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News & Tips: Aggreko, DS Smith, Oxford Instruments, Anglo Asian Mining, BP, SSE, First Quantum Minerals, Max Petroleum & more

Today's market overview

Equities are being held back a little by fiscal cliff concerns in the US but The Trader Dominic Picarda remains confident in a Santa rally, especially in German equities.

IC TIP UPDATES:

Sell recommendation Aggreko (AGK) has warned on the 2013 outlook, prompting a 17 per cent slide in its share price.

Packaging business DS Smith (SMDS) has said it continues to progress the integration of its SCA Packaging acquisition after allegations surfaced in the press of problems signing off accounts within SCA. We keep our buy.

Simon Thompson recommendation Anglo Asian Mining (AAZ) has announced the agreement of a sales contract with Glencore (GLEN) for copper output from its Gedabek mine in Azerbaijan. Buy.

Oil services outfit Kentz (KENZ) has been awarded three contracts worth $55m in Iraq. We keep our buy.

Oxford Instruments (OXIG) has announced the acquisition of Asylum Research Corporation, a provider of scanning probe microscopes, for $32m up front and potentially a further $48m to follow. We maintain our buy.

Half year results from Indian renewable energy company Mytrah Energy (MYT) show how the company’s business plan is progressing with a significant leap in revenue from $2.3m to $30.7m at an earnings margin of 90 per cent, giving cash earnings of $27.9m. The company now has 310MW of generating capacity and a further 1.15GW of capacity expected to be commissioned by 2015. We keep our buy rating.

KEY STORIES:

Oil giant BP (BP.) has agreed to sell its 50 per cent interest in the Sean gas field in the North Sea to SSE (SSE) for $288m. The field, which is operated by Shell, produces a net 18,000 barrels of oil a day for BP.

Egyptian gold miner Centamin (CEY) has resumed the export of gold from its Sukari mine after customs lifted its ban.

The game of bluff over the acquisition of MIPS has now seen semiconductor specialist Imagination Technologies (IMG) up its offer to $100m. Its started at $60m a couple of weeks ago but competing offers have forced it to push its offer sharply higher.

First Quantum Minerals (FQM) has announced its intention to make a $5.1bn offer for Inmet in a deal which would create one of the world’s five largest copper companies.

Oil services business Hunting (HTG) has said it continues to trade in line with expectations but that the short term outlook is increasingly cautious.

OTHER COMPANY NEWS:

Fortune Oil (FTO) has announced the proposed disposal of its natural gas business for $400m to China Gas.

Max Petroleum (MXP) has commenced drilling at its Eskene North prospect in Kazakhstan.

READ MORE...

Read today's press headlines and share tips.

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By Graeme Davies,
17 December 2012

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