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London close: Greek developments, central bank uncertainty keep UK stocks flat

Thu, 19th Feb 2015 16:33

It was another subdued finish for London's stocks on Thursday as the market continued to fluctuate at a 15-year high on the back of mixed newsflow about Greece and uncertainty regarding global monetary policy.The FTSE 100 finished the session down just 0.1% at 6,888.90. The index has stayed broadly flat since closing at 6,898.13 on Tuesday, its highest finish since reaching an all-time closing high of 6,930.20 in December 1999.GreeceGreece on Thursday submitted a request for a six-month loan extension, but on different terms from the existing bailout. The Greek proposal reportedly asked for flexibility on the "current arrangement" and more help for the country's banks.However, Germany rejected the request, saying that Greece did not present a "substantive proposal for a solution"."Greece is running out of time and money," said Berenberg analyst Holger Schmieding. "Having already come part of the way, Greece may well move further and accept the current programme as the basis for all further discussions at the Eurogroup meeting Friday," he said.The European Central Bank on Wednesday granted Greece's banks €3.3bn in funds under its emergency liquidity assistance programme, though this was less than Athens had requested.Central banks in focusMinutes from the January Federal Open Market Committee meeting released on Wednesday showed that "many" members said a premature rate increase could be detrimental for the recovery, while "several" believed a later move could lead to high inflation.The European Central Bank (ECB) also released minutes of its latest meeting, during which it decided to introduce a €1trn quantitative easing package. This was the first time the ECB has revealed details of its meeting, which revealed that some members had voted against the stimulus package, which is due to start next month.Minutes from the Bank of England's policy meeting on Wednesday showed that while the vote to keep rates unchanged was unanimous, policymakers had different opinions on the timing of a rate hike given the recent deterioration in inflation.CentricaShares in Centrica dropped 8.5% after the British Gas owner slashed its dividend and future payout policy, and warned that earnings for next year will be lower than expected too.Oil and gas stocks such as Tullow, BG Group, Shell and BP were also under the weather as Brent crude prices fell 3.5%.BAE Systems erased earlier losses after predicting marginal growth in underlying earnings in 2015, as it eased worries about defence spending in the UK and painted a positive outlook for the US market.High street sportswear retailer Sports Direct impressed after saying it is confident of increasing profits this year despite a significant slowdown in sales growth in its third quarter.SABMiller edged higher despite the resignation of its chief financial officer Jamie Wilson for personal reasons. He will exit the board immediately and will officially leave the group on 31 March 2015.Petra Diamonds jumped after raising its production guidance from 3.2m to 3.3m carats for the 12 months to 30 June.Drinks packaging group Rexam rose after agreeing a £5.4bn takeover by US rival Ball Corporation, a much larger higher valuation than had been expected by the market. Market MoverstechMARK 3,133.18 +0.05%FTSE 100 6,888.90 -0.13%FTSE 250 17,049.79 +0.28%FTSE 100 - RisersRolls-Royce Holdings (RR.) 962.00p +2.94%easyJet (EZJ) 1,785.00p +2.12%Dixons Carphone (DC.) 441.60p +1.99%Associated British Foods (ABF) 3,057.00p +1.97%National Grid (NG.) 891.10p +1.96%International Consolidated Airlines Group SA (CDI) (IAG) 564.00p +1.90%Barratt Developments (BDEV) 496.60p +1.74%Sky (SKY) 956.00p +1.70%Persimmon (PSN) 1,709.00p +1.67%WPP (WPP) 1,506.00p +1.62%FTSE 100 - FallersCentrica (CNA) 257.10p -8.54%Babcock International Group (BAB) 996.00p -5.68%Anglo American (AAL) 1,223.00p -2.86%Tullow Oil (TLW) 398.20p -2.66%BG Group (BG.) 951.50p -2.58%Royal Dutch Shell 'A' (RDSA) 2,109.00p -2.09%Royal Dutch Shell 'B' (RDSB) 2,198.00p -2.07%Glencore (GLEN) 283.55p -2.04%GlaxoSmithKline (GSK) 1,526.50p -1.86%Weir Group (WEIR) 1,862.00p -1.74%FTSE 250 - RisersPetra Diamonds Ltd.(DI) (PDL) 188.90p +7.88%Rexam (REX) 569.50p +6.05%Home Retail Group (HOME) 208.00p +3.79%Diploma (DPLM) 785.00p +3.63%Dignity (DTY) 1,960.00p +3.54%Euromoney Institutional Investor (ERM) 1,042.00p +3.17%Just Retirement Group (JRG) 144.10p +3.15%Galliford Try (GFRD) 1,464.00p +3.10%Vesuvius (VSVS) 478.00p +3.08%Entertainment One Limited (ETO) 296.20p +3.03%FTSE 250 - FallersPremier Oil (PMO) 175.00p -4.94%Hunting (HTG) 488.30p -4.63%Bank of Georgia Holdings (BGEO) 2,140.00p -4.51%Afren (AFR) 10.61p -4.41%Soco International (SIA) 289.20p -4.21%Catlin Group Ltd. (CGL) 677.00p -4.04%Drax Group (DRX) 403.10p -3.43%Cairn Energy (CNE) 197.70p -2.90%Ophir Energy (OPHR) 141.90p -2.87%Countrywide (CWD) 522.50p -2.79%
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13 Nov 2014 11:19

Charles Stanley cuts profit forecasts for Rexam on cautious outlook

Beverage can maker Rexam said it traded in line with expectations in the third quarter, but a gloomy outlook for 2015 has prompted broker Charles Stanley to cut forecasts and repeat its 'hold' recommendation. Rexam is reviewing its cost base in light of an expected challenging environment in 2015, w

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13 Nov 2014 11:11

BUZZ-Rexam: sees rising aluminum, energy costs hurting 2015 earnings

** Shares in Rexam Plc, the world's second-largest beverage can maker by revenue, slumped as much as 8.4 pct after the company said aluminum premium, Brazilian costs would increase in 2015. ** Stock is top loser on the FTSE-250 Midcap Index, with the shares tanking to their lowest in 16 mon

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13 Nov 2014 11:10

UPDATE 2-Rexam may raise prices as aluminium premium, Brazilian energy cost weigh

* Aluminium premium rises to $500/t vs $300/t in early 2014 * Rise in aluminium premium to increase costs by 30 mln stg next year * Brazilian energy costs to rise by 15 million pounds next year * Can volumes to slightly decline in North America, Europe (Adds CEO comment, detai

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13 Nov 2014 10:57

MARKET COMMENT: FTSE 100 Rises, Lifted By SABMiller, LSE And Wolseley

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13 Nov 2014 09:00

Rexam canned after costs fizz higher

A challenging market and exposure to fizzing metals prices has led drinks can maker Rexam to warn that increasing costs will put a significant dent in next year's profits. Although overall global beverage can volumes were up 4% since 1 July and overall performance for the period remained in line wit

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13 Nov 2014 08:41

UK MORNING BRIEFING: Shares Gain At Open, Led By 3i And Wolseley

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13 Nov 2014 07:36

Rexam Can Volumes Up, But Looking At Costs As Outlook Looks Bumpy

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13 Nov 2014 07:32

Rexam says margins on U.S. specialty cans to reduce next year

Nov 13 (Reuters) - Rexam Plc, the world's second-largest beverage can maker by revenue, said margins on certain U.S. specialty cans would reduce next year as aluminium premiums have surged higher. Aluminium premiums, or the cost to get metal out of storage, have soared to all-time highs in

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13 Nov 2014 06:14

UK Earnings, Trading Statements Calendar - Week Ahead

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12 Nov 2014 17:10

REPEAT: MARKET COMMENT: Stocks Hit By Renewed Economic, Ukraine Fears

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12 Nov 2014 17:08

MARKET COMMENT: Stocks Hit By Renewed Economic, Ukraine Fears

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12 Nov 2014 16:04

UK Earnings, Trading Statements Calendar - Week Ahead

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12 Nov 2014 06:22

UK Earnings, Trading Statements Calendar - Week Ahead

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11 Nov 2014 16:20

UK Earnings, Trading Statements Calendar - Week Ahead

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11 Nov 2014 06:10

UK Earnings, Trading Statements Calendar - Week Ahead

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