Today's market overview
Markets are calm again this morning but with news of institutions dumping euro assets by the truck load the sense of a further impending blow out refuses to go away. The Trader Dominic Picarda is keeping his powder dry for now but still expects his next big move to be a short.
IC TIP UPDATES:
It doesn’t take much to get Gulf Keystone (
) to the top of the most read announcements such is the popularity of this Kurdistani oil discovery play. News today that it has begun drilling a new well close to its Shaikan discovery has grabbed investor attention. We remain buyers and will explain further in a feature on Kurdistan’s oil prospects in next week’s issue.
Shipping company Goldenport (
) has been volatile recently, linked as it is to sentiment over the global economy. But management continues to look after its own business with the profitable sale of an old vessel. We remain long term buyers of this one.
The biggest faller today is oil services business Cape (
) which has shed more than a third of its value after announcing that major issues on a contract in Algeria will result in a £14m whack to its profits this year. This news follows on from the recent abrupt departure of long standing chief executive Martin May.
Outsourcing of public sector services is continuing to gather pace and Interserve (
) has announced two contracts today, worth an aggregate £200m, to provide services to West Yorkshire Police and Alder Hey Hospital in Liverpool.
OTHER COMPANY NEWS:
Vane Minerals (
) shares have dipped this morning as positive news on gold and silver grades at its La Colorada prospect in Mexico failed to compensate for disappointing results from its copper exploration prospects in New Mexico.
Tribal Group’s (
) shares are in demand even after a strong recent run as announces news of an extended a contract with the US military.
African agricultural play Agriterra (
) has received a boost with news of an £11.4m compensation payment from the Government of South Sudan which dates back to the company’s previous incarnation as oil exploration company White Nile.
The IPO market is on its back, so hats off to Incadea (INCA) which has raised €17m (£13.6m) and floated on the Aim market today. Incadea is a software provider to car manufacturers which allows them to increase control over their dealership networks and improve the effectiveness and efficiency of their retail activities.
Read today's newspaper share tips and press headlines.
NEW FORMAT UPDATE:
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