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News & Tips: Hornby, Hunting, Vp & more

Markets knocked by missile strike on airbase in Syria
April 7, 2017

By the time Europe's traders clocked in, some of the major market moves had been lessened. Here's The Trader Nicole Elliott's take.

IC TIP UPDATES:

Vp (VP.) has acquired mechanical and electrical equipment rental and sales company Jackson Mechanical Services for £3.6m cash. The company will be integrated into Vp’s specialist tool hire business. Management also announced trading for the year to March is expected to be in line with expectations. Buy.

KEY STORIES:

Directors at model maker Hornby (HRN) have insisted this morning that the first phase of its turnaround has been successfully completed. There aren’t any solid numbers in the update made to the market this morning, but news of a complete restructuring of the group’s UK and European operations - as well as solid re-engagement with its independent retailers - has been enough to move the shares northward by close to 5 per cent.

Hunting (HTG) chief executive Dennis Proctor is to retire in 2017, after 16 years of leading the energy services group. Mr Proctor will remain in the job until his successor is found, and a handover has taken place.

Just when Letšeng needed to show its worth, Gem Diamonds' (GEMD) main mine this week recovered a 114 carat type II diamond “of exceptional quality”. News of the find, which comes amid a tricky time for Gem’s cash generation, sent shares in the company up by 7 per cent in early trading.