Leading shares hit new intra-day high but come off their best levelsLeading shares have hit a new intra-day high after Thursday’s record close, helped by signs of progress in Greece’s financial crisis, although they have come off their best levels.Tullow Oil is among the main gainers, up 3% or 10.4p to 320p as the Africa-focused explorer raised an additional $450m of funding from existing lenders. The company has suffered from falling oil prices and year unveiled its first loss in 15 years. On top of that, there were fears that a dispute between Ivory Coast and Ghana could delay one of its key projects. Recent share price falls as a result mean it will drop out of the FTSE 100 at close of play on Friday.Tullow Oil has managed to negotiate an increase in its RBL (reserve based lending) facility from $3.5bn to $3.7bn despite the weak oil price environment and has boosted its corporate credit facility from $750m to $1bn. Tullow now has $6.3bn of committed debt facilities with no near term maturities, giving it a little over $3bn of funding headroom. This is a positive update and we believe that the increase in funding facilities is a testament to Tullow’s low-cost, high-margin production which is set to increase by over 60% between 2015 and 2017.Whilst the appointment of an internal candidate may not provide Ladbrokes with the new perspective on the business that an external candidate could have bought with them, it does however clear up the uncertainty surrounding who will be in charge going forward. Continue reading...
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