Anglo American (LSE: AAL) and Punch Taverns (LSE: PUB) enjoy some respite.
Just when it looked like the FTSE 100 (UKX) was regaining confidence on the back of positive economic news, it's turned tail again and is down 51 points to 5,754 points as I write. Apparently, it's disappointing earnings from Apple (NASDAQ: AAPL.US) and Amazon (NASDAQ: AMZN.US) that are to blame.
Still, there are plenty of individual companies on the up. Here are three that are rising today...
Shares in mining giant Anglo American (LSE: AAL) staged a mini-recovery, gaining 51.5p (2.8%) to 1,909p 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 (LSE: PUB), the indebted pub chain operator, put on 3.5% to 6.4p today as 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 that needs to be reached.
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Tethys Petroleum (LSE: TPL) put on 5.7% to 33.7p this morning after announcing it has signed a memorandum of understanding to acquire an interest in additional resources in Tajikistan.
Tethys's subsidiary, Kulob Petroleum Limited, will enter into a farmout 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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> Alan does not own any shares mentioned in this article.