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Market overview: 30 April

WPP takes stake in US car industry specialist; Aberdeen sees risk appetite increase in first half; Aviva to review executive pay; plus updates from Bodycote, Stagecoach, Cobham and others.
April 30, 2012

• Advertising conglomerate WPP has made a small strategic investment in Enprecis, a US company which uses a proprietary online platform to collect and analyse data about consumer experience for the car industry.

• Fund manager Aberdeen Asset Management has reported a solid rise in revenue and profit in its first half which it says was down to a return of investor appetite for risk assets in 2012 and an ongoing desire for yield (IC COMMENT).

• Insurance giant Aviva is the latest firm to sit up and take note of disgruntled shareholders as it announced a review of executive remuneration practises.

• The heat treatment firm Bodycote says it will open a new surface technology plant in Houston, Texas.

Fidessa, the software provider focused on the financial community, reckons things will remain tough for its clients for some time, and expects some of them to leave the market altogether.

• Recruitment consultancy and IT outsourcing service provider Harvey Nash revealed a robust set of annual results amid strong demand from its UK and Nordic markets (IC COMMENT).

• It is always a struggle for platinum producer Aquarius to lure the workers back on time after Christmas and 2012 has proved worse than usual.

• Rail operator Stagecoach is teaming up with infrastructure firm Network Rail to create a joint management team that will be responsible for both train and tracks on routes to the south-west of England.

• Defence technology firm Cobham has been awarded a $39m contract to manufacture a transmitter-antenna for the US Navy and Marine Corps' electronic warfare aircraft.

• Engineering giant Weir has today announced the launch of new products by its Oil and Gas division which are expected to expand its addressable market by over 500m dollars.

• Energy services provider Hunting said it had sold its Canadian airport business for seven-and-a-half million pounds.

• Communications group Creston confirmed that headline pre-tax profit for the full year is expected to be in line with company expectations.

• Barclays Natural Resource Investments, a division of Barclays bank, is to team up with the Qatar Asset Management Company to form a joint investment partnership.

• Mustang, a subsidiary of oilfield support services firm Wood Group, has been awarded engineering and support contracts for the world's biggest semi-submersible production facility.

• The owner of Clydesdale and Yorkshire banks has said it will cut 1,400 jobs there by 2015.

• AIM listed e-learning software and business training provider ILX said it is confident trading for the year ended 31 March 2012 will meet market expectations.

• Recruitment software provider World Careers Networks says a rise in licence fee and 'implementation' income boosted revenues and profits in the six months to the end of January.

• High-flying potash development group Sirius Minerals said the detailed scoping study of its York potash project has confirmed the asset's viability.

Gulf Keystone Petroleum, the northern Iraq-focused oil explorer, has risen sharply this morning after updating the market on its drilling programme.

Consort Medical said the first product to use its built-in dose counter had been given the go-ahead by the US Food and Drug Administration.

• Shares in Public Service Properties Investments fell another ten percent on Monday after it reported a fall in net asset value in 2011 and warned about its financial health going forward.

• Dealings in portable accommodation units outfit Snoozebox are set to start on AIM on May 1st, after the company completed a placing of shares at 40p each.

• UK banking group Lloyds has quashed rumours that it has received a 'multi-billion' pound offer for its life assurance, pensions and savings business, Scottish Widows.

• Software and information technology services group Sanderson saw a sharp increase in order intake in the first half of its financial year.

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