Today's market overview
Equities are selling off a little after Friday’s surge but The Trader Dominic Picarda thinks there are legs to the rally yet.
IC TIP UPDATES:
Sell recommendation Barclays (BARC) has announced further management changes with finance director Chris Lucas and general counsel Mark Harding both indicating their intention to step down once suitable replacements have been found.
Simon Thompson recommendationFuture (FUTR) has grown its digital revenues by 24 per cent over the period 1 October to date which has pretty much offset the continued decline of print revenues with overall group sales down by 3 per cent. The full year performance is expected to be in line with forecasts.
Residential housing specialist Grainger (GRI) has acquired its first ‘build to rent’ scheme at Barking, a first step in what its management believe will become a valuable sector in the UK. We keep our buy rating.
Afferro Mining (AFF) announces yet more positive assay results from metallurgical tests at its Nkout prospect in Cameroon which suggest that the project could achieve savings in processing costs. We maintain our buy rating.
Photo-Me International (PHTM) is planning a special dividend of 3p a share for investors, to be paid in mid-February.
Online gaming specialist 888 Holdings (888) has announced improving key performance indicators across all of its channels with overall group revenue up 7 per cent in the final three months of 2012 to $97m.
The boardroom spat at Bumi (BUMI) continues with senior independent non-executive Sir Julian Horn-Smith today demanding that Nat Rothschild return shares that were awarded to him as a bonus for completing the deal which reversed Bumi assets into his Vallar cash shell.
Walker Greenbank (WGB) continues to trade strongly with group sales up 2.3 per cent to £75.7m in the year to 31 January. Management now expects profits to exceed analysts’ forecasts.
North Sea oil producer Enquest (ENQ) has confirmed it produced an average of 22,802 barrels of oil per day during 2012.
OTHER COMPANY NEWS:
African mini-conglomerate Lonrho (LONR) has warned on profits after admitting that several parts of its disparate business have underperformed in recent months, partly because of management’s decision to refocus the business on higher margin work.
BTG (BTG) has submitted a new drug application to the US Food & Drug Administration for its Varisolve varicose veins treatment.