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News & Tips: Paragon Group of Companies, Tangiers Petroleum, Amara Mining, Quindell Portfolio, Sirius Minerals, Nighthawk Energy & more

Today's market overview

Equities are starting the week on the front foot with improved data from China overshadowing further poor economic data from Europe. And The Trader Dominic Picarda reckons we could be on the verge of a significant break out of recent trading ranges.

IC TIP UPDATES:

Buy to let mortgage specialist Paragon Group of Companies (PAG) has said it is in discussions to acquire Hampshire Trust, a subsidiary of National Counties Building Society. We retain our buy rating.

Tangiers Petroleum (TPET), which we tipped as a buy just last week, has announced a farm out agreement with Galp Energia of Portugal for its Tarfaya licence offshore Morocco. Galp takes 50 per cent of the licence, which has eight exploration permits, leaving Tangiers with 25 per cent. Meanwhile Tangiers has also hived off interests offshore Western Australia to focus on Morocco. Buy.

Amara Mining (AMA), formerly known as Cluff Gold, has announced positive drilling results from the Yaoure project in Cote d’Ivoire. We keep our buy.

Further resource information from the Tete pig iron project has given Baobab Resources (BAO) a boost. The Ruoni flats block, one of six at the overall project, contains an estimated 183 million tonnes of inferred resource, taking the total project inferred resource to 655 million tonnes. We maintain our buy rating.

Sell recommendationSunrise Resources (SRES) has said it has found indications of further diamonds at its Cue project in Western Australia which add to the potential of the project.

Property business St Modwen (SMP) continues to trade well having achieved 276 house completions between its own operations and a joint venture with Persimmon. Commercial development profits for the year should exceed last year’s efforts, as should rental income. We keep our buy.

Motor dealer Vertu (VTU) has spent £3.7m acquiring some Honda dealerships in the North East. Buy.

KEY STORIES:

Cable & Wireless Communications (CWC) has confirmed plans to sell off the majority of the businesses in its Monaco and Islands division for an enterprise value of $680m.

Troubled oil and gas engineer Lamprell (LAM) has announced the appointment of James Moffat as chief executive from next March. He was previously executive director responsible for the Gorgon LNG project in Australia.

Quindell Portfolio (QPP) has announced a series of significant contract wins worth £80m a year, a partnership agreement with Accident Advice Helpline and a £17m fundraising as its rapid recent progress continues. The company says it is also close to agreeing a number of additional contracts.

Sirius Minerals (SXX) has updated further on its huge potash project in North Yorkshire. The company now expects first production before the end of 2016 and a total cost to production of $1.7bn.

OTHER COMPANY NEWS:

Nighthawk Energy (HAWK) has declared an oil discovery at the Steamboat Hansen 8-10 well, part of the Jolly Ranch project in Colorado.

A review of the Ascent Resources (AST) business by recently appointed chief executive Len Reece has resulted in the company seeking out potential partners, farm-outs or even a sale of the company to enhance shareholder value.

READ MORE...

Read today's press headlines and share tips.

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By Graeme Davies,
03 December 2012

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