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News & Tips: Daigeo, easyJet, Aureus Mining, Borders & Southern, Premier Foods, Ryanair, Max Petroleum, Dragon Oil & more

Today's market overview

Equities are flat this morning after another strong week last week and The Trader Dominic Picarda believes that markets are due a small pullback to consolidate recent gains before resuming the uptrend.

IC TIP UPDATES:

Brewing giant Diageo (DGE) has formed a joint venture in South Africa with United National Breweries Limited for their sorghum beer business. We maintain our buy recommendation on Diageo.

EasyJet (EZJ) chairman Sir Michael Rake has announced his intention to step down from the business in September. We keep our sell rating.

Further tests on the feasibility of Aureus Mining’s (AUE) New Liberty gold project in Liberia have proved successful with processing times halved, chemical use reduced and gold recovery increasing. We keep our buy.

KEY STORIES:

Shares in Falklands oil explorer Borders & Southern (BOR) are in demand after the company updated on its Darwin discovery. Investors were disappointed last year when Darwin discovered gas condensate instead of oil but further tests have, according to the company, confirmed the economic viability of the find and pave the way for development of the field, albeit at huge cost.

Ryanair (RYA) has announced another set of strong quarterly results with revenues up 15 per cent and profits up by 21 per cent. The company has also reiterated its desire to acquire Aer Lingus (AER) with an EU competition ruling expected in March.

Mitie (MTO) says trading remains in line, with particular strength in its private sector business. At the end of September, the group had already secured 98 per cent of budgeted full year revenues. The acquisition of healthcare provider Enara is also bedding in nicely.

The chief executive of Premier Foods, (PFD) Michael Clarke, has resigned from the business and will be replaced from Monday by former Cable & Wireless Worldwide chief executive Gavin Darby.

Interim results from microwave products specialist Filtronic (FTC) showed a 56 per cent hike in revenues, boosted by strong performance from its wireless division.

Anite (AIE) has announced the €31m acquisition of a product set for wireless testing from Elektrobit Corporation of Finland.

Porvair (PRV) enjoyed record revenue performance in both its metals filtration and microfiltration businesses during the year to November, producing a 40 per cent uplift in profits to £6.3m. Management has tempered expectations by saying revenues are expected to growth at a ‘more normal’ rate this year.

OTHER COMPANY NEWS:

Dragon Oil (DGO) has signed the final contract for an exploration block near Basra in Iraq in which it holds a 30 per cent interest.

Max Petroleum (MXP) has reported that the TOLW-1 exploration well in Kazakhstan failed to find any hydrocarbons. Focus now shifts to the ZMA-A20 well at Zhana Makat which starts drilling soon.

Waste heat to energy specialist Wasabi Energy (WAS) has signed a contract to provide Sinopec with a Kalina cycle 4MW power plant for a chemicals plant in China.

Waste treatment specialist Augean (AUG) has said that revenues are a little lighter than expected due to less volume of low level nuclear waste coming into its facility than expected.

Marketing specialist Cello (CLL) has announced the acquisition of consultancy business Mash Health alongside a solid trading statement.

READ MORE...

Read today's press headlines and share tips.

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By Graeme Davies,
28 January 2013

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