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News & Tips: Polo Resources, KSK Power, Quintain Estates & Development, Maple Energy, Tullow Oil, Centamin, Leyshon Resources

Today's market overview

Markets are down marginally today after their strong performance of last week but The Trader Dominic Picarda is confident that the rally will be more sustained this time around.

IC TIP UPDATES:

Simon Thompson recommendationPolo Resources ( POL ) has announced that 90 per cent owned Nimini Mining has been awarded a 25 year mining licence over 100 square kilometres in Sierra Leone including the flagship Komahun gold project. Buy.

Indian power generator KSK Power Ventur ( KSK ) enjoyed a strong operational performance in the six months to September but its financial performance was hit by the sharp depreciation in the value of the rupee against the dollar. Nonetheless with an active development programme to come to fruition over the coming years, we maintain our buy rating.

Quintain Estates & Development ( QED ) is making good progress on its flagship projects in Wembley, where Phase 1 is due to complete next year and Greenwich, where it has recently submitted planning applications for 500 homes. We keep our buy recommendation.

African budget airline FastJet ( FJET ) has confirmed the completion of a £2.4m placing at 3.5p a share. Buy.

Peruvian energy play Maple Energy ( MPLE ) continues to progress its ethanol plant in the country although recent maintenance has meant recent availability has been lower than expected. Nonetheless it still expects to ramp up to full capacity by the year end. Buy.

Breedon Aggregates ( BREE ) says it remains on course to meet market expectations, assuming the weather behaves itself during the rest of the year. The outlook for next year remains difficult but the business has performed well in tough conditions of late. We keep our buy.

KEY STORIES:

Tullow Oil ( TLW ) has announced an oil discovery at Twiga South-1 which includes 30m of net pay and also a large section of fractured rock showing hydrocarbons too.

Centamin ( CEY ) has announced that it plans to resume gold exports shortly following suspension of sales while it was preparing an appeal against a court judgement against the business. The company has also indicated that such export sales are required soon to fund the business.

Translation software specialist SDL ( SDL ) has warned that it expects a profit shortfall of between £3m and £4m for the year to December after a review of the business. Founder Mark Lancaster recently returned to the chief executive’s role after the abrupt departure of John Hunter.

Betfair ( BET ) has announced its intention to withdraw from doing business in Greece until there is more clarity on regulation. It had expected £13m of revenues from Greece this year.

Fund manager Aberdeen Asset Management ( ADN ) is enjoying a strong run, with revenues up by 11 per cent at £869.2m in the year to September and underlying profits 15 per cent better at £347.8m.

Sausage skin maker Cranswick ( CWK ) has announced a 21 per cent rise in half year profits to £22.5m but has reiterated that rising input prices may temper second half performance.

OTHER COMPANY NEWS:

International Greetings ( IGR ) has announced that trading is in line with expectations despite tough economic conditions and that relocation of manufacturing facilities in China has gone to plan.

Chinese unconventional gas play Leyshon Resources ( LRL ) has announced that its suspension from trading ahead of release of drilling results has been extended to Wednesday as results are now ready yet.

Developer Sutton Harbour Holdings ( SUH ) has announced the launch of an ambitious plan named Sutton Harbour destination initiative, which is designed to transform Sutton Harbour in Plymouth into a commercial and tourist destination.

READ MORE...

Read today's press headlines and share tips.

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By Graeme Davies,
26 November 2012

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