Pick of the early market news

Stock markets continued to inch up yesterday. The FTSE 100 however lost -4.71 points finishing Thursday at 5,940. Across the Channel, the French Cac 40 rose 0.44% to 3,580 while the German Dax rose a further 0.92% to 7,144.

In the US, the Dow Jones finished at 13,252 points, 0.44% higher. Overnight, Asian stocks traded mostly lower.
The week finishes with sparse corporate news. Tullow Oil has announced its Enyenra-4A appraisal well, in the Deepwater Tano licence offshore Ghana, "has successfully encountered oil in very good quality sandstone reservoirs."

"Good evidence of communication with the Owo-1 discovery wells," Tullow says, "and the Enyenra appraisal wells confirms the significant extent of the Enyenra light oil field."

Tullow (49.95%) operates the Deepwater Tano licence and is partnered by Kosmos Energy (18.00%), Anadarko Petroleum (18.00%), Sabre (4.05%), plus the Ghana National Petroleum Corporation (GNPC) (10% carried interest).

Stobart Group has confirmed it bought 750,000 of its 10p ordinary shares at an average price of 138.997 pence per share yesterday. The highest and lowest prices paid for these shares were 139.0 pence per share and 138.8 pence per share. The purchased shares will all be held as treasury shares.

"Following this purchase," Stobart states, "the total number of ordinary shares in issue (excluding shares held in treasury) is 349,000,357. The Company holds 4,960,515 ordinary shares as Treasury Shares." The total number of voting rights in Stobart, excluding treasury shares, as at 15 March 2012 amounts to 349,000,357.

Meanwhile it has emerged that ex Lloyds boss Eric Daniels and a brace of other ex directors at Lloyds Banking Group have foregone £2m in long-term incentives. However Lloyds has awarded current chief executive Antonio Horta-Osorio, in contrast, a long-term incentive plan worth up to £2.75m for 2012.

The Telegraph says it is unclear "whether Mr Daniels – who could not be reached for comment – and the other former directors will consider legal action to try to force Lloyds to pay out the LTIPs."

Currently Lloyds shares sell for 35.71p. A year ago they were worth more than 60p.

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