Tuesday 26 March
QUOTE OF THE DAY
"Money brings you food, but not appetite; medicine, but not health; acquaintances, but not friends.”
Henrik Ibsen
Savills (SVS) And How London Prime Real Estate Could Take Another Bath
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by top technical analyst Zak Mir of Zaks-TA.com
THIS MORNING IN LONDON
FTSE 100
6,393.61
15.23 0.24%
FTSE 250
13,980.72
19.39 0.14%
FTSE 350
3,442.28
7.71 0.22%
FTSE All Share
3,373.93
7.55 0.24%
AIM 100
3,267.45
-6.07 -0.19%
AIM All Share
730.73
-1.58 -0.22%
14:00 pm
THOUGHT FOR THE DAY
Hello Share Folk,
The Cyprus crisis seems to have been resolved for the time being. But only for the rest of the world. This poor country is going to suffer now. Many firms will go bankrupt. People who left big amounts in their banks will have to pay a whopping levy.
The Russians have described this as a sort of theft. It certainly seems unjust to me. It will never happen in this country – I should jolly well hope not, anyway. But it might encourage others who are in the habit of leaving large amounts in banks to consider the lure of stocks and shares instead.
CLICK HERE for the full article
Cyprus has avoided a calamitous Eurozone exit and a collapse of its banking sector for the time being, but its long-term future remains uncertain. The Cyprus debacle has epitomised the collapse of confidence in the Eurozone since the start of 2013.
Contagion is now the big issue, which could see pessimism belatedly enter the equity and indices front. While the deeply unpopular ‘tax’ on deposits has been avoided for those with less than €100k, those with more than this amount are still very much in the dark.
CLICK HERE for the full article
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REPORT OF THE DAY
Red Rabbit Gold Project looks likely to see construction begin in the 4Q 2013 pending a positive Environmental Impact assessment with production in 2014. Going forward joint venture partner is funding to gain a 50% stake.
Big potential uplift in value from a major gold discovery in Turkey through joint venture with Eldorado Gold Corporation in NE Turkey and a 11.5% stake in Tigris Resources in SE Asia. Agreement with Newmont will give Ariana access to a database on Turkey that took twenty years to assemble.
Valuation based on Ariana’s interest in the Kiziltepe Sector of Red Rabbit and the 49% interest in the Eldorado joint venture is 5.1p.
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THIS MORNING IN LONDON
Markets still nervous after Cypriot bailout
Markets were rangebound on Tuesday morning, making only slight gains, with concerns about Cyprus still very much in focus following the comments made by the head of the Eurogroup yesterday.
Following the €10bn deal to bail out Cyprus at the weekend, which involved forcing big losses on uninsured depositors, Jeroen Dijsselbloem implied in an interview yesterday afternoon that the hit on depositors would serve as a model or template for future bailouts, causing stocks to give up gains yesterday.
While, Dijsselbloem later back-stepped and published a new statement claiming that “Cyprus is a specific case with exceptional challenges", markets were clearly worried.
Market Analyst Craig Erlam from Alpari said: "Dijsselbloem’s efforts to backtrack on his earlier comments could not have been much more unsuccessful. Once again, the damage has been done and it’s going to be very difficult for Dijsselbloem or any other officials to fix this in the short term. For evidence of this all you have to do is look at the reaction in the markets."
The euro plummeted shortly after Dijsselbloem’s first remark yesterday and has only seen a small retracement since. "This is a clear message that people aren’t convinced that deposits in other countries are safe from a similar levy, which is bad news if another country enters negotiations over a bailout in the future," Erlam said.
Also keeping markets busy today will be some key economic indicators from the US later on. Durable-goods orders, the S&P/Case-Shiller Home Price Index, new home sales and consumer confidence figures are all due out this afternoon in the States.
CLICK HERE FOR THE DAY'S FASTEST MOVING STOCKS
FTSE 100: ENRC slumps after Kazakhmys results; Kingfisher gains despite profits fall
Mining giant ENRC dropped as part-owner Kazakhmys announced a $2.2bn impairment charge after writing down its 26% holding in ENRC in its 2012 results.
Heading the other way was B&Q owner Kingfisher despite reporting a 11.4% fall in full-year profits as the bottom line met market expectations.
Contract caterer Compass was lower after saying that a weak performance in Europe & Japan held back growth in the first half. The company said that its forecasts for the full year remain unchanged though.
Asset management groups Aberdeen was a high riser after its first-half trading update yesterday. Bank of America, JPMorgan, Credit Suisse and Exane BNP Paribas all chose to increase their target prices for the stock this morning, while Numis upgraded the shares to 'buy'.
Sector peer Schroders, which yesterday announced a recommended offer for Cazenove Capital, was also extending gains.
Financial group Legal & General also rose after agreeing to buy a 75% interest in UK fund platform Cofunds for £131m.
Plumbing merchant Wolseley was unwanted after saying that half-year profit slipped owing to weakening demand in Europe and Canada.
FTSE 250: Housebuilders gain on UBS comments
Housebuilding stocks were performing well this morning after UBS said that the recent strong sector performance (up 58% over the last 12 months) will continue with the launch of the government's 'Help to Buy' scheme. The broker has upgraded both Redrow and Bovis and now has a 'buy' rating for all UK-listed housebuilders.
Sector peer Bellway was also on the rise this morning after raising its dividend by 50% in the first half following a 47.5% jump in pre-tax profits.
Kazakhmys was leading the downside on the second-tier index, dropping as much as 10% in morning trade, after swinging into the red in 2012 on the back of substantial write-downs. According to Prime Markets, the company faces "a bleak few years" and the stock could be on its way back to 2008/2009 lows of around 220p (yesterday's close: 444p).
CLICK HERE FOR THE DAY'S FASTEST MOVING STOCKS
THE LATEST ON THE CRAZY BOARD
The top 5 hot company threads on the Bulletin Board:
STRATMIN GLOBAL RESOURCES(STGR)-Ex Woodburne Sq AG
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CHL -CHURCHILL MINING, done the deal of a lifetime
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MEDICX FUND (MXF) - Another one for Long Termers?
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