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11th of July 2011
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Tullow Oil gains most on FTSE 100 on expansion plans

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by Elaine Frei
Tullow Oil gains most on FTSE 100 on expansion plans

European equities markets were mixed Tuesday as Moody’s Investors Service warned on banks in China and after the US Commerce Department reported that factory orders were up in the United States in May, although the gain of 0.8 percent was less of an advance than analysts had expected.

The FTSE 100 was up 0.11 percent to 6,024.03 in London, while the FTSE 250 added 0.36 percent to 12,145.4 although the mining and energy sectors, homebuilders, the real estate sector and telecommunications sectors and the financial services sector were all mixed.

Tullow Oil (LSE: TLW) managed the best performance on the 100, adding 3.83 percent after it raised its targets on output and said it will expand its activities in Sierra Leone and in Kenya, while clothing specialist SuperGroup (LSE: SGP) was the biggest gainer on the 250 as it gained 78.84 percent.

Product tester Intertek Group (LSE: ITRK) was the worst performer on the 100, dropping 2.7 percent after Societe Generale downgraded it from “buy” to “hold”, while International Personal Finance (LSE: IPF) was down 3.46 percent as the biggest decliner on the 250.

Banks were generally lower, led by a 2.2 percent decline for Lloyds Banking Group (LSE: LLOY), although Royal Bank of Scotland Group (LSE: RBS) managed to add 0.2 percent on the session.

Insurers, retailers, the media sector, the travel and leisure sector and chemicals companies were all mostly higher, with the chemicals sector led by Yule Catto (LSE: YULC), which was up 4.83 percent on media reports that Dow Chemical (NYSE: DOW) could be interested in buying the UK-based chemicals company.

Bids rumors also helped Reckitt Benckiser (LSE: RB), which added 2.58 percent after media reports said that Unilever (LSE: ULVR) and Proctor & Gamble (NYSE: PG) could both be interested in making offers, although some analysts called a takeover of the household and personal care products manufacturer “unlikely”.

The FTSE Eurofirst 300 was up 0.06 percent to 1,122.26, but the Dax was down 0.05 percent to 7,439.44, the CAC-40 was 0.61 percent lower to 3,978.83 and the IBEX dropped 1.32 percent to 10,330.1 and had only five gainers.

Markets in Asia and the Pacific region were mixed after a new report from Moody’s Investors Service said that banks in China could hold more problem loans than previously thought and that it could give the country a negative rating.

The Nikkei 225 was up 0.07 percent to 9,972.46 in Tokyo, while the Topix index added 0.12 percent to 865.18 but the Mothers market dropped 0.18 percent to 463.01 after the Bank of Japan issued a report upgrading its rating on seven of the nation’s nine regions, including the region hardest hit by March’s earthquake and tsunami.

Banks and investors were higher, and Tokyo Electric Power (TYO: 9501) added 5.1 percent after it said it now has a self-contained cooling system working in its damaged Fukushima Dai-Ichi nuclear power plant, which will reduce the amount of radioactive water released from the plant.

Other markets seeing gains included the Taiex, which was up 0.11 to 8,784.44 in Taiwan, while the Shanghai Composite added 0.13 percent to 2,816.35 and South Korea’s Kospi gained 0.77 percent to 2,161.75.

Hong Kong’s Hang Seng was down 0.1 percent to 22,747.9, Australia’s markets were lower as the S&P/ASX200 fell 0.27 percent to 4,598.1 and the Sydney Ordinaries dropped 0.29 percent to 4,656.9, the Sensex was 0.37 percent lower to 18,744.6 in India and the Straits Times Index dropped 0.75 percent to 3,129.69 in Singapore.

New York equities markets were mixed at midday but most had not moved much as the Dow Jones Industrial Average was down just 0.01 percent to 12,581, while the S&P 500 had dropped 0.07 percent to 1,338.67 but the Nasdaq Composite was up 0.22 percent to 2,822.17.

Crude oil was substantially higher, with gains coming on signs of economic growth in China and the Unites States as US factor orders were reported up in May and China’s services sector expanded with new orders and more jobs.

Additionally, Barclays raised its prediction for prices for both Brent crude and West Texas Intermediate crude for next year as it upped its forecast by $10 to $115 per barrel for Brent and added $4 to its forecast for WTI, to $110 per barrel.

Prices for August contracts for WTI were up $2.03 to $96.97 per barrel at midday in New York, while Brent crude was last reported $2.21 higher to $113.60 per barrel.

Metals prices were also significantly higher in midday trade in New York, after Standard & Poor’s said it will treat the rollover of privately held Greek debt as “selective default”, with gold $24.40 per troy ounce higher, while silver added $1.46 per troy ounce and copper was up by 4 cents per pound.

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News posted: July 5, 2011

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