Brexit causes gold rush – experts predict prices will hit $1,400 by month end if the UK votes to leave the EU June 21, 2016 The risk of Brexit has pushed up the price of gold, with every tightening of the bookmakers’ odds giving a boost to the value of the precious metal. The price of bullion is up 21 per cent so far this year, 8 per cent of which has come in the last month. Gold prices reached a [...]
Brexit and the pound: How hard will battered sterling hit our economy? June 21, 2016 The pound has strengthened as the latest polls show public feeling has swung towards a remain vote this Thursday. Sterling rose 2.3 per cent to $1.4693, the biggest one day gain in over seven years. The last time it rose this sharply was 12 September 2008, days before Lehman Brothers filed for bankruptcy. “Three polls over [...]
Royal Dutch Shell’s shale unit to become “catalyst for change” at the oil major June 20, 2016 Royal Dutch Shell's recently revamped shale unit is set to become a blueprint for change across the oil major. "The executive committee charged us to be a catalyst for change within the broader Shell," Greg Guidry, head of the group's unconventionals business, told Reuters. Read more: Shell mulls offshoring its legal eagles to cut costs Guidry also [...]
Kenmare Resources share price jumps 18 per cent as company agrees debt restructuring and capital raising plan June 20, 2016 Shares in Irish mining company Kenmare Resources have jumped by over 18.5 per cent this morning after the firm unveiled plans to raise capital and pay off its debt. Kenmare is aiming to raise $275m (£188m) of new equity, and State General Reserve Fund of the Sultanate of Oman (SGRF) has, through its subsidiary African [...]
Say what? EU referendum week gets off to a stonking start as sterling and FTSE close higher – pushed up by banking and housebuilding shares June 20, 2016 Investors may have been bracing themselves for a disastrous pre-referendum week – but things got off to a pretty good start today, with sterling hitting its highest since May, and banking shares bouncing back after a less-than-impressive performance last week. The FTSE 100 closed three per cent per cent higher – soaring above 6,000 points to hit 6,204. Meanwhile, the pound [...]
Base metals turn brighter as Remain campaign gains momentum June 20, 2016 Reduced fears that Britain might vote to leave the European Union later this week added a sheen to copper and other base metals today. Copper steadied above a four-month low and nickel hit a six-week high as polls showed rising support for the Remain camp, however the overall picture is still one of an evenly split electorate. Read [...]
IPOh dear: Flotation revenue down 58 per cent so far in 2016 June 20, 2016 Global revenue from initial public offerings (IPOs) has declined by 58 per cent year on year so far in 2016. The $1.3bn (£0.9bn) figure is down from $3bn in the same period in 2015 and the lowest it has been at this date since 2009. Read more: IPOs might be back – but for how [...]
Oil back above $50 as polls dampen Brexit fears June 20, 2016 Oil breached the $50 mark today, as fresh polls dampened fears that the Leave campaign would triumph in the EU referendum later this week. Three opinion polls ahead of the vote showed rising support for the Remain camp, however the overall picture is still one of an evenly split electorate. Campaigning resumed yesterday after a two-and-a-half day [...]
Maturity of Aim questioned as it celebrates its 21st birthday June 20, 2016 The London Stock Exchange’s alternative investment market (Aim) has turned 21. But, in a happy birthday message, Hargreaves Lansdown has questioned its maturity. Senior analyst Laith Khalaf highlighted in a note this morning how the FTSE Aim Index has fallen by 30 per cent since its launch. Read more: Here's why you should invest on [...]
EU referendum: Stock markets and currencies poised for unprecedented volatility before Brexit vote June 20, 2016 Financial markets are bracing themselves for one of the most volatile weeks of trading in living memory ahead of the EU referendum. Analysts said this week could unleash “chaos” on the stock markets, with volatility already sky-high and indexes across the world bouncing up and down on the slightest whiff of referendum news. Sterling, meanwhile, [...]