Banks, Financial

Banking app targets millennials who want help budgeting

Graduate debt, rent and high living costs have made it hard for millennials to save for a house, a pension or even a holiday. For Ollie Purdue, a 23-year-old law graduate, this was reason enough to launch Loot, a banking app targeted at tech-dependent 20-somethings who want help to manage their money and avoid falling […]

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Economy

Eurozone inflation climbs to highest since April 2014

A welcome dose of good news before next week’s big European Central Bank meeting. Year on year inflation in the eurozone has climbed to its best rate since April 2014 this month, accelerating to 0.6 per cent from 0.5 per cent on the back of the rising cost of services and the fading effect of […]

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Financial

Wealth manager Brewin Dolphin hit by restructuring costs

Profits at wealth manager Brewin Dolphin were hit by restructuring costs as the company continued to shift its focus towards portfolio management. The FTSE 250 company reported pre-tax profits of £50.1m in the year to September 30, down 17.9 per cent from £61m the previous year. Finance director Andrew Westenberger said its 2015 figure was […]

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Financial

Travis Perkins and Polymetal to lose out in FTSE 100 reshuffle

Builders’ merchant Travis Perkins and mining company Polymetal face relegation from the FTSE 100 after their recent performances were hit by political events. The share price of Travis Perkins has dropped 29 per cent since the UK voted to leave the EU in June, as economic uncertainty has sparked concerns among some investors about the […]

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Banks

RBS share drop accelerates on stress test flop

Stressed. Shares in Royal Bank of Scotland have accelerated their losses this morning, falling over 4.5 per cent after the state-backed lender came in bottom of the heap in the Bank of England’s latest stress tests. RBS failed the toughest ever stress tests carried out by the BoE, with results this morning showing the lender’s […]

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Categorized | Equities

Oil-related shares rise on Syria fears


Posted on August 30, 2013

Oil-related shares were the best performers on weaker European indices this week as crude prices rose on concerns over the rising violence in Syria and the threat of the conflict becoming an international war.

The FTSE Eurofirst 300 fell 2.4 per cent over the week to 1,195.01 with losses during the five sessions for carmakers, airlines and a selection of financial stocks.

    Oilfield services groups were the best performers after results from Oslo-listed SeaDrill and the UK’s Petrofac.

    SeaDrill reported record quarterly earnings on Wednesday and issued a confident outlook, pushing the shares up 8.6 per cent over the week to NKr282.40.

    “The sun is shining on the offshore industry and SeaDrill is taking advantage,” said Gregory Lewis at Credit Suisse.

    Among the oil producers, Statoil of Norway rose 3.7 per cent over the week to NKr134.40.

    Renault was among the week’s poorest performers.

    On Thursday, Carlos Tavares announced he was standing down as chief operating officer of the French carmaker.

    Renault shares fell 9.2 per cent over the week to €54.08.

    Zurich Insurance fell 5.1 per cent this week to SFr231.60 after it also lost top executives – chief executive Josef Ackermann quit on Thursday following the suicide of Pierre Wauthier, the company’s finance chief.

    Shares in Europe’s largest hotel group Accor fell 3.6 per cent to €28.61 over the week after the French company warned on full-year profit after a weaker than expected first half.