Equities may have had a tougher week, but The Trader Dominic Picarda thinks the pullback could be another buying opportunity.
IC TIP UPDATES:
Ithaca Energy (IAE) announces that the third development well on its Stella field as completed flow testing having flowed an average 12,492 barrels of oil equivalent per day, with this being restricted by the capacity of the equipment.. We keep our buy recommendation on Ithaca.
Simon Thompson recommendation Stanley Gibbons (SGI) has announced solid results for the 15 months to March as it realigns its financial year following the acquisition of Noble Investments. Sales were £51.8m with profits of £6.9m and the total dividend was raised by 0.5p to 7p. The effect of the Noble acquisition could be seen in the three months to March when turnover was 79 per cent higher that last year. We maintain our buy rating.
Retailer SuperGroup (SGP) has acquired its long term Scandinavian distributor SMAC Group for an undisclosed sum. Buy.
OTHER COMPANY NEWS:
National Express (NEX) has retained the Essex Thameside franchise, which is operated under the c2c brand, and will run it until 2029.
Oil and gas explorer Bowleven (BLVN), which recently farmed out its Etinde prospect in Cameroon, has sealed a deal with Africa Fortesa Corp under which it will earn a 20 per cent interest in the Bomono prospect in Cameroon in return for drilling two wells there at a cost of up to $15m.
Toy and hobby business Hornby (HRN) has posted losses of £1.1m for the year to March following a reduction in revenues from £57.4m to £51.6m. Recently appointed chief executive Richard Ames has announced a reorganisation of its UK facilities as the company continues to address supply chain issues which have dogged the business.
Ultra Electronics (ULE) has won a £60m contract to supply a landing gear door opening system for the Airbus A350 aircraft.
