BEST OF THE BROKERS July 12, 2011 BRITVIC RBS rates the soft drinks maker a “buy” with a £5 target price as it believes Britvic has now hedged against 95 per cent of its input cost inflation – expected to be 9-11 per cent in the UK this year – leaving it protected against further shocks. RBS expects third-quarter trading to be [...]
UK trade gap widens as manufacturing exports stall July 12, 2011 The gap between the UK’s imports and exports widened in May, new figures show, in a surprise move that alarmed economists. The trade deficit rose to £4.1bn from £3.1bn in April, as a service sector surplus failed to offset a collapse in exports of manufactured goods. The Office of National Statistics data showed the goods [...]
CITY MOVES | WHO’S SWITCHING JOBS July 10, 2011 BNP Paribas Martin Egan has been appointed to the newly created role of UK head of fixed income at BNP Paribas Corporate & Investment Banking, based in London. Egan will continue his current responsibilities as global head of primary markets and origination, reporting to Ludovic de Montille, chairman of BNP Paribas Group in the UK [...]
Britain’s factories spring back from April’s slump July 7, 2011 MANUFACTURING output rose at its fastest pace in over a year in May as factories ramped up output after a royal wedding-related drop in April, official data showed yesterday. Manufacturing production jumped 1.8 per cent between April and May, after a 1.6 per cent drop in April. Yet the wider measure of industrial production only [...]
Workspace plans cut-price rights issue July 7, 2011 BUSINESS landlord Workspace Group is to raise £63m in a deeply discounted rights issue, as part of plans to accelerate investment in its portfolio of buildings. The one-for-four rights issue is being made at a price of 23p per new ordinary share, representing a 21 per cent discount to the stock’s Wednesday night close. The [...]
Earnings up at building group Carillion on better margins and good order book July 7, 2011 BUILDING firm Carillion said first-half underlying earnings grew strongly, helped by improved margins in its support services unit, and added it was well placed to deliver growth in 2011. “Margins are moving forwards in both support services and construction services. This statement puts Carillion on track for the eighth successive year of exceeding market expectations,” [...]
BEST OF THE BROKERS July 7, 2011 NEXT Morgan Stanley rates the fashion retailer as “overweight” with a new 2,930p target price, which implies a 25 per cent upside. The broker said that Next’s brand and customer proposition continued to resonate strongly with UK consumers. It believes the retailer will continue to generate strong cash flows for the foreseeable future and expects [...]
Star Witness can finish with a bang July 7, 2011 NO Australian-trained horse has ever won tomorrow’s Group One Darley July Cup (3.35pm), but I expect that to change thanks to Aussie raider STAR WITNESS. Danny O’Brien’s four-year-old ran two absolute crackers at Royal Ascot and this will be his last ever race, as he is due to go back to stud in his homeland. [...]
HSBC PLAYS MUSICAL CHAIRS IN M&A ROLES July 6, 2011 CHANGE at the top at HSBC. The Capitalist has learned that rising star Maged Latif, who joined the bank from Goldman Sachs two years ago, has been fast-tracked from deputy head of M&A to co-head of global financial institutions group (FIG) advisory. Latif, who made his mark advising the government on taking Northern Rock into [...]
ANALYST VIEWS: IS TULLOW’S PERFORMANCE ON TRACK? July 5, 2011 ANGUS MCPHAIL | INVESTEC First results are in line with consensus. Revenues, capex, debt and production are all in line. Exploration and appraisal are on track with a 79 per cent success rate pointing to a prolifically successful explorer. HOOTAN YAZHARI | BANK OF AMERICA MERRILL LYNCH On the financial front Tullow remains solid. The [...]