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Epic & Msn data

Epic	ASX
Time:	08:27:00
Mid Price:	2904.96
Change Today:
Change % Today:
Fifty Two Week High:
Fifty Two Week Low:
Market Capital:

Period & price data

Period	Price
Now:	2904.96
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:	19-03-201019-03-201018-03-2010

Man Group, Resolution and Unilever fall, but FTSE 100 climbs as Compass, Rentokil and Whitbread rise

Overview: the FTSE 100 advanced 0.6% in the morning with food service business Compass Group (LSE: CPG) taking the lead with a 6.5% gain after reporting a 32% increase in full year profits. Power generation company International Power (LSE: IPR) and pest control giant Rentokil (LSE: RTO) followed with gains of 3.5% and 3% respectively. Hotel and restaurant manager Whitbread (LSE: WTB), turbine manufacturer Rolls Royce (LSE: RR) and quality and safety services provider Intertek (LSE: ITRK) also did well, tacking on more than 2%.

Miners were in demand this morning after previous and base metals increased, putting Lonmin (LSE: LMI), BHP Billiton (LSE: BLT) and Randgold Resources (LSE: RRS) on the leaderboard with gains of about 2.5%.

Alternative investment management business Man Group (LSE: EMG) was the biggest faller in the index with a 3.5% loss. Specialty chemicals firm Johnson Matthey (LSE: JMAT) and investor Resolution (LSE: RSL) followed with declines of 3%.

Utility companies United Utilities (LSE: UU) and Severn Trent (LSE: SVT) also were in selling mode, shedding about 1.5%.

Stock index futures in the US rose to further strengthen the Footsie. The the Dow Jones, S&P 500 and Nasdaq futures inched slightly higher to signal a higher opening on Wall Street ahead of more economic updates including the jobless claims, weekly inventories, personal income and consumption and home sales reports as well as the final update of the Reuters/University of Michigan consumer sentiment index.

Commodities

Oil prices fell from yesterday’s levels with January Brent Crude sliding to US$77/barrel, while US light, sweet crude for January delivery declined to US$76.20/barrel.

Major oil and gas stocks did not show much mo0vement this morning. Supermajors BP (LSE: BP) and Shell (LSE: RDSB) posted small gains, as did BG Group (LSE: BG) and Cairn Energy (LSE: CNE), while other FTSE 100 constituents Tullow Oil (LSE: TLW) and Petrofac (LSE: PFC) declined marginally.

Midcaps also were mixed as while Heritage Oil (LSE: HOIL) and Dana Petroleum (LSE: DNX) lost more than 2%, Dragon Oil (LSE: DGO) posted a small gain.

Most juniors were in decline. US focused oil and gas junior Caza Oil & Gas (AIM: CAZA), Europe focused oil and gas developer Ascent Resources (AIM: AST) and EU operating Rome-based oil junior Mediterranean Oil & Gas (AIM: MOG) were the biggest fallers in the sector with losses of 7%, 6% and 5% respectively.

Eastern Europe focused junior Aurelian Oil & Gas (AIM: AUL) and Atlantic Canada operating oil and gas group Enegi Oil (AIM: ENEG) followed, declining 3%.

Miners climb as gold, silver and platinum advance

Precious metals advanced further with gold stopping just short of US$1,180/oz, while silver and platinum reached US$18.66/oz and US$1,465/oz respectively.

Most mining stocks were on the rise today. Gold miner Randgold Resources (LSE: RRS) and platinum producer Lonmin (LSE: LMI) added more than 2%, while fellow FTSE 100 constituent silver miner Fresnillo (LSE: FRES) rose marginally.

Specialty chemicals firm Johnson Matthey (LSE: JMAT), which released its interim results today, slid 2.7%.

Yamana Gold (LSE: YAU) posted a marginal loss.

Midcaps did slightly better. Aquarius Platinum (LSE: AQP) was in the lead in the sector in the FTSE 250 with a 2% gain, while silver producer Hochschild Mining (LS:E HOC) advanced 1.3%. Gold miner Petropavlovsk (LSE: POG) added almost 1%.

Fiji focused gold miner Vatukoula Gold Mines (AIM: VGM) led the small caps with a 7% rise. South American based explorer Mariana Resources (AIM: MARL) moved with the sector, adding 3%.

Brazil focused gold miner Horizonte Minerals (AIM: HZM) went in the opposite direction, slipping 10%. Lesotho operating diamond miner Kopane Diamond Developments (AIM: KDD) and Tajikistan operating gold miner Kryso Resources (AIM: KYS) also declined, shedding 6% and 4.5% respectively. Copper and gold miner EMED Mining (AIM: EMED) lost 4% and Kyrgyzstan focused gold explorer and developer Chaarat Gold Holdings (AIM: CGH) and Africa operating gold miner GMA Resources (AIM: GMA) were down 3%.

Copper and nickel rise

Base metals were on the rise today with copper and nickel improving to US$3.12/lb and US$7.53/lb respectively, while zinc reached US$1.01/lb.

Base metals focused stocks were on the rise, with the exception of Eurasian Natural Resources (LSE: ENRC) and Rio Tinto (LSE: RIO), which declined marginally.

Anglo American (LSE: AAL) and BHP Billiton (LSE: BLT) were in the lead with gains of over 2%. Kazakhmys (LSE: KAZ) followed, advancing nearly 2%, while Antofagasta (LSE: ANTO), Vedanta Resources (LSE: VED) and Xstrata (LSE: XTA) added less than 1%.

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

Cement operator Prosperity Mineral Holdings (AIM: PMHL) was one of the top performers among the small caps, climbing 4.5%. South Africa based coal exploration and production company Strategic Natural Resources (AIM: SNR) and laterite nickel specialist European Nickel (AIM: ENK) followed with gains of 3.5%.

Tunisia focused metal miner Maghreb Minerals (AIM: MMS) was one of the heaviest fallers in the sector, tumbling 11%, while copper and nickel explorer Regency Mines (AIM: RGM) lost more than 5%.

Banks, insurance, private equity

With the exception of Royal Bank of Scotland (LSE: RBS), which lost 1%, all banking stocks were on the rise today. Barclays (LSE: BARC) was in the lead with a 1.3% gain, while Standard Chartered (LSE: STAN) and Lloyds (LSE: LLOY) added nearly 1% and HSBC (LSE: HSBA) rose marginally.

The insurance sector was in buying mode this morning. RSA Insurance Group (LSE: RSA) was ahead with a nearly 3% advance. Old Mutual (LSE: OML) tacked on almost 2% and Prudential (LSE: PRU) was up 1.5%. Car insurer Admiral Group (LSE: ADM), Aviva (SLE: AV) and Legal & General (LSE: LGEN) posted gains of less than 1%, as did Standard Life (LSE: SL).

Private equity group 3i (LSE: III) posted a gain of less than 1%.

Large and Mid Cap News

United Utilities (LSE: UU.) (‘UU’) hiked its interim dividend by 5% this morning after reporting solid interim results for the six months ended 30 September 2009.

In its half yearly report, UK based defence and security technology company, QinetiQ (LSE: QQ.) warned that ‘political and economic factors’ were hitting decision making processes on several contracts that the company is bidding for. As a result the company said it was now unlikely to achieve expectations for the full year. The financial results for the first half however indicate that QinetiQ has been benefitting from the weaker US Dollar.

Catalytic converter manufacturing group Johnson Matthey (LSE: JMAT) fell over 3% this morning following its half yearly report (six months ending 30 September 2009), which showed a considerable decline in Revenues and Earnings. However the company said it has performed well given the context of the global economic downturn.

In its half yearly report for the six months ended 30th September, the London Stock Exchange Group plc (LSE: LSE) (‘LSE’) revealed a sharp decline in revenues and earnings however the company also said ‘there are some encouraging elements’ as its primary markets and IT divisions performed well. The company’s shares dropped to an intraday low of £8.31 before recovering somewhat to trade around 1% lower on the day.

The Yell Group (LSE: YELL) moved one step closer to completing its re-financing arrangements with its lenders after closing its open offer fund raising this morning. The company received acceptances in respect of approximately 659 million shares, representing 83.87% of the offer.

Small Cap News

Finsbury Food Group (AIM: FIF) (“Finsbury”), a manufacturer of cake, bread and morning goods, released a brief trading update for the first 17 weeks of the current financial year ending 30 June 2010, ahead of its AGM today. In the statement, the company reported an 11% increase in sales from its Bread and Free From business units, but investors didn’t take well to a 6% decline (in value) of sales in the company’s cake business.

Strategic Natural Resources (SNR; AIM: SNRP) has said that its 74% owned subsidiary Elitheni Coal has secured additional prospecting rights in the Eastern Cap coalfield in South Africa to add tonnage to its current in-situ coal, bringing the total to 185,000 ha (hectares), or five times the size which it started this year.

Amphion Innovations PLC (AIM: AMP) said it has signed a partnership agreement with Kuwait University aimed at establishing and operating a technology transfer unit (TTU) at KU. This facility will be the first in-house TTU in Kuwait.

UK onshore gas producer, Island Gas Resources (AIM: IGAS)(“IGAS”) announced this morning that it intended to seek shareholder approval to complete a fully underwritten placing to raise £13.75 million (£12.7 million net).

London-headquartered oil and gas company Leni Gas & Oil (AIM: LGO) has reported direct and indirect production of 11,342 boe (barrels of oil equivalent), or 371 boepd (barrels of oil equivalent per day) on average, slightly down from September’s 12,034 boe, or 411 boepd.

Victoria Oil & Gas PLC (AIM: VOG) said work on the Logbaba natural gas and condensate project in Cameroon is on schedule and it believes it could be preparing its next well at West Medvezhye gas field in Russia by the end of 2010.

Jatropha plantation and oil producer, Gem Biofuels (AIM: GBF) confirmed this morning that it had commenced commercial crude jatropha oil production in Madagascar. Gem Biofuels was formed in 2004 to take advantage of growing demand for biodiesel in Europe, North American and Australasia.  Since listing on AIM, the company has focused on acquiring and upgrading land in Madagascar for jatropha plantations.

ValiRx (AIM: VAL) today announced encouraging initial sales at its newly established diagnostic kits business ValiMedix, while the development of the HPV infection test by its joint venture (JV) with bio.be ValiBio has been progressed to meet recent FDA (Food and Drug Administration) guidelines with a prototype test currently undergoing analytical validation.

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