Markets are off again this morning, continuing the recent trend for spiky trading, which leaves The Trader Dominic Picarda wary.
IC TIP UPDATES:
Prudential (PRU) is spending £358m on Thai life insurance business Thanachart Life Assurance and has confirmed plans to pursue a partnership with Thanachart bank in the country. We maintain our buy rating.
Buy to let lender Paragon Group of Companies (PAG) has completed the renewal of its mortgage warehouse facility with Macquarie bank, extending it to £250m. Buy.
Engineering specialist Senior (SNR) has announced the acquisition of GAMFG Precision of the US for $45m. We keep our buy.
Weir Group (WEIR) says it is on track to deliver the £440m-£450m of profits the market expects for the full year. Order input dipped in the third quarter, in line with expectations with original equipment orders down 18 per cent in the opening 39 weeks of the year, partially offset by aftermarket sales growth.
Aureus Mining (AUE) has announced an underwriting agreement with a number of institutions to back up its recent fundraising. Buy.
Altona Energy (ANR) has appointed Parsons Brinckerhoff as project management contractor for its Arckaringa Mine coal to liquids project in South Australia. Buy.
KEY STORIES:
Bumi (BUMI) has confirmed the receipt of a proposal from former director Nat Rothschild’s vehicle NR Investments. That, and the existing offer from the Bakrie family, will be evaluated by the company’s recently appointed advisers Rothschild Group.
Egyptian gold miner Centamin (CEY) has given more detail on the legal challenge to its operating licence in the country, indicating that certain documents were not submitted as part of the legal process which would refute the challenge. The company is confident of a successful appeal.
Ryanair (RYA) has issued strong first half figures with traffic up 7 per cent, revenues 15 per cent better and profits rising by 10 per cent to €596m.
Inmarsat (ISAT) grew revenues by 5 per cent in the third quarter, excluding its poorly performing LightSquared US mobile network partnership.
Specialist insurer Hiscox (HSX) has seen gross written premiums rise by 6.4 per cent to £1.2bn in the first nine months of the year.
OTHER COMPANY NEWS:
Revenue and profits at e2v Technologies (E2V) dipped in the opening half of the year after falling demand. The order book for the second half is down from £90m to £88m.
The chief executive of SDL (SDL), John Hunter, has left the business abruptly. Chairman Mark Lancaster steps in on an interim basis.
