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Friday's news and tips

Created:

10 July 2009

Written by:

ShareCast

■ Bovis has scrapped its interim dividend but said the housing market has shown signs of stabilisation during the first half.

■ Bodycote was downbeat today as the engineering firm said half-year revenue fell by a fifth and warned of a marginal operating loss before exceptional items.

■ Anglo American has confirmed the appointment of Sir John Parker as chairman from the end of the month succeeding Sir Mark Moody-Stuart who is to retire after seven years as chairman.

■ Building products supplier SIG saw a 10% fall in sales in the half year to June 30 as it continued to feel the impact of the depressed construction market.

■ Plant hire firm Speedy Hire said that it has received 92.37% take-up for its ?100m right issue.

Continues below...

■ Four of the most famous veterans of the dot.com are teaming up to form a new technology start-up investment fund PROfounders Capital.

■ The unusual spectacle of a British tennis player doing well at Wimbledon has been named as one of the contributing factors for a decline in sales last week at John Lewis department stores.

■ Support and maintenance services supplier Mitie has made a steady start to the year with revenues booked already at 78% of the expected total for the year. This time last year the total booked was 83%.

■ Aircraft services group BBA Aviation said it has been outperforming the market during the first six months of the year and expects to continue doing so in the second half despite volatile markets.

■ Building maintenance and services group Interserve is trading in line with expectations and ahead of last year's operating performance.

■ The Clarke and Leavesley families are today selling 8m shares in St Modwen Properties to cut their stake in the property developer to 26.5%.

■ Aim-listed property group London & Stamford is to raise ?226m through a placing and open offer to fund recent acquisitions and give it the firepower to make more.

■ Wireless technology provider Telit Communications said it is seeing a continued downward trend in revenues despite higher sales as selling prices of products for connecting mobile phones fall more than expected.

■ Staffing firm Spring Group said it has experienced a challenging first half characterized by a much weaker market for permanent staffing, while contract staffing has been more resilient.

■ Office developer Development Securities (DS) has raised ?100m from a placing and open offer, although nearly half its shareholders turned down the chance to get involved.

FOR A SUMMARY OF LATEST MOVEMENTS IN EQUITY, COMMODITY AND CURRENCY MARKETS, SEE FT.COM'S MARKETS PAGE

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NEWSPAPER SHARE TIPS (10 JULY 2009):

Full round-up of newspaper share tips (sourced from Sharecast)

PRESS HEADLINES:

Boris Johnson, the Mayor of London, said yesterday that European plans to regulate the financial services sector threatened to drive hedge funds out of London and Europe, even though they were "blameless" for the crisis. Speaking at a conference in London he said: "It's utterly crazy that we should allow the EU to launch an attack on the City's alternative investment funds. I believe this EU directive is a mistake and against the interests of Europe," he said, reports the Telegraph.

A dramatic shake-up in Allen & Overy led to partners' profits falling by almost 10% last year, Britain's fourth-largest law firm discloses today. In February the London-based firm began one of the biggest restructurings undertaken by a City law firm, shedding about 450 salaried employees and 47 equity partners at a cost of ?46m, the Times reports.

Merger talks between British Airways and Iberia are expected to gather new momentum after the ousting of the Spanish flag carrier's chairman. Fernando Conte stepped down yesterday and will be replaced by Antonio V?zquez, the former chief executive of Altadis, the tobacco producer, the Times reports.

The Bank of England sowed confusion in the gilts markets on Thursday, announcing it would suspend its ?125bn asset purchase programme, at least for now, but offering no clue to its future thinking. UK government bonds sold off sharply after the Bank disappointed investors by failing to increase its quantitative easing programme. Gilt yields, which have an inverse relationship with prices, jumped 19 basis points, one of the biggest daily moves of the year, the FT reports.

Leading shareholders in Venture Production, the North Sea oil and gas company in which Centrica has a 23.6% stake, have agreed not to sell their stakes too cheaply in the event of a bid for the company. Centrica, which owns British Gas, has been set a deadline of the close of business on Monday to say whether it will make an offer for Venture or be barred from bidding for six months, the FT reports.

Beijing detained an executive of a large Chinese steel mill in a widening probe that has already led to espionage allegations against four employees of Rio Tinto, the Anglo-Australian miner. The government also defended its decision to detain the four Rio employees, one of whom is an Australian national, the FT reports.

First-time buyers are turning to the "Bank of Mum and Dad" in increasing numbers to get on to the housing ladder. The Council of Mortgage Lenders says that as many as 80% of first-time buyers aged under 30 are receiving help from parents to find a deposit in a market where prices remain historically high in relation to salaries and wary banks and building societies routinely demand deposits of 25%, the Independent reports.

Oil and gas drilling operations in the North Sea have more than halved in the past year, while activity in the equivalent sector in Norwegian waters has shot up, figures showed yesterday. The Norwegian energy industry is reaping the rewards of a more generous tax incentive scheme, experts warn. Unless the British government follows its example the consequences could be dire, the Independent reports.

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