Today's market overview
Shares are ticking up again today and The Trader Dominic Picarda is keeping the faith with the rally.
IC TIP UPDATES:
Genel Energy’s (GENL) production in 2012 averaged 44,500 barrels of oil per day. The company says it now expects revenues for the year to be ahead of previous guidance and that operations in Kurdistan are now being financed from cash flow. Buy.
Housebuilder Bovis Homes (BVS) expects profits to be ahead of expectations for the year after a 15 per cent rise in completions, a 5 per cent average sales price gain and an improvement in margins. The group has forward sales of 778 homes for 2013, up 37 per cent on the same time last year. We keep our buy rating.
The chief executive of gaming retailer Games Workshop (GAW) has announced a further strong performance in the opening six months of its financial year with revenues up from £62.7m to £67.5m and pre-tax profits up from £9.5m to £11.1m. Chief executive Mark Wells is leaving the company after 5 years.
Oil services business Kentz (KENZ) has confirmed that earnings will be in line with expectations, reflecting a strong performance in the year to December. The company’s pipeline has grown to $13.2bn with a backlog of $2.57bn at the end of the year. We keep our buy recommendation.
Diagnostics specialist EKF (EKF) has grown revenues by around 20 per cent in the past year. Buy.
Gas to power producer Alkane Energy (ALK) says its output increased by 19 per cent in the year to December and by 44 per cent in the second half of the year alone. The company also received £4m in orders for biogas plants.
OTHER COMPANY NEWS:
Shares in K3 Business Technologies (KBT) have fallen sharply after admitting that contracts have slipped which means profits will be below expectations.
Read today's press headlines and share tips.