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9/20/10 - The Economic Monitor UK Free Edition

9/20/10 - The Economic Monitor UK Free Edition

Ratings: (0)|Views: 13|Likes:
- Stock recommendations and price targets from top brokerage firms
- Forecasts on Economic Indicators
- Important Events Scheduled on 21 September

Economic Events
- Adair Turner, chairman of FSA and Andrew Bailey a Bank of England senior official speeches

Corporate Events
- Dealogic Holdings, JD Sports Fashion, Morson Group, Dolphin Capital Investors (Dolphin) interim results
- Carnival Q3 Earnings

Breaking News
- Petra Diamonds FY net profit soars
- Clipper, UTC on takeover talks
- Mixed drilling results for Sterling
- BAE eyes on counter-terror expansions
- BP fixes leaking well
- HSBC disposes banknotes business to UOB
- U.K. M4 money supply retreats
- U.K. property prices fall: Rightmove
- U.K. employers' group urges Govt on spending cuts
- No alternative to spending cuts: Clegg
- Banking sector competition under probe
- Stock recommendations and price targets from top brokerage firms
- Forecasts on Economic Indicators
- Important Events Scheduled on 21 September

Economic Events
- Adair Turner, chairman of FSA and Andrew Bailey a Bank of England senior official speeches

Corporate Events
- Dealogic Holdings, JD Sports Fashion, Morson Group, Dolphin Capital Investors (Dolphin) interim results
- Carnival Q3 Earnings

Breaking News
- Petra Diamonds FY net profit soars
- Clipper, UTC on takeover talks
- Mixed drilling results for Sterling
- BAE eyes on counter-terror expansions
- BP fixes leaking well
- HSBC disposes banknotes business to UOB
- U.K. M4 money supply retreats
- U.K. property prices fall: Rightmove
- U.K. employers' group urges Govt on spending cuts
- No alternative to spending cuts: Clegg
- Banking sector competition under probe

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Published by: International Business Times on Sep 21, 2010
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09/21/2010

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20 September 2010
THE ECONOMIC MONITOR U.K.
The
FTSE 100
was up 94.09 or 1.71% to 5,602.69.
By 1503 GMT, the
euro
rose 0.7 percent at 84.01 pence,near the day's high of 84.12 pence.
By 1145 GMT, the
December gilt future
was 19 ticks lowerat 122.30, broadly in line with the equivalent Bundcontract.
By 1340 GMT,
ICE Brent
for November delivery was up 8cents at $78.29.
Spot gold
hit a record $1,283.70 an ounce and was bid at$1,282.15 an ounce at 1526 GMT.
MARKETS AT A GLANCESTOCK INDICESCURRENCIES
INDEX LAST PRIOR 
Euro (EUR/USD)1.30821.3037U.K. Pound (GBP/USD)1.55681.5623Japanese Yen (USD/JPY)85.7185.80
All prices are at 11:21 AM EDT 
FUTURES
INDEX LAST CHNG % CHNG
FTSE 100* 5602.5494.09 1.71FTSE 250* 10548.19107.21 1.03FTSE 350* 2955.9347.06 1.62FTSE Tech Mark 100* 1949.622.26 1.15FTSE AIM 100* 3536.9847.48 1.36FTSE All Share* 2890.5445.83 1.61FTSE Eurofirst 300* 1087.0214.15 1.32DAX* 6294.5884.82 1.37CAC 40* 3788.0165.99 1.77Stoxx Europe 50 2571.0433.81 1.33* CLOSING VALUES
LAST CHANGE
Crude Oil75.10 1.44Natural Gas4.00 -0.203Gold, Dec.1284.00 6.50Copper (¢), Dec353.25 1.05Wheat (¢), Dec.738.00 -1.25
All prices are at 11:10 AM EDT 
Stock recommendations and price targets from topbrokerage firms
Forecasts on Economic Indicators
Important Events Scheduled on 21 September
Economic Events
Adair Turner, chairman of FSA and Andrew Bailey a Bank of England senior official speeches
Corporate Events
Dealogic Holdings
,
JD Sports Fashion
,
Morson Group
,
Dolphin Capital Investors
(Dolphin) interim results
Carnival
Q3 Earnings
Breaking News
Petra Diamonds
FY net profit soars
Clipper
,
UTC
on takeover talks
Mixed drilling results for Sterling
BAE
eyes on counter-terror expansions
BP
fixes leaking well
HSBC
disposes banknotes business to UOB
U.K.
M4 money supply
retreats
U.K.
property prices fall
: Rightmove
U.K.
employers' group urges Govt
on spending cuts
No alternative to
spending cuts
: Clegg
Banking sector competition
under probe
INSIDE THE REPORT
Free Edition 
 
THE ECONOMIC MONITOR - U.K.
STOCK RECOMMENDATIONS BY BROKERAGE HOUSES
Disclaimer 
: The views and investment tips expressed by investment experts are their own, and not that of IBTimes or its management. We advise users to check with certified experts before taking any investment decisions.
BROKERAGE/COMPANY ACTIONS RATINGSeymour
Intertek Raises to outperform from hold Outperform
Goldman Sachs
Segro Cuts price target to 266p from 271p - -
Oriel Securities
Bluebay Asset Management - - AddSegro Raises to buy from reduce BuySterling Energy Recommends to hold from buy HoldAshmore Recommends to hold from buy Hold
Numis
Hikma Pharmaceuticals Recommends to sell from reduce Sell
Brewin Dolphine
Robert Wiseman Dairies Cuts price target to 355p from 600p - -
Investic
United Business Media Raises price target to 765p from 686p Buy
Panmure
Hays Raises to buy from hold Buy
Evolution Securities
Sterling Energy Cuts price target to 165p from 250p BuyRockhopper Exploration Recommends to add from neutral Add
Bofa Merrill
Rockhopper Exploration Cuts price target to 50p from 700p Buy
Deutsche Bank 
Forth Ports Recommends to hold from buy Hold
HSBC
United Business Media Raises price target to 750p from 700p OverweightBunzl Raises price target to 940p from 850p Overweight
UBS
Kingfisher Raises price target to 270p from 265p BuyBooker Group Raises price target to 54p from 47p Buy
RBS
Easyjet Cuts price target to 400p from 430p Hold
FTSE 100
MARKET PERFORMANCE
A.
BP
was prominent among the risers in a buoyant FTSE 100 afterU.S. authorities described the leak from the
Macondo
well in theGulf of Mexico as "effectively dead". Fellow oil group
BG Group
was also in demand.
Sage
and
Serco
were lower. FTSE 100 up 39at 5,548.B. Shares in
Intertek 
moved higher after an upgrade to 'outperform'from
Seymour Pierce
after a well received strategic update fromfellow testing group SGS. Intertek was the top riser in a buoyantFTSE 100, even Indian energy group
Essar
and engineering andproject management group Amec were up.C. Index was high following a good start on Wall Street.
Intertek 
, thecompany which tests the safety of toys and many other productswas boosted by an upgrade to 'outperform' from Seymour Pierce.
 
THE ECONOMIC MONITOR - U.K.
COMPANY NEWS
Petra Diamonds FY net profit soars
Petra Diamonds, the largest diamond producer on London's junior AIMmarket, reported unexpected annual results, due to increase sale of the
507-carat Cullinan Heritage diamond
. It reported a record net profitof $70.2 million for the year to end June from a loss of $89.0 million theprevious year, while its revenue climbed 88 percent after it received$35.3 million for the Cullinan Heritage. The group expects to produceabout 1.3 million carats in the current financial year and is also in talksto buy the
Finsch
and
Namaqualand mines
in South Africa from DeBeers, Chief Executive Johan Dippenaar told Reuters
Clipper, UTC on takeover talks
Clipper Windpower
, a Wind turbine maker is in talks with majorshareholder
United Technologies
over a takeover so as to fulfill itsadditional capital to continue operating. UTC, which had earlier limitedto a 49.9 percent stake until Jan 2012, may now increase its stake inClipper to 55 percent. Clipper said that it will also focus on raisingcapital and credit lines with financial providers and negotiating withUTC on additional credit support.
Mixed drilling results for Sterling
Sterling Energy
, the oil and gas company had mixed results with itslatest exploration well drill tests in Kurdistan. In the first drill stem test aninitial recovery of gas was followed by flowing water with minor gascontent during the six hour flow period while the second produced gasat an estimated flow rate of 4m standard cubic feet per day (mmscfd)along with some drilling fluids. Two prospective zones were identifiedfrom the well data
BAE eyes on counter-terror expansions
With the acquisition of the consultancy division of 
American firm L-1Identity Solutions
,
BAE Systems
seems to reinforce its position in theU.S. counter-terrorism market. The acquisition is expected to close inthe fourth quarter of 2010 as it requires U.S. regulatory approval. BAESystems will also pay $296m in cash for the L-1 division as
consideration to be funded from the company‟s existing cash resources,
which encompasses three firms
SpecTal, Advanced Concepts
and
McClendon.
The L-1 businesses balances the activities of its existing US-basedIntelligence & Security arm, while the acquisition will boost itscustomer support and services business, the company said.
BP fixes leaking well
BP
has finally declared that it has permanently sealed the leaking well inthe
Gulf of Mexico,
U.S. officials said. An additional relief well cutthrough the original well, helped BP engineers to fill it with cement in apermanent seal. The U.S. government has also asked the firm put aside$20bn into a fund to pay for costs of dealing with the leak in addition to$8bn spent directly on the clean-up operation. BP internal report saidthat it accepted its mistake, but also added that the responsibility forthe explosion and subsequent leak should be shared by several
companies and was due to decisions by „multiple companies and workteams‟.
 
HSBC disposes banknotes business to UOB
HSBC
is all set to sell its wholesale banknotes business in Asia to
United Overseas Bank 
(UOB) by the final quarter of 2010. Under theagreement, UOB will be paying $15m in cash for the assets and HSBCwill license to UOB the technology system used in connection with its
COMPANY NEWS (contd...)
Asian wholesale banknotes business. HSBC will work with UOB to easethe signing of new contracts between UOB and customers and staff of HSBC's Asian banknotes business.
Motive buys Adecq Digital
Adecq Digital,
the digital terrestrial television technology companygets acquired by
Motive Television
as its raise £4.75m nominal of convertible loan notes and 71.25m subscription warrants to fund thesubscription, the company said. The group also said institutional clientsof 
Jendens Securities
had come up with the money.
Discovery Mining identifies two new targets
Discovery Metals
, the Botswana-focused miner said that two newexploration targets have been acknowledged southwest of DiscoveryMetals'
Boseto Copper Project
through the study of surfacegeochemistry. The
Ophion Target
, located 40 km southwest of theZeta Deposit at Boseto, is a continuous geochemical anomaly over a 12kilometres (km) strike length, while the Ourea Target, located 50 kmfurther to the southwest, is a geochemical anomaly covering an area of 4 square kilometres.
Silence suffer losses on Interdigm integration
Bid target
Silence Therapeutics
suffers losses as a result of 
Intradigm
 integration. Its first half of the year revenue drops to £0.72m from £0.86,while loss before tax widened to £7.05m from £3.57m the year before,as research & development costs increased to £4.40m from £2.55m lastyear. Administrative expenses also increased, from £1.92m to £3.23m.The company said it will focus on partnerships, intellectual property andclinical progress, as the three important area to bring the company ontrack.
Salamander rig work to start by October
Salamander Energy
, which mainly focused on Asian oil and gasexploration and production company announced that the rig to beused on its
Bontang PSC asset
in Indonesia should probably arrive inthe drilling area in the first week of October. Having acquired
BontangEnergy
, which owned a 20% stake in the asset, the company has a 90%stake in the Bontang PSC. The drill will be used for the
Angklung-1exploration
prospect.
WPP acquires stake in Comwerks
WPP acquires 51% stake in Singapore-based
Comwerks,
a full servicedigital agency with a big list of government and public sector clients,thereby boosting its Asian business. With
Wunderman's
backing,Comwerks Interactive position is expected to rise to one of the top 5digital agencies in Singapore. No financial details relating to the dealhad been made public yet.Comwerks Interactive, specializes in digital media and web 2.0 solutionsand does work for the likes of eBay, Ministry of Law, Ministry of Manpower, National University of Singapore and People's Association.
New facility boosts China Food H1 profits
China Food
, cooking and dipping sauces group reported a 57% rise inhalf year pre-tax profit and after opening a new facility in May todouble existing soya sauce production. Turnover jumped £17.2mcompared to £14m before. A maiden dividend next year could beconsidered by the board, following a capital restructuring, on the basisthat trading continues as expected.

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