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Essar Energy exercises option to acquire stake in Essar Oil

Mon 20th May 13, 12:29

Essar Energy's wholly-owned subsidiary, Essar Energy Holdings, has agreed to acquire 32.95m shares in Essar Oil, equal to a 2.41 per cent stake.

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Today's Market Reports

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Winkworth expands empire into India

Estate agent M Winkworth has launched an expansion programme across the Indian subcontinent with the opening of a first office in Bangalore. 59 minutes ago

US pre-open: Markets to pause after record highs

Stock futures were pointing to a flat-to-slightly-lower start on Wall Street Monday as traders paused for breath following Friday's record closing prices for the Dow Jones and S&P 500. 1 hour ago

High inflation hindering growth in UK, says report

A leading forecaster said high inflation has cost the UK economy 10bn pounds over the past three years. 2 hours ago

Belvoir Lettings acquires four lettings agencies

Belvoir Lettings has acquired four lettings agencies based in England's Basingstoke and Andover. 2 hours ago

Europe midday: European banks on the menu

Fitch cuts Slovenia to BBB+; Short positions in gold reached record high last week-Bbg; Banks deposited 83.0bn euros overnight at ECB 2 hours ago

Capita selected as preferred bidder for council contract

Outsourcing group Capita has been selected as the preferred bidder for a contract with Barnet Council's development and regulatory services. 3 hours ago

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Traders' views

Sharp fall in silver today – fallen to levels not seen since September 2010

By Ronnie Chopra

This morning silver fell to levels not seen since September 2010 as commodity prices slumped overnight in Asia and this extended in early London trading. Although here is plenty of physical buying from China, India and the Middle East – there is heavy computer ETF selling.

A strong dollar and outperforming equity markets have shifted investor’s attention to more risky assets with silver suffering.

Has the dollar rallied too far, too quickly?

By Ishaq Siddiqi

Despite general US data thus far this week coming in a little softer, the dollar retains a bid tone, as US risk markets keep on posting new highs despite much speculation on whether USD may have rallied a little too far, too quickly.

Today we await CPI numbers and US data including housing, jobless claims and the Philly Fed.)

Will the yen fall again?

By Zoe Fiddes

The depreciation of the Japanese yen has been an ongoing process for many months now, and recent developments have contributed to its continued decline. However, upcoming data might change the direction upwards.

Japan’s currency is once more weakening compared to the US dollar. 

Bad news baked into the mining sector

By Brenda Kelly

Despite the fact that it’s only mid- May, the FTSE100 looks set to record a new high for the 12th consecutive month.

Compared to the likes of the Dow, the Dax and the S&P500, the FTSE being quite heavily weighted with the financial and mining sector has dragged itsheels in re-acquiring a record high level. Perhaps it’s the mining sector that is serving as a drag which since February has seen a total decline of almost 25%.

A bullet-point guide to fine wine investing

By Oliver Haill

The fine wine market is expected to continue its recent resurgence in 2013 and, if you haven’t thought about investing in this asset class before there are increasingly strong reasons for certain types of investor.

Traders and other high-frequency type traders need read no further, this is for long-term investors. It can be traded with spread betting.

Because there is a limited supply of top wine and high demand from around the globe that usually exceeds supply this generally keeps prices up over the long term - but like some illiquid shares, in the short term prices can remain unmoved for a while. But unlike shares, many buyers don't just buy for investment; they happily and rapidly drink up their bottles which reduces the world stocks.

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ETX Capital Daily Market Bite, 20.05.13: European Stocks Up A Touch But Gold Slides

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