| The Markets Europe's equity markets closed markedly lower on Thursday as the European Central Bank (ECB) failed to announce any immediate actions to combat the Eurozone crisis. President of the central bank Mario Draghi confirmed that new proposals would be put forward "over the coming weeks". However, investors were hoping for more detail and some quicker decisions. The Spanish and Italian stock markets suffered the worst, while both nation's borrowing costs rose sharply. Earlier in the day, the ECB kept the Eurozone's base interest rate at 0.75%, while the Bank of England maintained the UK's at 0.5% and left quantitative easing unchanged. At the London close the Dow Jones was down by 101.75 points at 12,869.31 and the Nasdaq was down by 9.86 points at 2,625.27.
In London the FTSE 100 fell by 50.52 points to 5,662.30; the FTSE 250 finished 109.58 points behind at 11,076.61; the FTSE All-Share lost 26.17 points to 2,937.12; and the FTSE AIM Index declined by 2.18 points to 667.25. 
Broker Notes Daniel Stewart retained its "buy" stance for CML Microsystems (CML) with a 351p target price. The broker said that the microchip manufacturer achieved stable gross margins and costs, while improving its net cash position in the first quarter of its financial year. Daniel Stewart also noted that flash solid state storage accounted for 46% of total revenues in the previous financial year and believes that the start of shipments of the firm's SATA-based solid state technology will help drive growth in the new year. On the broker's forecasts, the shares trade on a prospective earnings multiple of 12.3 times for the year ending March 2013, falling to 10.1 times in 2014. Shares in CML were unchanged at 302.5p. 
Canaccord Genuity maintained its "buy" rating for Antofagasta (ANTO) with an increased target price of 1,495p, up 15p. The Chile focused miner impressed the broker with second quarter production costs of 99 cents (63.7p) per pound of copper against an expected 105 cents (67.6p). However, with production coming slightly lower that anticipated, Canaccord reduced its full year copper production target to around 703 thousand tonnes. The broker noted that the shares trade on a prospective EV/EBITDA multiple of 4.5 times, towards the lower end of its historic 2 to 9 range. The shares tumbled by 52p to 1,046p. Investec Securities reiterated its "buy" recommendation for Wolf Minerals (WLFE) but with a reduced target price of 31.6p, down from 35p. While the miner's Hemerdon project currently has an expected life of just nine years, the broker believes that the firm has a number of opportunities to extend its life without the need for significant extra capital. Investec offered examples such as the extension of planning permission, which it calculated would add 5.4p to the target price, or a two-stage pit development which would add a further 5p. Shares in Wolf gained 0.625p to 18.375p. Blue-Chips Schroders (SDR) reported a 3.9% rise in assets under management since the start of the calendar year to 30th June, to 194.6 billion pounds, including net inflows of 2.7 billion pounds which beat consensus forecasts of 1.3 billion pounds. However, the fund manager noted a 10% fall in revenues from its private banking business, to 52.6 million pounds, as its customers moved towards more defensive strategies and traded less as a result of the continued market uncertainty. The shares inched up by 10p to 1,302p. 
Electricity generator rental company Aggreko (AGK) announced a record order book of 39,000 megawatt months, as at 30th June 2012, up 16% on the same time last year, with 669 megawatts of new work won. The group noted a successful start to the London Olympics, having supplied over 550 generators across 44 locations in a deal worth 55 million pounds. The company's net debt position increased sharply by 421 million pounds, to 678 million pounds, which it attributed to a 148 million pound return of capital to shareholders, together with acquisition costs and greater capital expenditure. Aggreko shares slipped by 20p to 2,100p. Smith & Nephew (SN.) enjoyed a strong second quarter, with trading profit margins rising 80 basis points to 22.7%, benefiting from the restructuring of its Advanced Surgical Devices division in the US. The medical technology developer's improved cash generation resulted in it finishing the period with a net cash position of 150 million dollars (96.6 million pounds) compared to net debt of 346 million dollars (222.7 million pounds) at the end of 2011's second quarter. The group also announced a new progressive dividend policy, kick started by a 50% increase to the interim dividend, to 9.9 cents (6.4p). The shares advanced by 15.5p to 675p. Mid-Caps Shares in Spirent Communications (SPT) crashed 23.8p lower to 144.7p after it reported weak pre-tax profit growth of just 3% for the six months ended 30th June, to 57.3 million dollars (36.8 million pounds), due to a sharp decrease in European demand counteracting growth in the rest of the world. The telecommunications tester also warned that high market volatility could result in low single-digit growth in the second half of the 2012 financial year, with the European market expected to remain weak. 
Ladbrokes (LAD) achieved year-on-year pre-tax profit growth of 48.9% to 106.9 million pounds in the six months to 30th June, driven by retail sales and revenues from high rollers. The group reduced its net debt position by 11.7% to 397 million pounds and raised its interim dividend by 10.3% to 4.3p. However, the bookmaker noted a 49.5% fall in operating profit for its online business to 15 million pounds, partially due to increased investment in the division as well as weaker margins. The shares climbed 2.1p to 156.8p. Property developer Segro (SGRO) sold 10 non-core UK industrial estates, consisting of 160,000 square metres of lettable space, for 111 million pounds. The deal values the property at 3% above book value and represents a net initial yield of 8.4%. The group has made 503 million pounds in the year so far, exceeding its original target range of between 300 and 500 million pounds for 2012. Separately, the firm noted like-for-like net rental income growth of 1% for the six months ended 30th June and added that it has secured 13.3 million pounds worth of new rent. Shares in Segro jumped by 11.2p to 238p. Small Caps, AIM and PLUS Life science company ValiRx (VAL) announced that VAL 101, its gene-silencing technology, has shown good progress in the preclinical testing phase. Initial results from the latest testing are in line with expectations - that being that the technology shuts down particular rebellious genes and halts and reverses tumour growth. The final reports on the scientific and developmental results for the programme are being compiled for submission, which will trigger the release of final payments to ValiRx from the 1.2 million euro Eurostar Programme grant. The firm's shares climbed 0.0375p to 0.625p. SolGold (SOLG) has been advised by Newmont Mining Corporation that it is resigning as manager of the Guadalcanal joint venture, and will cease funding the project. The two companies are now in discussions regarding the exploration tenements, the board of SolGold confirming it would update the market on the venture in due course. On the back of this development, markets have questioned the future of SolGold's activities at Guadalcanal, with the group's shares collapsing 0.75p to 3.5p. Clean technology company Wasabi Energy (WAS) confirmed its Chinese licensee, Shanghai Shenge New Energy has signed an agreement with China Petroleum and Chemical Corporation to design a 4.0 mega watt equivalent power plant for its Hainan petrochemical plant. The Kalina Cycle plant will capture waste heat from the paraxylene process and turn it into zero emission electricity as well as reduce the overall greenhouse gas emissions from the petrochemical plant. While the financial benefits to Wasabi were not detailed, the news was enough to see the firm's shares jump 0.1p to 1.175p. 
Music Festival (MFP) shares took another dive on Thursday, falling 8.5p, or 70%, to 3.5p as the firm conceded it expects to report a material loss for the year ending 31st December. The group's main two festivals held in July saw attendances significantly lower than the board has expected, with the Hop Farm festival making a considerable loss and the Benicassim festival turning a profit but at a much lower level than in 2011. The board admitted it is now exploring ways of raising additional capital. Shares in Casdon (CDY) gained 2p to close at 41.5p as the toy manufacturer posted a pre-tax profit for the year to April of 215,000 pounds - against a 198,000 loss in 2011 - despite revenue slipping 1.7% to 5.27 million pounds. Management explained the improved bottom line was achieved by ensuring better margins on sales and from softening importation costs from China. As of result of the improved financials, the board has recommended at final dividend of 0.75p, having not proposed one in 2011, which offers a modest yield of 1.8%. UK Gross profit for the six months to June will be below expectations at Healthcare Locums (HLO), the workforce outsourcing company conceded, as unexpected delays in the tendering processes of several NHS procurement frameworks impacted the firm's growth for the year. Meanwhile in Australia, trading in May and June was also below expectations as the national rollout of the doctor locum business remained behind schedule. Overall, with weaker than expected trading for the period, the firm expects to report a negative EBITDA. Healthcare Locums shares closed 0.175p lower at 2.05p. | 
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