3 FTSE Shares Recovering Today
LONDON -- The FTSE 100 (INDEX: ^FTSE) still isn't doing much this week, hovering around 5,640 points, up just 10 points or so on the day. But over the longer term, it does look like it's staging something of a recovery from its 52-week low of 4,944, set on Oct. 4 last year.
There are plenty of individual companies that are recovering from slumps, too, and today we take a look at three constituents of the FTSE indexes that look to be coming off their recent bottoms.
Red Rock Resources shares spiked 14% in early trading to reach 2.1 pence, which is a welcome respite for a share that has lost 75% of its value in the past 12 months.
This was on good news from the iron and gold miner, which announced early results from its Melville Bugt Iron Project in Greenland. The firm has apparently found good ore in the banded iron formations it is currently exploring, and it has a second potential field ready for probing.
Shares in HomeServe (ISE: HSV.L) recovered ground today, up 12% to 187 pence after the firm quashed press speculation that it is in talks that could lead to a takeover attempt.
The insurance firm, which has suffered badly since it was subject to an investigation into its "home disaster" insurance-selling methods, denied that any such talks have happened or are in progress.
Today's rise brings the shares up 36% above their June low of 137.5 pence, but there is still a long way to go to get back to pre-crash levels of more than 500 pence.
Leni Gas & Oil
The third of our potential recoveries today is Leni Gas & Oil, whose shares put on 16% to reach 0.9 pence. The reason? The firm has agreed to sell its Spanish assets to a private buyer for a sum of 8 million euros. A deposit has been paid, and the transaction is expected to complete by the end of the month. The cash should enable the company to focus on its preferred target of increasing its oil production in Trinidad.
Let's hope this is the start of a good spell for the company, whose shares had lost 75% of their value over the 12 months before today's rise.
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