LONDON -- Just when it looked like the FTSE 100
Still, there are plenty of individual companies on the up. Here are three that are rising today.
Shares in mining giant Anglo American staged a mini-recovery, gaining 2.8% to 1,909 pence on the news that chief executive Cynthia Carroll is to step down. The move comes after some shareholders blamed her for Anglo American's fall in profits this year. But it's hard to see how she could be to blame for the global fall in commodities demand.
And the shares? Well, earnings are expected to halve this year, but buying when a sector is depressed can be a pretty good long-term strategy.
Punch Taverns, the indebted pub chain operator, put on 3.5% to 6.4 pence today. Confidence in the firm's restructuring plans appears to be returning after the price fell subsequent to Wednesday's preliminary results boost. Talks are apparently now underway to restructure the company's debt, and an agreement with bondholders looks to be the most important milestone to be reached.
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Tethys Petroleum put on 5.7% to 33.7 pence this morning after announcing it has signed a memorandum of understanding to acquire an interest in additional resources in Tajikistan. Tethys' subsidiary, Kulob Petroleum, will enter into a farm-out agreement on the Bokhtar Production Sharing Contract in that country. With the shares having been on a slide for the past six months, it's nice to have a bit of good news.
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