Emerging market slowdown hits StanChart October 29, 2013 STANDARD Chartered reported a fall in profits in the third quarter yesterday, as the bank’s focus on emerging markets left it exposed to poor growth in its core markets. The UK-based bank said its profits fell “by a low single digit percentage” compared with the same period of 2012. For the first nine months of the [...]
Analyst Views: What did you make of BP’s third-quarter results? October 29, 2013 NEILL MORTON | INVESTECThe stock market doesn’t want the oil majors to spend money. Instead, investors want their cash back. And BP has obliged, with an increase in the dividend, a new $10bn disposal programme and plans for flat capex in 2014. But this could be overshadowed by the Gulf of Mexico legal fallout. RONNIE [...]
Russian miner Alrosa raises £810m in float October 28, 2013 RUSSIAN state-owned diamond miner Alrosa yesterday raised $1.3bn (£810m) through a public offering in Moscow, with shares sold at the bottom of the price range. Russian federal and regional governments together sold a 14 per cent stake in the miner and an Alrosa subsidiary sold two per cent to repay existing debt. The share sale [...]
Analyst Views: Have Unilever’s third quarter figures altered your outlook? October 24, 2013 MARTIN DEBOO INVESTEC “We read third quarter sales as in line with expectations, no great surprise given the 30 September warning. Despite the downbeat tone, Unilever are sticking to full-year guidance and their expectation of a better fourth quarter. We keep faith, but continue to urge more radical action on foods disposals. KEITH BOWMAN HARGREAVES [...]
Kazakhmys on track to meet high end of copper guidance October 24, 2013 FTSE 250-listed Kazakhmys’ share price rose over five per cent yesterday, after the miner said it was on track to meet full-year production targets for all metals. Copper output over the first nine months of 2013 increased by five per cent on the same period last year and the firm said it is on track [...]
Tobacco giant’s volumes down as Europe quits October 23, 2013 BRITISH American Tobacco yesterday reported revenues increased only 0.7 per cent in the nine months to 30 September, as trading was hit by adverse exchange rate movements and lower volumes in key European and Brazilian markets. The world’s second largest private sector tobacco company said that worldwide volumes of cigarettes fell 3.2 per cent compared [...]
City Moves for 24 October 2013 | Who’s switching jobs October 23, 2013 Investec Private Bank The private bank has announced the appointment of Eden Riche as head of high net worth lending. He has previously held senior roles at RBS and Lehman Brothers Europe. Lloyds Bank Commercial Banking Ender Tanar has joined the bank as head of central Europe. He has over 28 years’ experience in the finance [...]
Best of the Brokers for 24 October 2013 October 23, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com WPP Liberum Capital has reiterated its “buy” rating for advertising and public relations firm WPP and raised its target price from 1300p to 1450p. WPP is expected to post solid third quarter organic growth in its results today and remains Liberum’s top advertising [...]
Reckitt puts for sale sign over drugs business October 22, 2013 SHARES in Reckitt Benckiser surged more than five per cent yesterday after the consumer giant effectively put its pharmaceuticals arm up for sale, in a deal that could raise more than £2bn. The FTSE 100 group said yesterday it has launched a strategic review of its RBP unit, which is focused on the drug Suboxone, [...]
Analyst Views: What did you make of Cineworld’s interim management statement? October 22, 2013 NICK BATRAM PEEL HUNT The third quarter was disappointing for the industry, but Cineworld’s performance during this period is reassuring. The benefits being derived from digital/CRM and the Unlimited card has enabled Cineworld to outperform the market, and there is much more to come. STEVE LIECHTI INVESTEC The interim management statement suggests strong first half [...]