Cairn Catches Fire
The latest figures from the Office for National Statistics (ONS) published on Tuesday morning revealed that inflation in the UK fell to 3% in February from 3.5%, a 14-month high, in January. This was welcome news for Governor of the Bank of England, Mervyn King, who had earlier warned that economic activity would be lower after the credit crunch than before, despite future growth; the Bank of England's target for inflation is 2%.
Dominic Turner
shareprices.com - Tuesday, March 23, 2010
Indeed, the news did no harm to the FTSE 100 index, which rose 23.29 points or 0.41% in late morning trade to 5,667.83. Edinburgh-based oil and gas exploration and production company, Cairn Energy, which has interests in India, Greenland, Bangladesh and Tunisia was by far the best performer, up 32.5p or 8.58% to 411.3p after it revised peak production and total reserve estimates for its Indian assets. Cairn raised its forecast for peak production by over 33% to 240,000 barrels.
Insurer Legal & General was also going well, up 4.1p or 5.04% to 85.4p, after the firm reported increased operating profit, up to £1.1 billion in 2009 from £592 million in 2008 and hinted that a 33% hike in its final dividend may not be the last.
Oil heavyweight Royal Dutch Shell announced that it had signed an agreement with the China National Petroleum Corporation (CNPC) to explore and develop gas reserves in a 4,000 square kilometre area of Sichuan Province for the next 30 years. Shell's share price rose by 3p or 0.16% to 1,847p during morning trading.
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- FTSE climbs as EU summit approaches
22 May 2012 - FTSE climbs as markets calm
22 May 2012 - FTSE falls further as ratings agency action worsens fears
20 May 2012 - FTSE plummets further as Greece dominates markets
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