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Epic & Msn data

Epic	ASX
Time:	16:45:38
Mid Price:	2871.68
Change Today:
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Fifty Two Week High:
Fifty Two Week Low:
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Period & price data

Period	Price
Now:	2871.68
3 Months ago:
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Additional information

Additional	Information
Market:	All Share Index
Sector:	General Mining
Epic:	ASX
News:	Latest news
Web Site:	UK Market Wrap
Other Articles:	11-03-201011-03-201011-03-2010

BP, Shell, Tullow, Cairn, BG and Petrofac rise as oil climbs, FTSE 100 gains 2%

Overview: the FTSE 100 remained strong as Wall Street open higher despite the decline in the ISM manufacturing index, which fell to 53.6% in November, signalling a fourth straight month of expansion, which, however progressed at a slower pace than in October, when the index reached 55.7%.

The markets were lifted by a better than expected update from the National Association of Realtors, whose Pending Home Sales Index added 3.7% to rise for a ninth straight month and reach its highest level in three and a half years at 114.1.

The Dow Jones Industrial Average and the broader S&P 500 index climbed 0.8%, while the technology heavy Nasdaq composite advanced 1%.

The FTSE 100 rallied 2% with just four blue chip companies sitting in the red at the end of the day with two of them, Resolution (LSE: RSL) and Legal & General (LSE: LGEN) posting marginal gains.

Bailed out bank Lloyds (LSE: LLOY), which has recently announced a £13.5 billion equity issue, and tour operator TUI Travel (LSE: TT), which released its full year report today, slid 2% and 1% respectively.

Miners were strong today as precious and base metal prices increased. Silver producer Fresnillo (LSE: FRES) led the FTSE 100 with a gain of over 6%. Bank Standard Chartered (LSE: STAN) and Home Retail Group (LSE: HOME) also made it to the top three, tacking on nearly 5%.

Other notable risers included quality and safety services provider Intertek (LSE: ITRK), commercial property company Hammerson (LSE: HMSO) and heating and plumbing equipment manufacturer Wolseley (LSE: WOS), which advanced 4.5%, 4.3% and 3.5% respectively.

Commodities

Oil prices rose today with January Brent Crude rising to US$79.61/barrel, while US light, sweet crude for January delivery improved to US$78.42/barrel.

All FTSE 100 energy companies rose today. Cairn Energy (LSE: CNE) led the way, advancing 2.7%. Petrofac (LSE: PFC) and Tullow Oil (LSE: TLW) gains about 2%. Supermajors BP (LSE: BP) and Shell (LSE: RDSB) added 1.7% and 1.3% respectively, while BG Group (LSE: BG) also tacked on 1.3%.

Midcaps were mixed as while Dana Petroleum (LSE: DNX) gained nearly 2%, Dragon Oil (SLE: DGO) lost 1.5% after adviser Risk Metrics recommended its minority shareholders to approve the 455 pence per share offer for the company made earlier this year by Emirates National Oil Co (ENOC), which has recently said that the offer was final and would not be raised. Another FTSE 250 constituent Heritage Oil (LSE: HOIL) also declined, posting a marginal loss.

Atlantic Canada operating oil and gas group Enegi Oil (AIM: ENEG) was one of the top performers in the sector, advancing 10%. Africa focused energy company Dominion Petroleum (AIM: DPL) and Peru, Colombia and Cuba operating oil and gas explorer and producer Gold Oil (LSE: GOO) followed, climbing 6%.

Western Europe operating oil and gas company Northern Petroleum (AIM: NOP) added 4%.

Iraq operating Irish oil company Petrel Resources (AIM: PET) and EU operating Rome-based oil junior Mediterranean Oil & Gas (AIM: MOG) headed in the opposite direction, sliding 5% and 4.5% respectively.

Miners adcance as gold approached $1,200

Precious metals rallied today with gold stopping just $5 short of the US$1,200/oz mark, while silver and platinum reached US$18.83/oz and US$1,467/oz respectively.

Major mining stocks were on the rise with silver producer Fresnillo (LSE: FRES) in the lead with a 6% gain. Other FTSE 100 constituents, platinum miner Lonmin (LSE: LMI) and gold producer Randgold Resources (LSE: RRS), added 3.6% and 1.4% respectively.

Specialty chemicals firm Johnson Matthey (LSE: JMAT) moved with the sector, climbing 1.3%.

Midcaps also were in demand. Gold miner Petropavlovsk (LSE: POG) led the pack, climbing 4.5%, while silver producer Hochschild Mining (LSE: HOC) and Aquarius Platinum (LSE: AQP) followed with gains of 3.5% and 1.5% respectively.

Argentina focused gold explorer Patagonia Gold (AIM: PGD) led the sector today, surging 26%, while Tajikistan operating gold miner Kryso Resources (AIM: KYS) followed with a 15% rally. Turkey and Saudi Arabia operating gold explorer KEFI Minerals (AIM: KEF) followed with a 7% gain, while South Africa and Botswana operating diamond miner Firestone Diamonds (AIM: FDI), Africa operating gold miner GMA Resources (AIM: GMA) and Fiji focused gold miner Vatukoula Gold Mines (AIM: VGM) all rose 3%.

Commodity asset development company Mercator Gold (AIM: MCR) was one of the biggest fallers in the sector today, slipping 9.5%. South American based explorer Mariana Resources (AIM: MARL) also was in decline, shedding 5%.

Copper and nickel rise

Base metals also rose today. Copper and nickel climbed to US$3.16/lb and US$7.37/lb respectively, while zinc reached 1.04/lb.

Xstrata (LSE: XTA) and Eurasian Natural Resources (LSE: ENRC) led the base metals focused stocks with gains of over 3.5%, while Anglo American (LSE: AAL), BHP Billiton (LSE: BLT), Kazakhmys (LSE: KAZ) and Rio Tinto (LSE: RIO) added about 3%.

Vedanta Resources (LSE: VED) and Antofagasta (LSE: ANTO) climbed 2.8% and 1.9% respectively.
London's only listed pure iron ore producer and FTSE 250 constituent, Ferrexpo (LSE: FXPO) moved with the sector, rising 3.3%.

Cement operator Prosperity Mineral Holdings (AIM: PMHL) wasn’t done climbing after announcing the sale of a subsidiary company for £312 million yesterday. The stock surged 25% after adding more than 35% on Monday.

South American focused junior miner Herencia Resources (AIM: HER) followed with a 20% rally.

South Africa based coal exploration and production company Strategic Natural Resources (AIM: SNR) and copper and nickel explorer Regency Mines (AIM: RGM) were in decline, sliding 7.5% and 6.5% respectively. Mineral sands producer Kenmare Resources (LSE: KMR) joined in with a 3.5% loss.

Banks, insurance, private equity

The banking sector was in buying mode today with the exception of part-nationalised Lloyds (LSE: LLOY), which lost 2%. Standard Chartered (LSE: STAN) was in the lead with a 4.5% advance, while HSBC (LSE: HSBA) and Royal Bank of Scotland (LSE: RBS) followed with gains of over 2.5%. Barclays (LSE: BARC) was up 2%.

Prudential (LSE: PRU) and Aviva (LSE: AV) were the top performers among the insurance stocks today with gains of 1.5%. Old Mutual (LSE: OML), RSA Insurance Group (LSE: RSA) and Standard Life (LSE: SL) also did well, climbing 1%. Car insurer Admiral Group (LSE: ADM) rose marginally, while Legal & General (LSE: LGEN) posted a small loss.
Private equity group 3i (LSE: III) rose 1.7%.

Small Cap Movers

Other notable movers among the small caps included environmental science and technology company Accsys Technologies (AIM: AXS), which rose 8%, while Zimbabwe-focused investor LonZim (AIM: LZM) rose 4.5%.

Other notables included novel eco-technology company for human, animal and environmental health TyraTech (AIM: TYR), which tumbled 15%. Machine to machine (M2M) communications specialist Telit Communications (AIM: TCM) also was in selling mode, slipping 8%.

Large and Mid Cap News

Xstrata plc (LSE: XTA.L) has agreed to sell its 19.9% stake in Indophil Resources (ASX: IRN) to China’s largest publicly listed gold miner, Zijin Mining Group (HKG: 2899). At AU$1.28 per share the deal forms part of a larger offer from Zijin for the entire share capital of Indophil for a total consideration of AU$545 million. Upon completion Zijin will join Xstrata in the development of the Tampakan copper-gold project in the Philippines.

Services, maintenance and building group, Interserve (LSE: IRV) started servicing over 1,600 retail and 120 offices for the HSBC banking group today, following a new £200 million facilities management contract win. Investors have reacted strongly to the news as the FTSE250 support service group advanced almost 7% this morning.

GlaxoSmithKline (‘LSE: GSK) (‘Glaxo’) extended its strategic relationship with Aspen Pharmacare Ltd (JSE: APN) (‘Aspen’). The pharma’ giant also acquired 68.5 million shares in the South African based company.

Dragon Oil PLC (LSE: DGO) said proxy advisory firm RiskMetrics recommends that minority shareholders vote in favour of the planned 455 pence a share buyout offer for the Turkmenistan operating oil company by Emirates National Oil Co Ltd LLC (ENOC).

FTSE 250 pub group, Greene King (LSE: GNK) announced the proposed acquisition of seven pubs in Scotland from Mitchells & Butlers PLC (LSE: MAB) for £12.7 million. Greene King also unveiled their interim results for the 24 weeks ended 18th October 2009, in which the pub group said it made substantial progress in a demanding environment.

Small Cap News

Security, defence and fire protection solutions specialist, Westminster Group (AIM: WSG) decided to draw a line under recent speculation that it would make an offer for Pentagon Protection PLC. This morning Westminster stated that it had “no current intention of making an offer” for Pentagon Protection. Last week Westminster Group confirmed that it had made an approach for Pentagon Protection, but at a price lower than the share price at the time.

Argentina focused gold explorer and developer, Patagonia Gold (AIM: PGD) reported some eye watering intersects this morning from ongoing drilling at the Cap-Oeste Project which is situated in the El Tranquilo block, Santa Cruz Province.

Laterite nickel specialist European Nickel (AIM: ENK) said Endeavour Financial Corporation agreed to negotiate rescheduling of the US$4 million bridge loan facility after agreeing to extend it until 30 November a month ago as the company finalized its long term funding requirements for the Caldag nickel project in Turkey.

Stratex International PLC (AIM: STI) said diamond drilling at the Öksüt gold project in Central Anatolia in Turkey returned very encouraging results which further open up the potential for significant mineralisation below and beyond the currently known limits of the Ortaçam Zone.

Energy investor Xtract Energy PLC (AIM: XTR) says its 34% owned JV (joint venture) Extrem Energy is nearing production from the Sarikiz-2 well, while preparation for the drilling of Sarikiz-3 is almost complete with a spud date expected before the end of December.

Enova Systems, Inc. (NYSE AMEX:ENA, AIM:ENV, ENVS) said its joint alternative energy project with Freightliner Custom Chassis Corp (FCCC) to deliver all-electric commercial vehicles to the North American fleet market was on track with the first phase of the four-phase initiative already wrapped up.

Aurelian Oil & Gas (AIM: AUL) the Eastern European focused oil and gas exploration and production junior, responded to a snippet in the Financial Times this morning suggesting the company “could soon announce a large gas find”.

Research house Equity Development said today that it was encouraged by recent updates from EMED Mining’s (AIM: EMED) operations in Spain, where the company is currently working on restarting the historic Rio Tinto copper mine in Andalucia.

Helius Energy PLC (AIM: HEGY), which installs and operates biomass-fired renewable electricity generation plants, said it appointed David Graham Brocksom as a non-executive director with immediate effect.

Edison Investment Research initiated coverage of UK based electrical components producer and supplier Cinpart (AIM: CINP) today, saying the stock has a substantial upside on top of the current valuation that amounts to three times the current share price, largely due to the prospects of its key investment Active Energy, which owns the right to equipment for voltage optimisation, one of the fastest growing energy saving techniques.

Plant Impact PLC (AIM: PIM) said the latest results from field trials using InCa, modelled on its proprietary CaT technology which targets calcium nutrition in plants, showed significant statistical improvements on all four crops used.

Shares in Chariot Oil & Gas Ltd (AIM: CHAR) were lifted this morning by news it has begun a second 3D seismic acquisition programme in the Northern blocks, 1811 A&B, offshore Namibia.

Africa focused gold deposit developer Cluff Gold (AIM: CLF) has appointed a new Chief Operating Officer (COO), tapping Peter Spivey, who has held various senior positions in Indonesia, Tanzania and Senegal.

Building services business, Managed Support Services (AIM: MSS) announced the acquisition of one of its peers, Status Building Services (“Status”), for a total consideration of £3.7 million in cash.

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