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News & Tips: Tritax Big Box, GlaxoSmithKline, Dragon Oil & more...

The China Caixin manufacturing PMI hits a multi-year low, as emerging-market currencies were pegged back amid growing concerns over China's economic slowdown.
August 21, 2015

Oil prices resumed their downward trajectory in Asian trade overnight following weak Chinese manufacturing data, as it's reported that non-Saudi OPEC delegates have been agitating over existing quotas.

IC TIP UPDATES:

Tritax Big Box REIT's (BBOX) operating profits soared to £73.79m in the six months to the end of June. The portfolio valuation increased 203 per cent to £1.09bn, while its contracted rental income has increased to £58.87m per annum (2014: £20.84m), including forward funded assets. We maintain our buy recommendation.

Under-offer HellermannTyton (HTY) revealed revenues have risen 10.3 per cent to €346.8m (£248.9m) fuelled by rapid growth in the Americas and Asia. HellermannTyton received a recommended cash offer of 480p per share from Delphi Automotive in July - the deal is expected to complete around the end of the year and represents a 52 per cent premium to our original buy call.

KEY STORIES:

HgCapital Trust's (HGT) NAV per share rose to £12.93 in the six months to the end of June - 3.8 per cent up on a total return from the end of December.

Spire Healthcare (SPI) posted an interim profit of £30.8m compared with a loss of £7.8m in the same period last year, as revenue grew 7.8 per cent to £449.8m. But the company's shares still clicked into reverse after it cut its revenue guidance for the year, citing weaker demand from the NHS.

GlaxoSmithKline (GSK) said it would sell its rights in Ofatumumab (trade name Arzerra) - for auto-immune indications, including multiple sclerosis - to Novartis AG (US: NVS) for up to $1bn. The deal follows a previously agreed asset swap between the two companies, which was completed earlier this year.

Dragon Oil (DGO) has confirmed that the takeover offer from Emirates National Oil Company (ENOC) will now proceed to compulsory purchase.

3i Infrastructure (3IN) has closed its £23m investment for a 50 per cent holding in the West of Duddon Sands Offshore Transmission Owner from Dong Energy and Scottish Power Renewables.

The share price of Rose Petroleum (ROSE) tanked after it said that it has scaled back its drilling programme at the Mancos Formation in the Uinta Basin in Utah as it looks to keep the project economics solid in a lower oil price environment.

OTHER COMPANY NEWS:

FedEx Corp (US: FDX) confirmed that it will formally launch its $4.8bn offer for Dutch rival TNT Express NV (TNTE.AE) next week and that it is optimistic the deal will get the necessary regulatory approval.

Aggregate dividends from large precious metals miners are set to drop dramatically this year, according to dividend forecasting data compiled by Markit.