Equities have started the day in positive fashion and The Trader Dominic Picarda sees this as a sign that we could be set for a rebound.
IC TIP UPDATES:
Sell recommendation Carpetright (CPR) has been boosted by news that the Office of Fair Trading has ended its review into pricing practices saying the company is in ‘full compliance’ in relation to its investigation. Nonetheless, we retain our sell recommendation.
Juridica Investments (JIL) says it received payments totalling $37.2m during 2013 in relation to four of its investments in litigation cases in the US, down marginally on the $38.4m received last year. A number of cases in which the company has invested have moved closer to conclusion in recent months. The company returned 14p a share to investors in January and has now given back 38.6p a share in total, equivalent to 62 per cent of its net funding. Buy.
KEY STORIES:
Balfour Beatty’s (BBY) United Arab Emirates-based joint venture has been awarded a £214m contract for the expansion of the Dubai Mall.
Veterinary services business CVS Group (CVSG) has announced an 18 per cent uplift in revenues for 2013 and a 15.5 per cent improvement in pre-tax profit to £7.1m after like for like sales growth of 4.6 per cent.
OTHER COMPANY NEWS:
Oil and gas seismic technology specialist Vialogy (VIY) has announced the departure of its chief executive Dr Robert Dean with immediate effect. Adam Reynolds will take on the role of interim chief executive and executive chairman.
Digital consumer engagement specialist Eagle Eye has announced its intention to raise £6m in an initial public offering, some of which will go towards the acquisition of 2ergo Limited for £4.5m in cash and shares from 2ergo plc (ERG), which itself will become an investment company.
