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Monday's news and tips

Created:

14 September 2009

Written by:

ShareCast

■ Kentz has had a 'strong' first half during which profit jumped 10% to more than $1bn as the engineering group focused on oil and gas, petrochemicals and energy in developing regions (IC COMMENT).

■ Vehicle repair firm Just Car Clinics reported a 13% decline in half year pre-tax profit and warned that it expects the second half to be challenging.

■ The Brazilian National Defence Council has approved the sale of Rio Tinto's Corumbá iron ore mine in Brazil to Vale S.A for $750m.

■ Irish carbon credit specialist EcoSecurities, which has been fielding a number of offers for the company, has accepted terms from US bank JPMorgan Chase.

■ Emerging markets asset management group City of London Investment Group saw pre-tax profit halve in the full-year but said emerging markets have recovered strongly since the year end.

■ Depressed agricultural markets resulted in widening losses at natural plant supplement supplier Plant Health Care (IC COMMENT).

Continues below...

■ Independent News and Media's (INM) biggest shareholder Sir Anthony O'Reilly is close to agreeing to halve his stake in the newspaper group as part of a financial rescue plan, reports say.

■ Drug developer Antisoma fell into the red in the year to end-June but said its cash position remains strong, with enough funds to carry on operating until mid-2011.

■ Scottish cake and sweet supplier Lees Foods today confirmed that its chairman and chief executive Raymond Miquel is to leave both roles with immediate effect.

■ Former finance chief of GUS, David Tyler, is expected to be named as the new chairman of supermarket giant Sainsbury's shortly.

■ Online marketing group Asia Digital issued a confident outlook statement today despite an increase in half-year losses.

■ Ferrochrome producer International Ferrochrome slid into a second half net deficit of R341m as a slump in demand and prices prompted severe production cutbacks.

■ Helphire, the supplier of replacement vehicles to no-fault accident drivers, is to take a further £82m of one-off charges this year in addition to £62m already set aside at the half-year.

■ Energy meter provider Bglobal has won a contract to provide the UK retail arm of Russian energy company Gazprom with smart metering services.

■ Avocet Mining expects group gold production to reach an annualised rate of 230,000 ounces of gold from three mines by the middle of 2010, despite delays and higher costs at its Inata project.

■ Construction and regeneration group Morgan Sindall has won a contract to build Basildon Sporting Village, a state of the art leisure complex.

■ Events and conferencing group Tarsus said full year results are expected to be in line with group expectations and it sees 'a very satisfactory outcome for 2009.'

■ Gold and nickel miner Dwyka Resources has released revised resource estimates on the mining assets it gained from the merger with Minerva Resources.

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 (13 SEPT 2009):

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

PRESS HEADLINES:

Sir Anthony O'Reilly is close to an agreement that will see him give up his controlling stake in the stricken publishing company behind The Independent newspaper .

Desperate to pull off a financial rescue of his debt-laden Independent News & Media (IN&M), Sir Anthony has embraced a plan under which his near-30% shareholding would be halved. Sir Anthony will have to fight off Denis O'Brien, the rebel shareholder, who is trying to block the rescue, says the Times.

House prices will not return to the peak reached in autumn 2007 for at least another five years, according to Ernst & Young's Item Club. The influential group's gloomy forecast contradicts the increasingly optimistic outlook of the Government and some commentators that the British economy has begun a sustained recovery. The recent rise in property values is a "false dawn" that will not last beyond spring, Hetal Mehta, Item's senior economic adviser said, reports the Times.

London's leading gold forecaster has advised clients to liquidate holdings of gold and silver until the latest speculative fever abates, warning that futures contracts on New York's Comex exchange are flashing warning signals. John Reade, an analyst at UBS, said the number of "net long" positions held by speculators reached 29.02m an ounce last week, a record high, the Telegraph reports.

A full-blown trade row erupted on Sunday night between the US and China after Beijing accused Washington of "rampant protectionism" for imposing heavy duties on imported Chinese tyres and threatened action against imports of US poultry and vehicles. Trade relations between two of the world's biggest economies deteriorated after Barack Obama, US president, signed an order late on Friday to impose a new duty of 35% on Chinese tyre imports on top of an existing 4% tariff, the FT reports.

Troubled ITV stands to reap tens of millions of pounds in new revenue under Government plans to allow US-style product placement on television. In a watershed week for the struggling broadcaster, the Competition Commission is also poised to publish its provisional findings into the contract rights renewal (CRR) system that dictates how much the company can charge advertisers, while Tony Ball, the former chief executive of BSkyB, is likely to be confirmed as ITV chief, the Telegraph reports.

A rise in government-funded projects and work on utilities helped to stabilise the flow of new starts in the construction industry after sharp falls in the first half of this year, Glenigan, the analyst, has revealed. It said that the year-on-year decline in public spending on construction projects was 9% in August, less severe than the 30% annual decline recorded to May, the Times reports.

Resolution could buy a general insurer as part of its ambitious plan to shake up European financial services, according to John Tiner, its chief executive. Resolution, which was set up last year to pursue life assurers and asset managers, could also target banks' unwanted commercial credit units, their leasing operations and even their mortgage books, Mr Tiner said to the Times.

One of the Tories' main housing policies has come under fire from housebuilders, which have warned it could create a "hiatus" in the planning system. Caroline Spelman, shadow communities secretary, has written to councils warning them not to make decisions on controversial planning issues until after the general election. She promised them they would be able to "put the brakes" on any elements of regional spatial strategies that they found "undesirable", the FT reports.

London's retailers will today create shockwaves by posting their worst monthly sales for four years, ahead of results this week from some of the UK's biggest store groups that will provide a health check for the high street leading up to the critical Christmas trading period. The department stores Debenhams and John Lewis, the fashion retailers Next and French Connection, the DIY group Kingfisher, and the furnishings chain Dunelm will all update the market this week, the Independent reports.

Interest in starting new UK banks has mounted sharply in recent months among overseas banks and other financial services firms but fear of tougher regulatory scrutiny is deterring would-be applicants. Advisers who help companies win UK banking licences say they are talking to nearly 30 potential applicants, more than triple the numbers they saw during and in the years before the financial crisis, the FT reports.