Weir centres on US shale gas in Mathena deal December 20, 2012 ENGINEER Weir Group yesterday strengthened its position in the US shale gas sector as it acquired Mathena for up to $385m (£236m). Oklahoma-based Mathena, which manufactures pressure control rental equipment including hydraulic chokes used in fracking, marks a key move for Weir to broaden its operations in the US shale gas drilling market. FTSE 100-listed [...]
Festive trading is slow for UK supermarkets as sales weaken December 19, 2012 SUPERMARKET grocery sales have slowed in the past four weeks, held back by weak general merchandise sales and the continued squeeze on consumer budgets. According to the latest data from Nielsen, grocery sales in the four weeks to 8 December rose 1.3 per cent year-on-year. That compared with a two per cent growth in the [...]
Halma to pay an eye-watering $100m for opthalmology firm December 19, 2012 BRITISH safety and environment technology group Halma has acquired US-based MicroSurgical Technology (MST) in a deal that could cost up to $100m (£61m), the company announced yesterday. Halma, which makes products such as smoke detectors and door sensors, said MST would continue to be run separately from its own health division. MST makes and markets [...]
Jefferies finishes 2012 on a high, but it is tough out there December 17, 2012 There’s been anything but a gradual winding down towards the Christmas break for many of those who ply their trade at the London offices of Jefferies. Whilst for many rivals Christmas is truly coming early, with some executives already off for a touch of winter sun, many of the Jefferies teams are still much in [...]
How has imagination’s investment case changed after today? December 12, 2012 JAMES GOODMAN INVESTEC We are initially encouraged by today, with a very strong royalty unit performance. However, we calculate a 15 per cent decline in average rates which suggests full year royalty revenue unlikely to move up materially. ‘Hold’. NICK JAMES NUMIS SECURITIES The investment and losses at Pure are likely to drive downgrades to [...]
What did you make of Whitbread’s trading update? December 11, 2012 JAMES HOLLINS INVESTEC No change to our forecasts, although there is also no change to our view that the shares are pricing in an outlook for substantial group returns improvements that, Costa-aside, we do not think exists. We retain our “sell” guidance and 1,650p target, with better value elsewhere in the sector. SIMON FRENCH PANMURE [...]
Investors expect end-of-year rally for FTSE despite Eurozone worries December 10, 2012 BRITAIN’S benchmark share index rose to its highest closing level in nearly nine months yesterday, with many traders betting that worries over Italy would fail to halt a traditional year-end equities rally. The FTSE 100 closed up 0.1 per cent, or 7.23 points higher, at 5,921.63 points – its highest close since finishing at 5,961.11 [...]
Have TUI travel’s full year results met expectations? December 4, 2012 JAMES HOLLINS INVESTEC Despite concerns over the ongoing competitive threat of low cost carriers, online agencies and a resurgent Thomas Cook, Tui Travel is trading well into the winter season and has a sound operational base from which we forecast the group can deliver 2013 earnings growth. NICK BATRAM PEEL HUNT This was a good [...]
Do Thomas Cook’s results show it is heading the right way? November 28, 2012 JAMES HOLLINS | INVESTEC This is an encouraging statement of intent and represents a suitably aggressive start to life under Harriet Green…With net debt down to more manageable levels and a supportive banking syndicate, we think the group now has the platform to deliver the required cost and business changes to thrive. NICK BATRAM | [...]
What the city made of George Osborne’s latest appointment November 26, 2012 VIJAY KRISHNASWAMY HYMANS ROBERTSON “We see this as an exciting and bold step for the Bank of England. Mark Carney is a well-respected financial figure with a strong track record.” PHILIP SHAW INVESTEC “Mark Carney is a surprise choice but he is highly respected, and experienced, regulating the Canadian banking system and chairing the G20’s [...]