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Epic & Msn data

Epic	ASX
Time:	16:46:27
Mid Price:	2878.68
Change Today:
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Fifty Two Week High:
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Period & price data

Period	Price
Now:	2878.68
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:	13-03-201013-03-201013-03-2010

Prudential, Autonomy Corporation, RBS, Lloyds and Xstrata lead FTSE 100 rally

Overview: investors got more Q3 results to digest with oil and gas services group Schlumberger (NYSE: SLB), consumer goods manufacturer Honeywell (NYSE: HON), Capital One Financial Corp (NYSE: COF) and online book retailer Amazon (NYSE: AMZN) releasing stronges than expected quarterly figures, with the latter jumping 22% after reporting higher profits and offering an upbeat outlook. Microsoft (NYSE: MSFT) also came in demand with a 7% increase after reporting a 16% decline in profits, but still beating market expectations.

The Q3 data from Amazon and Microsoft helped technology focused Nasdaq to a 0.5% increase in early trade, however, it then fell 0.3%, while the Dow Jones average declined 1%.

The FTSE 100 was in bullish mode today, climbing 1% on strong gains from miners and the oil & gas sector, which were boosted by higher oil and metal prices. The blue chips shrugged off this morning’s downbeat GDP update, which revealed a quarterly contraction of 0.4%, while growth of 0.2% was expected.

Insurer Prudential (LSE: PRU) and software developer Autonomy Corporation (LSE: AU) led the blue chips in late afternoon with gains of 5.5%. Engineering firm Invensys (LSE: ISYS) also was in buying mode with a 3% increase following a contract win in Brazil.

Telecom group BT (LSE: BT), distribution group Bunzl (LSE: BNZL) and commercial property company Segro (LSE: SGRO) led the fallers with declines of 3%, 2% and 1.5% respectively.

Commodities

Oil prices slid after an overnight increase.

December Brent Crude moved below US$78.89/barrel, while US benchmark crude retreated to US$80.17/oz.

Cairn Energy (LSE: CNE) was in the lead with a 1.4% gain, while fellow FTSE 100 constituent BG Group (LSE: BG) also tacked on more than 1%.

Most oil and gas stocks had their early gains trimmed as oil prices went south. Shell (LSE: RDSB) gains almost 1%, while BP (LSE: BP) rose marginally, as did Petrofac (LSE: PFC).

Dragon Oil (LSE: DGO) and Dana Petroleum (LSE: DNX) posted gains of less than 1%, while Heritage Oil (LSE: HOIL) turned negative with a 1% loss.

Peru, Colombia and Cuba operating oil and gas explorer and producer Gold Oil (LSE: GOO) led the juniors with a 10% rally, while North Sea explorers Xcite Energy (AIM: XEL) and Atlantic Canada operating oil and gas group Enegi Oil (AIM: ENEG) followed, advancing 8% and 6%.

Europe focused oil and gas developer Ascent Resources (AIM: AST), energy investor Xtract Energy PLC (AIM: XTR) and Ukraine focused gas producer, Regal Petroleum (AIM: RPT) all added more than 4%.

Precious metals

Gold fell sharply following the decline on Wall Street, sliding to US$1,051/oz. Silver declined to US$17.50/oz, while Platinum held steady at US$1,363/oz.

Platinum miner Lonmin (LSE: LMI) and gold producer Randgold Resources (LSE: RRS) were in the lead with gains of 2.5%. Silver miner Fresnillo (LSE: FRES) rose 1.4%.

Specialty chemicals firm Johnson Matthey (LSE: JMAT) added 2%. Yamana Gold (LSE: YAU) rose 1%.

Aquarius Platinum (LSE: AQP) was the top performer in the sector in the FTSE 250 with a 1.8% advance. Gold miner Patropavlovsk (LSE: POG) followed, climbing 1.2%. Hochschild Mining (LSE: HOC) posted small gains.

South American based explorer Mariana Resources (AIM: MARL) and diamond miner with assets in Sierra Leone and Guinea West African Diamonds (AIM: WAD) led the sector, hiking 20% and 17% respectively.

Canada based junior gold developer Rambler Metals and Mining Plc (AIM: RMM) also did well, rallying 13%.

Philippines focused gold producer Medusa Mining (AIM&ASX: MML) and copper and gold miner EMED Mining (AIM: EMED) gained more than 6%.

Western Australia operating Norseman Gold (AIM: NGL) and Uzbekistan focused gold miner Oxus Gold (AIM: OXS) followed with advances of over 4%.

Commodity asset development company Mercator Gold (AIM: MCR) and Turkey focused gold miner Ariana Resources (AIM: AAU) went in the opposite direction, shedding more than 3%.

Base metals

Copper and Nickel gave ground, sliding to US$2.99/pound and US$8.69/pound respectively, while Zinc remained around US$1.02/pound.

Base metals focused stocks performed particularly well on the back of a series of upgrades.

Credit Suisse has upgraded the sector to “benchmark,” while Anglo American (LSE: AAL) was upgraded to “buy” from “hold” and Vedanta Resources (LSE: VED) had its price target upped by Morgan Stanley. The two companies gained 5% and 3.6% respectively.

Kazakhmys (LSE: KAZ) also did well with a 4% increase, while Xstrata (LSE: XTA) tacked on 3.6%.

Rio Tinto (LSE: RIO) and Eurasian Natural Resources (LSE: ENRC) both gained 3%, while BHP Billiton (LSE: BLT) advanced 2.5%.

Antofagasta (LSE: ANTO) was lagging behind with a gain of just 1.5%.

London's only listed pure iron ore producer and FTSE 250 constituent, Ferrexpo (LSE: FXPO) moved with the market, rising 1.5%.

Juniors, however, were in decline.

South American focused junior miner Herencia Resources (AIM: HER) was among the leading fallers in the sector with a 12% slide. Tunisia focused metal miner Maghreb Minerals (AIM: MMS) was down 5%, while Botswana operating nickel and copper miner Discovery Metals (AIM: DME) declined 7% after raising A$13.1 million for its Boseto copper project.

Banks, insurance, private equity

Bailed out banks Lloyds (LSE: LLOY) and Royal Bank of Scotland (LSE: RBS) were in the lead with gains of about 3.5%. Standard Chartered (LSE: STAN) added 3%. HSBC (LSE: HSBA) and Barclays (LSE: BARC) advanced 1.2% and 1% respectively.

Prudential (LSE: PRU) led the insurers with a 5% climb. Old Mutual (LSE: OML) followed, gaining nearly 3%. Standard Life (LSE: SL) rose 1%, while Aviva (LSE: AV) posted small gains.

RSA Insurance (LSE: RSA) and Friends Provident (LSE: FP) turned negative, shedding more than 1%.

Legal & General (LSE: LGEN) was sitting just below the opening level.

Private equity group 3i (LSE: III) lost 1.5%.

Small Cap Movers

Other notable movers among the small caps included Developer of CAD and image analysis software Medicsight (AIM: MDST) with an 8% slide and biotechnology company Plant Impact (AIM: PIM), which rose 6%.

Large and Mid Cap News

Textile maintenance business and FTSE 250 constituent Davis Service Group (LSE: DVSG) said trading in the period since 1 July has been in line with the first half of the year with the group’s revenue slightly ahead of the nine months to 30 September 2008, while profits were at about the same level.

Filtrona plc (LSE: FLTR) released its Interim Management Statement for the third quarter and were marginally ahead of the expectations. Third quarter Company revenue was up 3.8% on a like-for-like basis and 4.9% higher for the cumulative three quarters of 2009. Investors have responded positively to the update, pushing shares in the company 5% higher.

Balfour Beatty plc (LSE: BBY) announced it had received valid acceptances in respect of approximately 97% of the total number of New Shares offered to Shareholders in its 3 for 7 Rights Issue. The Rights Issue was fully underwritten by RBS Hoare Govett, J.P. Morgan and Citigroup.

Financial services group and FTSE 250 constituent Provident Financial (LSE: PFG) sees little chance of improvement in the job market until next spring, intending to maintain its cautious approach to lending, which has helped it remain profitable during the economic downturn, which is expected to carry on for the rest of the year.

Brit Insurance Holdings (LSE: BRE) released its following Interim Management Statement and trading update for the first three quarters of the calendar year. Brit Insurance reported a 19% increase in gross written premiums to approximately £1.3 billion, while renewal premiums also increased 4.8%.

Shares in Hardy Oil and Gas (LSE: HDY) plummeted over 35% after the India focused oil and gas exploration and production company hit a dry well in an attempt to explore the Middle and Lower Miocene target levels at the D9 block in the Krishna Godavari basin in India.

Invensys (LSE: ISYS) announced that its railway subsidiary, won a ‘milestone’ contract to upgrade the signalling and automatic train control on São Paulo's rapidly developing Metro system. The deal between Invensys Rail, Brazilian engineering company Montagens e Projetos Especiais (MPE) and Spanish telecoms specialists Infoglobal is worth £255 million.

British Sky Broadcasting Group PLC (LSE: BSY) released their latest quarterly trading update, which revealed double digit revenue growth as its HD, Broadband and telephone services experience increased demand. In the quarter, Sky sold over a million subscription products, an increase of more than 70% year on year.

Small Cap News

Cape PLC (AIM: CIU), a provider of industrial services to the energy and natural resources sectors, announced three contract renewals in the UK with a combined value in excess of £25 million.

Agriterra (AIM: AGTA) has secured more funds for the expansion of its cattle ranching and feedlot production business in Mozambique via an equity placing, raising US$5.1 million.

Mobile email and data synchronisation group Synchronica PLC (AIM: SYNC) announced a purchase order worth US$101,400 from a North-African mobile operator for installation of its mobile email product Mobile Gateway and an initial 10,000 user licence as well as a contract for ongoing professional services.

LXB Retail Properties PLC (AIM: LXB) said it has successfully completed its Initial Public Offering and that it has started trading on AIM and the Channel Islands Stock Exchange under the ‘LXB’ symbol as of today, October 23 2009. Shares were trading at 104 pence in early deals.

HandMade plc (AIM: HMF) announced it will create a children’s division through a proposed joint venture with National Geographic Kids. The Joint Venture will acquire the New York based Animation Collective Group, and the joint venture intends to develop a number of productions based upon the intellectual property of the Duchess of York, Sarah Ferguson.

Research Now PLC (AIM: RNOW) announced a recommended 430 pence a share cash offer for the group by private US group e-Rewards Inc, valuing the issued share capital at £85.1 million.

St Helen's Capital PLC (AIM: SHCP) said it was notified by Maven Capital Partners that, following the acquisition of 1,837,636 shares, representing a 4.3 percent stake, on October 21 2009, Maven is now interested in 3,862,686 St Helen’s shares, a 9.1 percent stake.

Edison Investment Research said Accsys Technologies’ (AIM: AXS) “market leading products targeting large markets” could garner the company contracts that could potentially boost its value almost tenfold in the next decade.

Development company Coal of Africa (ASX/AIM/JSE: CZA) has issued shares to Shangoni Bezwe Management Services to snag a 6% interest in Limpopo Coal. The company has issued 1,990,000 fully paid ordinary shares at a deemed issue price of 34 pence to Shangoni Bezwe.

Broker Religare Hichens Harrison issued a note on Plant Impact (AIM: PIM) following the news that the novel pesticides and plant nutritional products developer secured a €1 million grant from the EU to support the development of its nematicide, aimed at eliminating parasitic roundworms known as nematodes.

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