Equities are off a little after bipartisan talks over the fiscal cliff in the US fell apart.
IC TIP UPDATES:
Insurance giant Aviva (AV.) has announced the sale of its US life and annuities operations for $1.8bn in the latest stage of its restructuring plan. It is retaining its Aviva investors asset management business. We retain our buy recommendation.
Oil explorer Faroe Petroleum (FPM) has announced a substantial increase in its financing facilities to support its exploration programme. The company has doubled its facility with seven banks to £110m to support Norwegian exploration activities. We keep our buy rating.
Randall & Quilter (RQIH) has completed the acquisition of LINPAC Insurance Company, a Jersey-based insurer which has been in run off since 2006. We maintain our buy recommendation.
KEY STORIES:
BAE Systems (BA.) has won a £2.5bn contract with the Sultanate of Oman for the supply of 12 typhoon and 8 hawk aircraft starting in 2017.
Bus maker Optare (OPE) has announced a contract worth £6.2m to supply Arriva with 50 single decker buses.
Oil explorer Northern Petroleum (NOP) has updated on its exploration programme offshore French Guiana where the Zaedyus well has encountered 72m of net oil pay. Other drilling is still ongoing.
Business process outsourcer iEnergizer (IBPO) has enjoyed a strong opening half to the year with revenues, boosted by the acquisition of Aptara, up from $30.5m to $72.1m. Profits rose from $9.5m to $12.5m.
OTHER COMPANY NEWS:
Cameroonian gas producer Victoria Oil & Gas (VOG) has confirmed that another five customers are now taking supplies from its Logbaba field, taking the total to 11. Production is averaging 2.4m standard cubic feet a day.
Max Petroleum (MXP) is making good progress with its debt restructuring programme including a $90m credit facility which it is close to closing with Sberbank, $60m of which should be drawn down before the end of the year.
Petroceltic International (PCI) has received regulatory clearance in Algeria for the development of the Ain Tsila gas field.
A subsidiary of Regus (RGU) has made a cash offer of 61.6p a share, worth £40m, for MWB Business Exchange.
