Equities have regained a little poise after yesterday’s sharp sell off and The Trader Dominic Picarda feels that markets are still likely to push ahead from this point and any further selling will merely prove to be a correction rather than a lurch into bear market territory.
IC TIP UPDATES:
Oil explorer Bowleven (BLVN) reports that its IM-5 well on the Etinde prospect offshore Cameroon, has encountered ‘liquids-rich hydrocarbons’ in the primary Middle Isongo and Intra Isongo target reservoirs. A testing programme is now being finalised. We keep our buy rating.
Max Petroleum (MXP) says the ZMA-A20 well in the Zhana Makat field in Kazakhstan has encountered hydrocarbons and will be placed in production as soon as possible.
OTHER COMPANY NEWS:
One of the biggest fallers on the market today is Vianet (VNET), the supplier of real time monitoring systems to the leisure, vending and forecourt services sectors, after it issued a profit warning which shaved more than 20 per cent off its share price.
Going in the other direction is Media Corporation (MDC), the online gaming business. Its shares are up by almost one third after the company said it intends to appoint value added resellers for its products and will launch a new product, Goal Millions, at the end of March.
Employee co-owned hospitals group Circle Holdings (CIRC) expects full year trading to be slightly ahead of analysts expectations with revenues expected to come in around the £170m mark.