LONDON -- The FTSE 100 (FTSEINDICES:^FTSE) isn't moving much today, up just 0.3% shortly after 8 a.m EDT -- so it looks like yesterday's fall of 60 points has shaken out fears raised by the recent pessimism coming from China, at least for now. And the recent slide in mining shares has tailed off, with the larger sector plays all picking up a few pence this morning.
As usual, the market has provided us with a few nice risers. Here are three from the various indexes that look set to beat the FTSE today.
An upbeat quarterly statement has sent ASOS shares up 6% this morning. For the three months ending May 31, total revenue was up 43% on the same period last year, with U.K. retail sales up 39% -- and that's pretty good, as the U.K. is the most established of the firm's markets.
Today's rise takes the share price up more than 150% over the past 12 months, with the shares now on an eye-watering forward P/E of 82 based on full-year forecasts. ASOS is clearly growing strongly, but there's not much slack built into that kind of valuation.
Heritage Oil (LSE:HOIL)
Shares in Heritage Oil have picked up 5.5% following an update concerning the explorer's operations at OML 30 in Nigeria. Production levels had been lower than expected due to temporary issues, but we were told this morning that the problems are now in the past and that all key fields are in production. The company is now extracting more than 35,000 barrels of oil a day.
Heritage's shares could do with a bit of a boost. Though they're actually up more than 20% since this time last year, they have actually slipped quite a way from their 224 pence peak from last September.
Telford Homes (LSE:TEF)
The Telford Homes share price has had a great year, gaining nearly 150%. And it got a further 1.7% boost this morning after the company announced a new share placing aimed at raising £20 million.
The placing was priced at 250 pence per share -- only slightly below yesterday's closing mid-price of 252 pence -- and it is apparently over-subscribed, so the firm does not need to offer a big discount in order to tempt buyers. The cash will be used to invest in new development opportunities, with chief executive Jon Di-Stefano saying, "This investment will accelerate the growth of Telford Homes and underlines our belief in the long-term future of the housing market in London."
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