FTSE bounces on commodity rebound as oil price weakens

first_img KCS-content Thursday 3 March 2011 7:09 pm FTSE bounces on commodity rebound as oil price weakens A REBOUND by commodity stocks fuelled strong gains by the UK’s top share index yesterday, as oil prices fell back on hopes for a peace deal in Libya, easing concerns over global demand.The FTSE 100 was up 90.20 points or 1.5 per cent at 6,005.09 at the close, ending above the 6,000 level for the first time since 21 February. It had fallen in eight of the previous nine trading days.“The sun has come out today in true ‘risk-on’ style, and after three days of suffering, London’s headline-index is trying to turn positive for the week,’ said Will Hedden, sales trader at IG Index.Heavyweight energy stocks and miners led the rally, two sectors that have been hit recently by fears the rising cost of oil could derail a fragile global economic recovery and dampen demand for commodities.Brent crude fell below $115 (£70.64) a barrel as the Libyan government accepted a plan for a negotiated solution to the revolt in the North African country, a spokesman for Libyan ally Venezuelan President Hugo Chavez said.Oil explorer Tullow Oil was a major gainer, up 3.9 per cent after announcing an oil discovery offshore Ghana.“While the oil price remains high, we believe the outperformance will continue (for Tullow),” said Richard Curr, head of dealing for CFD specialist Richard Curr. He said Tullow stock was a “buy”, with a target of 1,500p-plus in the coming weeks, though he recommended “a tight stop loss to take into account any oil-price-driven volatility.”Xstrata was a strong performer among the miners, up 2.6 per cent after stakeholder Glencore reported bumper profits.But gold miners African Barrick Gold and Randgold Resources missed out on the sector rally as the price of the precious metal fell, with recent safe-haven-related demand softened by the peace possibilities in Libya.Gold also fell as the dollar dropped back against the euro after European Central Bank chief Jean-Claude Trichet said the bank would exercise “strong vigilance” over inflation, raising the prospect that it might lift interest rates in Europe as soon as next month.Travel firms benefited from an easing in worries over fuel costs, with TUI Travel adding 4.6 per cent.TUI Travel was also boosted as German parent TUI’s board gave the go-ahead for a possible initial public offering of container shipping group Hapag-Lloyd, raising hopes for a mop-up bid for the British firm.International Consolidated Airlines added 3.3 per cent as the recently merged firm reported 8.2 per cent growth in group premium traffic in February.Strong corporate earnings data in the services and engineering sectors also helped market sentiment. Engineer IMI topped the risers board, gaining 6.6 per cent to 943p after hiking its 2010 dividend by 29 per cent, while oil services company AMEC closed up 5.4 per cent at 1,190p after it posted a 27 per cent rise in profits for the past year. Weir Group was also up four per cent at 1,770p.US blue chips were up 1.4 per cent by London’s close, supported by the easier crude price as well as by news US weekly jobless claims dropped to a two-and-a-half year low. The jobless claims news came one day after a similarly robust ADP report on private sector hiring.Taken together, the two could bode well for Friday’s key February payroll report. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Show Comments ▼ Share whatsapp whatsapp Tags: NULLlast_img read more

Danish regulator issues warning over illegal bingo games

first_img Tags: Online Gambling Topics: Casino & games Legal & compliance Bingo The Danish Gambling Authority (Spillemyndigheden) has warned consumers to ensure they are gambling with licensed operators after noting a rise in unlicensed bingo games being offered either online or in physical venues. Bingo AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Danish regulator issues warning over illegal bingo games Email Address 1st May 2020 | By contenteditor Regions: Europe Nordics Denmark The Danish Gambling Authority (Spillemyndigheden) has warned consumers to ensure they are gambling with licensed operators after noting a rise in unlicensed bingo games being offered both online or in physical venues.Over the past month, the regulator said private games were being organised via the internet, or as drive-in bingo, where the participants sit in their cars to play.Spillemyndigheden said that these events were generally being held because the organisers were unable to hold otherwise planned events, due to social distancing measures imposed as a result of novel coronavirus (Covid-19), or because they wished to create a sense of unity amid the crisis. However, many had failed to secure approval from the regulator for the games.“We certainly understand that at this particular time, there is a great desire to unite people through enjoyable entertainment such as bingo games, which is a game that can easily be adapted to the current requirements to keep distance,” Spillemyndigheden director Morten Niels Jakobsen said.“However, when holding bingo games where a deposit is required in order to participate and you can win a prize, it is covered by the Act on Gambling’s licence requirements. In such cases, this means that it is illegal to offer online and drive-in bingo without a licence from Spillemyndigheden.”While special rules apply to associations and organisations that hold charitable lottery or bingo games, with the money consumers pay to take part going to charitable purposes, organisers must secure a licence from Spillemyndigheden before they can be offered.Linda Lomborg, head of responsible gambling and charitable lotteries at Spillemyndigheden, said if consumers are concerned about a bingo game, they can contact the regulator to see if the operator holds the relevant licence.“Our employees are ready to guide the organisers to ensure that bingo and lotteries comply with the existing rules,” Lomborg said.The warning comes after it was revealed this week that Danish courts blocked access to 16 illegal gambling websites following requests from Spillemyndigheden.A District Court ruled in favour of the regulator in March after it requested action be taken to block 17 unlicensed gambling sites. One of these 17 sites pulled out of the market before the court’s decision was announced.last_img read more