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Nov 22, 2012

ADVFN III Evening Euro Markets Bulletin -November 22, 2012-.



ADVFN III Evening Euro Markets Bulletin
Daily world financial news Thursday, 22 November 2012


London Market Report
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Stocks rise on low volumes

    Market Movers
    techMARK 2,066.49 +0.58%
    FTSE 100 5,791.03 +0.68%
    FTSE 250 11,861.74 +0.67%
With trading volumes light owing to Thanksgiving, upbeat Chinese manufacturing data saw UK markets finish Thursday’s session with decent gains in spite of the ongoing uncertainty surrounding the Eurozone.

Research analyst Joshua Mahony from Alpari said: “Today marks the holiday of Thanksgiving in the US, bringing lowered volumes in the market. Tomorrow will be a half day for many too which typically is taken as a day off to create a four-day weekend. Therefore the higher volatility associated with lower volumes is expected through tomorrow.”

The 'flash' HSBC Chinese purchasing managers’ index (PMI) for the month of October came in at 50.4, up from 49.5 for the previous month. That constitutes a thirteen-month high.

Financial sales trader Matthew Nelson from Spreadex said this morning: "News that manufacturing output had risen in China for the first time in more than a year helped to underpin sentiment in the East and the figures have also aided the prospects of UK metals and energy companies with the bulk of this morning’s shift coming from the two sectors."

However, data from the Eurozone was less cheery today, with the single-currency region heading for its weakest quarter since the height of the financial crisis in 2009, according to the latest figures from Markit. The Eurozone composite PMI was little-changed in November, up fractionally from 45.7 in October to 45.8.

Meanwhile, French bank Societe Generale has forecast that Spain will stay in recession and not return to economic growth until 2015.

Elsewhere, the EU summit started today as leaders look to establish a new long-term budget for the 2014-2020 period. Alpari analyst Mahony said: “The meeting pulls together the leaders of each of the 27 European Union member states and is expected to be a rather frosty affair given the propensity those involved to use the meeting as a show of strength to their domestic electorate.”
FTSE 100: SABMiller jumps after first-half beat
SABMiller, one of the world's largest brewers, rose into the top spot after it managed to beat analysts' forecasts in the first half as its hiked its interim dividend by 12 per cent. The company reported revenue of $17,476m in the six months to the end of September, up 11% on $15,688m reported the year before, and better than the $16,940m that Charles Stanley was expecting.

Mining stocks were also performing well today on the back of the Chinese manufacturing data: Vedanta, ENRC, Glencore, Xstrata and Kazakhmys were among the best risers. Glencore and Xstrata in particular were given a boost by the news the European Commission has cleared the merger between the two.

Steel giant EVRAZ was also a high riser after announcing that it is to sell its Russian railcar operating subsidiary EvrazTrans to Russian freight rail operator NefteTransService for around $300m as it divests of non-core assets.

Following a sharp fall yesterday after its first-half figures, chemicals group Johnson Matthey rebounded after Credit Suisse upgraded the stock from 'neutral' to 'outperform' and lifted its target from 2,300p to 2,400p. The broker said: "We think the short-term negatives have now been flagged and are in the share price. Mid-term, we forecast good growth, and believe the shares are at a reasonable price."

Global insurer RSA also rose after it said it has appointed financial services stalwart Martin Scicluna as its new Chairman. He will join the board on January 1st 2013 and succeeds John Napier who is stepping down at the end of the year after a decade in the post.
FTSE 250: Man Group rises on report of fund experiment
Fund manager Man Group advanced today after the Financial Times reported that it has moved $1.5bn of its flagship fund AHL into a new portfolio in order to raise returns.

Chemring was higher after it was reported that a subsidiary of the company was awarded a $4.4m contract for the manufacture of decoy devices for the US Air Force.

Defence group Cobham rose after its aviation division secured a multi-million dollar extension on a contract to fly miners to remote parts of Western Australia.

Iron ore producer Ferrexpo was also making decent gains following an analyst dinner yesterday. According to Financial Times Alphaville, analysts at Numis said that the meeting “affirmed our view further of this conservative business that continues to drive itself up the product quality chain and down the cost curve.” The broker noted that the stock is trading at a “subdued” 3.2 times earnings and 0.8 times net asset value, “below its peers”.

Talvivaara shares dropped one day after the company received a permit to restart the metals recovery plant at its Sotkamo nickel mine where it suffered a leak. It said it expects full production to resume by November 25th.
AIM/Small Cap Report
FTSE 100 - Risers
SABMiller (SAB) 2,801.00p +6.38%
Evraz (EVR) 237.30p +4.86%
Johnson Matthey (JMAT) 2,289.00p +4.52%
Melrose (MRO) 215.00p +2.63%
Morrison (Wm) Supermarkets (MRW) 263.40p +2.49%
RSA Insurance Group (RSA) 113.50p +2.34%
Tullow Oil (TLW) 1,396.00p +2.27%
Compass Group (CPG) 714.00p +2.07%
Glencore International (GLEN) 340.70p +1.98%
International Consolidated Airlines Group SA (CDI) (IAG) 168.10p +1.88%

FTSE 100 - Fallers
Polymetal International (POLY) 1,108.00p -1.07%
Pearson (PSON) 1,175.00p -0.59%
Hargreaves Lansdown (HL.) 766.00p -0.58%
Vodafone Group (VOD) 158.30p -0.53%
Standard Life (SL.) 306.80p -0.52%
Croda International (CRDA) 2,303.00p -0.22%
United Utilities Group (UU.) 670.50p -0.15%
Babcock International Group (BAB) 974.50p -0.15%
Royal Dutch Shell 'A' (RDSA) 2,071.50p -0.12%
Fresnillo (FRES) 1,965.00p -0.10%

FTSE 250 - Risers
Man Group (EMG) 77.50p +6.09%
Chemring Group (CHG) 229.20p +5.62%
Savills (SVS) 438.00p +4.01%
Soco International (SIA) 373.40p +3.38%
Ferrexpo (FXPO) 214.70p +3.27%
Dixons Retail (DXNS) 25.80p +3.20%
BTG (BTG) 352.10p +3.19%
Cobham (COB) 202.50p +3.05%
Fenner (FENR) 385.50p +2.80%
Bovis Homes Group (BVS) 513.00p +2.60%

FTSE 250 - Fallers
Talvivaara Mining Company (TALV) 99.95p -3.71%
Ruspetro (RPO) 84.00p -3.45%
Euromoney Institutional Investor (ERM) 765.00p -2.98%
Centamin (DI) (CEY) 65.95p -2.73%
Bumi (BUMI) 259.80p -2.62%
Mitchells & Butlers (MAB) 328.40p -2.55%
Homeserve (HSV) 239.60p -2.20%
Pace (PIC) 180.90p -2.06%
Kentz Corporation Ltd. (KENZ) 369.90p -1.94%
Kenmare Resources (KMR) 32.36p -1.94%
European broker round-up
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Investors braced for protracted haggling in Brussels
FTSE-100: 0.60%
Dax-30: 0.80%
Cac-40: 0.29%
FTSE-Mibtel 30: 0.76%
Ibex 35: 0.97%
Stoxx 600: 0.44%

The main European equity benchmarks were registering moderate rises ahead of the start of the European Union summit in Brussels, in the evening, where leaders were expected to haggle over the next long-term budget (2014-2020) to the last pence.

Acting as a backdrop, and as is often the case, the fact that US markets are closed in observance of the Thanksgiving Day holiday led to a reduction in European trading volumes.

Simply put, investors are bracing for what in the past has sometimes turned into a tortuous and long drawn-out affair, as national interests come to the fore. More so given the austerity prevalent across the globe at the moment.

Never the less, hopes rose as EU President Van Rompuy’s latest proposal for a small reduction in the trillion euro budget appeared to be gathering support, including from the UK, according to some published reports.

The Spanish Treasury has this morning auctioned 3.88bn euros in medium and long-term debt, ahead of the 3.5bn euros it was aiming for. As well, the Treasury has confirmed that it has conducted a private placement of 3.28bn euros in 5 year debt.

Out on the corporate front, Renault plans to create 1,300 jobs in Spain under a scheme after reaching a deal with unions in that country.

There were also reports that Santander may be studying an initial public offering of its US auto insurance unit.

From a sector stand-point the best performers on the DJ Stoxx were to be seen in the following groups: Basic resources (1.04%), Technology (0.90%) and Retail (0.95%).
Weaker than forecast economic data
The Eurozone service sector purchasing managers’ index for the month of November compiled by Markit has come in at 45.7, versus 46 for the previous month (Consensus: 46).

The Eurozone manufacturing sector purchasing managers’ index for the month of November has come in at 45.8, versus 45.7 for the previous month (Consensus: 45.8).

Italy’s non-EU trade balance improved to €1.47bn in October, after -€657m in the previous month.

Dutch consumer spending remained flat in September in year-on-year terms, versus a 2% drop in the month before.
Euro nudges up a bit further

The euro/dollar is now gaining 0.46% to the 1.2886 dollar mark.

Front month Brent crude futures are falling by 0.326 dollars to the 110.52 dollar level on the ICE.
US Market Report
US newspaper round-up: Ally Financial, Fed...
Ally Financial’s international operations are about to find a new home — with the lender’s former parent, General Motors. Ally agreed on Wednesday to sell its European and Latin American businesses, as well as a share of a joint venture in China, to G.M.’s financial arm for about $4.2 billion. The sale is the latest effort by Ally to raise money to help pay back its government bailouts, made to help prop up a company struggling under the weight of souring mortgages. The Obama administration pumped money into the firm as part of its bailout of the auto industry in 2009. [The New York Times]

The Federal Reserve isn't near a limit on how many Treasury or mortgage-backed securities it can purchase, Federal Reserve President John Williams said in an interview with The Wall Street Journal. Some Fed officials have been concerned that if the central bank buys too many bonds in these markets it could become such a big player that these markets become illiquid and stop functioning properly. Mr. Williams said the Fed isn't close to causing those kinds of problems. He said he wants to keep buying $85 billiong per month of long-term securities in 2013. [The Wall Street Journal]

A federal bankruptcy judge in New York approved Hostess Brands' shutdown plan Wednesday after an 11th hour mediation effort failed, setting the stage for mass worker firings and the sell-off of the owner of the renowned Twinkies brand. Judge Robert Drain approved the motion at a White Plains hearing after Hostess and the Bakery, Confectionary, Tobacco and Grain Millers Union failed to reach an agreement that would end the crippling strike the union launched on Nov. 9. Drain rejected a motion by U.S. Bankruptcy Trustee Tracy Hope Davis to convert the case from a financial restructuring to a Chapter 7 liquidation. He said such a transfer, which would have given a trustee control over a Hostess assets sale, "would be a disaster." [USA Today]

The group that will administer the coming major-college football playoff agreed in principle for ESPN to broadcast the playoff games and "selected other games" for 12 years, it was announced Wednesday by the group formerly known as the Bowl Championship Series. The four-team playoff and the broadcast deal will begin after the 2014 season. A person familiar with the negotiations said it is worth about $470 million annually or $5.64 billion for the duration of the contract. [The Wall Street Journal]

Of all the industries likely to get clipped by the fiscal cliff, travel is probably near the top of the list. Companies are already cutting back on business travel ahead of the scheduled Jan. 1 start of a feared combo of big tax increases and spending cuts that economists warn could cause a recession if they all occur at once. Companies will spend $20 billion less on business travel through 2014 if the fiscal cliff happens, according to the Global Business Travel Association. [USA Today]

Federal regulators are preparing a civil fraud case against a prominent Los Angeles money manager, a government lawyer said at a court hearing on Wednesday. The manager, Peter J. Eichler Jr., chief executive of Aletheia Research and Management, has received a so-called Wells notice from the Securities and Exchange Commission, an indication that the agency is considering an enforcement action. Gary Leung, an S.E.C. staff lawyer, disclosed the potential lawsuit during a hearing in United States Bankruptcy Court in Los Angeles. Aletheia filed for bankruptcy protection on Nov. 11, and owes as much as $50 million. [The New York Times]
Thursday broker round-up
Alternative Networks: Westhouse Securities downgrades from buy to add, target of 280p kept.

Babcock International: UBS downgrades from buy to neutral.

Barr (AG): N+1 Singer raises target from 402p to 525p and upgrades to buy.

Belvoir Lettings: Seymour Pierce raises target from 91p to 112p, buy recommendation remains unchanged.

British Land: Goldman Sachs moves target from 564p to 565p, buy recommendation unchanged.

Compass Group: Citigroup raises target from 750p to 800p, buy rating remains unchanged. Credit Suisse raises target from 791p to 813p, outperform rating reiterated. Oddo raises target from 660p to 720, outperform rating maintained.

Daisy Group: Jefferies reduces target from 140p to 136p, buy recommendation maintained.

Dart Group: Canaccord Genuity raises target from 118p to 152p, buy rating unchanged.

Direct Line: UBS initiates with a target of 215p and a buy recommendation.

Dixons Retail: Morgan Stanley raises target from 20p to 38p, overweight rating kept. UBS raises target from 21p to 27p, neutral rating remains unchanged.

Dunelm Group: UBS raises target from 650p to 700p, buy recommendation reiterated.

easyJet: Citigroup raises target from 700p to 780p, buy recommendation maintained. Charley Stanley moves target from 400p to 425p, hold recommendation kept. Barclays Capital moves target from 520p to 675p and upgrades to equal weight.

Frenillo: Goldman Sachs initiates with a target of 1950p and a neutral recommendation.

GoldStone Resources: WH Ireland raises target  from 8.5p to 9.7p, buy rating reiterated.

Halfords Group: HSBC raises target from 330p to 365p, neutral rating remains unchanged. Exane BNP Paribas moves target from 160p to 300p, underperform rating maintained.

Hays: Shore Capital downgrades to hold.

Hochschild Mining: Goldman Sachs downgrades to sell, target of 510p kept.

Homeserve: Liberum Capital reduces target from 260p to 250p and downgrades to hold.

Imagination Technologies Group: UBS upgrades from sell to neutral.

InterContinental Hotels Group: Liberum Capital starts with a target of 1943p and a buy recommendation.

Intermediate Capital Group: Deutsche Bank cuts target from 320p to 289p and downgrades to hold. Numis moves target from 315p to 323p, hold recommendation reiterated.

Johnson Matthey: Credit Suisse raises target from 2300p to 2400p and upgrades to outperform. JP Morgan reduces target from 2620p to 2350p, neutral rating unchanged. UBS cuts target from 2300p to 2280p, neutral recommendation kept. HSBC reduces target from 2700p to 2400p, neutral rating reiterated.

Lonmin: Barclays Capital reduces target from 615p to 275p, equal weight rating kept.

Michael Page International: Shore Capital downgrades to sell.

Millennium & Copthorne Hotels: Liberum Capital starts with a target of 469p and a hold recommendation.

MITIE Group: Barclays Capital initiates with a target of 320p and an overweight recommendation.

Mothercare: Numis raises target from 270p to 325p, add rating remains unchanged.

Prudential: Berenberg raises target from 1040p to 1080p, buy recommendation kept.

Randgold Resources: Bank of America downgrades from buy to neutral.

Renold: N+1 Singer raises target from 19p to 20p, hold recommendation unchanged.

Robert Walters: Shore Capital downgrades to hold.

Secure Trust Bank: Numis raises target from 1167p to 1234p, hold recommendation kept.

SThree: Shore Capital downgrades to hold.

Trinity Mirror: Citigroup raises target from 33p to 50p, sell recommendation maintained.

United Utilities Group: Nomura downgrades from buy to neutral.

Weatherly International: Canaccord Genuity raises target from 12p to 13p, buy recommendation maintained.

Whitbread: Liberum Capital initiates with a target of 2740p and a buy recommendation.

ADVFN III Morning Euro Markets Bulletin - November 22nd, 2012-.



ADVFN III Morning Euro Markets Bulletin


London Market Report
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Stocks rise after Chinese data

    Market Movers
    techMARK 2,059.25 +0.22%
    FTSE 100 5,778.71 +0.46%
    FTSE 250 11,815.83 +0.28%
UK stocks started Thursday's session with moderate gains after some upbeat manufacturing figures from China, though trade is expected to be light with US markets closed for Thanksgiving.

The 'flash' HSBC Chinese purchasing managers’ index for the month of October came in at 50.4, up from 49.5 for the previous month. That constitutes a thirteen month high.

Financial sales trader Matthew Nelson from Spreadex said :"News that manufacturing output had risen in China for the first time in more than a year helped to underpin sentiment in the East and the figures have also aided the prospects of UK metals and energy companies with the bulk of this morning’s shift coming from the two sectors."

Markus Huber, the head of German HNW trading at ETX Capital, said this morning: "Also some relief has provided the news that Israel and Hamas have agreed to a temporary ceasefire, especially after yesterday’s bomb attack on an Israeli bus increased the likelihood that the conflict might could spiral out of complete control."

He said that trading volumes are likely to be well below average today with equity and bonds markets closed Stateside for the Thanksgiving holiday.

"Furthermore traders and investors most likely will remain on the sidelines as they have resigned themselves to the fact that  any major progress what averting the 'fiscal cliff' and plugging the latest financial hole in Greece is concerned is rather unlikely before next week," he said.
FTSE 100: SABMiller jumps after first-half results
SABMiller, one of the world's largest brewers, managed to beat analysts' forecasts for revenue and earnings in the first half as its hiked its interim dividend by 12%. Investors shrugged off the group's comments that it has seen a "moderation of growth" in some emerging markets.

Mining stocks were also performing well this morning on the back of the Chinese manufacturing data: Vedanta, EVRAZ, ENRC, Glencore, Xstrata and Kazakhmys were among the highest risers early on.

Following a sharp fall yesterday after its first-half figures, chemicals group Johnson Matthey rebounded after Credit Suisse upgraded the stock from 'neutral' to 'outperform' and lifted its target from 2,300p to 2,400p. The broker said: "We think the short-term negatives have now been flagged and are in the share price. Mid-term, we forecast good growth, and believe the shares are at a reasonable price."

Meanwhile, global insurer RSA was in demand after appointing a Lloyds Banking Group executive, Martin Scicluna, as its new Chairman.

Consumer goods giant Reckitt Benckiser gained after signing a definitive merger agreement with healthy snack maker Schiff Nutrition International.
FTSE 250: Man Group provides a lift early on
Fund manager Man Group advanced this morning after the Financial Times reported that it has moved $1.5bn of its flagship fund AHL into a new portfolio in order to raise returns.

Home emergency repairs group HomeServe was out of favour after Liberum Capital downgraded its rating on the shares to 'hold' and cut its target from 260p to 250p.

Defence group Cobham rose after its aviation division secured a multi-million dollar extension on a contract to fly miners to remote parts of Western Australia.

Residential property owner-manager Grainger was higher despite cautioning that it expects subdued market conditions to persist through 2013. The company reported a 3.2% rise in net asset value per share in the year to September 30th.
London Market Report
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Stocks rise after Chinese data

    Market Movers
    techMARK 2,059.25 +0.22%
    FTSE 100 5,778.71 +0.46%
    FTSE 250 11,815.83 +0.28%
UK stocks started Thursday's session with moderate gains after some upbeat manufacturing figures from China, though trade is expected to be light with US markets closed for Thanksgiving.

The 'flash' HSBC Chinese purchasing managers’ index for the month of October came in at 50.4, up from 49.5 for the previous month. That constitutes a thirteen month high.

Financial sales trader Matthew Nelson from Spreadex said :"News that manufacturing output had risen in China for the first time in more than a year helped to underpin sentiment in the East and the figures have also aided the prospects of UK metals and energy companies with the bulk of this morning’s shift coming from the two sectors."

Markus Huber, the head of German HNW trading at ETX Capital, said this morning: "Also some relief has provided the news that Israel and Hamas have agreed to a temporary ceasefire, especially after yesterday’s bomb attack on an Israeli bus increased the likelihood that the conflict might could spiral out of complete control."

He said that trading volumes are likely to be well below average today with equity and bonds markets closed Stateside for the Thanksgiving holiday.

"Furthermore traders and investors most likely will remain on the sidelines as they have resigned themselves to the fact that  any major progress what averting the 'fiscal cliff' and plugging the latest financial hole in Greece is concerned is rather unlikely before next week," he said.
FTSE 100: SABMiller jumps after first-half results
SABMiller, one of the world's largest brewers, managed to beat analysts' forecasts for revenue and earnings in the first half as its hiked its interim dividend by 12%. Investors shrugged off the group's comments that it has seen a "moderation of growth" in some emerging markets.

Mining stocks were also performing well this morning on the back of the Chinese manufacturing data: Vedanta, EVRAZ, ENRC, Glencore, Xstrata and Kazakhmys were among the highest risers early on.

Following a sharp fall yesterday after its first-half figures, chemicals group Johnson Matthey rebounded after Credit Suisse upgraded the stock from 'neutral' to 'outperform' and lifted its target from 2,300p to 2,400p. The broker said: "We think the short-term negatives have now been flagged and are in the share price. Mid-term, we forecast good growth, and believe the shares are at a reasonable price."

Meanwhile, global insurer RSA was in demand after appointing a Lloyds Banking Group executive, Martin Scicluna, as its new Chairman.

Consumer goods giant Reckitt Benckiser gained after signing a definitive merger agreement with healthy snack maker Schiff Nutrition International.
FTSE 250: Man Group provides a lift early on
Fund manager Man Group advanced this morning after the Financial Times reported that it has moved $1.5bn of its flagship fund AHL into a new portfolio in order to raise returns.

Home emergency repairs group HomeServe was out of favour after Liberum Capital downgraded its rating on the shares to 'hold' and cut its target from 260p to 250p.

Defence group Cobham rose after its aviation division secured a multi-million dollar extension on a contract to fly miners to remote parts of Western Australia.

Residential property owner-manager Grainger was higher despite cautioning that it expects subdued market conditions to persist through 2013. The company reported a 3.2% rise in net asset value per share in the year to September 30th.
AIM/Small Cap Report
FTSE 100 - Risers
SABMiller (SAB) 2,767.50p +5.11%
Evraz (EVR) 234.00p +3.40%
Anglo American (AAL) 1,712.00p +1.81%
Vedanta Resources (VED) 1,075.00p +1.70%
Eurasian Natural Resources Corp. (ENRC) 273.50p +1.67%
Johnson Matthey (JMAT) 2,225.00p +1.60%
Capital Shopping Centres Group (CSCG) 343.60p +1.60%
Kazakhmys (KAZ) 693.00p +1.46%
Xstrata (XTA) 1,011.50p +1.45%
Wolseley (WOS) 2,791.00p +1.42%

FTSE 100 - Fallers
Tate & Lyle (TATE) 761.50p -0.39%
Shire Plc (SHP) 1,781.00p -0.34%
Lloyds Banking Group (LLOY) 45.63p -0.24%
Severn Trent (SVT) 1,566.00p -0.19%
Standard Chartered (STAN) 1,437.50p -0.17%
Experian (EXPN) 1,019.00p -0.10%
SSE (SSE) 1,395.00p -0.07%
Old Mutual (OML) 169.30p -0.06%

FTSE 250 - Risers
Dixons Retail (DXNS) 26.06p +4.24%
Man Group (EMG) 76.15p +4.24%
Ferrexpo (FXPO) 213.50p +2.69%
Jardine Lloyd Thompson Group (JLT) 760.50p +1.60%
Kier Group (KIE) 1,158.00p +1.58%
Fenner (FENR) 380.40p +1.44%
Bank of Georgia Holdings (BGEO) 1,097.00p +1.39%
ICAP (IAP) 293.80p +1.38%
Tullett Prebon (TLPR) 226.60p +1.30%
Home Retail Group (HOME) 106.10p +1.24%

FTSE 250 - Fallers
Hochschild Mining (HOC) 478.50p -2.74%
Talvivaara Mining Company (TALV) 101.50p -2.22%
Euromoney Institutional Investor (ERM) 774.00p -1.84%
Perform Group (PER) 390.00p -1.76%
Redrow (RDW) 156.94p -1.48%
PayPoint (PAY) 867.88p -0.98%
Grainger (GRI) 114.00p -0.87%
QinetiQ Group (QQ.) 195.00p -0.76%
RIT Capital Partners (RCP) 1,126.51p -0.75%
Unite Group (UTG) 264.20p -0.68%
European broker round-up
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Carrefour: Barclays Capital reiterates a NEUTRAL rating with a price target of €16.10. CM-CIC reiterates a BUY rating with a price target of €23.50.

Dia: UBS reiterates a SELL rating and raises price target to €4.30 from €3.40.

Renault: Cheuvreux reiterates coverage at UNDERWEIGHT with a price target of €4.

Siemens: Deutsche Bank downgrades to SELL from hold and lowers price target to €65 from €75.
UK Event Calendar
INTERIMS
Dart Group, Mothercare, SABMiller, Sepura, Young & Co's Brewery 'A' Shares

INTERIM DIVIDEND PAYMENT DATE
Goals Soccer Centres, Hansteen Holdings, Smart Metering Systems

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence Indicator (EU) (10:00)

Q3
ADC African Development Corporation GmbH, Avengardco Investments Public Ltd GDR, Bridge Energy Asa, Wentworth Resources Ltd (CDI)

GMS
Impellam Group

FINALS
Daily Mail and General Trust A (Non.V), Grainger, Phytopharm

ANNUAL REPORT
Firestone Diamonds

AGMS
Close Brothers Group

UK ECONOMIC ANNOUNCEMENTS
CBI Industrial Trends Surveys (11:00)

FINAL DIVIDEND PAYMENT DATE
Thorpe (F.W.)
US Market Report
Gaza Ceasefire Contributes To Modest Strength On Wall Street

After initially showing a lack of direction, stock moved modestly higher over the course of the trading day on Wednesday. The markets benefited from a positive reaction to news that Israel and Hamas agreed to a ceasefire in Gaza.

The major averages moved roughly sideways going into the close, hovering in positive territory. The Dow rose 48.38 points or 0.4 percent to 12,836.89, the Nasdaq climbed 9.87 points or 0.3 percent to 2,926.55 and the S&P 500 edged up 3.22 points or 0.2 percent to 1,391.03.

The choppy trading seen early in the session came on the heels of a mixed batch of U.S. economic data, including reports showing a drop in jobless claims and a substantial downward revision to consumer sentiment.

Before the start of trading, the Labor Department released a report showing a notable decrease in initial jobless claims in the week ended November 17th, although the data continued to reflect distortions due to Hurricane Sandy.

The report showed that jobless claims fell to 410,000 from the previous week's revised figure of 451,000, coming in line with analyst estimates.

Meanwhile, a separate report from Thomson Reuters and the University of Michigan showed that consumer sentiment improved by substantially less than initially estimated in the month of November.

The report said the consumer sentiment index for November came in at 82.7, down sharply from the preliminary reading of 84.9. With the downward revision, the index was only just above the final October reading of 82.6.

Stocks moved more firmly into positive territory following the news that Israel and Hamas agreed to a ceasefire following an Egyptian-mediated peace negotiation to end the weeklong cross-border hostilities that led to the deaths of at least 150 people.

The deal was announced by Egyptian foreign minister Mohamed Kamel Amr at a joint press conference with U.S. Secretary of State Hillary Clinton in Cairo.

Lingering concerns about the situation in Europe helped to limit the upside for the markets, however, as finance ministers once again delayed a decision on providing additional financial assistance to Greece.

A lack of volume also contributed to choppy trading on Wall Street, with many traders getting a head start on tomorrow's Thanksgiving Day holiday.

Sector News

While many of the major sectors ended the day showing only modest moves, considerable strength was visible among gold stocks. The NYSE Arca Gold Bugs Index advanced by 1.5 percent, climbing further off last Thursday's three-month closing low.

The strength among gold stocks came amid an increase by the price of the precious metal, with gold for December delivery climbing $4.60 to $1,728.20 an ounce.

Networking stocks also showed a strong move to the upside, driving the NYSE Arca Networking Index up by 1.2 percent. Infinera (INFN) helped to lead the sector higher, rising by 4.6 percent.

Electronic storage, biotechnology, and software stocks also saw notable strength on the day, although buying interest was relatively subdued.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance on Wednesday. Japan's Nikkei 225 Index advanced by 0.9 percent, while Australia's All Ordinaries Index fell by 0.4 percent.

In the bond market, treasuries moved moderately lower, pulling back further off last week's highs. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.1 basis points to 1.687 percent.

Looking Ahead


Following the Thanksgiving Day holiday on Thursday, trading activity is likely to be subdued during the abbreviated trading session on Friday as many traders remain away from their desks.
Thursday newspaper round-up
Middle-East ceasefire, Supermarkets, Standard Life...
Israel and the Islamist Hamas group agreed to an Egyptian-brokered ceasefire on Wednesday, ending a bloody eight-day conflict in and around the Gaza Strip that has claimed the lives of at least 152 Palestinians and five Israelis. The truce was announced in Cairo by Mohammed Kamel Amr, the Egyptian foreign minister, in a joint press conference with Hillary Clinton, the US secretary of state. Mr Amr said the recent diplomatic effort had produced 'understandings to cease fire and restore calm and halt the bloodshed that the last period has seen.' [Financial Times]

The chief executives of two of Britain’s biggest retailers have written to the Government to seek an extension of Sunday trading hours on December 23, which is expected to be the busiest shopping day of the year. Andy Clarke of Asda and Dalton Philips of Morrisons have sent a letter to Michael Fallon, the Business Minister, calling for trading hours to be extended by up to two hours. The push for a relaxation of trading hours by Britain’s second and fourth largest supermarket groups follows lengthened hours during the Olympics and Paralympics this summer. [The Telegraph]

Standard Life, the Edinburgh-based insurance giant, has confirmed plans to cut 139 jobs as it restructures its UK business in preparation for radical reforms in the pensions industry. The group said it needed to introduce “more streamlined and flexible organisational structures” to meet the twin challenges of the retail distribution review (RDR), which will ban commission payments to financial advisers from next year, and new rules forcing employers to provide pensions for all eligible members of staff. [The Scotsman]

The Government is heading for the loss of its triple-A credit rating and a breach of its debt target, one of the world’s leading fund managers warned in the wake of a fresh deterioration in the public finances. Myles Bradshaw, of Pimco, the world’s top bond fund, said the odds were high that Britain would suffer a downgrade to its credit rating in 2013, but he added that the Chancellor should not to “double up” on austerity in order to prevent politically inconvenient breaches of his short-term fiscal goals. [The Times]

Big banks are good for Britain and must not be broken up, according to George Osborne, as he argued the country’s largest lenders were beneficial to society. The Chancellor warned that “aggressively” breaking up banks would do little to benefit the UK and insisted the Government’s plans to put in place a so-called “ring fence” to force banks to isolate their riskier, investment banking businesses from their retail arm was the right way to make the financial system safer. [The Telegraph]

Sir Philip Green, the owner of the fashion group Arcadia, hopes to launch its first Topshop and Topman stores in China next year, as the billionaire said retailers should focus on improving their performance and stop "crying" about tough trading conditions on the high street. The entrepreneur yesterday unveiled a leap in annual profits at Arcadia, which also runs the Bhs and Burton brands, and revealed he is plotting a "major push" of its fledgling operation in the US. [The Independent]

The energy regulator, Ofgem, failed to implement its own consultants' recommendation a year ago to tighten up the way energy companies report trading activities – and admits it may now have to revisit the issue. The energy watchdog also confirmed it was tipped off about possible manipulation of the wholesale market on 17 October – more than three weeks before the energy secretary, Ed Davey, was told. Caroline Flint MP, the shadow energy and climate change secretary, who has already called for Ofgem to be scrapped for a tougher regulator, said the public was owed a proper explanation of what was going on. [The Guardian]

Hopes were rising in Brussels that an unlikely deal with the UK over the EU’s long-term budget was taking shape, although the chief negotiator was trying to resolve a deluge of last-minute complaints from other countries on the eve of what could be a gruelling summit. The cautious optimism about the UK represents a significant shift: David Cameron, the prime minister, was seen as the biggest obstacle to a deal on the budget, which will cover roughly €1 trillion in spending from 2014 to 2020. The changed mood reflects the encouraging reception that British officials have given to the latest proposal from Herman Van Rompuy, the European Council president. The draft set a ceiling of €940bn for payments over the seven-year period, a €3bn reduction from the current long-term budget. [Financial Times]

ADVFN III Morning Euro Markets Bulletin -November 22, 2012-.


ADVFN III Morning Euro Markets Bulletin


London Market Report
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Stocks rise after Chinese data

    Market Movers
    techMARK 2,059.25 +0.22%
    FTSE 100 5,778.71 +0.46%
    FTSE 250 11,815.83 +0.28%
UK stocks started Thursday's session with moderate gains after some upbeat manufacturing figures from China, though trade is expected to be light with US markets closed for Thanksgiving.

The 'flash' HSBC Chinese purchasing managers’ index for the month of October came in at 50.4, up from 49.5 for the previous month. That constitutes a thirteen month high.

Financial sales trader Matthew Nelson from Spreadex said :"News that manufacturing output had risen in China for the first time in more than a year helped to underpin sentiment in the East and the figures have also aided the prospects of UK metals and energy companies with the bulk of this morning’s shift coming from the two sectors."

Markus Huber, the head of German HNW trading at ETX Capital, said this morning: "Also some relief has provided the news that Israel and Hamas have agreed to a temporary ceasefire, especially after yesterday’s bomb attack on an Israeli bus increased the likelihood that the conflict might could spiral out of complete control."

He said that trading volumes are likely to be well below average today with equity and bonds markets closed Stateside for the Thanksgiving holiday.

"Furthermore traders and investors most likely will remain on the sidelines as they have resigned themselves to the fact that  any major progress what averting the 'fiscal cliff' and plugging the latest financial hole in Greece is concerned is rather unlikely before next week," he said.
FTSE 100: SABMiller jumps after first-half results
SABMiller, one of the world's largest brewers, managed to beat analysts' forecasts for revenue and earnings in the first half as its hiked its interim dividend by 12%. Investors shrugged off the group's comments that it has seen a "moderation of growth" in some emerging markets.

Mining stocks were also performing well this morning on the back of the Chinese manufacturing data: Vedanta, EVRAZ, ENRC, Glencore, Xstrata and Kazakhmys were among the highest risers early on.

Following a sharp fall yesterday after its first-half figures, chemicals group Johnson Matthey rebounded after Credit Suisse upgraded the stock from 'neutral' to 'outperform' and lifted its target from 2,300p to 2,400p. The broker said: "We think the short-term negatives have now been flagged and are in the share price. Mid-term, we forecast good growth, and believe the shares are at a reasonable price."

Meanwhile, global insurer RSA was in demand after appointing a Lloyds Banking Group executive, Martin Scicluna, as its new Chairman.

Consumer goods giant Reckitt Benckiser gained after signing a definitive merger agreement with healthy snack maker Schiff Nutrition International.
FTSE 250: Man Group provides a lift early on
Fund manager Man Group advanced this morning after the Financial Times reported that it has moved $1.5bn of its flagship fund AHL into a new portfolio in order to raise returns.

Home emergency repairs group HomeServe was out of favour after Liberum Capital downgraded its rating on the shares to 'hold' and cut its target from 260p to 250p.

Defence group Cobham rose after its aviation division secured a multi-million dollar extension on a contract to fly miners to remote parts of Western Australia.

Residential property owner-manager Grainger was higher despite cautioning that it expects subdued market conditions to persist through 2013. The company reported a 3.2% rise in net asset value per share in the year to September 30th.

London Market Report
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FTSE 100EuronextDax perfCAC 40
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Please click on the images to view our interactive charts
Stocks rise after Chinese data

    Market Movers
    techMARK 2,059.25 +0.22%
    FTSE 100 5,778.71 +0.46%
    FTSE 250 11,815.83 +0.28%
UK stocks started Thursday's session with moderate gains after some upbeat manufacturing figures from China, though trade is expected to be light with US markets closed for Thanksgiving.

The 'flash' HSBC Chinese purchasing managers’ index for the month of October came in at 50.4, up from 49.5 for the previous month. That constitutes a thirteen month high.

Financial sales trader Matthew Nelson from Spreadex said :"News that manufacturing output had risen in China for the first time in more than a year helped to underpin sentiment in the East and the figures have also aided the prospects of UK metals and energy companies with the bulk of this morning’s shift coming from the two sectors."

Markus Huber, the head of German HNW trading at ETX Capital, said this morning: "Also some relief has provided the news that Israel and Hamas have agreed to a temporary ceasefire, especially after yesterday’s bomb attack on an Israeli bus increased the likelihood that the conflict might could spiral out of complete control."

He said that trading volumes are likely to be well below average today with equity and bonds markets closed Stateside for the Thanksgiving holiday.

"Furthermore traders and investors most likely will remain on the sidelines as they have resigned themselves to the fact that  any major progress what averting the 'fiscal cliff' and plugging the latest financial hole in Greece is concerned is rather unlikely before next week," he said.
FTSE 100: SABMiller jumps after first-half results
SABMiller, one of the world's largest brewers, managed to beat analysts' forecasts for revenue and earnings in the first half as its hiked its interim dividend by 12%. Investors shrugged off the group's comments that it has seen a "moderation of growth" in some emerging markets.

Mining stocks were also performing well this morning on the back of the Chinese manufacturing data: Vedanta, EVRAZ, ENRC, Glencore, Xstrata and Kazakhmys were among the highest risers early on.

Following a sharp fall yesterday after its first-half figures, chemicals group Johnson Matthey rebounded after Credit Suisse upgraded the stock from 'neutral' to 'outperform' and lifted its target from 2,300p to 2,400p. The broker said: "We think the short-term negatives have now been flagged and are in the share price. Mid-term, we forecast good growth, and believe the shares are at a reasonable price."

Meanwhile, global insurer RSA was in demand after appointing a Lloyds Banking Group executive, Martin Scicluna, as its new Chairman.

Consumer goods giant Reckitt Benckiser gained after signing a definitive merger agreement with healthy snack maker Schiff Nutrition International.
FTSE 250: Man Group provides a lift early on
Fund manager Man Group advanced this morning after the Financial Times reported that it has moved $1.5bn of its flagship fund AHL into a new portfolio in order to raise returns.

Home emergency repairs group HomeServe was out of favour after Liberum Capital downgraded its rating on the shares to 'hold' and cut its target from 260p to 250p.

Defence group Cobham rose after its aviation division secured a multi-million dollar extension on a contract to fly miners to remote parts of Western Australia.

Residential property owner-manager Grainger was higher despite cautioning that it expects subdued market conditions to persist through 2013. The company reported a 3.2% rise in net asset value per share in the year to September 30th.

AIM/Small Cap Report
FTSE 100 - Risers
SABMiller (SAB) 2,767.50p +5.11%
Evraz (EVR) 234.00p +3.40%
Anglo American (AAL) 1,712.00p +1.81%
Vedanta Resources (VED) 1,075.00p +1.70%
Eurasian Natural Resources Corp. (ENRC) 273.50p +1.67%
Johnson Matthey (JMAT) 2,225.00p +1.60%
Capital Shopping Centres Group (CSCG) 343.60p +1.60%
Kazakhmys (KAZ) 693.00p +1.46%
Xstrata (XTA) 1,011.50p +1.45%
Wolseley (WOS) 2,791.00p +1.42%

FTSE 100 - Fallers
Tate & Lyle (TATE) 761.50p -0.39%
Shire Plc (SHP) 1,781.00p -0.34%
Lloyds Banking Group (LLOY) 45.63p -0.24%
Severn Trent (SVT) 1,566.00p -0.19%
Standard Chartered (STAN) 1,437.50p -0.17%
Experian (EXPN) 1,019.00p -0.10%
SSE (SSE) 1,395.00p -0.07%
Old Mutual (OML) 169.30p -0.06%

FTSE 250 - Risers
Dixons Retail (DXNS) 26.06p +4.24%
Man Group (EMG) 76.15p +4.24%
Ferrexpo (FXPO) 213.50p +2.69%
Jardine Lloyd Thompson Group (JLT) 760.50p +1.60%
Kier Group (KIE) 1,158.00p +1.58%
Fenner (FENR) 380.40p +1.44%
Bank of Georgia Holdings (BGEO) 1,097.00p +1.39%
ICAP (IAP) 293.80p +1.38%
Tullett Prebon (TLPR) 226.60p +1.30%
Home Retail Group (HOME) 106.10p +1.24%

FTSE 250 - Fallers
Hochschild Mining (HOC) 478.50p -2.74%
Talvivaara Mining Company (TALV) 101.50p -2.22%
Euromoney Institutional Investor (ERM) 774.00p -1.84%
Perform Group (PER) 390.00p -1.76%
Redrow (RDW) 156.94p -1.48%
PayPoint (PAY) 867.88p -0.98%
Grainger (GRI) 114.00p -0.87%
QinetiQ Group (QQ.) 195.00p -0.76%
RIT Capital Partners (RCP) 1,126.51p -0.75%
Unite Group (UTG) 264.20p -0.68%

European broker round-up
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FTSE 100EuronextDax perfCAC 40
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Carrefour: Barclays Capital reiterates a NEUTRAL rating with a price target of €16.10. CM-CIC reiterates a BUY rating with a price target of €23.50.

Dia: UBS reiterates a SELL rating and raises price target to €4.30 from €3.40.

Renault: Cheuvreux reiterates coverage at UNDERWEIGHT with a price target of €4.

Siemens: Deutsche Bank downgrades to SELL from hold and lowers price target to €65 from €75.
UK Event Calendar
INTERIMS
Dart Group, Mothercare, SABMiller, Sepura, Young & Co's Brewery 'A' Shares

INTERIM DIVIDEND PAYMENT DATE
Goals Soccer Centres, Hansteen Holdings, Smart Metering Systems

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence Indicator (EU) (10:00)

Q3
ADC African Development Corporation GmbH, Avengardco Investments Public Ltd GDR, Bridge Energy Asa, Wentworth Resources Ltd (CDI)

GMS
Impellam Group

FINALS
Daily Mail and General Trust A (Non.V), Grainger, Phytopharm

ANNUAL REPORT
Firestone Diamonds

AGMS
Close Brothers Group

UK ECONOMIC ANNOUNCEMENTS
CBI Industrial Trends Surveys (11:00)

FINAL DIVIDEND PAYMENT DATE
Thorpe (F.W.)


US Market Report
Gaza Ceasefire Contributes To Modest Strength On Wall Street

After initially showing a lack of direction, stock moved modestly higher over the course of the trading day on Wednesday. The markets benefited from a positive reaction to news that Israel and Hamas agreed to a ceasefire in Gaza.

The major averages moved roughly sideways going into the close, hovering in positive territory. The Dow rose 48.38 points or 0.4 percent to 12,836.89, the Nasdaq climbed 9.87 points or 0.3 percent to 2,926.55 and the S&P 500 edged up 3.22 points or 0.2 percent to 1,391.03.

The choppy trading seen early in the session came on the heels of a mixed batch of U.S. economic data, including reports showing a drop in jobless claims and a substantial downward revision to consumer sentiment.

Before the start of trading, the Labor Department released a report showing a notable decrease in initial jobless claims in the week ended November 17th, although the data continued to reflect distortions due to Hurricane Sandy.

The report showed that jobless claims fell to 410,000 from the previous week's revised figure of 451,000, coming in line with analyst estimates.

Meanwhile, a separate report from Thomson Reuters and the University of Michigan showed that consumer sentiment improved by substantially less than initially estimated in the month of November.

The report said the consumer sentiment index for November came in at 82.7, down sharply from the preliminary reading of 84.9. With the downward revision, the index was only just above the final October reading of 82.6.

Stocks moved more firmly into positive territory following the news that Israel and Hamas agreed to a ceasefire following an Egyptian-mediated peace negotiation to end the weeklong cross-border hostilities that led to the deaths of at least 150 people.

The deal was announced by Egyptian foreign minister Mohamed Kamel Amr at a joint press conference with U.S. Secretary of State Hillary Clinton in Cairo.

Lingering concerns about the situation in Europe helped to limit the upside for the markets, however, as finance ministers once again delayed a decision on providing additional financial assistance to Greece.

A lack of volume also contributed to choppy trading on Wall Street, with many traders getting a head start on tomorrow's Thanksgiving Day holiday.

Sector News

While many of the major sectors ended the day showing only modest moves, considerable strength was visible among gold stocks. The NYSE Arca Gold Bugs Index advanced by 1.5 percent, climbing further off last Thursday's three-month closing low.

The strength among gold stocks came amid an increase by the price of the precious metal, with gold for December delivery climbing $4.60 to $1,728.20 an ounce.

Networking stocks also showed a strong move to the upside, driving the NYSE Arca Networking Index up by 1.2 percent. Infinera (INFN) helped to lead the sector higher, rising by 4.6 percent.

Electronic storage, biotechnology, and software stocks also saw notable strength on the day, although buying interest was relatively subdued.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance on Wednesday. Japan's Nikkei 225 Index advanced by 0.9 percent, while Australia's All Ordinaries Index fell by 0.4 percent.

In the bond market, treasuries moved moderately lower, pulling back further off last week's highs. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.1 basis points to 1.687 percent.

Looking Ahead


Following the Thanksgiving Day holiday on Thursday, trading activity is likely to be subdued during the abbreviated trading session on Friday as many traders remain away from their desks.

Thursday newspaper round-up
Middle-East ceasefire, Supermarkets, Standard Life...
Israel and the Islamist Hamas group agreed to an Egyptian-brokered ceasefire on Wednesday, ending a bloody eight-day conflict in and around the Gaza Strip that has claimed the lives of at least 152 Palestinians and five Israelis. The truce was announced in Cairo by Mohammed Kamel Amr, the Egyptian foreign minister, in a joint press conference with Hillary Clinton, the US secretary of state. Mr Amr said the recent diplomatic effort had produced 'understandings to cease fire and restore calm and halt the bloodshed that the last period has seen.' [Financial Times]

The chief executives of two of Britain’s biggest retailers have written to the Government to seek an extension of Sunday trading hours on December 23, which is expected to be the busiest shopping day of the year. Andy Clarke of Asda and Dalton Philips of Morrisons have sent a letter to Michael Fallon, the Business Minister, calling for trading hours to be extended by up to two hours. The push for a relaxation of trading hours by Britain’s second and fourth largest supermarket groups follows lengthened hours during the Olympics and Paralympics this summer. [The Telegraph]

Standard Life, the Edinburgh-based insurance giant, has confirmed plans to cut 139 jobs as it restructures its UK business in preparation for radical reforms in the pensions industry. The group said it needed to introduce “more streamlined and flexible organisational structures” to meet the twin challenges of the retail distribution review (RDR), which will ban commission payments to financial advisers from next year, and new rules forcing employers to provide pensions for all eligible members of staff. [The Scotsman]

The Government is heading for the loss of its triple-A credit rating and a breach of its debt target, one of the world’s leading fund managers warned in the wake of a fresh deterioration in the public finances. Myles Bradshaw, of Pimco, the world’s top bond fund, said the odds were high that Britain would suffer a downgrade to its credit rating in 2013, but he added that the Chancellor should not to “double up” on austerity in order to prevent politically inconvenient breaches of his short-term fiscal goals. [The Times]

Big banks are good for Britain and must not be broken up, according to George Osborne, as he argued the country’s largest lenders were beneficial to society. The Chancellor warned that “aggressively” breaking up banks would do little to benefit the UK and insisted the Government’s plans to put in place a so-called “ring fence” to force banks to isolate their riskier, investment banking businesses from their retail arm was the right way to make the financial system safer. [The Telegraph]

Sir Philip Green, the owner of the fashion group Arcadia, hopes to launch its first Topshop and Topman stores in China next year, as the billionaire said retailers should focus on improving their performance and stop "crying" about tough trading conditions on the high street. The entrepreneur yesterday unveiled a leap in annual profits at Arcadia, which also runs the Bhs and Burton brands, and revealed he is plotting a "major push" of its fledgling operation in the US. [The Independent]

The energy regulator, Ofgem, failed to implement its own consultants' recommendation a year ago to tighten up the way energy companies report trading activities – and admits it may now have to revisit the issue. The energy watchdog also confirmed it was tipped off about possible manipulation of the wholesale market on 17 October – more than three weeks before the energy secretary, Ed Davey, was told. Caroline Flint MP, the shadow energy and climate change secretary, who has already called for Ofgem to be scrapped for a tougher regulator, said the public was owed a proper explanation of what was going on. [The Guardian]

Hopes were rising in Brussels that an unlikely deal with the UK over the EU’s long-term budget was taking shape, although the chief negotiator was trying to resolve a deluge of last-minute complaints from other countries on the eve of what could be a gruelling summit. The cautious optimism about the UK represents a significant shift: David Cameron, the prime minister, was seen as the biggest obstacle to a deal on the budget, which will cover roughly €1 trillion in spending from 2014 to 2020. The changed mood reflects the encouraging reception that British officials have given to the latest proposal from Herman Van Rompuy, the European Council president. The draft set a ceiling of €940bn for payments over the seven-year period, a €3bn reduction from the current long-term budget. [Financial Times]

BBC Breaking News -November 22, 2012-: Tony Hall appointed new BBC boss

BBC News
 
 
  Breaking News  

Tony Hall appointed new BBC boss

The BBC's former head of news, Tony Hall, has been appointed the corporation's new director general.

Gold Mineweb Daily News -November 22, 2012-.: Cash cost fairytales and the need for management discipline in the gold sector


Mineweb logo

$1,730.29

$33.34

 

 

 

 

TOP STORIES | Thursday , 22 Nov 2012                                                     

Cash cost fairytales and the need for management discipline in the gold sector

According to US Global, gold companies need to focus on capital discipline and start reporting costs more transparently.    Thursday , 22 Nov 2012

Gold edges up as stocks rise, dollar retreats

Prices remained in a tight range, however, with trading activity expected to be light because of the U.S. Thanksgiving holiday, which has closed Wall Street.    Thursday , 22 Nov 2012

Gold strengthened by Central Bank, ETP buying and gold coin sales

Central bank gold purchases, ETP holding increases and coin sales all point to a stronger gold price, although a stronger greenback is mitigating rises in US dollar terms.    Thursday , 22 Nov 2012

AngloGold split one option to secure SA assets' value

“We have no plans today to split the business but all options must remain open,” CEO Mark Cutifani said Wednesday in an interview in Geneva.    Thursday , 22 Nov 2012

Inflation, deflation and why management remains key for mining equities - Berry

Michael Berry looks at the factors that are now driving valuation in the mining sector and why he believes silver is undervalued relative to gold. An interview with the Gold Report.    Thursday , 22 Nov 2012

Gold Christmas tree costs $4.2 million in Tokyo

For those seeking a glow to their Christmas this year, a downtown jewellery store in Tokyo has a pure gold revolving tree at a price tag of $4.2 million.    Thursday , 22 Nov 2012
 

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Riverside Announces Drill Results from the Lennac Property

Timmins Gold Reports Positive Results from Bulk Sample Leach Testing Program at San Francisco Mine

Minera IRL Announces Upgraded Resource Estimate at Don Nicolas Project

Alliance Resources Chairman’s Address

International Minerals Provides Update on Sale of Ecuadorian Assets

Alliance Resources Results of AGM

Invictus Raises $2.88 M and Commences Queensland Gold Drilling