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News & Tips: Playtech, William Hill, Marston's, Highland Gold, Deltex Medical, Invensys, Dixons Retail, Kingfisher, New World Oil & Gas & more

Today's market overview

Equities were smartly out of the blocks this morning, building on yesterday’s recovery from intra-day selling – a sign that The Trader Dominic Picarda says illustrates the positive momentum building in this late year rally.

IC TIP UPDATES:

Playtech (PTEC) has confirmed that it has received notification from IC buy recommendation William Hill (WMH) of its intention to pursue a valuation of the 29.9 per cent stake Playtech holds in the William Hill Online joint venture as it looks to execute its option to buy.

Final results from brewer Marston’s (MARS) show continued solid progress with group revenues up by 5.5 per cent to £719.7m and underlying profits up by 9.2 per cent to £87.8m. We keep our buy rating.

Russian gold miner Highland Gold (HGM) has announced positive drill results from its Mnogovershinnoye mine in the Khabarovsk region. It also says the building of a processing plant at the Belaya Gora project is on track and first gold should be produced next April. Buy.

Rigid plastic packaging specialist RPC (RPC) has seen its sales suffer from European weakness with overall revenues down from £587m to £511m in the first half of the year and volumes 3 per cent lower. An improved product mix saw adjusted operating profits edge ahead by 4 per cent.

Deltex Medical (DEMG) has reported another positive study result for its Cardio-Q ODM monitoring technology. We keep our buy rating.

Specialist trading technology business Brady (BRY) has announced three new licence deals which underpin our continued buy recommendation.

Data storage specialist CSF Group (CSFG) has announced a dip in revenues and profits due to a fall in design and development revenues. Its data centres are running at full capacity. Our recommendation is under review.

KEY STORIES:

Invensys (ISYS) shares are popular again this mornig after their late surge at the end of trading yesterday when the company announced the planned sale of its rail division. The £1.7bn deal with Siemens hives off the lower growth rail business and leaves Invensys with higher growth software and controls businesses, the proceeds will also allow the business to reduce its pension deficit significantly with a £625m injection and also return £625m to investors.

New World Oil & Gas (NEW) has confirmed that its recent drilling in Belize appears to have struck a decent amount of oil, with gross reservoir thickness of 290 feet.

Dixons Retail (DXNS) appears to be benefiting from the demise of rival Comet with like for like sales up 3 per cent in the six months to 13 October. Tellingly the UK and Irish business returned to profitability for the first time in five years.

DIY specialist Kingfisher (KGF) has fared less well, particularly in France where its Castorama and Brico Depot brands have struggled in dire economic conditions. Third quarter results show a 9 per cent dip in total sales in France compared with a 3.9 per cent fall in total group sales.

Business travel specialist Hogg Robinson (HRG) has announced a 10 per cent dip in revenues for the six months to September and an 8 per cent fall in reported profit before tax.

Pennon’s (PNN) half year results put some meat on the bones of its recent profit warning which centred around poor performance at its Viridor waste management business. Overall group profits rose by 3.4 per cent but South West Water revenues were 10 per cent higher and Viridor’s 26.5 per cent worse.

OTHER COMPANY NEWS:

West end property specialist Shaftesbury (SHB) has announced a 6.8 per cent hike in adjusted profits to £31.2m.

READ MORE...

Read today's press headlines and share tips.

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By Graeme Davies,
29 November 2012

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