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News & Tips: Lonmin, International Consolidated Airlines, Enquest, Rolls Royce, Xcite Energy, Tullett Prebon, Anite & more

Today's market overview

Markets are down a little this morning as traders digest another sell off in the US overnight

IC TIP UPDATES:

Sell recommendationLonmin ( LMI ) has announced details of its deeply discounted rights issue aimed at raising $817m at 140p a share. The company has also announced an annual loss of $698m after taking into account ‘special costs’ of $755m.

Rolls Royce ( RR .) has said trading is in line with market expectations. It has also announced the retirement of chief operating officer Mike Terrett. We keep our buy rating.

British Airways and Iberia owner International Consolidated Airlines ( IAG ) posted a 9 per cent rise in passenger revenues in the past quarter, although this is boosted by currency movements. British Airways has made an operating profit of €286m in the nine months to September but this is offset against a loss of €262m for Iberia. The company has given details of a turnaround plan for Iberia which includes a 15 per cent capacity cut in 2013 and the loss of 4,500 jobs. We maintain our sell recommendation.

Oil and gas explorer EnQuest ( ENQ ) has said it expects full year production to be within the 20,000 to 24,000 barrels of oil per day target. The company has been offered 11 licences in the 27th UK licensing round. Buy.

Galliford Try ( GFRD ) saw solid growth in its housebuilding business with 7 per cent growth in sales reserved or completed with sales prices slightly ahead of expectations. Its construction business reported a flatter performance with a stable order book of £1.6bn, which means 92 per cent of projected revenues for the year to June are in the bag. We keep our buy rating.

Insurer Beazley ( BEZ ) has announced a 9 per cent hike in premiums to $1.47bn in the nine months to September. The company has not yet quantified the costs of superstorm Sandy.

Grainger ( GRI ) has signed a joint venture with Heitman in Germany to invest in residential property there. It has also formed a social housing subsidiary in the UK. Buy.

Kentz ( KENZ ) has been awarded a $45m solar contract in South Africa. Buy.

KEY STORIES:

Xcite Energy ( XEL ) generated revenues of $13.3m for the nine months to September from the sale of early stage production at the Bentley field. The company has £54m in the bank for further development of the North Sea field.

Petroceltic International ( PCI ) has announced that it is part of a consortium awarded a licence at Block 12 'El Qa'a Plain in Egypt.

Rentokil Initial ( RTO ) saw flat revenues in the third quarter amid softening market conditions in Europe especially. A significant improvement in the City Link business has contributed to a 9.9 per cent improvement in profits at constant exchange rates.

OTHER COMPANY NEWS:

Interdealer broker Tullett Prebon ( TLPR ) has announced a 12 per cent dip in revenues for the four months to October after subdued market activity.

Statpro ( SOG ) is raising £6.1m at 101p a share to invest in its cloud based service.

Property business Hammerson ( HMSO ) has announced the sale of its final office property today which means the company is now exclusively focused on retail property investments.

Software business Anite ( AIE ) reports ‘encouraging’ trading in the first half of its financial year.

READ MORE...

Read today's press headlines and share tips.

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By Graeme Davies,
09 November 2012

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