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Britain's FTSE bounces off lows after mining sector turnaround

Mon, 10th Aug 2015 14:59

* FTSE 100 flat

* Miners reverse falls after weak China data on stimulusbets

* esure falls sharply after results miss consensus (Adds detail, prices)

By Alistair Smout and Liisa Tuhkanen

LONDON, Aug 10 (Reuters) - Britain's top share indexrecouped early losses on Monday, as major mining stocks that hadbeen hit by weak data from China turned higher on hopes ofstimulus.

The blue-chip FTSE 100 index was down just 2.69points, flat in percentage terms, at 6,715.80 points by 1445GMT, trimming losses after gains in early trade on Wall Street.The index is up nearly 2 percent since the start of 2015 but issome 6 percent below an April record high of 7,122.74 points.

The moves came in thin trade of just three-quarters of the90-day average volume.

Miners, which account for around a tenth of the FTSE 100 interms of market capitalisation, recouped their early losses.While weak China data had hit copper, mired at a six-year low,it rallied on hopes that it may prompt further stimulus fromChinese authorities.

Jeremy Batstone-Carr, market analyst at Charles Stanley,remained cautious on the mining sector, and said that weak datamay result in China devaluing its currency.

"The pressure is rising on China to devalue ... which wouldsupport China's equity but not help metal prices or UK-listedminers," he said.

Oil stocks were some of the most heavyweight fallers,trimming five points off the index as the poor China data alsosent Brent crude to a six month low, before rebounding slightly.

Among mid caps, insurance company esure dropped 9.8percent after its interim results marginally missed analysts'consensus forecast, hit by weakness in its motor insurancebusiness.

"The company posted a massive 81 percent drop in tradingprofit from its motor insurance arm, decidedly offsetting a risein premiums in other areas of the business," Augustin Eden,analyst at Accendo Markets, said in a note. (Editing by Robin Pomeroy)

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16 Feb 2017 08:53

UPDATE 1-Cobham shares plunge on yet another profit cut for British engineer

(Adds shares, background) LONDON, Feb 16 (Reuters) - Britain's Cobham missed a profit target that had already been repeatedly lowered and took a charge on a troubled contract with Boeing, capping "an incredibly turbulent and disappointing year" for the defence and aerospace group. In

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16 Feb 2017 08:45

European shares steady after 7 days of gains, Cobham slumps

LONDON, Feb 16 (Reuters) - European shares steadied on Thursday after rising for the past seven sessions, with gains in airlines stocks offset by weaker miners and a slump in British engineering group Cobham following a poor update. The pan-European STOXX 600 index was little changed in per

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16 Feb 2017 08:41

LONDON MARKET OPEN: Airlines Up As Cobham Suffers From Profit Warning

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16 Feb 2017 08:11

Cobham issues fifth profit warning after balance sheet review

(ShareCast News) - Cobham warned on profits for the fifth time in just over a year, as it made further extensive write-downs after judging its balance sheet is "clearly not strong enough". The FTSE 250 aerospace and defence group has taken a total £179m charge, including £150m from the KC-46 air tan

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16 Feb 2017 07:48

Cobham takes charge on troubled Boeing tanker programme, cuts guidance

LONDON, Feb 16 (Reuters) - British engineering group Cobham said it would take a 150 million pound ($187 million) charge on its work on Boeing's troubled KC-46 tanker program and downgraded its likely 2016 trading profit again. The company said on Thursday its trading profit for 2016 was e

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20 Jan 2017 09:36

BROKER RATINGS SUMMARY: Exane BNP Cuts Sainsbury's And Tesco

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15 Jan 2017 17:13

Sunday share tips: Cobham, H&T

(ShareCast News) - Cobham has become something of a specialist in profit warnings, having issued four since 2015, but the shares are still worth 'holding', The Times´s Tempus said. During the previous week, the heavily-indebted Dorset-based maker of air-refuelling kit told investors it might have to

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11 Jan 2017 17:41

Pharma weighs on European shares but FTSE sets record-breaking streak

* FTSE 100 scores longest winning streak on record * Pan-European STOXX index ends up 0.2 pct * Trump comments on drug prices hits healthcare stocks * Mediaset rallies on report of Vivendi boss offer (Live coverage of European markets now available on cpurl://apps.cp./cms/?pag

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11 Jan 2017 13:58

UPDATE 3-British aerospace company Cobham misses profit target, scraps dividend

* Early readout puts trading profit at 245 mln stg * Group's already lowered target range was 255-275 mln stg * Scraps dividend after poor result on profit and debt * Shares fall as much as 21 pct (Adds CEO, CFO comments from analyst call) By Paul Sandle LONDON, Ja

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11 Jan 2017 10:40

European shares up, Britain's FTSE set for record-breaking streak

(Adds detail, new comments.) By Kit Rees and Helen Reid LONDON, Jan 11 (Reuters) - European shares rose on Wednesday, with retail stocks back in focus after a well-received update from British grocer Sainsbury, though Cobham tanked on disappointing profits. The pan-European STOX

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11 Jan 2017 10:17

IN THE KNOW: UBS Stays Neutral On Cobham Despite Skipped Dividend

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11 Jan 2017 08:47

EXTRA: Cobham Shares Drop As It Warns Again On Profit, Scraps Payout

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11 Jan 2017 08:41

European shares down, Cobham bottom of STOXX - For more see the European equities LiveMarkets blog

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11 Jan 2017 07:40

Cobham trading profit falls short of guidance, scraps dividend

(ShareCast News) - Aerospace and defence group Cobham posted group trading profit below guidance for the year ended 31 December and said it was not recommending a final dividend. In a post-close trading update, the company said group trading profit for the year came in at £245m, below the range of £

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11 Jan 2017 07:13

British engineer Cobham misses profit target, scraps dividend

LONDON, Jan 11 (Reuters) - British engineering group Cobham said it made 245 million pounds ($298 million) in trading profit in 2016, at least 10 million pounds short of its target, and as a result of poorer than expected trading would scrap its final dividend. The company said its new man

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