To appear in Best of the Brokers, email your research to firstname.lastname@example.org
FinnCap has reiterated its “buy” rating following the company’s second ruby auction in Singapore, selling gemstones from its Montepuez mine in Mozambique, where it recorded its highest ever revenue for an auction, at $43.4m (£27.7m). The broker retained its 60p price target.
Numis reiterated its “reduce” rating, following the firm’s announcement that it would use a “deeply discounted” rights issue to complete its refinancing with the aim of reducing net debt to $700m (£448m). The broker said it might not be enough to make a meaningful impact.
Panmure Gordon has reiterated its “buy” rating. The broker said that the paving company was taking market share from its smaller peers “in large part due to its national reach and investment in product development”. The broker also noted that market growth appeared to be accelerating.