The Weekly Highs & Lows Market Report: Oil, Gold and the Spending Review

Friday, Oct 22 2010 by
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The Weekly Highs  Lows Market Report Oil Gold and the Spending Review

The FTSE 100 Index hit a six-month high during the course of this week – perhaps surprisingly given that the news was dominated by gloomy discussion of plans for quantitative easing, and the austerity measures faced by Britain. One way to understand better the underlying pulse of the market is by looking at the stocks and sectors making new 12 month highs or lows.

This week, there were 75 new highs this week, compared with 34 new lows. Commodities were the principal watchword, with resources companies dominating the new highs list, while the Comprehensive Spending Review led to some big winners and losers. 

Oil 

Amongst the explorers, the excitement has been around North Sea explorer, Xcite Energy (LON:XEL) which is drilling to prove the commerciality of its Bentley field, and Kazakhstan-focused E&P company, Max Petroleum (LON:MXP) which announced a success in drilling its Uytas prospect and Petroneft Resources (LON:PTR), the Russia-focused oil and gas explorer which raised £27m last week to finance the development of two of its Russian fields. The astonishing ascendancy this week though has been at oil and gas-focused investor and adviser, Parkmead Group, up 90% on the news that Tom Cross was to become executive chairman, with investors wondering whether this could become “son of Dana”. Tom is the founder and outgoing chief executive of Dana Petroleum Plc (LON:DNX), which succumbed recently to a £1.87bn takeover by Korea National Oil Corporation (KNOC).

Gold

Although gold has corrected sharply this week, it’s still close to its recent highs. A couple of companies reaping the rewards of gold strength this week were African explorer, Central African Gold (LON:CAN) which soared after reporting positive reserves updates from its Zimbabwean gold mining properties, European Goldfields (LON:EGU), which mines zinc, lead and gold in Greece and Kefi Minerals Plc (LON:KEFI) , the Turkey and Saudi Arabia operating gold and copper explorer.  Linked to the fortunes of gold, this week saw a new high from

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Barratt Developments PLC is a holding company. The Company is principally engaged in acquiring and developing land, planning, designing and constructing residential property developments and selling the homes, which it builds throughout Britain. The Company operates in two segments: Housebuilding and Commercial developments. Its housebuilding segment operates through approximately six regions and approximately 30 operating divisions delivering over 17,319 homes. Its Commercial developments are delivered by Wilson Bowden developments. It purchases land in targeted locations and designs homes for its customers using standard house designs. Its brands include Barratt Homes, David Wilson Homes and Barratt London. Its Barratt Homes brand focuses on making homes. Its Barratt London brand portfolio offers apartments and penthouses in Westminster to riverside communities in Fulham. Its David Wilson Homes brand offers home design and specification, and focuses on developing family homes. more »

LSE Price
646p
Change
2.3%
Mkt Cap (£m)
6,577
P/E (fwd)
9.1
Yield (fwd)
7.1

The Berkeley Group Holdings plc is a holding company. The Company, along with its subsidiaries, is engaged in residential-led, mixed-use property development. Its segments include Residential-led mixed-use development and Other activities. Its brands include Berkeley, which creates medium to large-scale developments in towns, cities and the countryside, encompassing executive homes, mixed use schemes, riverside apartments, refurbished historic buildings and urban loft spaces; St George, which is involved in mixed use sustainable regeneration in London; St James, which handles projects that embrace private residential development, commercial property, recreational and community facilities; St Edward, which offers residentially led developments, and St William. Berkeley First is a division of the Company specializing in student accommodation and mixed use residential development within London and the South East. Berkeley Commercial is its commercial property developer and investor. more »

LSE Price
4177p
Change
1.1%
Mkt Cap (£m)
5,250
P/E (fwd)
12.2
Yield (fwd)
4.8

Taylor Wimpey plc is a residential developer. The Company operates at a local level from 24 regional businesses across the United Kingdom, and it has operations in Spain. Its segments include Housing United Kingdom and Housing Spain. The Housing United Kingdom segment includes North, Central and South West, and London and South East (including Central London) divisions. The North division covers its East and West Scotland, North East, North Yorkshire, Yorkshire, North West, Manchester, North Midlands, Midlands and West Midlands regional businesses. The Central and South West Division covers its East Midlands, South Midlands, East Anglia, Oxfordshire, South Wales, Bristol, Southern Counties and Exeter regional businesses. The London and South East Division includes Central London and covers its East London, North Thames, South East, South Thames and West London regional businesses. It builds homes in various locations of Costa Blanca, Costa del Sol and the island of Mallorca. more »

LSE Price
165.55p
Change
3.0%
Mkt Cap (£m)
5,430
P/E (fwd)
8.1
Yield (fwd)
11.1



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