Five weeks for Hoare Govett to learn its fate January 16, 2012 HOARE Govett, the stockbroker being sold by the beleaguered RBS bank, has already lost two blue chip clients in GlaxoSmithKline and Amlin as clients fret over its fate, so it is comforting to learn that it might know its new home in around five weeks time. Of course, in an ideal world, its future would [...]
BEST OF THE BROKERS January 15, 2012 TED BAKER Numis rates the fashion retailer as a “hold” with a target price of 700p, after a strong performance from the brand over Christmas trading. The broker says this was achieved despite no significant pre-Christmas discounting, but will not be chasing the stock due to a share price of 15x earnings. EROS INTERNATIONAL Investec [...]
Multi-million pound properties on the up as London prices soar January 12, 2012 PROPERTY prices in the capital are booming, and show no sign of slowing as a side effect of economic gloom, two separate studies released this morning have shown. According to LSL Property Services, London house prices are 3.1 per cent higher than last year, bucking the overall downward trend that saw property prices slump 0.5 [...]
Flybe shares in a tailspin after warning January 10, 2012 FLYBE’S shares tumbled 20 per cent yesterday after it warned its revenues would fall short of targets. The regional airline, which makes 70 per cent of its revenues on UK domestic flights, said conditions in Britain had deteriorated, leading to an eight per cent sales drop in its third quarter. Flybe’s board spent the day [...]
There’s no let up in City’s race to consolidate January 9, 2012 IT seems there is going to be no slackening of the consolidation process taking place in the financial advisory sector. Evolution has already been swallowed up by Investec, with fairly unpleasant consequences for many of its employees; Collins Stewart Hawkpoint is busy sorting out the finer details of its deal with the Canadian group Canaccord, [...]
Property investor Patron picks up forecourt group January 9, 2012 PRIVATE equity house Patron Capital has snapped up forecourt operator Motor Fuels Group. The property investment specialist has taken control of 58 mostly freehold petrol filling stations in a joint venture with a new management team backed by oil industry veteran Alasdair Locke. The petrol stations trade under the BP, Shell, Esso, Total and Jet [...]
Cenkos mulling bid for Panmure January 8, 2012 BROKER Panmure Gordon could be sold to rival Cenkos Securities as the sector’s weak performance prompts another round of consolidation. Directors at Panmure have spoken to their counterparts at Cenkos and are also believed to have held discussions with another suitor. Sources said “it is right that board members talk” to other firms given the [...]
High-end house prices on the rise in London January 8, 2012 TOP-END house prices in London have kept rising despite global economic uncertainty, according to data seen by City A.M. Properties worth between £5m and £10m grew in value by 3.5 per cent in the year to the end of September 2011, research from Investec reveals. Houses worth between £1m and £2m increased in value by [...]
WANEY SEES IN 2012 AT NEW YEAR’S EVE CONGA January 2, 2012 DILEMMAS, dilemmas. Should one have accepted the invitation to see in 2012 with Microsoft co-founder Paul Allen at Roman Abramovich’s £5m party on the Caribbean island of St Barts? Or should one have saved oneself the bother of a plane journey and make an appearance at restaurateur Arjun Waney’s New Year’s Eve party at his [...]
BEST OF THE BROKERS January 2, 2012 MAX PETROLEUM Following a dry hole at SAGW-2, Merchant Securities rates the Kazakhstan-focused oil & gas company as a “buy” with a target price of 25.2p. The broker limits its valuation of Sagiz West due to the dry hole, taking into account only proven and probably reserves for that field of 4.8Mb, and leading to [...]