Equities have been flat in early trading in London with the rally on the past couple of days fading. Click here to see what The Trader Nicole Elliott thinks of the markets.
IC TIP UPDATES:
Technology group Laird (LRD) has bought German integrated vehicle connectivity systems provider Novero for €65m (£47.1m). The acquisition, which reflects management’s efforts to increase exposure to the Enterprise Internet of Things market, was described as an “excellent strategic fit” that complements Laird’s existing connected vehicle activities. Buy.
Product testing group Intertek (ITRK) has acquired retail and agricultural assurance services provider Food International Trust. The Italian acquisition generated revenue of around €2m (£1.5m) in 2014. Sell.
Our sell tip Aggreko (AGK) has confirmed it will withdraw from the bidding process for the 2016 Rio De Janeiro Olympic and Paralympic Games. The temporary power rental company said this is because contractors have taken the decision to award power provision in parts and the group has been unsuccessful in winning the first tranche of contracts. Sell.
Recent sell tip GlaxoSmithKline (GSK) has struck two new HIV deals through its fast-growing subsidiary Viiv Healthcare. Viiv is pretty much the only jewel left in GSK’s crown these days, and has agreed to acquire HIV research assets from big pharma peer Bristol-Myers Squibb. In our view, investors hanging onto GSK shares only have Viiv to rely on. Sell.
Simon Thompson recommendation 1pm (OPM) reports that trading has remained robust.
KEY STORIES:
BG Group (BG) has been given the go-ahead from the US Federal Energy Regulatory Commission (FERC) to construct and operate a natural gas liquefaction and export facility in Lake Charles, Louisiana. FERC approval is the key remaining regulatory consent for the Lake Charles LNG project, which BG Group is developing with Energy Transfer Equity and Energy Transfer Partners.
