The relief of Friday’s bounce in equities proved to be short lived with the sell off resuming this morning. Click here to see the Trader Nicole Elliott’s thoughts on the world’s markets.
IC TIP UPDATES:
Close Brothers (CBG) has agreed to sell off its German business Close Brothers Seydler Bank to Oddo for €46m. We retain our buy rating.
Genel Energy (GENL) reports that the Sidi-Moussa-1 well offshore Morocco, in which it has a shared interest with small cap explorers San Leon (SLE) and Serica (SQZ), has hit oil although further testing is required to determine the amount. We keep our buy recommendation on Genel.
Spirit Pub Company (SPRT) has received a revised proposal from suitor Greene King (GNK) which values the company at 109.5p in mixture of cash and shares. The offer, of 0.1322 Greene King shares and 8p per Spirit share, would leave Spirit shareholders holding 29 per cent of the enlarged business. We recommend shareholders sit tight.
Simon Thompson recommendation Avation (AVAP) has entered into a sale and lease deal for two new Airbus A321 aircraft with Thomas cook.
KEY STORIES:
Private label household products group McBride (MCB) says that trading is in line with expectations and that its restructuring project is progressing to plan.
Telecoms group Daisy (DAY) has confirmed that Toscafund has made a formal 185p a share cash offer for the business which its board is recommending.
Lok n’ Store (LOK) grew revenues by 7.2 per cent and adjusted profits by 11.6 per cent in the year to July, a period in which the value of its portfolio also rose by 14.3 per cent.
OTHER COMPANY NEWS:
Xcite Energy (XEL) has signed a memorandum of understanding with oil services specialist Baker Hughes to supply services to its Bentley heavy oil field project in the North Sea.
Xeros Technology Group (XSG) has announced two more US utilities, National Grid and Colombia Gas, are launching energy incentive programmes to encourage take up of Xeros’ innovative washing machine products.
President Energy (PPC) has made its first ever oil discovery in Paraguay’s Chaco region.
