News

July 05, 2009

That Was The Week That Was ... In London

By John Taylor

In London it was a relatively quiet week, though by the close the FTSE 100 miners were down by an average of 1.75 per cent and the smaller companies had lost almost exactly 2.0 per cent.

Rio Tinto (LSE: RIO) completed its massive rights issue and can now move on with its recovery strategy secure in the knowledge that its debt position is back under control. It is worth reflecting on this for a moment: Rio Tinto has just completed what is said to be the fifth largest rights issue that has ever been, in the process raising nearly £10 billion of new money. Given the fragile state of the overall market this is quite an achievement, and serves to underline the fact that major...