Today's market overview
Markets are still digesting the change to monetary policy in the US overnight which suggests interest rates will stay close to record lows for a prolonged period
IC TIP UPDATES:
BG Group (BG.) has announced that the head of the BG Advance exploration business, Chris Finlayson, will replace Sir Frank Chapman as chief executive from January. We keep our long term buy recommendation.
Half year results from Betfair (BET) show a 5 per cent rise in revenues to £200.6m but a 22 per cent slide in underlying profits to £21m. Management has set out a three point plan to reinvigorate the business. We maintain our buy recommendation.
Medical technology specialist Advanced Medical Solutions (AMS) has admitted that full year profits will be at the lower end of expectations after disappointing performance from its LiquiBand Flex business in the US Acute Care Hospital Sector. Its other products and businesses have performed in line with expectations. Our recommendation is under review.
Indian renewable power developer Greenko (GKO) has announced a 28 per cent rise in half year revenues and a 57 per cent jump in pre-tax profits at constant currencies. Adjusted profits more than doubled to €4.2m. We keep our buy rating.
Egyptian gold miner Centamin (CEY) has halted operations at its Sukari gold mine after receiving a backdated claim for $65m for diesel fuel from the Egyptian General Petroleum Corporation. To compound its problems the recommencement of exports, which is key to bringing in cash flow for the business, has been halted by a request for approval from customs officials.
Trading at HMV (HMV) remains in the doldrums with like for like sales down 10.2 per cent in the 26 weeks to 27 October, Total group loss is reduced from £50.1m to £36.1m.
In contrast sports retailer Sports Direct Group (SPD) continues to thrive, posting a 26 per cent surge in underlying profits and a 22.5 per cent rise in group revenues in the 26 weeks to 28 October.
Travel business National Express (NEX) has announced solid growth across all of its business lines and says full year performance will be in line with expectations.
OTHER COMPANY NEWS:
Intellectual property specialist RWS (RWS) has posted a 5 per cent rise in sales and a 6.2 per cent improvement in adjusted profits before tax.
PV Crystalox Solar (PVCS) says that trading remains very challenging. Management has concluded a strategic review and will radically restructure the business with a view to returning some cash to shareholders in the second quarter of 2013 and adjusting capacity to match market conditions.
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