Geopolitical concerns are right back at the top of the agenda again, and equities have started the day in London sharply down on the back of them. The Trader Nicole Elliott is wary.
IC TIP UPDATES:
Building products specialist SIG (SHI) has announced the acquisition of French flat roofing products business Sodimat for €4.4m in cash, bolstering its French roofing business Lariviere. We keep our buy rating.
Development Securities (DSC) has given a half year update on its activities which include the continued sale of regional assets and investment in the London and South East region including the acquisition of Cathedral Group. The company has also recently acquired a development opportunity in Dublin. Buy.
Simon Thompson recommendation Record (REC), a specialist currency manager, says that assets under management equivalent have grown in the past three months from $51.9bn to $54.1bn.
Insurance specialist Homeserve (HSV) says trading is on track to meet expectations with the company expecting to add 300,000 new customers during the year, taking customer numbers to 2 million. Sell.
OTHER COMPANY NEWS:
Co-operative Group has agreed to sell its pharmacy business to cash and carry specialist Bestway for £620m, the proceeds will be used to pay down Co-op’s massive debt pile.
Avanti Communications (AVN) will produce full year revenues of $64m-$65m, in line with expectations, but losses will be lower than expected due to a refinancing reducing costs and favourable exchange rate movements.
Private hospitals business Spire (SPI) has announced its issue price at 210p, the lower end of the expected range, which will value the company at £842m.
