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News & Tips: French Connection, Greenko, Glencore Xstrata

Gold prices have crept up to $1,324 an ounce as investor confidence in equities wanes.
April 14, 2014

Gold prices were on the up due to continued anxieties over index values, in addition to the worsening security situation in Ukraine. US tech benchmark NASDAQ slipped below the 4,000 barrier on Friday.

IC TIP UPDATES:

French Connection's (FCCN) UK/Europe retail like-for-like sales for the 11 weeks to 12 April were up by 11 per cent. The group said this continued the positive trend as its retail initiatives and improved product range continued to gain traction.

Clean energy project operator Greenko (GKO) revealed that trading was in-line with expectations. Generation increased 17 per cent to 1,050 GWh, compared to the previous year, while installed capacity increased from 309 MW in April 2013 to 561 MW.

KEY STORIES:

It has emerged that commodities trader Glencore Xstrata (GLEN) has sold its interest in the Las Bambas copper mine in Peru to a Chinese consortium in a $5.85bn (£3.5bn) cash deal. The mine has been sold to a consortium led by Hong Kong-listed MMG Ltd, the offshore arm of China Minmetals Corp. Hong Kong-based Guoxin International Investment Corp Ltd and China's Citic Metal Co Ltd are the other partners in the consortium.

Clinigen’s (CLIN) Global Access Programs (GAP) division is to manage the international named patient programme for Abiogen Pharma's Nerixia treatment for osteogenesis imperfecta.

Aviva (AV.) has agreed to sell its 47 per cent stake in South Korean business Woori Aviva Life Insurance to NongHyup Financial Group, as the insurer continues to focus on markets where it has scale or a sustainable competitive advantage.

RWS Holdings (RWS) expects group revenues for the half year ended 31 March 2014 to be approximately £46.9m, an increase of 28 per cent a year ago. At constant currency rates, revenues would have been approximately £1m higher.

Ahead of publication of its interim results, Punch Taverns (PUB) has brought in an independent corporate restructuring expert to aid long-running discussions over its £2.3bn debt obligation. Dean Merritt, from Talbot Hughes McKillop, is representing the companies that issued Punch’s debt, amid hopes a deal can be brokered by the beginning of next month.

OTHER BUSINESS NEWS:

Shares in Seplat Petroleum Development Company (SEPL) began trading today on the official lists on both the Nigerian (NSE) and London (LSE) Stock Exchanges today. The dual listing of the company’s shares on the NSE and LSE follows the successful completion of its IPO, which was oversubscribed.

Meanwhile, Haydale Graphene Industries has had its ordinary shares admitted to trading on London's AIM today under the ticker HAYD.