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Bond lifts Cineworld | Cairn completes Egypt deal


5pm: Bond lifts Cineworld

Cineworld shares hit a two-month high as ticket sales for the new James Bond film No Time to Die have been “by far and away the highest” since pre-pandemic levels, according to the Hollywood Reporter.

Other pandemic losers, Rolls Royce, easyJet and Carnival also topped the day’s risers as a result of the easing of some international restrictions.

However, there continued to be uncertainty around China’s property company Evergrande, leaving the FTSE 100 to close 26 points lower or 0.38% at 7,051.

2pm: Holyrood PCR testing u-turn

Testing for inbound international travel is to be eased and will align with the UK after Nicola Sturgeon’s government reversed its earlier decision to diverge from Westminster guidelines.

Full story here

12.10pm: China declares crypto ‘illegal’

The People’s Bank of China has declared all cryptocurrency payments illegal, delivering an unexpected dose of uncertainty into the money markets.

Full story here

7am: Cairn completes Egypt deal

Simon Thomson

Cairn Energy, together with its consortium partner Cheiron Petroleum Corporation, has completed the $323m acquisition of a portfolio of upstream oil and gas production, development and exploration interests from Shell Egypt NV and Shell Austria in the Western Desert, in Egypt.

Capricorn Egypt, a wholly owned subsidiary of Cairn, acquired 50% of the assets, with the remaining 50% acquired by Cheiron subsidiaries.

The gas-weighted portfolio, in a region with strong demand growth, offers low cost production, near-term development, owned infrastructure and significant exploration potential.  

Cairn has appointed Dr Eleanor Rowley as managing director, Egypt. Dr Rowley joins Cairn from TotalEnergies where she was vice-president exploration for the Middle East, Caspian, North Africa and Southern Europe.

Simon Thomson, chief executive of Cairn (pictured), said: “The addition of the Western Desert assets to our portfolio is an important first step in expanding and diversifying our producing asset base, alongside offering significant exploration potential.

“We look forward to working alongside our partners to deliver the attractive growth opportunities the assets provide.

“I would like to thank the Government of Egypt and the Minister of Petroleum and Mineral Resources for  their approval of the transaction.”

7am: CFO for AMTE Power

Thurso-based battery developer AMTE Power has appointed James Hobson, as chief financial officer.

Full story here

7am: Hotel Chocolat delay

Hotel Chocolat’s auditor, BDO, has requested more time to complete its audit processes and the company will now publish its 2021 final results for the year ended 27 June on 5 October.

The company emphasises that the delay arises from undertaking the ordinary course audit process that BDO is required to perform and not as a result of any concerns relating to its 2021 results.

Global markets

The FTSE 100 index was set for a subdued end to the week even though US markets decided that the Fed commitment to tighten its monetary policies could prove positive.

Financial spread betters expected London’s main index to ease around three points at the open to follow yesterday’s five-point fall to 7,087.

The Dow Jones rose 1.5%, the S&P 500 1.3% and Nasdaq 1%.

Asian markets were mixed and again dominated by Evergrande with the Chinese regime said to be warning local governments to prepare for the property firm’s collapse.

The Shanghai Composite slipped 0.21% while Hong Kong’s Hang Seng index fell 0.11%

Japan’s Nikkei 225 was an exception, surging 2% while South Korea’s Kospi dropped 0.17%.

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