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• Land Securities said progress in the first quarter has been at a slower rate and added that it is currently assessing proposals for its Trillium business.
• Plumbing supplies firm Wolseley saw trading profit for the last 11 months fall 28% as it scrapped its final dividend and cut more jobs to contend with the deteriorating market conditions.
• Recent trading at pub chain JD Wetherspoon has been above expectations, with like-for-like sales on the up.
• Buy-to-let mortgage lender Paragon has seen reduced arrears over the past three months, adding its loan book performance is "exemplary" with landlords benefiting from increased rents and yields.
• Rio Tinto says it is fundamental demand not speculation that is driving up the prices of metals and it expects the same trends to continue going forward.
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• Inter-deal broker ICAP is thriving in the current volatile financial markets.
• UK Coal said revenues for the first half of the year have been in line with expectations but production in the second period will be lower than forecast.
• Animal feed group Genus said it is coping with the increase in animal feed prices as it continues to trade in line with expectations.
• Salamander Energy is to raise £100m though a share placing and open offer at 300p to fund its developments in South-East Asia.
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NEWSPAPER SHARE TIPS (15 JULY)
| Newspaper | Company | Stance | Price | IC view |
|---|---|---|---|---|
| The Times | Kingfisher | Buy for recovery | 94.9p | High enough, 9 Jul |
| The Times | IQE | Long-term buy | 15p | Fairly priced, 18 Mar |
| The Times | Entertainment Rights | Buy | 4.8p | Fairly priced, 23 Apr |
| The Daily Telegraph | Low & Bonar | Hold | 90.75p | |
| The Independent | Low & Bonar | Buy | 90.5p | |
| The Daily Telegraph | St Modwen | Avoid | 310p | Long-term good value, 12 Feb |
| The Independent | St Modwen | Sell | 310p | |
| The Independent | SDL | Buy | 298p | Good value, 14 Jul |
Full round-up of newspaper share tips (sourced from Sharecast)
PRESS SUMMARY:
Cable & Wireless, the FTSE 100 telecoms group, is poised to make a landmark decision on whether to offload about £1bn of risks associated with its pensions scheme, The Times has learnt. It is understood that pension trustees at C&W, who walked away from a similar deal this year because of volatile markets, plan to meet next week to consider revised proposals.
A successful £11bn-£12.6bn takeover of British Energy by French group EdF appeared to move a step closer after the nuclear group drafted in an independent financial adviser to work on the deal. British Energy has appointed investment banking boutique Gleacher Shacklock to act as a "rule 3" adviser, according to sources, reports the Telegraph.
Equitable Life policyholders will have to wait at least until the autumn to find out if the government will bow to calls from the parliamentary ombudsman to compensate more than 1m policyholders who lost billions of pounds in the mutual’s crisis. Alistair Darling, chancellor, has ordered lawyers to pore over the ombudsman’s report and is expected to wait until the House of Commons returns from its summer break before giving any view on compensation claims, reports the FT.
The chief executive of British Airways said yesterday that fares were likely to increase by at least 4% because the airline would have to spend an extra £1bn on fuel this year. Willie Walsh, the BA chief executive, said that fare increases were inevitable because soaring fuel costs were contributing to the toughest environment the airline had faced. BA's fuel bill this year will exceed £3bn, reports the Times.
Mortgage lenders called on the Government yesterday to adopt new mortgage funding strategies in an attempt to restart the failing market.In a proposal submitted to the Treasury, the Council of Mortgage Lenders (CML) urged the Government to act to "break the logjam in the housing and mortgage markets and to underpin confidence" by breathing new life into mortgage funding via UK residential mortgage-backed securities and covered bonds, writes the Independent.
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-IC-1.9.0c-prod - 15/05/2009 11:00:33 - stuart.turner
