| CATEGORY: MARKET REPORT - PRE-OPEN SECTOR: OIL & GAS PRODUCERS |
London pre-open: Early slip expected |
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Tue 27 Jul 2010
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LONDON (SHARECAST) - Footsie is tipped to open slightly lower.
Oil giant BP has confirmed Tony Hayward is to step down as chief executive of the group on October 1 to be succeeded by fellow executive director Bob Dudley. Dudley currently runs the recently-established unit responsible for clean-up operations and compensation programmes in the Gulf of Mexico.
Revenues and profits continued soaring at ARM in the second quarter as the chip-designer continued to see strong demand for its technology from makers of mobile ‘phones and other must-have gadgets. ARM, whose chips are used in some of the tech giant Apple’s products, posted a pre-tax profit of £43.5m in the three months to June 30, up from £16.3m over the same period the previous year.
Diversified mining group Xstrata saw a small decline in copper production in the first half of 2010 but ferrochrome output rebounded strongly. The group, which is a major producer of seven major commodities (copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc) updated the market on first half production levels on Tuesday morning.
Also in mining, higher production and a rising gold price sent half-year net income at African Barrick Gold up by 217% to $99m. Revenue rose by 64% to $424m up 64% as production rose by 23% to 356,208 ounces and realised gold prices jumped by 28% to $1,155 per ounce.
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