FTSE 100 rebounds as big oil makes way for little oil

Risers outnumbered fallers among FTSE 100 constituents by eight-to-one today as the top-share index returned to form.

The FTSE 100 finished 78 points higher at 7,015, despite the presence of a few ex-div stocks among the laggards.

Fashion firm Burberry (LON:BRBY) rose on vague bid speculation and ahead of a trading update next week.

US private equity interests were said to be eyeing the UK fashion house though a target price hike from blue-chip broker JP Morgan also helped.

Shares jumped 2.8% to 1,809p.

Holiday Inn owner InterContinental Hotels Group (LON:IHG) was almost 2.4% higher at 2,737p following a 400p target price rise to 2,400p and a ‘hold’ rating put on the stock by Jefferies International.

French magistrates have placed HSBC (LON:HSBA) under formal criminal investigation over alleged past tax offences at the lender’s Swiss private bank.

The shares were unfazed, up 2.9% at 604p.

After big oil yesterday, it was small oil’s turn today to dominate the headlines.

The four biggest risers on the market were UK Oil & Gas (LON:UKOG), up 169%, to 2.9p, Alba Minerals (LON:ALBA), 129% higher at 0.83p, Doriemus (LON:DOR), up 55% at 0.13p, and Stellar Resources (LON:STG), up 47% at 0.625p.

All four are members of the consortium exploring for oil at Horse Hill (HHDL) near Gatwick, as are Solo Oil (LON:SOLO) and Evocutis (LON:EVO), both of which notched up a none too shabby 25% share price increases, as the consortium said it found up to 100bn barrels, potentially.

New estimated oil in place figures of 158mln barrels per square mile over the 55-sq mile site means that twice as much oil could sit beneath Horse Hill than has been recovered from the North Sea.

The big if is how much of this is commercial and how easy it will be to recover.

Cash shell Wildhorse Energy (LON:WHE) jumped 12% to 7p after getting into the potash market by acquiring Australia Salt Lake Potash.

Patagonia Gold‘s (LON:PGD) Lomada mine exceeded production forecasts last year and ran above nameplate capacity in the last five months.

Response to the gold miner’s full-year results was keen, and the shares advanced 5.2% to close at 2.625p.

http://ift.tt/1Oesf6h @MasterMetals MasterMetals Blog

from MasterMetals http://ift.tt/1EcaUYF


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