StockMarketWire | 06/07/2015 - 15:37
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FTSE and European indices entrenched their heady falls to noon as nervy investors dumped equities on fears Greece might leave the euro zone after that country voted resoundingly against an international bailout. Financial-sector stocks were pummelled, as were miners.

To midday, FTSE 100 was down 31.69 points, or 0.48%, to 6554.09. FTSE 250 was down 109.44, or 0.62%, to 17,504.0. Germany's DAX dived 1.14% and France's CAC 40 shed 1.29%. Greece does, at face value, appear willing to re-enter talks with creditors, this signalled by the departure of its flamboyant Finance Minister, Yanis Varoufakis.

In London, Rolls-Royce (RR.) motored down 9.02% to 779.25p as it said the overall, performance for 2015 for the bulk of its business is expected to be broadly in line with guidance. It said further softening in the offshore market is now expected to impact FY profit for Marine. But, Royal Mail (RMG) benefitted from safe haven appeal and a broker upgrade. It rose 1.39% to 512p.

Financials bore the brunt of investor fears over Greece's tenure as an EU member. Royal Bank of Scotland (RBS) tapered 2.14% to 351.6p to lead a posse of banks down, among them Barclays (BARC), off 1.71% to 258.45p. Also hurt were broader financials, Schroders (SDR) pared back 1.72% to 3119.5p, Hargreaves Lansdown (HL.) lost 1.63% to 1116.5p and Prudential (PRU) faded 1.23% to 1543.25p.

Multiple miners fell in the wake of Antofagasta (ANTO), off 1.8% to 669.75p. At 11.39am, WTI crude was down 4.43% to $54.41/bbl, while Brent shed 2.32% to $58.92/bbl. Shell (RDSA) eased 0.95% to 1794.75p, with other oily issues trailing. Almost 30 blue chips posted gains, house builders, pharmas and utility outfits notable among them.

BIGGER MOVERS

LiteBulb (LBB) dimmed 21.38% to 28.5p on a strategy change, boardroom shake-up and the lowering of full-year sales guidance. LiteBulb is calling a halt to acquisitions to instead drive organic growth. CEO Simon McGivern has resigned.

Europa Oil & Gas (EOG) flopped 18.98% to 6.38p as it announced plans to raise up to £3.4m in a share placing and open offer. Funds would cover start-up costs on the Wressle discovery and admin costs pertaining to the group's portfolio offshore Ireland.

Billington (BILN), up 14.25% to 252.5p, expected its H1 results to the be significantly ahead of current market forecasts. Its performance has continued to improve during H1. Seeing Machines (SEE), up 13.51% to 5.25p, said Caterpillar Safety Services (CSS) has ordered DSS units in preparation for delivery of Fatigue Risk Assessments for Caterpillar customers.

Velocys (VLS), down 13.58% to 99.38p, has suspended CEO Roy Lipski pending an investigation into allegations of serious misconduct. CFO Susan Robertson will act as CEO during the suspension of Lipski. Meantime, ECR Minerals (ECR) rose 12.5% to 0.09p, on positive results from trenching at the Itogon gold project.

ECONOMIC NEWS

Talks between debt-laden Greece -- whose hard-line Varoufakis quit after EU bigwigs took issue with his less than austere manner, possibly opening the way for Prime Minister Alexis Tsipras to make debt-talks progress -- and the EU are due to resume today. Asian markets were lower. Greek voters balloted 61.3% 'No' and 38.7% 'Yes'.

Euro-zone investor confidence improved in July. The Sentix Investor Confidence index rose to 18.5 in July, from 17.1 in June. The market expected a print of 16. Meantime, German factory orders in May fell. Seasonally adjusted orders eased 0.2%, having gained 2.2% in April, official data showed. The print was better than anticipated.

LONDON HIGHLIGHTS

Intercede (IGP), up 6.88% to 101p, has reported a strong start to its new financial year with revenue in Q1 coming in at £2.7m, double that recorded in the same period last year. Gulf Marine Services (GMS) rose 5.96% to 137.75p as one of its large class of self-propelled self-elevating support vessels (SESVs) was contracted for decommissioning work.

Monitise (MONI), up 2.44% to 10.5p, said FY revenue is expected to be between £88m and £90m. As guided in March, Monitise expects H2 operating and capital expenses to be materially lower than H1, with a further improvement in FY 2016.

LGO Energy (LGO), down 1.35% to 3.28p, has reported positive results from GY-675, the latest development well on its flagship Goudron field in Trinidad. Avanti Communications (AVN), up 1.61% to 198.13p, said trading has remained in line with the trends outlined in Q3.

Bovis Homes (BVS), up 1.67% to 1160p, has reported a record number of H1 legal completions, made possible by the high-quality land investments made during the last few years. Average sales price on legal completions rose 6% to £222,000.

Wizz Air (WIZZ), up 0.44% to 1583p, easyJet (EZJ), down 0.28% to 1584.5p, and Aer Lingus (AERL), even at 2.4p, all issued improved June passenger numbers. Trakm8 (TRAK), down 0.85% to 174p, has hiked its FY pretax profit to £1.7m, from £0.4m. Revenue was up 95% to £17.9m, from £9.2m. The results were ahead of expectations.

Other stocks in the news included Marshalls (MSLH), Plexus (POS), Flowtech Fluidpower (FLO), ECR Minerals (ECR), PureCircle (PURE), Allergy Therapeutics (AGY), Caledonia Mining Corp (CMCL), RM Plc (RM.), Tarsus (TRS), Restore (RST) and Revolution Bars Group (RBG).


By StockMarketWire | 06/07/2015 - 08:53

FTSE indices and European bourses plunged after referendum voters in Greece very predictably vetoed an international bailout. Rolls-Royce (RR.) motored to the head of the losers' ladder, with a slew of banks, financials and resources stocks following.

Shortly after the open, FTSE 100 was do2n 36.44 points, or 0.55%, to 6549.34. FTSE 250 was down 123.26, or 0.7%, to 17,490.2. Germany's DAX dived 1.08% and France's CAC 40 shed 1.15%. At 8.39am, WTI crude was down 3.18% to $55.12/bbl, while Brent shed 0.76% to $59.86/bbl.

Back in London, Rolls-Royce (RR.), down 9.08% to 778.75p, said overall, performance for 2015 for the bulk of its business is expected to be broadly in line with previous guidance. It said further deterioration in the offshore market is now expected to impact FY profit for Marine.

Thereafter banks suffered as markets assessed the Greece odyssey. HSBC (HSBA) faltered 1.51% to 564.25p, while RBS (RBS) lost 1.48% to 354p, with others behind. Among financials, Schroders (SDR) lost 1.7% to 3120p, with Hargreaves Lansdown (HL.) faltering 1.06% to 1123p.

Multiple miners were piloted south by Antofagasta (ANTO), off 1.54% to 671.5p, while oily issues eased in the wake of Shell (RDSA), off 0.75% to 1798.5p. Several house builders lost ground, as did travel outfit TUI AG (TUI), off 2.52% to 1023.5p. Barely 15 blue chips made gains, then unconvincingly.

BIGGER MOVERS

Europa Oil & Gas (EOG), down 17.46% to 6.5p, has raised about £1.4m gross via issuing 20m new shares under a firm placing and 2.63m under a conditional placing, all at 6p each. It proposes raising up to a further £2.0m by the issue of up to a further 34.1m new shares via an open offer at 6p each.

Billington (BILN), up 15.38% to 255p, expects its H1 results to the be significantly ahead of current market forecasts. Its performance has continued to improve during H1. LiteBulb (LBB), down 13.1% to 31.5p, is lowering revenue growth forecasts and said CEO Simon McGivern and sales director James Phillips have resigned as part of a reorganisation.

Velocys (VLS), down 14.35% to 98.5p, has suspended CEO Roy Lipski pending an investigation into allegations of serious misconduct. The company's CFO, Susan Robertson, will act as CEO during the suspension of Lipski. Seeing Machines (SEE), up 10.92% to 5.13p, said Caterpillar Safety Services (CSS) has ordered DSS units in preparation for delivery of Fatigue Risk Assessments for Caterpillar customers.

ECONOMIC NEWS

Talks between debt-laden Greece -- whose Yanis Varoufakis has quit as Finance Minister after his EU opposite numbers took issue with his less than austere manner -- and the EU are due to resume today. Asian markets were lower. Referendum voters in Greece balloted 61.3% for 'No' and 38.7% 'Yes'.

LONDON HIGHLIGHTS

Intercede (IGP), up 3.7% to 98p, has reported a strong start to its new financial year with revenue in Q1 coming in at £2.7m, double that recorded in the same period last year. LGO Energy (LGO), down 2.26% to 3.25p, has reported positive results from GY-675, the latest development well on its flagship Goudron field in Trinidad.

PureCircle Ltd (PURE), down 2.77% to 395p, said H2 sales are expected to be $84m giving not less than $127m for the FY, an increase of 26% against FY 2014 sales of $101m. Avanti Communications Group (AVN), up 3.21% to 201.25p, said trading has remained in line with the trends outlined in its Q3 statement.

Monitise (MONI), up 1.27% to 10.38p, said FY revenue is expected to be between £88m and £90m. As guided in March, Monitise expects H2 operating and capital expenses to be materially lower than H1, with a further improvement in FY 2016.

Bovis Homes (BVS), up 0.48% to 1146.5p, has reported a record number of H1 legal completions, made possible by the high-quality land investments made during the last few years. Average sales price on legal completions rose 6% to £222,000.

Wizz Air (WIZZ), up 0.73% to 1587.5p, easyJet (EZJ), down 0.19% to 1577p, and Aer Lingus (AERL), up 0.83% to 2.42p, all issued improved June passenger numbers. Trakm8 (TRAK), down 0.85% to 174p, has hiked its FY pretax profit to £1.7m, from £0.4m. Revenue was up 95% to £17.9m, from £9.2m. The results were ahead of expectations.

Other stocks in the news included Marshalls (MSLH), Plexus (POS), Flowtech Fluidpower (FLO), ECR Minerals (ECR), Caledonia Mining Corporation (CMCL), RM Plc (RM.), Tarsus (TRS), Restore (RST) and Revolution Bars Group (RBG).


By StockMarketWire | 06/07/2015 - 06:22

The headline index is tipped to start the week significantly lower, according to financial websites, as Greece says 'No' to further austerity measures and additional emergency liquidity assistance, heightening the threat of it exiting the European Union.

Negotiations between Greece and the EU are due to resume today, as the country starts to run out of money and with Yanis Varoufakis resigning as Finance Minister.

US markets were closed on Friday, while Asian bourses started ominously lower, earlier today.

US & ASIA

Wall St was closed on Friday and therefore the Dow remains unchanged at 17,730. Further afield, the Nikkei was recently down 474 points at 20,067 and the Hang Seng had fallen 935 points at 25,108.

WTI crude oil traded at $54.91 a barrel and Brent at $59.6.

Gold settled at $1,167.6 an ounce.

LONDON MARKETS

In the corporate diary today, interim results are expected from RM and final results are scheduled to be released by Trakm8.

Meanwhile, Base Resources and Marwyn Management Partners are set to host shareholder meetings.