Market Report: Investors optimistic over Gulf Keystone despite payment problems
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Your support makes all the difference.Gulf Keystone Petroleum is motoring on hopes that the Kurdish-focused oil operator is about to sort out its payment problems.
An announcement that interim results would be delayed sparked a rally yesterday as traders focused on the reason for the hold up. Gulf Keystone said it wants to co-ordinate results with other producers in the region after “constructive discussions” with the Kurdish government.
Punters hope this means a formalised oil-exportation process for the region is about to be announced. Debt-heavy Gulf Keystone has been shipping oil out of the area OK but has had less success in getting paid for its efforts. The Iraqi and regional Kurdish governments have been squabbling over who should get what, with cash sitting around while they bicker. A formalised process could speed up payment and give investors a clearer view of future revenues.
Hopes of an imminent payday sent Gulf Keystone charging up 11.5p to 63.75p, while Genel climbed 39.5p to 721.5p.
Footsie traders were in a bullish mood ahead of last night’s Federal Reserve meeting, with expectations that the Fed will remain accommodative to markets as it ends quantitative easing. The FTSE 100 added 51.7 points to 6,453.87.
Tui Travel’s merger with German parent Tui AG is almost done and dusted, with shareholders of both companies giving it the thumbs up – helping Tui climb 12.7p to 395.4p.
Hong Kong hedge fund Tybourne Capital Management is stake building at Asos, up 129p at 2,519p. The fund has upped its holding in the online retailer from 2.76 per cent to 5.1 per cent.
Tybourne’s other recent foray into fashion was Mulberry, building up a 7 per cent stake since the start of the year. Let’s hope Asos is a better investment than the handbag maker, which has fallen 30 per cent since January and slipped 13.5p to 661.5p yesterday.
Fitbug’s rollercoaster ride on Aim continues – infamous bear raider Simon “Evel Knievil” Cawkwell has come out publicly as a short of the fitness-monitoring gadget maker, claiming the recent rocketing share price is “down to lunatic lemmings running hard at it”. Fitbug slipped 0.65p to 5.57p.
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