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London close: FTSE 100 flat near eight-month high, but miners surge

Thu, 16th Jan 2014 17:07

- Markets pause for breath after recent highs- Mining stocks surge as Citi turns bullish- Aberdeen drops as AuM fall- Retailers AB Foods, Halfords, Dixons, Home Retail in focustechMARK 2,843.65 +0.10%FTSE 100 6,815.42 -0.07%FTSE 250 16,209.65 -0.51%UK markets finished largely flat on Thursday after previously hitting an eight-month high as strong gains from mining stocks were offset by falls from Aberdeen and a number of retailers.The FTSE 100, which rose to 6,819.86 on Wednesday - its highest level since May 22nd 2013 - was little changed by the close, finishing down just 4.44 points at 6,815.42. The index was trading within a narrow range of 20 points of so for most of the session, swinging between gains and losses throughout the day.Despite the subdued finish for the wider market, miners put in a decent performance after upbeat comments from analysts. "The mining sector is worth its weight in gold at the moment, as the only sector propping up the market. The recent cooling-off in the commodities supercycle has meant that natural resource stocks are now undervalued," said David Madden, Market Analyst at IG.Across the Pond, markets opened in the red as investors were largely underwhelmed by quarterly earnings from bellwethers Goldman Sachs and Citigroup.Miners surge as Citi turns bullishAnalysts at Citigroup lifted its 12-month stance on the mining sector from 'neutral' to 'bullish', representing its first positive outlook for the industry in three years. The bank labelled BHP Billiton, Rio Tinto and Glencore Xstrata as its "key picks" in the sector, providing a big boost to each stock today. BHP, in particular, was upgraded from 'neutral' to 'buy'.Antofagasta, Anglo American, Fresnillo and Randgold Resources were all making gains this afternoon. Russian precious metals firm Polymetal was also firmly higher after UBS raised its recommendation from 'neutral' to 'buy', saying that company is ?well-positioned" for free cash-flow growth.In contrast, product testing group Intertek fell sharply after a downgrade by Berenberg to 'hold', and postal service and delivery firm Royal Mail was pushed lower after Beaufort Securities cut the shares to 'hold'.Associated British Foods, the food ingredients company and owner of Primark, was a heavy faller after reporting flat revenues in its first quarter, as continued strength by its Primark division was outweighed by a steep decline in revenues by Sugar.Festive sales updates from a host of other retail stocks received a mixed reaction from the markets today: Halfords impressed after a better-than-expected 5.2% jump in group like-for-like (LFL) sales in its third quarter; Dixons underwhelmed with a 3% rise in LFL sales in its third quarter; Home Retail gained after strong LFL sales from its Argos and Homebase divisions and upbeat guidance for the full year.Meanwhile, Sports Direct closed in the red after saying that it sold the 4.6% stake in fellow retailer Debenhams it bought on Monday and replaced it with a put option over a larger 6.6% shareholding.SVG Capital declined sharply after big investor Aegon sold 20m shares in the investment company. Aegon sold the stock for a total of £84m and reduced its holding to around 18.5m shares, equal to a 7.9% stake, a significant reduction to its previous holding of 15.4%.FTSE 100 - RisersAntofagasta (ANTO) 832.50p +5.38%Fresnillo (FRES) 732.50p +5.24%Tullow Oil (TLW) 907.50p +5.16%Anglo American (AAL) 1,397.50p +4.88%United Utilities Group (UU.) 689.00p +4.55%BHP Billiton (BLT) 1,860.00p +3.82%Randgold Resources Ltd. (RRS) 3,892.00p +2.69%Rio Tinto (RIO) 3,334.50p +2.47%Glencore Xstrata (GLEN) 327.20p +2.43%Imperial Tobacco Group (IMT) 2,232.00p +2.15%FTSE 100 - FallersIntertek Group (ITRK) 2,879.00p -3.36%British Sky Broadcasting Group (BSY) 845.00p -2.82%Mondi (MNDI) 1,014.00p -2.78%Associated British Foods (ABF) 2,625.00p -2.63%Lloyds Banking Group (LLOY) 84.10p -2.55%Johnson Matthey (JMAT) 3,335.00p -2.43%Burberry Group (BRBY) 1,500.00p -2.41%Amec (AMEC) 1,027.00p -2.38%Prudential (PRU) 1,345.00p -2.32%Sports Direct International (SPD) 721.00p -2.17%FTSE 250 - RisersHalfords Group (HFD) 492.50p +6.83%Polymetal International (POLY) 543.50p +5.74%Computacenter (CCC) 675.00p +4.65%CSR (CSR) 703.00p +3.38%Victrex (VCT) 1,873.00p +3.31%Petra Diamonds Ltd.(DI) (PDL) 125.00p +3.31%Vedanta Resources (VED) 897.50p +3.10%Partnership Assurance Group (PA.) 336.00p +2.60%African Barrick Gold (ABG) 193.30p +2.22%Ferrexpo (FXPO) 176.10p +2.09%FTSE 250 - FallersSVG Capital (SVI) 424.50p -8.91%Dixons Retail (DXNS) 47.11p -6.53%Premier Oil (PMO) 288.00p -6.49%AL Noor Hospitals Group (ANH) 825.00p -5.71%Homeserve (HSV) 290.70p -5.00%Ted Baker (TED) 2,118.00p -4.68%Hikma Pharmaceuticals (HIK) 1,250.00p -3.55%Booker Group (BOK) 154.90p -3.13%Crest Nicholson Holdings (CRST) 380.00p -3.06%IP Group (IPO) 175.10p -2.99%BC
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24 Feb 2014 10:04

UK's Dixons, Carphone Warehouse in merger talks

LONDON, Feb 24 (Reuters) - Dixons Retail, Europe's No. 2 electricals retailer, and Carphone Warehouse, Europe's No. 1 independent mobile phone retailer, said on Monday they are in merger talks. "The boards of Dixons and Carphone Warehouse note the recent speculation and confirm that the two

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24 Feb 2014 09:58

Dixons and Carphone Warehouse announce merger talks

Currys and PC World group Dixons Retail is in merger talks with mobile phone retailer Carphone Warehouse, the two companies said on Monday. They said the talks were at "a very preliminary stage" and there was no certainty that a deal would be reached, a statement said. "No decision has been reache

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21 Feb 2014 13:57

FTSE 250 movers: IP Group jumps on IPO of portfolio group Xeros

Intellectual property company IP Group soared after announcing plans to float its portfolio company Xeros on the AIM market. Around a third of washing machine firm Xeros will be put up for sale, which is expected to raise between £30-40m. IP believes it will allow Xeros to "accelerate the roll-out

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18 Feb 2014 06:35

Tuesday newspaper round-up: Bank of England, PBoC, Bank of Japan

A Bank of England rate-setter has warned borrowers to start anticipating the impact of a rise in interest rates. David Miles, an external member of the Bank's Monetary Policy Committee, said that homeowners "need to think very carefully what's going to happen" when their mortgage costs go up. Mr Mil

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11 Feb 2014 17:34

MARKET COMMENT: Global Markets Rise As Yellen Pledges Continuity

LONDON (Alliance News) - The UK's main stock indices closed higher Tuesday, with both the FTSE 100 and FTSE 250 closing up for a fifth consecutive day, as Federal Reserve Chair Janet Yellen suggested the central bank will continue to taper its quantitative easing programme in coming months. Read more

11 Feb 2014 12:49

DIRECTOR DEALINGS: Dixon's Finance Director Exercises Options

LONDON (Alliance News) - Dixon's Retail PLC Tuesday said Finance Director Humphrey Singer exercised options over 12,100 shares at a price of 20.23 pence per share. Following this transaction, Singer holds 92,495 shares. Shares in the electronics seller were quoted at 46.94 pence up 3.

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11 Feb 2014 11:30

UK WINNERS & LOSERS: Kazakhmys Revalued As Tenge Is Devalued

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Tuesday.

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FTSE 100 - WINNERS

Sports Direct International, up 4.1%, and Marks and SpencerRead more

11 Feb 2014 10:48

MARKET COMMENT: Miners And Retailers Lead UK Stocks Higher

LONDON (Alliance News) - UK stock indices have made strong gains Tuesday morning, led higher by the mining and retail stocks, on the back of rising precious metal prices and strong bumper retail sales data. Meanwhile Barclays leads the blue chip fallers after reporting its full-year results. <

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7 Feb 2014 14:15

UPDATE 1-UK online appliances retailer AO plans March listing

By James Davey LONDON, Feb 7 (Reuters) - British online domestic appliances retailer AO plans to list its shares on the London Stock Exchange in March, joining a rush of retail flotations and providing a big payday for Chief Executive John Roberts who founded the business in 2000. The

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7 Feb 2014 10:44

2ND UPDATE: Online Domestic Appliances Retailer AO To List In London In March

LONDON (Alliance News) - Online domestic appliances retailer DRL Holdings Ltd said Friday that it will rename itself AO ahead of a stock market flotation in March. The initial public offering could value the company at up to GBP1 billion, a person familiar with the situation told Alliance News.Read more

7 Feb 2014 10:29

UPDATE: Online Domestic Appliances Retailer AO To List In London In March

LONDON (Alliance News) - Online domestic appliances retailer DRL Holdings Ltd said Friday that it will rename itself AO ahead of a stock market flotation in March. The initial public offering could value the company at up to GBP1 billion, a person familiar with the situation told Alliance News.Read more

7 Feb 2014 09:52

Online Domestic Appliances Retailer AO To List In London In March

LONDON (Alliance News) - Online domestic appliances retailer DRL Holdings Ltd said Friday that it will rename itself AO ahead of a stock market flotation in March that it expects to raise about GBP60 million in gross proceeds. AO believes it is well positioned to benefit from further growth

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7 Feb 2014 08:24

UK online domestic appliances retailer AO plans LSE listing

LONDON, Feb 7 (Reuters) - AO, the British online retailer of major domestic appliances, plans to list its shares on the London Stock Exchange, joining a rush of recent retail flotations. AO owner DRL Holdings Limited said on Friday it would be re-registered and renamed as AO PLC and expecte

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6 Feb 2014 09:47

BSkyB Chief Jeremy Darroch Joins Burberry Board As Non-Executive

LONDON (Alliance News) - Burberry Group PLC said Thursday that Jeremy Darroch, chief executive of British Sky Broadcasting PLC, has joined its board as a non-executive director and a member of its audit, remuneration and nomination committees. Darroch, in addition to his current role at BSk

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28 Jan 2014 10:10

UK BROKER RATING CHANGES: 10 Brokers Cut BG Group Price Target

LONDON (Alliance News) - The following UK shares received analyst recommendations Tuesday morning:
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FTSE 100
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LIBERUM CUTS PEARSON PRICE TARGET TO 815 (1050) PENCE
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CREDIT SUISSE RAISES BG GROUP TO 'NEUTRAL' ('UNDERP

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