00
High: 188.50
Low: 183.00
Prev. Close: 184.50
CNE Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET OPEN: Stocks rebound; Capricorn Energy up on cash return

Tue, 25th Jan 2022 09:17

(Alliance News) - Stock prices in London were attempting to rebound on Tuesday after falling sharply on Monday amid Ukraine military tensions and looming US interest rate hikes.

The FTSE 100 index was up 40.60 points, or 0.5%, at 7,337.75 early Tuesday. The blue-chip index lost 196.98 points, or 2.6%, to 7,297.15 Monday.

The mid-cap FTSE 250 index was up 145.37 points, or 0.7%, at 21,597.87. The AIM All-Share index was up 6.33 points, or 0.6%, at 1,084.36.

The Cboe UK 100 index was up 0.5% at 729.86. The Cboe 250 was up 0.6% at 19,351.55, and the Cboe Small Companies up 0.1% at 15,158.25.

In mainland Europe, the CAC 40 stock index in Paris was up 1.1%, while the DAX 40 in Frankfurt was up 0.5%.

Russian gold miner Polymetal International was the best performer in the FTSE 100, up 4.2%, attempting to claw back some of Monday's steep losses. The stock closed down 7.3% on Monday amid fears over a Russian invasion of Ukraine. In the FTSE 250, Ferrexpo, which mines iron pellets in Ukraine, was up 1.5%, having lost 5.7% on Monday.

Royal Mail was up 3.5% after the letter and parcel delivery firm said its performance in the October to December, its financial third quarter, was in line with expectations.

It said staff absences due to Covid-19 peaked at 15,000 within the UK domestic operation in early January, hurting service levels in some areas of the country and slowing the realisation of planned cost efficiencies.

Royal Mail said it is set to axe around 700 management jobs as part of cost-cutting plans to deliver an annualised benefit of around GBP40 million, with around GBP30 million in financial 2023. The company will incur a restructuring charge of around GBP70 million charge to be taken in the fourth quarter of financial 2022.

The former state postal monopoly lowered its full-year outlook, and now expects adjusted operating profit of around GBP430 million for the year ending March, lower than previous guidance of GBP500 million.

Abrdn was up 3.0% after Credit Suisse started coverage on the fund manager with an Outperform rating.

In the FTSE 250, Capricorn Energy was up 6.0%. The oil and gas firm said it was encouraged by the initial operating performance of its newly acquired Western Desert assets in Egypt, with production growth ahead of expectations.

The company, formerly known as Cairn Energy, said that with the tax refund from the government of India due and active management of its asset portfolio, it is well positioned to continue delivery of its business model of returning value to shareholders, whilst building sustainable cashflow generation and growth.

Capricorn plans to return up to USD700 million of the India tax refund proceeds to shareholders. Of this, USD500 million will be returned to shareholders by way of tender offer, while USD200 million will be returned via an ongoing share repurchase programme.

Elsewhere in London, THG was up 4.5% after RBC raised the beauty products retailer to Outperform from Sector Perform.

European markets were ignoring a negative lead from Asia, where equity markets ended sharply lower on Tuesday. The Japanese Nikkei 225 index closed down 1.7%. In China, the Shanghai Composite ended down 2.6%, while the Hang Seng index in Hong Kong lost 1.7%. The S&P/ASX 200 in Sydney closed down 2.5%.

The pound was quoted at USD1.3485 early Tuesday, up from USD1.3451 at the London equities close Monday.

The euro was priced at USD1.1300, lower from USD1.1312. Against the yen, the dollar was trading at JPY113.93, up slightly from JPY113.88.

Brent oil was quoted at USD86.75 a barrel Tuesday morning, up sharply from USD85.51 late Monday. Gold stood at USD1,840.11 an ounce, higher against USD1,833.82.

The economic calendar has US consumer confidence at 1500 GMT. The US Federal Reserve's first monetary policy meeting of the year gets underway on Tuesday, with a policy announcement on Wednesday at 1900 GMT and press conference with Fed Chair Jerome Powell at 1930 GMT.

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

More News
8 Oct 2021 09:40

LONDON BROKER RATINGS: Barclays raises Ascential; HSBC upgrades Pennon

LONDON BROKER RATINGS: Barclays raises Ascential; HSBC upgrades Pennon

Read more
24 Sep 2021 09:05

Shell completes sale of Egypt onshore assets

CAIRO, Sept 24 (Reuters) - Royal Dutch Shell, through subsidiaries Shell Egypt and Shell Austria, has completed the sale of upstream assets in Egypt's Western Desert to Cheiron Petroleum Corporation and Cairn Energy, it said on Friday.The $926 mi...

Read more
24 Sep 2021 07:50

TOP NEWS: Shell completes sale of Egyptian assets to Cheiron and Cairn

TOP NEWS: Shell completes sale of Egyptian assets to Cheiron and Cairn

Read more
14 Sep 2021 09:38

LONDON BROKER RATINGS: Barclays downgrades BHP; Berenberg cuts ITM

LONDON BROKER RATINGS: Barclays downgrades BHP; Berenberg cuts ITM

Read more
13 Sep 2021 09:44

LONDON BROKER RATINGS: Cairn Energy downgraded; Jefferies lowers Gamma

LONDON BROKER RATINGS: Cairn Energy downgraded; Jefferies lowers Gamma

Read more
13 Sep 2021 08:07

LONDON BRIEFING: AB Foods says Primark sales growth hit by 'pingdemic'

LONDON BRIEFING: AB Foods says Primark sales growth hit by 'pingdemic'

Read more
10 Sep 2021 16:14

TRADING UPDATES: Argo gets GBP18 million loan; Genedrive fundraises

TRADING UPDATES: Argo gets GBP18 million loan; Genedrive fundraises

Read more
7 Sep 2021 10:42

CORRECT: Cairn Energy dangles USD700 million shareholder return

CORRECT: Cairn Energy dangles USD700 million shareholder return

Read more
7 Sep 2021 09:28

TOP NEWS: Cairn Energy dangles USD700 million shareholder return

TOP NEWS: Cairn Energy dangles USD700 million shareholder return

Read more
7 Sep 2021 08:06

UPDATE 2-Cairn to return $700 mln to shareholders when India tax row resolved

* Expects $1.06 bln refund from India for retrospective tax* Plans to pay $500 mln special dividend, $200 mln buyback* India targeting resolution in next few weeks -Cairn CEO (Adds new CEO comment, analyst view, detail on claims, background)By Push...

Read more
7 Sep 2021 07:44

Cairn Energy operating loss narrows in first half

(Sharecast News) - Cairn Energy reported an operating loss of $47.4m in its first half on Tuesday, narrowing from a restated $89.6m year-on-year, as it talked up the proposition of a serious shareholder return, contingent on the resolution of its tax dispute in India.

Read more
2 Sep 2021 07:58

UPDATE 2-Oil company EnQuest's shares plunge after output warning

* Expects annual production at lower end of previous forecast* Net debt falls to $1.18 billion* Shares down 7% (Adds comment from CEO interview, share movement, background)By Aditi SebastianSept 2 (Reuters) - Oil producer EnQuest on Thursday warne...

Read more
31 Aug 2021 15:28

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
12 Aug 2021 11:21

Deltic Energy signs deal with Cairn to farm out North Sea gas assets

Deltic Energy signs deal with Cairn to farm out North Sea gas assets

Read more
9 Aug 2021 09:42

LONDON BROKER RATINGS: Liberum says buy Made.com; RBC cuts ConvaTec

LONDON BROKER RATINGS: Liberum says buy Made.com; RBC cuts ConvaTec

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.