Markets are flat this morning after another decent showing yesterday and The Trader Dominic Picarda points to increasing volumes, which suggest that the rally is gaining strength.
IC TIP UPDATES:
Sell recommendation Royal Bank of Scotland (RBS) has announced that the proposed sale of its Indian banking operations to HSBC (HSBA) has fallen through and that the company will now begin to wind down its retail and commercial banking interests in the country.
Simon Thompson recommendation LMS Capital (LMS) has announced good take up of its tender offer at 84p a share. The company is undertaking an orderly realisation of assets.
Another buy recommendation returning cash to shareholders is CSR (CSR), the chip maker which has concluded its full subscribed $285m tender offer at 360p a share.
Amara Mining (AMA), formerly known as Cluff Gold, has confirmed it has filed its preliminary economic assessment for the Sega gold project in Burkina Faso with the relevant authorities. Buy.
African budget airline FastJet (FJET) has announced a successful start up to operations with load factor on its first day of flights out of Dar es Salaam at 78 per cent. Demand for future flights is reported to be outstripping supply. We keep our buy rating.
KEY STORIES:
Sportingbet (SBT) has reported relatively weak trading in the first quarter of its financial year with revenues down from £59.9m to £38.8 after a sharp dip in amounts wagered. But the company says trading has returned to more normal patterns in the past month.
Recruiter SThree (STHR) has announced that it will post profits of more than £25m for the year, in line with market expectations.
Fellow recruiter Harvey Nash (HVN) has also sounded a positive note, reporting trading ahead of management’s expectations.
Cameroonian gas producer Victoria Oil & Gas (VOG) has now signed up a total of 25 customers to take gas from its Logbaba field, with six already receiving supply.
Sound Oil (SOU) has announced its first gas sales agreement for the Rapagnano field.
Amerisur Resources (AMER) has begun seismic surveying on the Fenix oil prospect in Colombia, with results expected early next year. It has also decided not to pursue a farm out of the block.
OTHER COMPANY NEWS:
Globo (GBO) has announced a UK and Ireland distribution agreement for its GO!Enterprise products.
Clean technology industrial oil re-refining specialist Hydrodec (HYR) has signed an agreement to pursue a joint venture with an unnamed industry participant in the US.
