LONDON -- The FTSE 100 (INDEX: ^FTSE ) climbed a modest 10 points today to 5,798, buoyed by rises in clothing retailers such as Burberry and Marks & Spencer, which both advanced modestly in early trading. There even appear to be rumors spreading that M&S could be a takeover target!
But whatever whispers are driving the FTSE 100 today, there are plenty of shares just going about their business and beating the benchmark index. Let's take a look at three that are recording notable gains.
Falkland Oil and Gas (LSE: FOGL.L ) soared 13% this morning to 85 pence after releasing a couple of pieces of news. The explorer's Loligo exploration well off the Falkland Islands is progressing, with drilling having started on Friday. Falkland is operating the well and has a 75% interest.
In other news, the company announced a farm-in agreement with Noble Energy to explore areas to the south and east of the Falkland Islands, with Noble taking a 35% interest and taking over as operator for most of the areas early next year.
Data-center provider Telecity (LSE: TCY.L ) pleased the market with its interim results and saw its shares rise 5% to 880 pence, bringing them close to double their price of 12 months ago.
Revenue climbed 22% to 137 million pounds, with EBITDA up 27% to 62 million pounds and adjusted earnings per share up 36% to 15.8 pence. The firm also announced a maiden interim dividend of 2.5 pence per share, which is modest but marks an important milestone.
Mediterranean Oil & Gas (LSE: MOG.L ) received some good news that pushed its shares 7% higher to almost 13 pence. The shares had been punished when it appeared the firm would be badly affected by a drilling ban off the coast of Italy, but there was uncertainty about whether the ban would affect Mediterranean's existing operations.
Supported by earlier good news, today's update now suggests Mediterranean will be able to proceed with a production concession for an oil and gas field in the Central Adriatic after all, though the latest legal moves have not yet been formally published. Today's share price rise has pushed the company's market cap back above 50 million pounds after it had slumped to around half that.
Today's news stories do show the mixed fortunes and unexpected obstacles the oil and gas exploration sector can face. If you want some insights into the industry, the new Motley Fool report "How To Unearth Great Oil & Gas Shares" might be just what you need. It's free, so click here for your personal copy.
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