LONDON (ShareCast) - Consolidation among shipping brokers may be underway, after ACM Shipping Group confirmed it has received a bid approach. RS Platou, the private Norwegian ship and offshore broking company, is talking to ACM about an offer, probably at around the 175p per share level The Telecommunications sector is off the pace, with industry giant BT (LSE: BT-A.L - news) seeing a bit of selling pressure ahead of next week's third quarter results. Meanwhile, the negative reaction to yesterday's court ruling on the scope of BP's indemnity obligations to oil rig hirer Transocean (NYSE: RIG - news) in the wake of the Gulf of Mexico disaster of April 2010 is weighing on the Oil and Gas Producers sector.
The bad news, from BP's perspective, is that the court ruled it is required to indemnify Transocean for compensatory damages asserted by third parties against Transocean related to pollution that did not originate on or above the surface of the water, even if the claim is the result of Transocean's strict liability, negligence, or gross negligence. The good news is that BP does not owe Transocean indemnity to the extent Transocean is held liable for punitive damages or civil penalties relating to the US Clean Water Act. Top performing sectors so far today Industrial Transportation 2,344.81 +2.21% Tobacco 33,962.95 +0.35% Electronic & Electrical Equipment 3,048.68 +0.12% Personal Goods 21,034.94 +0.08% Aeronautics and Defence NULL 0.00% Bottom performing sectors so far today Forestry & Paper (Euronext: IXSPA.NX - news) 5,601.11 -2.44% Fixed Line Telecommunications 2,311.77 -2.06% Construction & Materials 3,490.29 -2.01% Automobiles (Euronext: SAU.NX - news) & Parts 4,921.63 -1.91% Oil & Gas Producers 8,523.28 -1.89%
There are no comments yet