Markets: Miners lift FTSE 100 on Thursday
17:10 - The FTSE 100 (UKX) closed at a six-month high on Thursday, up 72.20 points to 5795.20.
"The market is feeling sprightly today after the US Fed broadcast its relaxed monetary stance. The bulls believe these are the green shoots of an upcoming money-printing binge that could propel us towards a 6000 handle," commented Will Hedden, sales trader at IG Index, warning that eurozone risks still remained.
Vedanta Resources (VED) was top of the pops, closing up almost 9%. Carnival (CCL) closed down more than 2% as the Costa Concordia saga continued.
On the AIM front, shares in Image Scan Holdings (IGE) gained more than half of their value. Surface Transforms (SCE) was left holding the wooden spoon, with shares plummeting more than 18%.
At a glance...
Commodities
Gold: $1,724.55 
WTI crude oil: $100.67
Currencies
GBP/USD: 1.5708
GBP/EUR: 1.1949 
EUR/USD: 1.3152
All changes from 09:00 GMT.
16:51 - Markets across the Pond gave back some of their earlier gains as banking and technology stocks weighed down the Nasdaq and the S&P 500.
The Nasdaq declined six points to 2813, while the S&P 500 slid three points to 1323.
The Dow, however, was still trading in the black, up 27 points to 12783.
16:33 - African Eagle Resources (AFE) has selected Lycopodium Minerals as the engineer to prepare the bankable feasibility study (BFS) for the Dutwa project.
The project, situated in Tanzania, is a nickel laterite project, with a joint ore reserves committee estimate of 99 million tonnes at 0.93% nickel.
"Lycopodium was judged to offer the best service to the company due to its strength in the design, engineering and construction of hydrometallurgical process plants; its experience defining and managing transportation and logistics for mining projects, particularly within Tanzania; the quality of the individuals to be engaged in the key roles of the BFS; and its commitment to the successful completion of the Dutwa project," commented African Eagle.
16:18 - Angle (AGL), which focuses on making emerging technologies commercially viable, announced on Thursday its interim results for the six months to 31 October 2011, posting a pre-tax loss of £1.8 million.
The market reacted with pessimism to the statement, as shares dropped over 5%.
The company also announced a further £1.2 million round of fundraising intended to ensure that its current investments remain viable - such as its 90% stake in cancer diagnostic product Parsortix, which has been granted a US patent and has established its first research partnership with the University of Surrey's oncology department.
16:00 - Shares in easyJet (EZJ) surged up 9% as it confirmed that it expected losses in the first half of this year to be between £140 million and £160 million, compared to the £153 million loss reported in the first half of last year.
However, it stressed that this depended on "no significant disruption in the second quarter", allowing it to recover "most of the £100 million increase in [the] first-half fuel bill".
Chief executive Carolyn McCall was cautiously optimistic: "EasyJet has made a strong start to the year. This is due to firm control of costs, the strength of easyJet's network, tight capacity discipline and pricing actions taken in the second half of last financial year," she said.
Gert Zonneveld, analyst at Panmure Gordon, agreed. "Traditionally easyJet loses money in the first half, but generates significant profits in the second half. This is a positive interim management statement, which demonstrates that EZJ's revenues per seat continue to grow strongly," he said. He had a 'buy' recommendation on the stock.
15:42 - West Wits, in which ECR Minerals (ECR) has a 4% shareholding, has decided to sell the West Wits Lease, West Rand Consolidated Lease, Luipaardsvlei Lease and East Champ D'Or Lease to a South African consortium for AU$9 million (£6.1 million).
West Wits confirmed that it would retain the DRD Lease and Rand Leases, which contain a joint ore reserve committee estimate of 287,000 ounces of gold and the major uranium targets.
"West Wits now looks set to substantially improve its financial position without the issue of new equity and has stated that the proceeds of the sale of the four leases will be principally applied to development of the Derewo River project, the objectives of which include the commencement of alluvial gold production in the near future," commented managing director Patrick Harford.
15:26 - The iron ore mining group Strategic Minerals (SML) announced it has secured tenement ownership rights in Western Australia and the Northern Territory.
Shares softened slightly after an early rally had briefly taken the shares into positive territory.
The purchase came as the company continues the diversification of its portfolio between sites which offer impressive near-term production levels and those where potential longer-term capital gains are in play.
15:13 - Camco International (CAO), a global developer of clean energy projects, has announced that its president, Yariv Cohen, stepped down from the board on Thursday with a replacement yet to be named.
In afternoon trading the shares had edged forward - recovering losses seen earlier in the week. The senior management change will also see Emmanuel Walter step into the post of chief financial officer on 1 February.
15:00 - Miners continued their march upwards, pulling the FTSE 100 (UKX) along with them.
The blue-chip index traded up 74 points to 5797, led by Vedanta Resources (VED) and Kazakhmys (KAZ), which both saw a 7% increase in their share price. Morrisons (MRW) was left holding the wooden spoon, down almost 2%.
Of the AIM-listed companies, Image Scan Holdings (IGE) surged up almost 40%, while Red Leopard Holdings (RLH) plummeted almost 27%.
At a glance...
Commodities
Gold: $1,727.44
WTI crude oil: $100.97
Currencies
GBP/USD: 1.5689
GBP/EUR: 1.1927
EUR/USD: 1.3170
All changes from 09:00 GMT.
14:50 - Strong economic data and good corporate earnings pushed US markets upwards at the open on Thursday.
US jobless claims remained below the 400,000 mark, while durable goods orders advanced 3% in December.
Caterpiller (CAT) was on strong form as it reported earnings that exceeded market expectations. The Dow increased by 49 points to 12806, while the S&P 500 trudged up a mild three points to 1329.
The Nasdaq experienced a nine-point climb to 2827.
For more on the impact of jobless claims, read: Interpreting unemployment data.
14:37 - Magnolia Petroleum (MAGP) announced it will participate in the drilling of North Dakota well, Drone 2-34-27H (Drone #2), with the operator, Slawson Exploration.
Magnolia has a 1.3344% working interest in Drone #2. The estimated spud date for the well is 15 February.
"With the results of Drone #1 still fresh in our minds we are hopeful that Drone #2 will replicate this success as we focus on materially increasing our net production," said chief operating officer Rita Whittington.
She highlighted that the company was participating in six wells in the Bakken Formation, where over half a million barrels of oil per day were currently being produced, as compared to 130,000 barrels of oil per day in 2003.
14:19 - 3i Group's (III) chief executive Michael Queen said the investment trust had "made a number of important strategic steps to strengthen each of our business lines" in the last three months of last year.
The group signed its first investment in Brazil, and the launched the Credit Opportunities Fund in the period.
"We have also generated good realisations from the portfolio, although, as we said in our November half-year results announcement, the operating environment is challenging. Conditions have not improved since then, which has been reflected in a softening in the earnings performance of some of the portfolio over this period," Queen warned.
Mick Gilligan, head of equities at Killik & Co, saw the stock as a 'buy'. "Even assuming a 5% decline in net asset value (and adjusting for the 2.7p dividend paid earlier this month) translates into a 33% discount at the current share price. The shares also offer a 4.4% prospective yield," he commented in a note.
14:06 - ATH Resources (ATH), the UK-based coal-mining group, reported a pre-tax loss of £5.8 million for the year ending 2 October 2011, despite group sales rising 7% in the period.
A write down of £4.1 million at the Glenmuckloch and Muir Dean mines due to difficult geological conditions, alongside increased costs, contributed heavily to losses.
By 14:00 shares had reversed gains made over the past week, with investors struggling to find the confidence to buy further into the company.
13:53 - Both oil and gold rallied strongly on Thursday after the Federal Open Market Committee, the rate-setting body of the US Federal Reserve Board, said it expected low interest rates to be kept in place until late 2014 - extending previous indications that rates would be static up to the second quarter of 2013.
The yellow metal has gained further appeal as a safe-haven alternative to US government debt, as global investors looking to reposition themselves away from market volatility continue to shun currencies as a stable store of value.
Read: Oil and gold rise on Fed decision, for more.
13:30 - Goldplat (GDP) has poured its second gold from its wholly-owned Kilimapesa Gold Mine in Kenya.
The smelt, which follows the successful commissioning of the Elution Plant, produced a 366-ounce gold doré bar, which was sold to South Africa's Rand Refinery.
"The company will continue to smelt and produce gold from existing stockpiles at Kilimapesa on a weekly basis and once all stockpiles have been depleted, smelting and gold production from the mine will occur on an ongoing monthly basis," confirmed Goldplat.
13:05 - Shares in restaurant and pub operator Mitchells and Butlers (MAB), owner of the Harvester and Toby Carvery brands, were broadly flat on Thursday after its eagerly-awaited interim management statement.
The announcement, covering the important Christmas trading period, showed like-for-like sales in the nine weeks to 21 January 2012 up 6.5%.
For the full story, read: Sales grow at Mitchells & Butlers.
12:48 - Miners were on strong form on Thursday, after Anglo American (AAL), Lonmin (LMI) and Petropavlovsk (POG) issued upbeat production numbers.
For more, read our round-up: Mining trio on strong form.
12:27 - Misys (MSY) saw its shares plunge over 6% as it published results for the six months ending 30 November that missed analysts expectation.
"During the period, our customers took longer over their purchase decisions as financial market conditions deteriorated," said chief executive Mike Lawrie. "However, with many customers there are new opportunities as they seek to consolidate their systems with fewer vendors and to upgrade their systems to meet regulatory requirements," he stressed.
The outlook statement was also cautious, with the company putting in place contingency plans to eliminate between £6 and £8 million of operating costs, "given the continuing uncertainty among customers".
"Misys revenue is coming from selling 'bits and pieces' (i.e. moves/add/changes), which has driven up revenue in its global services division, but licence sales are down 6.5% year-on-year," noted George O' Conner, analyst at Panmure Gordon. "Takeover talks will keep the 'pep' in the share price and a good narrative on Bankfusion should cheer investors but, following these results and associated downgrades, shares are coming down," he predicted.
O'Connor retained his 'hold' recommendation on the stock, but lowered his price target to 295p from 335p previously.
12:00 - The 'Bernanke bounce' continued to buoy the FTSE 100 (UKX) as the day wore on, with London's leading share index up 55 points to 5778.
"Once again Uncle Ben has come to the rescue, and equities, commodities and riskier currencies are all up as traders take heart from the belief that the Fed stands ready to help out should things turn ugly," commented Chris Beauchamp, market analyst at IG Index.
For more on the Fed's decision on interest rates, read: Global markets cheered by Fed outlook.
Mining firms were sailing ahead today, with Vedanta Resources (VED) leading the pack, up more than 5%. Tobacco firm Imperial Tobacco (IMT)was down almost 1%.
On the AIM front, shares in LED International Holdings (LED) gained a third of their value, while Supercart (SC.) plunged more than 25%.
During morning trading, Interactive Investor users bought up Sirius Minerals (SXX), while Barclays (BARC), Lloyds Banking Group (LLOY) and Royal Bank of Scotland (RBS) were widely sold.
At a glance...
Commodities
Gold: $1,716.24
WTI crude oil: $100.12
Currencies
GBP/USD: 1.5671
GBP/EUR: 1.1926
EUR/USD: 1.3144
All changes from 09:00 GMT.
11:44 - During the three months to the end of December, international media and events group Euromoney Institutional Investor (ERM) saw total revenues jump 11% on the same period last year to £94.6 million.
Underlying revenues, excluding the impact of Ned Davis Research (NDR), increased by 3%. The group said NDR has performed well since its acquisition in August and contributed subscription revenues of £6.9 million.
Analysts at Peel Hunt reiterated their 'buy' rating and 800p target on the stock.
11:16 - Gem Diamonds (GEMD) boasted of "record" full-year carat production at the Letšeng mine as it published its trading update for the fourth quarter ending 31 December.
Additionally, Letšeng's production expansion project, Kholo, received board approval in November 2011, with the company planning to ramp up to full expanded production capacity by July 2014.
"The fourth quarter of 2011 saw rough diamond prices down from their highs in the first half of the year due, in the main, to the continuing effects of the eurozone crisis," warned chief executive Clifford Elphick. "However, the last two Letšeng tenders of the year saw an improvement in demand, with a modest strengthening of prices in most categories," he added.
10:48 - Leni Gas and Oil (LGO) informed investors that the Ocean Columbia jack-up rig was expected at the Eugene Island Field in the US Gulf of Mexico "shortly".
"The rig move is weather dependent; however, the operator anticipates commencing drilling operations next week," the company said.
Leni has a 7.25% working interest in the Eugene Island-184 leases. A total of 16 days have been budgeted for the drilling and evaluation.
10:21 - Shares in Ariana Resources (AAU) lost more than a tenth of their value after revealing delays to its Red Rabbit Gold Project in western Turkey.
"First production from the project is now projected in 2013, and we will keep investors abreast of developments in this regard over the course of 2012," commented managing director Kerim Sener, who must overcome environmental regulations to get production back on track.
For the full story, read: Turkish delays send Ariana slumping.
09:54 - Sirius Minerals (SXX) is seeking to raise approximately £50 million "to accelerate the development of the York Potash Project and provide funding to see the project through to the definitive feasibility study".
"[The funding] will allow us to fast-track the [York Potash] project development without any funding constraints so that the project can be brought into production as soon as possible," stated chief executive Chris Fraser.
Chairman Russell Scrimshaw has indicated his intention to subscribe for approximately £3.4 million of the placing shares.
Shares in the company lost over 5% of their value on the news.
For more on Sirius and potash, read: Can potash fertilise your portfolio?
09:27 - WPP (WPP) added another link to its belt as it announced the acquisition of a 75% stake in Union Media Israel, media investment management agency in Israel.
"This investment continues WPP's strategy of developing its networks in fast-growing markets and sectors," the company stated.
09:00 - Miners boosted the FTSE 100 (UKX) on Thursday after trading updates from Kazakhmys (KAZ) and Anglo American (AAL).
The blue-chip index, which rose 22 points to 5745, was also boosted by remarks from the Federal Reserve, which promised to keep interest rates near zero until 2012 at least.
"Yesterday's news from the Fed pushing out the low interest rate target to 2014 has delivered a modicum of support in early European trade, with the FTSE 100 nudging its way higher as a result," commented Mike McCudden, head of retail derivatives at Interactive Investor, who added that there was a growing expectation of another round of quantitative easing from the Fed.
However, he warned that the market was "clearly supported" by these expectations, and so any signs of delay could well initiate another round of broad-based selling.
Shares in copper producer Kazakhmys rose more than 2% as it announced that it had produced 310,000 tonnes of copper cathode in 2011, "in line with guidance", with a decline in copper grades partly offset by increases in ore volumes.
"We anticipate maintaining similar levels of copper output in 2012 and our sales contracts for the coming year have all been completed, reflecting continued strong demand for copper," said chief executive Oleg Novachuk.
Silver and gold production was also ahead of target at 13 million ounces and 151,000 ounces respectively.
On the AIM front, Woburn Energy (WBN) rose 40%, while Dolphin Capital Investors (DCI) plummeted more than 20%.
No major data is due in the UK on Thursday.
US markets
Investors cheered news of the Federal Reserve promising to keep interest rates near zero "at least" until late 2014 - longer than previously expected.
Low interest rates raise the appeal of equities compared to bonds, and cut funding costs for companies.
The Dow surged up 81 points to 12757. The Nasdaq rose 32 points to 2818, while the S&P 500 climbed up eleven points to 1326.
Looking ahead, the weekly jobless figures, as well as durable goods orders and new home sales for December, will be announced today.
At a glance...
Asian markets
Nikkei 225: 8849 ( 34)
Hang Seng: 20439 ( 329)
Shanghai Composite: closed
Commodities
Gold: $1,706.60
WTI crude oil: $100.13
Currencies
GBP/USD: 1.5662
GBP/EUR: 1.1971
EUR/USD: 1.3016
08:00 - The FTSE 100 (UKX) opens at 5723.00.
