Markets: Energy newcomer Bridges the gap

SCOTTISH oil explorer Bridge Energy enjoyed a good first day of London trading as its stock added nearly 10 per cent after debuting on the Alternative Investment Market.

Chief executive Tom Reynolds, who runs the firm from Aberdeen, rang the bell to open the market yesterday and watched shares move from an initial 118.5p to 130p. The company, which was already listed in Norway, is making plans to buy assets in the North Sea.

The top flight failed to take Bridge’s lead, with the Footsie adding a mere 11.3 points following Wednesday’s rout to stand at 5,779.4.

Alastair McCaig, market analyst at IG, said the Spanish budget announcement that came after the close had made it a “wait and see” session. “Another day of uncertainty as everyone tried to second guess what the Spanish PM plans to do,” he said.

Mining stocks staged a small rebound, with Evraz 6.3p higher at 244.5p and Randgold Resources up 140p to 7,475p.

Banks also recovered some of Wednesday’s heavy losses, with Barclays 3.6p higher at 217.25p and HSBC ahead 5.8p at 579.5p.

Pharmaceuticals group Shire was another riser after broker Jefferies upped its price target on the stock to 2,100p and said it saw an improved outlook for its drugs pipeline. Shares rose 10p to 1,805p.

Security firm G4S was among the fallers amid reports that at least one of its executives will lose their job in the wake of a report into its failure to provide 10,400 guards for the London Olympics. With Goldman Sachs reducing its target price on the stock, G4S shares closed 1.3p lower at 2,63.7p.

Shares in Aviva had a small filip after the insurer sold out of its Sri Lankan business. The stock added 1p to 322.3p.

NEW YORK: Wall Street snapped its five-session losing streak on Thursday night as investors reacted well to a Spanish budget designed to show investors that the country can meet deficit-cutting targets.

The Dow Jones industrial average rose 72.46 points, or 0.54 per cent, to end at 13,485.97 while the broader Standard & Poor’s 500 index gained 13.84 points, or 0.97 per cent, to finish at 1,447.16. The Nasdaq Composite added 42.90 points, or 1.39 per cent, to close at 3,136.60.