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Tuesday preview: Gartmore, Melrose Resources, UK inflation
Thu, 09 Feb, 2012
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Tuesday preview: Gartmore, Melrose Resources, UK inflation
Mon, 16 Aug 2010, 16:59:00
Fund manager
Gartmore Group
has been listed on the stock exchange for less than a year but it has been an eventful period, nevertheless, with the share price languishing a pound below its flotation price of 220p, largely due to the cooud hanging over its former star manager Guillaume Rambourg. The group suspended Rambourg for most of April after an investigation into directive trades following consultation with the Financial Services Authority (FSA). The suspension cost the company dear, as customers withdrew more than £800m in April, but with the star player back on the field the group hoped to claw back some of those funds from customers. The firm received a further blow in June when the FSA confirmed it would start an investigation into Rambourg's conduct, a move that would ultimately prompt Rambourg to quit the firm in July so he could "devote his attention to concluding the FSA investigation into his conduct." The share price has moved up over the last month despite Rambourg's departure giving hope to Gartmore shareholders that the worst is over for the firm. The share price of oil and gas explorer
Meltrose Resources
went on a charge in June and July but has come off the top in August despite the company announcing at the end of July that it has found more gas in the Galata block offshore Bulgaria. The group also signed a new agreement to farm-down its interests in the Rhone Maritime concession offshore France, with Noble Energy acquiring a 72.5% stake in the deep-water project in return for funding a disproportionate amount of the seismic programme. Shareholders will be hoping for news of the company's planned seismic acquisition programme in the South East Mansoura concession onshore the Nile Delta in Egypt. On the economic front
inflation figures
for July are due for release at 9:30. The consumer price index (CPI) is tipped to have eased 0.2% in July after rising 0.1% in June. The year on year (yoy) change is forecast to have narrowed to 3.1% from June's 3.2%. The yoy change in the core CPI is expected to remain unchanged at 3.1%. As for the retail price index, economists have pencilled in a fall of 0.2% in July after June's 0.2% gain. The yoy change is predicted to slow to 4.8% from 5.0%. INTERIMS EnQuest , Frutarom GDR (Reg S), Gartmore Group , London Capital Group, Melrose Resources, Oakley Capital Investments Ltd. INTERNATIONAL ECONOMIC ANNOUNCEMENTS Current Account (EU) (09:00) ABC Consumer Confidence (US) (22:00) Building Permits (US) (13:30) Capacity Utilisation (US) (14:15) Housing Starts (US) (13:30) Industrial Production (US) (14:15) Producer Price Index(US) (13:30) RBA Interest Rate Minutes (AUS) (00:00) ZEW Survey (EU) (10:00) ZEW Survey (GER) (10:00) Q2 Frutarom GDR (Reg S) ANNUAL REPORT Probability AGMS Castings, Egypt Trust UK ECONOMIC ANNOUNCEMENTS Consumer Price Index (09:30) Retail Price Index (09:30) FINAL DIVIDEND PAYMENT DATE Elektron, Investec
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