Amid very thin newsflow, markets are steady this morning after their most positive week of trading for some time with the bulls apparently back in charge.
IC TIP UPDATES:
Shares in Leyshon Resources (LRL) have been suspended from trading on Aim this morning pending an announcement on its drilling programme in China. The company is drilling for unconventional gas in Zijinshan. Its dual listed shares were suspended in Australia yesterday but remained trading in London, leading to a sharp increase in the share price. We updated our view on Leyshon yesterday.
Publisher Future (FUTR), a recent Simon Thompson recommendation, is seeing the benefit of growth in its digital business with adjusted profits 68 per cent higher in the year to September at £6.9m. Digital revenues grew by 30 per cent and digital advertising accounts for 44 per cent of total advertising. Restructuring of the American business hit revenue, which dipped by 3 per cent. This business is expected to return to profit in 2013 when management will consider reinstating the dividend.
Max Property (MAX) has reported marginal growth of 0.6 per cent in the value of its net assets in the past six months, and a 40 per cent growth in net asset value per share since listing 40 months ago. We maintain our buy recommendation.
Falklands oil and gas play Desire Petroleum (DES) has reported on the findings of an independent resource assessment which confirm the potential for significant oil and gas plays in the region. The consultants believe Desire has 10 prospects with a 30 per cent or better chance of success.
OTHER COMPANY NEWS:
Gulfsands Petroleum (GPX) has acquired further interest in two exploration permits in Tunisia and one in southern Italy.
Petroneft Resources (PTR) has updated investors on its current operations at Tomsk in Russia. Arbuzovskoye well 109 has been completed and put into production, with an initial flow of 100 barrels of oil per day, although this is expected to increase. Overall current group production of 2,500 barrels of oil per day should be supplemented before the year end with the resumption of production of four wells currently being repaired and a further new well coming on stream.
Shares in Triple Plate Junction (TPJ) have slipped back today after the company issued results for the six months to September which detail a frustrating lack of progress in identifying any significant mineral desposits, not all of which is the fault of the company given that it is a minority partner on most projects. The company has also admitted that the project at Pu Sam Cap in Vietnam is not economically viable.