Today's market overview
A little weakness in the equity markets is not concerning The Trader Dominic Picarda, he points out that the recent strong run was likely to lead to a period of consolidation before the ‘Santa rally’ kicks in properly.
IC TIP UPDATES:
On the back of positive news from its gold prospecting interests in Sierra Leone, Simon Thompson recommendationPolo Resources (POL) has updated today on progress at its Signet Petroleum investee company. Signet has identified a prospect on its Namibian acreage which will now be explored further, it has also been awarded a 10 per cent interest in a well in Sierra Leone and identified another prospect in Tanzania, adjacent to BG and Ophir Energy’s Chaza 1 gas find.
Mwana Africa (MWA) has announced strong results for the six months to September with revenues up by 61 per cent and a profit of $10.1m against a $700,000 loss last year, boosted by a 66 per cent hike in gold production from its Freda Rebecca mine. We maintain our buy rating.
Oil and marine waste treatment specialist Nature Group (NGR) has admitted that a number of contracts it was expecting to book before the year end have slipped. Our recommendation is under review.
New World Oil & Gas (NEW) says it continues work on its hydrocarbon discovery at Blue Creek in Belize and is also evaluating prospects in advance of potential drilling on two licences in Denmark.
Chinese unconventional gas explorer Leyshon Resources (LRL) has commenced flow testing on its JS5 well and started drilling its next well nearby.
Imagination Technologies (IMG) has announced revised terms for its acquisition of MIPS Technologies, upping the price from $60m to $80m to beat off a competing offer.
The chief executive of baker Greggs (GRG), Ken McMeikan, has announced his intention to step down from the role ‘in due course’ having accepted a similar role at Brakes Group.
Drinks business AG Barr (BAG) has announced a solid trading performance in the 18 weeks to 1 December with sales up by 9 per cent on a 6.6 per cent hike in volumes.
Camera technology specialist Andor Technology (AND) has turned in a subdued performance by its own standards with revenues and profits up by just 2 per cent with strong sales growth in Asia being offset elsewhere.
Coal of Africa’s (CZA) troubles appear to be mounting. After firing half its workforce last week, now a local group, the Save Mapungubwe Coalition, has withdrawn from a memorandum of understanding claiming the company has failed to keep its side of the bargain in terms of the environmental management of the Vele colliery.
Pursuit Dynamics (PDX) has announced the appointment of Hagen Gehringer as its chief executive.
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