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News & Tips: Anglo American, API Group, Xstrata, Charles Stanley, Avocet Mining, Madagascar Oil, Leyshon Resources & more

Today's market overview

Equities are flat today after posting strong gains yesterday but The Trader Dominic Picarda is now judging the FTSE100 to be overbought and ready for a pullback.

IC TIP UPDATES:

Sell recommendation Anglo American (AAL) says that production in 2012 was up across many of its key commodities such as thermal coal, copper and diamonds but strike action hit production of both iron ore and platinum. We keep our sell rating.

Packaging manufacturing specialist API Group (API) has said that it continues discussions with potential suitors over an offer but cautioned investors that indicative proposals thus far have come in below the 90p level at which its shares closed last night. Shares have fallen back on the news, but we retain our buy rating.

Steig Larrson publisher Quercus Publishing (QUPP) has warned that the non-delivery of a key title before Christmas has hit earnings and profits will now be below expectations for the year. Our recommendation is under review.

Randall & Quilter Investment (RQIH) has resolved a legal dispute which was hanging over the firm. Buy.

KEY STORIES:

Xstrata (XTA) has confirmed that its Las Bambas copper project in southern Peru will start production in 2015 at 400,000 tonnes of copper a year for at least the first five years, valuing the project at $5.3bn.

Broker Charles Stanley (CAY) says that client funds now stand at a record £16.4bn, up from £15.6bn at the end of September. The final three months of 2012 saw revenues up by 13.5 per cent and transaction volumes are showing signs of stabilisation.

Avocet Mining (AVM) reported gold production of 30,909 ounces in the final quarter of 2012, down from 33,067 in the third quarter, at a cost per ounce of $1,246 – up from $937 an ounce. Costs were inflated by increased payments to consultants.

Valiant Petroleum (VPP) says a rig has arrived to complete the drilling of the Timon well in the North Sea which was stopped last May when a previous rig had technical problems. Drilling should take 40 days.

OTHER COMPANY NEWS:

Software as a service and mobile specialist Globo (GBO) has beaten expectations after posting a 28 per cent rise in revenues to €58m which is likely to yield earnings of €29m, up by 42 per cent on last year.

Madagascar Oil (MOIL) has confirmed that details of its proposed £49.5m fundraising are on their way to investors.

Leyshon Resources’ (LRL) quarterly update confirms that its first two wells at the Zijinshan gas project in China encountered hydrocarbons and will be tested further in March. The company has also announced an accelerated exploration and appraisal plan for 2013 which includes the drilling of up to six wells and acquisition of further seismic data from the area.

READ MORE...

Read today's press headlines and share tips.

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By Graeme Davies,
25 January 2013

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