| The Markets Equity markets around the world fell for a fourth successive day as concerns over a potential financial crisis in the US and Greece's bailout cast doubts over global growth. "Investors remain consumed by U.S fiscal cliff consequence and this is capping market enthusiasm" said Tim Waterer, senior trader at CMC Markets. Elsewhere, Japan's economy contracted in the third quarter as the global economic slowdown and anti-Japan protests in China took their toll on the country's exports and domestic consumption. GDP was down by 3.5% on the same period last year as the world's third largest economy was hit by a major slump in demand for its exports from the U.S and Europe. In the UK, the housing market continued to pick up slightly over the third quarter. According to the Council of Mortgage Lenders 146,500 mortgages were advanced over the period, 13% higher than the same period last year. At the London close the Dow Jones was down by 17.48 points at 12,797.91 and the Nasdaq fell by 4.28 points to 2,579.82. In London the FTSE 100 closed down by 2.41 points at 5,767.27; the FTSE 250 finished 39.12 points lower at 11,803.30; the FTSE All-Share gained 1.82 points to 3,014.98; and the FTSE AIM Index slipped by 2.66 points to 691.36. 
Broker Notes Seymour Pierce reiterated its "buy" recommendation on Electronics company Dewhurst (DWHA) with a target price of 380p. This comes amid the potential acquisition of 70% of the Australia based firm Dual Engraving, a lift car manufacturer, for 1.88 million pounds. The broker believes this is a positive step towards making sales in the region more secure and recognises that the transaction is well within the company's means as Dewhurst has 9.98 million pounds on its balance sheet and no debt. The shares remained flat at 325p. Canaccord Genuity maintained its "buy" recommendation on Cairn Energy (CNE) with a target price of 375p. The broker is impressed with the way the energy firm rebalanced its portfolio during 2012 and is convinced that the shares are trading at a substantial discount to fair value. Canaccord believes this discount will narrow as the reinvestment risk subsides. The shares fell by 1.5p to 277.5p. 
Shore Capital has kept to its "buy" stance on insurance provider Lancashire Holdings (LRE), citing an "excellent" level of pre-tax profits of 49.1 million pounds as part justification of its rating. The broker also believes that the insurance group is in a better position than others in the industry to manage losses due to Hurricane Sandy as it holds a loss warranty for extra cover in the event of a $20 billion (12.6 billion pounds) loss. The shares were down by 2.5p at 851p. Blue-Chips AstraZeneca (AZN) reported positive results from its phase III KODAC trial which evaluated the safety and effectiveness of Naloxegol, a drug designed to treat opioid-induced constipation. Analysis of the data indicated statistically significant results and suggested there were no clinically relevant imbalances in serious adverse events. Naloxegol is part of a exclusive worldwide license agreement announced on 21st September 2009 between AstraZeneca and Nektar Therapeutics. Shares in the pharmaceutical giant were down by 13.5p at 2,852p. Russian precious metal company Polymetal International (POLY) reported a 7% increase in proven and probable gold reserves to 15.3 million ounces of gold equivalent as at 1st July 2012. The estimate relates to 4 deposits; the Tsokol and Avlayakan deposits which are already in production and the Ozerny and Dailny deposits which are expected to start producing ore and generating cash flows in the next 18 months. The shares grew by 35p to 1,149p. 
Mid Caps Funeral services provider Dignity (DTY) reported a 8.7% increase in revenues to 169.4 million pounds for the 3 month period to 31st October 2012. Underlying profit increased to 53.4 million pounds, largely driven by a growth in pre-arranged funeral plan sales. The firm has also opened a crematorium in Essex, taking the number of crematoriums in its portfolio to 37. The shares gained 12p to 935p. Housebuilder Taylor Wimpey (TW.) revealed that sales rates since the start of July have been similar to last year, with an average net private reservation rate of 0.57 sales per outlet per week, compared to 0.56 last year. The company has also revealed that it has purchased 3,436 plots on 33 new sites this year, including Chobam Manor, the first residential phase of the redevelopment of the Queen Elizabeth Olympic Park in London. Shares in the company dropped by 0.2p to 58.75p. 
Train and bus operator Firstgroup (FGP) has sold its Birkenhead and Chester bus business to Stagecoach Limited for a consideration of 4.5 million pounds. This is part of the firm's strategy to restructure its UK bus division in order to focus on areas that offer the best growth potential. In light of this, the Birkenhead and Chester business had lower than average margins and were elected to be sold. Firstgroup shares lost 0.5p to 188.5p.
Small Caps, AIM and PLUS Macau Property Opportunities Fund (MPO) announced the value of its property portfolio increased by 2.6% to $385 million (242 million pounds) over the three months ended 30th September 2012. The value of its portfolio was boosted by an increase in demand for its ultra luxury residential apartment complex in Macau,"the Waterside", as rents for standard and special units increased by 17% and 9% respectively year-on-year. The shares closed up by 4p at 111p. Valiant Petroleum (VPP) has extracted the first oil from the Causeway Field, in which it owns a 64.5% stake. The site, located in Block 211 of the UK Northern North Sea, is now producing at a rate of 4,500 barrels of oil a day. Due to start-up delays and production performance to date at Causeway, Valiant's production in 2012 is anticipated to average around 6,500 bopd, lower than the c.7,000 barrels which the market was expecting. Broker N+1 Singer has a 414p target price and a "sell" stance on the shares, which lost 2.5p to 437.5p. Ithaca Energy (IAE), the oil and gas production company, posted pre-tax profits of 14.9 million dollars (9.4 million pounds) for the 3 months ended 30th September 2012. This was down 4.5% on the same period last year but up from 4.4 million dollars (2.8 million pounds) in the second quarter this year. This rise in profits was driven by a 28% increase in export production over the second quarter. The shares grew by 2.25p to 128p. 
Technology group Turbo Power Systems (TPS) reported a 23% decrease in revenues to 3.56 million pounds for the 3 month period ended 30th September 2012. The firm also reported a net loss of 1.67 million pounds for the quarter, which included costs of 0.46 million pounds of one-off costs relating to reorganisation and a provision for impairment of an intangible asset. This comes after the company made a profit of 0.94 million pounds last year. The shares tumbled by 0.02p to 0.18p UBC Media Group (UBC) has been awarded a contract to supply digital video content to Yahoo UK and Ireland in a new partnership deal. UBC's media entertainment division will supply Yahoo with tailor made showbiz videos seven times a day in addition to other updates from the world of film, music and television. As a result, UBC will receive an undisclosed revenue share from advertising around the videos sold by Yahoo. Shares in the company shot up by 0.125p to 2.25p as it also announced operating losses were reduced by 28% to 355,000 pounds in the six months to September. Agriterra (AGTA), the pan-African agricultural company, announced a 1.8% increase in group revenues to 13.8 million dollars (8.7 million pounds) for the year ended 31st May 2012. However, operating losses increased from $2.3 million (1.45 million pounds) to $6.8 million (4.3 million pounds). The company attributed the increase in losses to the investments it has made in its beef and cocoa operations, as well as an increase in the cost of sales. The shares fell by 0.04p to 3.12p. | 
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