Equities have started the week off a little, but The Trader Dominic Picarda is sticking to his assertion that we are likely to see further moves upwards in the coming weeks.
IC TIP UPDATES:
Gulf Keystone Petroleum (GKP) has requested that its shares be suspended from trading from tomorrow morning until later in the day once the company has updated investors on the outcome of the court hearing into claims against the company by Excalibur Ventures, which will begin at 10.30am tomorrow. We keep our buy rating.
Ricardo (RCDO) has issued a strong set of results for the year to June with organic profits up 15 per cent to £20.2m, excluding the AEA acquisition. Underlying profits rose by 31 per cent to £23m. The AEA acquisition has performed well and is expected to contribute further to the current year. Buy.
LondonMetric Property (LMP) has acquired two logistics warehouses in the midlands for £23.1m. We keep our buy.
Patent and trade mark attorney Murgitroyd (MUR) edged turnover up from £35.7m to £36m in the year to May with profits up by a similarly modest margin at £4.5m.
Petroceltic International (PCI) has enjoyed a solid first half operationally with working interest from its various producing assets of 24,500 barrels of oil per day. The company has also made good progress on a series of new drilling opportunities. Buy.
KEY STORIES:
GlaxoSmithKline (GSK) has agreed the sales of its Lucozade and Ribena soft drinks brands to Suntory Beverage & Food for £1.35bn in cash. The proceeds will be used for internal corporate purposes.
BG Group (BG.) has reiterated its 2013 production guidance after bringing new projects on line in Bolivia and Thailand and increasing production in Brazil. But the company cautioned that 2014 targets will be hit to the tune of 30,000 barrels of oil per day due to delays in projects in Egypt and Norway.
Vodafone (VOD)has reminded investors in Kabel Deutschland that the deadline for acceptances of its offer is midnight on Wednesday and if it has not received 75 per cent acceptances by then the offer will lapse.
Associated British Foods (ABF) has said that results for the year to 14 September are now expected to come in ahead of expectations after a stellar performance by its Primark retail business. This was backed up by improving performance across the majority of ABF's different businesses.
BBA Aviation (BBA) has said that talks with Dubai Aerospace Enterprise over a potential combination of parts of their businesses have lapsed after just two weeks.
Post office software provider Escher Group (ESCH) boosted revenues by 48 per cent in the first half of its financial year as its software suite won various new orders. Profit growth was more muted, up 17 per cent on an adjusted basis, as the company invested for growth.
OTHER COMPANY NEWS:
Igas Energy (IGAS) has agreed an all-share deal to acquire Caithness Oil for £8.95m, which brings with it producing assets at the Lybster field near Aberdeen.
