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Thursday's news and tips

Created:

11 March 2010

Written by:

ShareCast

■ JD Wetherspoon reinstated its dividend as the pub group reported half-year sales and profits at record levels.

■ South African insurer Old Mutual has resumed dividend payments following a better second-half and is exploring the sale of US Life and a partial IPO of its US asset management business (IC COMMENT).

■ Oil giant BP has beefed up its exploration operations with the acquisition of assets in Brazil, Azerbaijan and the Gulf of Mexico for $7bn.

■ IT infrastructure services provider Computacenter reported a better than expected 26 per cent rise in full-year pre-tax profit and said it enters 2010 in good shape.

■ Premier Oil has found oil at its wildcat well 34/5-1 S on the Norwegian Blåbaer exploration, near the Snorre field in the North Sea, although another target area turned out to be dry.

■ Shares in Raymarine rallied after the marine electronics group confirmed that it has received a further approach from a third party.

■ Private equity trust HGCapital has decided to press ahead with a £50m placing through an issue of new shares at 845p.

■ Invesco Property Income Trust says that it has been approached by a potential bidder.

■ Property investment group CLS Holdings swung into the black in 2009 and increased net asset value by 19 per cent, impressing analysts along the way.

Continues below...

■ Shares in security camera firm Indigovision fell nearly 7 per cent after it said first-half profit was unchanged from the previous year and added that the economic backdrop remains uncertain.

■ HSBC has admitted that data on about 15,000 customers with accounts in Switzerland has been stolen by a former information-technology employee.

■ Staff at employee-owned department store operator John Lewis are to share a £151m bonus pot after the company reported a sharp rise in profits.

■ Interim profits fell at Irish food and agriculture group Origin in a tough trading environment, with the trend exacerbated by buying decisions being deferred into the second half.

■ Banking and wealth management group Arbuthnot Banking reported a pre-tax profit compared to a loss the previous year.

■ Drug giant AstraZeneca today announced a license and supply agreement with Indian peer Torrent Pharmaceuticals.

■ Argos and Homebase operator Home Retail said benchmark profit before tax for the year will be around £290m, slightly ahead of current market expectations.

■ Regional newspaper publisher Johnston Press revealed a sharp decline in full-year operating profit but said pressure on advertising revenues had started to improve.

■ Supermarket group Wm Morrison saw a sharp jump in profits in the year to 31 January as its value offering continued to attract customers during tough times.

■ The constant nature of Dignity's business helped the funeral service provider post a rise in revenues and profits in the year to 25 December.

■ RSA Insurance said its Danish subsidiary Codan Forsikring has acquired the renewal rights to TrygVesta's marine hull portfolio for DKK 50m (£6m) in cash.

■ Shipbroking and shipping services group Clarkson said lower freight rates weighed on full-year profit but it is well positioned to take advantage of a recovery in shipping markets this year.

■ Cinema operator Cineworld saluted the success of 3D films such as Avatar in drawing crowds to the cinema as it posted a rise in sales and profits.

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 (11 MAR 2010):

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

PRESS HEADLINES:

BP is set to enter the deep waters off the coast of Brazil, one of the world's most exciting areas for oil exploration, with a $6bn deal to buy international oil and gas assets from Devon Energy. A deal could be announced as early as Thursday, according to sources familiar with negotiations, says the FT.

Talks aimed at averting strikes by British Airways cabin crew broke down last night after efforts to reach a compromise deal ended in failure. Brendan Barber, general secretary of the Trades Union Congress, said: "Despite a prolonged period of negotiations it has not been possible to reach agreement between BA and Unite," writes the FT.

A former Cazenove partner has been found guilty in the largest case of insider trading brought by the Financial Services Authority. The conviction of Malcolm Calvert, 65, a former head of market marking at Cazenove, will be a major embarrassment for the Queen's stockbroker, reports the Telegraph.

The City watchdog has sounded alarm about the prospect of a meltdown in commercial property. Announcing much tougher stress tests for banks, the Financial Services Authority raised concerns that they are not setting aside enough to cover losses on the sector, according to the Independent.

Britain's banks are to be ordered to disclose more details of their highest earners' pay. The Financial Services Secretary, Lord Myners, has tabled draft plans which would require lenders to detail the numbers of their staff earning more than £500,000, including salary, cash bonuses, share awards, pensions and other benefits and expenses, says the Independent.

Roy Stanley, the former chairman of Tanfield Group, is orchestrating an unusual plan to take over the companys main electric vehicles division in a £70 million conditional proposal that sent its shares racing 46 per cent higher, writes the Times.

Mexican billionaire Carlos Slim has stripped Bill Gates of his crown as the worlds richest man, as Latin American and Asian entrepreneurs begin to outpace the US and Europe when it comes to wealth creation, reports the Telegraph.

Toyota, the embattled Japanese car-maker that has been embroiled in a row over the safety of its vehicles in recent weeks, yesterday said that employees at its factories in north Wales and Derbyshire were set to return to full-time working, according to the Independent.

The future of EMI looked even more parlous yesterday when it parted company with its chief executive amid suggestions that several of its biggest acts were considering jumping ship, says the Times.