London shares have begun Friday in an introspective mood after yesterday’s sharp sell off. Click here to see what The Trader Nicole Elliott makes of the markets.
IC TIP UPDATES:
RBS (RBS) has agreed to sell its international Private Banking and Wealth Management business which comprises all client relationships outside the UK. The Coutts and Adam and Company brands will remain under RBS in the UK. The buyer, Union Bancaire Privee will pay a price determined by the value of the assets as the time of the closing of the deal, which should be in the fourth quarter of this year. Buy.
Simon Thompson recommendation Barratt Developments (BDEV) has announced that finance director David Thomas will replace Mark Clare as chief executive, he is stepping down after nine years in the hot seat. We maintain our buy recommendation.
Data cabling specialist Volex (VLX) says trading is in line with expectations and that it has largely completed its Volex Transformation Plan. Buy.
Interim results from UK and Netherlands-focused oil and gas explorer Parkmead Group (PMG) showed a trebling of gas production which helped revenues edge up to £10.1m. The company ended the period with £39.4m of cash and is on the lookout for acquisitions. We keep our buy rating.
Sell recommendation Homeserve (HSV) says that trading has been good in the final quarter of the year and the UK business is expected to end the year with 2.1m customers. Our recommendation is under review.
Antofagasta (ANTO) says that it has suspended operations at its Centinela, Antucoya and Michilla mines in the Atacama desert due to heavy rains although management expects to restart operations soon. We keep our buy recommendation.
Energy efficiency products specialist and Simon Thompson recommendation entu (ENTU) has completed the acquisition of Astley Facades, a specialist in energy efficient wall insulation, for £200,000.
OTHER COMPANY NEWS:
House builder Redrow (RDW) has sold a portfolio of ground rents for four developments for £10.2m.
Shares in Haversham Holdings (HAV) have recommenced trading following its £1.2bn acquisition of car auctions specialist and webuyanycar.com website owner BCA.
Drug discovery company Redx (REDX) has commenced trading on Aim this morning after a £15m fundraising, valued at £55.2m.
