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Epic & Msn data

Epic	ASX
Time:	16:46:27
Mid Price:	2878.68
Change Today:
Change % Today:
Fifty Two Week High:
Fifty Two Week Low:
Market Capital:

Period & price data

Period	Price
Now:	2878.68
3 Months ago:
6 Months ago:
1 Year ago:

Additional information

Additional	Information
Market:	All Share Index
Sector:	General Mining
Epic:	ASX
News:	Latest news
Web Site:	UK Market Wrap
Other Articles:	12-03-201012-03-201012-03-2010

Barclays and Autonomy dip, but FTSE 100 holds on as Sainsbury's rallies on Qatar bid speculation

Overview: the FTSE 100 expectedly got off to a strong start, almost reaching the 5,300 mark. However, the blue chip index plunged into the red later, weighed down by massive losses from infrastructure software manufacturer Autonomy Corporation (LSE: AU), which dipped almost 7% after its Q3 earnings fell short of expectations, and Barclays (LSE: BARC) after Qatar sold a massive stake in the banking group, supposedly accumulating cash for its planned bid for supermarket chain Sainsbury’s (LSE: SBRY), which rallied over 5% to emerge atop the leaderboard.

Publishing group Pearson (LSE: PSON) raised its full year guidance today, which helped it to a 3.3% climb. Beverage group Diageo (LSE: DGE) also did well with a 2.5% climb.

Other leading fallers besides Autonomy and Barclays included plumbing and heating materials manufacturer Wolseley (LSE: WOS) and fashion house Burberry (LSE: BRBY) with losses of 2.5% and insurer Old Mutual (LSE: OML) with a 2% decline.

FTSE 100 struggled to get back to positive territory, barely holding on to the opening level at midday as mining and energy stocks, which usually set the direction of the market as oil and metal prices made little headway since trading commenced.

US stock index futures predictably moved higher today after computer giant Apple (NYSE: AAPL) and Texas Instruments (NYSE: TXN) released better than expected results after trading halted on Monday. The Q3 corporate reporting season is set to continue today with Coca Cola (NYSE: KO), DuPont (NYSE: DFT), Yahoo (NYSE: YHOO) and Pfizer (NYSE: PFE) set to release their results today.

Commodities

Oil prices slightly declined with December Brent Crude retreating to US$77.59/barrel, while US light, sweet crude for November delivery moved down to US$79.32/barrel.

Major oil and gas stocks were predominantly in the red this morning.

Supermajors BP (LSE: BP) and Shell (LSE: RDSB) declined marginally, while fellow FTSE 100 constituents Cairn Energy (LSE: CNE) and Tullow Oil (LSE: TLW) both lost about 1.5%. However, Petrofac (LSE: PFC) managed to hold on to the opening level, while BG Group (LSE: BG) outperformed its peers with a 1% climb.

Midcaps all plunged into the red early. Heritage Oil (LSE: HOIL) was at the bottom of the pile with a loss of over 4%. Dana Petroleum (LSE: DNX) shed almost 2%, while Dragon Oil (LSE: DGO) declined marginally.

North Sea explorers Xcite Energy (AIM: XEL) and Iraq and Algeria operating Gulf Keystone Petroleum (AIM: GKP) led the juniors with identical gains of 7%. Xcite rose for the second day in a row after adding more than 7% yesterday.

Europe focused oil and gas developer Ascent Resources (AIM: AST) followed with a 5% advance. Africa and FSU operating oil and gas junior Victoria Oil & Gas (AIM: VOG) climbed 3%.

Atlantic Canada operating oil and gas group Enegi Oil (AIM: ENEG) dipped 11%.

Precious metals

Gold held on to US$1,066/oz, while Silver retreated to US$17.76/oz. Platinum improved to US$1,361/oz.

Mining stocks mostly rose in the morning.

Gold producer Randgold Resources (LSE: RRS) was in the lead with a 1% climb. Specialty chemicals firm Johnson Matthey (LSE: JMAT) and silver miner Fresnillo (LSE: FRES) rose marginally, while platinum miner Lonmin (LSE: LMI) turned negative, shedding almost 1%.

Mid tier miners did slightly better with gold miner Petropavlovsk (LSE: POG) and Aquarius Platinum (LSE: AQP) climbing 1.3%. However, silver producer Hochschild Mining (LSE: HOC) was in the red with a small loss.

Africa focused gold miners Pan African Resources (AIM: PAF) and Goldplat (AIM: GDP) led the sector with gains of over 4%. South Africa and Botswana operating diamond miner Firestone Diamonds (AIM: FDI) also added 4%.
Africa operating gold miner GMA Resources (AIM: GMA) was up 3%.

Brazil focused gold miner Horizonte Minerals (AIM: HZM) went in a different direction, emerging as one of the sector’s leading fallers with an 8% slide.

Australian gold and copper prospector Solomon Gold (AIM: SOLG), Irish based Iran operating gold miner Persian Gold (AIM: PNG) and Lesotho operating diamond miner Kopane Diamond Developments (AIM: KDD) also were in decline, shedding about 5%.

UK-registered China operating copper and gold miner Central China Goldfields (AIM: GGG), African focused nickel and gold exploration and development junior Nyota Minerals (AIM & ASX: NYO) and Turkey focused gold miner Stratex International (AIM: STI) all lost 3%.

Base metals

Copper and Nickel were at about the same levels as in pre-trade at US$2.92/pound and US$8.62/pound respectively. Zinc was at US$0.95/pound.

Base metals focused stocks were mixed in early trade. Kazakhmys (LSE: KAZ) and Rio Tinto (LSE: RIO) both climbed 1%. Antofagasta (LSE: ANTO) and BHP Billiton (LSE: BLT) posted marginal gains, while Eurasian Natural Resources (LSE: ENRC), Vedanta Resources (LSE: VED) and Xstrata (LSE: XTA) plunged into the red with small losses. Anglo American (LSE: AAL) was flat.

London's only listed pure iron ore producer and FTSE 250 constituent, Ferrexpo (LSE: FXPO) outperformed the sector with a 1.3% gain.

Tantalum concentrate supplier with assets in Mozambique Noventa (AIM: NVTA) was the leading faller in the sector this morning with a 7.6% slide. Southern Africa focused Strategic Natural Resources PLC (AIM: SNRP), Tunisia focused metal miner Maghreb Minerals (AIM: MMS) and Russia focused nickel and copper miner Amur Minerals (AIM: AMC) also were in selling mode, shedding more than 4%.

Banks, insurance, private equity

With the exception of Standard Chartered (LSE: STAN), which posted a small gain, all major banking stocks were in decline this morning. Barclays (LSE: BARC) sank to the bottom with an almost 5% loss after Qatar sold £1.3 billion worth of shares. HSBC (LSE: HSBA) and partly nationalised Royal Bank of Scotland (LSE: RBS) both lost 1%, while Lloyds (LSE: LLOY) started the day with marginal losses.

Prudential (LSE: PRU) was the only insurer to stay in the black in early trade with a small gain.

Old Mutual (LSE: OML) was at the bottom of the pile with a 2% decline. Aviva (LSE: AV) and Friends Provident (LSE: FP) both slid 1.5%.

RSA Insurance Group (LSE: RSA), Standard Life (LSE: SL) and Legal & General (LSE: LGEN) declined marginally.

Private equity group 3i (LSE: III) shed less than 1%.

Large and Mid Cap News

Blackthorn Resources (ASX: BTR) has released an initial mineral resource estimate of 345 tonnes of copper-gold for the Kitumba Anomaly project, located in Zambia. The Sydney-based, Africa-focussed junior and its 40 per cent JV partner BHP Billiton (ASX: BHP, LSE: BLT) are targeting iron oxide copper/gold (IOCG)-style mineralisation at Mumbwa, which takes in three previously identified anomalies – Kitumba, Mutoya and Mushingashi.

Small Cap News

Strategic Natural Resources PLC (AIM: SNRP) said it has been unable to agree terms for Atlantic Coal PLC (AIM: ATC) to proceed with a recommended offer for SNR and accordingly talks between the two companies in relation to an offer have now ended.

IT recruitment group InterQuest (AIM: ITQ) has appointed two executives, who will be in charge of the development of its two newly launched businesses, looking to capitalize on what the company sees as an upturn in the industry.

Middle East, Africa and US operating oil and gas company Sterling Energy (AIM: SEY) has sold its US assets for US$90 million, which will enable the company to repay all of its bank debt and improve its cash balance.

European Nickel PLC (AIM, PLUS: ENK)  said it yesterday agreed with Endeavour Financial Corp to extend the US$4 million bridge  loan facility announced on July 27 2009 to November 30 2009 whilst it finalises its longer term funding requirements.

Oil and gas engineering services group Plexus Holdings (AIM: POS) said turnover and EBITDA (earnings before interest, tax, depreciation and amortisation) for what it said was a challenging year increased 14% and 13% respectively as the company benefitted from its strong client base, securing a number of contracts and extensions with energy giants including BP, ConocoPhillips and Shell.

Baobab Resources PLC (AIM: BAO) said Astaire Securities has raised £2.75 million before expenses through a placing of 45,833,334 shares in the group at 6.0 pence each, with the money to be used to fund exploration projects in Mozambique and increase Baobab’s working capital resources.

PureCircle (AIM: PURE) announced that PepsiCo would be expanding its Aquafina Plus Vitamins branded drink into Canada, which contains PureVia, PureCircle's high purity Reb A natural sweetener. Purecircle develops and manufactures natural food ingredients for supply to the global food and beverage industry with a current focus in the production and sale of extracted natural high intensity sweetener.

Red Rock Resources PLC (AIM: RRR) said its 27 percent-held Australia-based associate company Resource Star Ltd (ASX: RSL), focused on uranium exploration in Australia and Malawi, plans to raise up to A$5.6 million and re-list on the Australian Stock Exchange.

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