Equities are flat in a quiet start to the day after yesterday’s retreat on the back of disappointing German, and wider European, growth figures. But the Trader Dominic Picarda is confident that this was just a minor detour in the upward momentum.
IC TIP UPDATES:
Sell recommendation Anglo American (AAL) has issued full year results showing a 44 per cent slump in underlying profits to $6.2bn due to falling commodity prices, rising operational costs and a particularly weak performance in its South African platinum business.
The boardroom changes continue at BG Group (BG.) where chief financial officer and chairman of BG South America, Fabio Barbosa, has announced his departure from the business for personal reasons. Buy.
KEY STORIES:
Shares in Irish food producer Greencore (GNC) have slumped in early trading after customer Asda removed a beef bolognese sauce supplied by Greencore from its shelves after it was discovered to contain horsemeat. Asda has also withdrawn three other Greencore products.
Ithaca Energy (IAE) has responded to a requisition by shareholders JEC Capital Partners and Anthion Master Fund to appoint two non-executives to the board by saying it does not support the proposals.
Johnson Matthey (JMAT) has revised its long standing relationship with Anglo Platinum by renewing its metal supply agreement but a marketing agreement which has been running since 1992 will not be renewed beyond the end of 2013. This will result in the loss of £35m in commission income in the year to March 2013.
OTHER COMPANY NEWS:
Ultra Electronics (ULE) has appointed Mary Feldner as finance director.
Ffastfill (FFA) has announced a recommended offer from Pattington, which already holds 25 per cent of the company, at 20p a share. This values the derivatives software as a service provider at £106.1m.
