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News & Tips: Syngenta, Hayward Tyler, Greene King & more...

European bourses were mixed on early trading on Tuesday, with most markets still held in check by concerns about Greece’s bailout negotiations, together with mounting worries over the French economy.
May 5, 2015

The UK benchmark was in positive territory on early trading after investors returned from the bank holiday weekend, following on from a mixed return in Asian equity markets overnight. Oil prices are back under pressure on strengthening expectations for the greenback. Secular stagnation down-under? The Reserve Bank of Australia cut its policy interest rate by a quarter percentage point Tuesday, putting the benchmark at 2 per cent, its lowest ever.

IC TIP UPDATES:

The share price of Swiss agri-business Syngenta (SYNN:VX) recorded its biggest rise in over five years yesterday, following reports that US rival Monsanto (NYSE:MON) had offered to buy the group again. A double-digit hike in Syngenta’s market valuation came on the heels of a report that Monsanto, the world’s biggest seed producer, had approached it for preliminary talks.

Ophir Energy (OPHR) has signed a binding heads of terms for a midstream chartering and operating services agreement with Golar LNG for a project in Block R in Equatorial Guinea.

Hayward Tyler (HAYT) has signed a production alliance agreement with FMC Technologies, a sub-sea systems specialist, for the supply of magnet motors for use in FMC Technologies’ pump systems. FMC has also committed an initial $2m towards the continuing development of Hayward Tyler’s Luton plant.

HSBC Holdings (HSBA) has declared a first interim dividend of $0.10 per ordinary share in respect of the year ending 31 December 2015 in accordance with their intention to pay quarterly dividends on the ordinary shares in a pattern of three equal dividends with a variable fourth interim dividend. The ordinary shares will be quoted ex-dividend in London, Hong Kong, Paris and Bermuda on 21 May 2015.

KEY STORIES:

Aim-traded Fitbug Holdings (FITB) announced that it has entered into a partnership with Towers Watson, a global professional services company, and Australia-based HealthLogix, to develop HealthVantage, a comprehensive online health management solution.

Greene King (GNK) has blamed stricter drink-drive limits in Scotland for tougher trading conditions in the second half of its financial year. Retail like-for-like sales edged up 0.4 per cent, but the pub group said the rise would have been double that without the impact of the new Scottish regulations.

Chariot Oil & Gas (CHAR) has updated on the C-19 block offshore Mauritania. Chariot has obtained a one-year extension for the first exploration phase that would facilitate additional studies to further de-risk the prospects before drilling.

DekelOil (DKL) reported that this year’s total palm oil production has already surpassed 14,242 tonnes which was the production level achieved for the whole of 2014.

Commodity trader Glencore (GLEN) reported weaker than expected first quarter output from its large copper segment, down 9 per cent due to lower grades at two South American mines. However, coal production was up four per cent to 35.6m tonnes, thanks to the commissioning of two new thermal coal projects in South Africa.

The share price of Ferrum Crescent (FCR) soared on news that the junior iron ore play had received good news on funding for the Moonlight project in South Africa’s Limpopo province. Principle Monarchy Investments, a black economic empowerment South African company, has agreed to acquire 39 per cent of the Moonlight project for around ZAR 142m (£8.0m).

OTHER COMPANY NEWS:

North American regulators have given Holcim and Lafarge SA (EPA: LG) clearance for their €41bn tie-up. Last year, Swiss cement company Holcim agreed to acquire France's Lafarge in a deal that would create the world's largest cement company.

UBS AG revealed that first-quarter net profit rose to 1.98bn Swiss francs (£1.43bn) from 1.05bn francs reported in the same period last year.

Volkswagen AG said it will create an integrated commercial vehicles unit by transferring the shares held in Scania AB to Truck & Bus GmbH.

Premaitha Health (NIPT) announces that it has filed a defence and counterclaim in the High Court of Justice, Chancery Division, in connection with a patent infringement suit filed in March by Illumina, Inc. and its wholly-owned subsidiary Verinata Health Inc.