U.S opens with little change

Traders are favouring U.S. stocks over emerging markets by the most ever as fund flows and volatility measures show institutions are increasingly seeking the relative safety of American equities. Almost $95 billion was poured into exchange-traded funds of American shares this year, while developing-nation ETFs saw withdrawals of $8.4 billion.

The FTSE 100 meanwhile has edged lower throughout today’s session on a decline in major mining stocks. Amongst today’s biggest fallers are; Anglo American, Vedanta Resources, Randgold and Glencore Xstrata, with all the shares suffering from a slowdown in China. The mining index is currently down some 14 percent since the start of 2013. Many analysts believe that whist mining shares have recently enjoyed a remarkable rally, they have gone up too far too fast, initiating profit taking.

Risers

Shire

Registering the most impressive gains within the FTSE 100 today, Shire PLC has added 2.4% after the Sunday Times reported that the drugmaker has hired Lazard Ltd. to help it defend against a possible takeover bid.

BAE Systems

European Aeronautic Defence & Space Co said Sunday it and its partners in the Eurofighter consortium, (which includes BAE Systems & Italy’s Finmeccanica),  remain in the running for a $7.3 billion contract to supply South Korea with 60 combat aircraft, dispelling Korean press reports that the Eurofighter Typhoon has been side-lined in the contest.

Kentz

Kentz Corp LTD, the engineering specialist solutions provider, confirmed it has rejected a conditional and unsolicited proposal recently made by Amec PLC. M+W GROUP GMBH added it had submitted an indicative offer for Kentz Corp. in early July, which was rejected, but it is considering its options that may or may not result in a cash offer being made for the company.

Halfords                                                                                                                                                                                 

Halfords Group’s  had its “overweight” rating reiterated by equities research analysts at JPMorgan Chase & Co. in a research note issued to investors today. They currently have a $6.34 price target on the stock. JPMorgan Chase & Co.’s target price suggests a potential upside of 13.45% from the company’s current price.

Safeland

Safeland booked a full-year pre-tax profit of £1.02 million, from £31,000. Revenue was £8.6 million, from £15.1 million. The Board has continued to acquire short term development opportunities in the North London area whilst advancing the existing development property portfolio towards completion and onward sale.

Fallers

RBS

The Royal Bank of Scotland's journey back to privatisation has hit a hurdle after one of the three bidders for the bank's 315 branches warned that the sale could be delayed by more than two years. According to a regulatory filing by investment house W&G Investments, which is preparing to list on the London Stock Exchange, the proposed £1.1bn ($1.7bn, €1.3bn) deal for the sale of RBS branches will take longer than the scheduled period of time.
 

Vodafone
Vodafone Group made a multimillion-pound payment to British tax authorities to end a dispute over an Irish subsidiary. Accounts filed by Vodafone in Dublin show the mobile phone company settled with HM Revenue and Customs in 2009. The dispute centred on the subsidiary, Vodafone Ireland Marketing Ltd, which was set up to receive royalty payments. While the unit had no employees, it had a turnover of 380 million euros ($506.4 million) a year.

Hochschild
Hochschild Mining stock had its “underweight” rating restated by stock analysts at JPMorgan Chase & Co. in a report issued today. They currently have a $1.17 target price on the stock. JPMorgan Chase & Co.’s target price would indicate a potential downside of 69.26% from the stock’s previous close.

Investec
South African bank Investec Ltd. is cutting 30 back-office staff in Australia, resulting in around 50 job losses after its decision to shut its Australian resources arm last week. Mr Whelan, who is also Investec’s global head of private banking, said the bank’s Australian unit will focus on business areas it deems core, including private banking, the needs of high-net-worth clients, corporate advisory and lending, property funds and asset leasing.

Alba Minerals
Alba Mineral Resources posts pre-tax losses of £33,994 for the six months to the end of May - down from £100,223 last time. Revenues were nil - the same as last time - but administrative expenses fell to £25,762 from £89,147 and finance costs were lower at £8232 compared with £11,076.