The 'santa rally' appears to be taking hold on the markets. Click here for The Trader Nicole Elliott’s latest views.
IC TIP UPDATES:
International Personal Finance (IPF) has announced the terms for its recommended acquisition of MCB Finance (MCB) adding to its eastern European presence. It will pay 125p a share, or £23.8m. We maintain our buy rating.
Simon Thompson recommendation Epwin (EPWN) says trading has continued to be in line with expectations and that it has appointed non-executive Andrew Eastgate as chairman to replace Peter Mottershead.
CLS Holdings (CLI) has agreed to acquire two multi-let office buildings in Hamburg for €32.35m on a net initial yield of 6.4 per cent. Buy.
Sell recommendation Sirius Minerals (SXX) has announced additional offtake agreements for production from its planned potash mine in North Yorkshire. A south American fertiliser distributor has signed up for 300,000 tonnes with an option for a further 150,000 tonnes and other letters of intent have been signed totalling 396,000 tonnes per annum, taking the total to 6m tonnes.
KEY STORIES:
Smiths Group (SMIN) has announced that chief executive Philip Bowman intends to retire at the end of next year, by which time he will have been with the company for eight years.
Carillion (CLLN) has won three contracts to deliver buildings for the Kings Cross regeneration worth more than £100m in aggregate.
Serco (SRP) yesterday announced that its banks had agreed to amend its financial covenants to allow it breathing room to undertake a fundraising early next year. Meanwhile, the company has also received notice from the City of London police which concludes that there is no evidence to support bringing criminal charges against the company with regard to allegations it deliberately falsified records in its prisoner escort contracts.
