Today's market overview
Equities have ticked up a little in early trading but The Trader Dominic Picarda is beginning to question whether the recent rally has run its course.
IC TIP UPDATES:
Mobile payments specialist Monitise (MONI) grew revenues by 63 per cent to £27.8m in the six months to December as its mobile payments technology continues to gain good traction. Indeed, the company is now carrying out around 2bn transactions on an annualised basis, worth $31bn. The full year revenue target of £70m looks achievable according to management. We keep our buy recommendation.
Sell recommendation Latchways (LTC) says that trading conditions remain tough, but nonetheless it enjoyed record revenues in the third quarter.
British Land (BLND) has bought a portfolio of London properties including the Ealing Broadway shopping centre and office properties in Chiswick, Putney, Fulham and the West End from Wereldhave for a combined £183.8m.
Video search engine specialist Blinkx (BLNX) has followed up what was described as an ‘exceptional’ first half performance with further strong trading in the third quarter which means full year revenues are now expected to be in the region of $180m-$185m.
Telecom Plus (TEP) says organic growth remains strong with a further 50,000 utility services added during the third quarter, the sixth consecutive quarter of 50,000-plus growth. Total services provided now number 1.54m.
OTHER COMPANY NEWS:
Enegi Oil (ENEG) says it has agreed a farm out deal over one of its North Sea blocks with Azimuth, which will now undertake exploration on the acreage.
Noventa (NVTA), a Congolese miner, has warned that lower than expected production from its Marropino mine means it will struggle to meet the terms of its loans.