| | Sunday 23 December 2012 THAT WAS THE WEEK THAT WAS I Won't Get Stuck Up the Chimney By Malcolm Stacy Hello Share Shakers,
It's not been a bad year for shares. Most of my fellow Crazies seem to be clawing back previous losses now. And the Footsie is nudging reasonable levels, even if we are still rather a long way short of the old record, which was set quite a few years ago now.
This were the day, eh, gang? Every time you checked your portfolios, you found yourself a little bit richer. And, on some days, quite a bit richer.
We've never been in such a happy state as that magic date when the Footise very nearly touched 7,000. Will that time ever return? Well, it's certainly a lot harder to make money out of stocks than it was then.
And yet, I think I read that dividends have never been quite so high. So if you hold onto a cash- generating company for a long time, you can make quite a lot of gelt out of dividend payments alone.
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The Week In Review The FTSE 100 closed up 18 points on the week at 5,940.
Equity view
Temporary power and temperature control solutions group Aggreko saw shares plummet on Monday after giving a gloomy outlook for next year, saying that its performance would likely be lower than the 2012. The company said that comparators in 2013 will be tough owing to the one-off Olympics boost this year, lower Military revenues and uncertainty surrounding a contract with a Japanese client.
Oil titan BP agreed to sell its interest in the Sean gas field in the UK North Sea to SSE for €288m in cash. Both stocks were in the red.
Egypt-focused gold mining and exporting company Centamin said that the halt by customs on gold exports from Sukari has been lifted and a shipment was made on Sunday December 16th. The group confirmed on Thursday that operations at the mine had resumed.
Imagination Technologies signed a revised agreement to acquire a $100m stake in MIPS Technologies, after its original $60m offer in November triggered a bidding war with CEVA Inc.
The Department of Work and Pensions confirmed that security solutions group G4S is among six companies on its list of potential bidders for welfare-benefit call-centre contracts worth £150m over four years.
Oilfield services giant Petrofac reiterated its target of achieving net profit growth of at least 15% this year, saying that operations continue to perform in line with expectations.
Whitbread said that it has raised £51.04m from the sale and leaseback of seven Premier Inns and joint-site restaurants. The price represents a profit over book value of £19.6m.
Engineering group Rolls-Royce signed a $1bn contract, at list prices, with Japan's Skymark Airlines for Trent 900 engines to power six Airbus A380 aircraft.
Airline group IAG said that its subsidiary British Airways is set to launch a new route to the Chinese city of Chengdu.
Distribution and outsourcing firm Bunzl said that group revenue growth in 2012 is expected to be 6% at constant exchange rates.
Aerospace and defence giant BAE Systems said that if it cannot agree on contract negotiations with the Saudi Arabian government regarding the supply of Typhoon aircraft, it would reduce the group's full-year underlying earnings per share by approximately three pence per share.
Carnival , the largest cruise company in the world, reported a fall in full-year revenues, from $15.8bn to $15.4bn, after what it called its most challenging year ever.
Engineering solutions group Weir it is to buy pressure control rental equipment firm Mathena for £148m.
Outsourcing giant Serco said that it is on track to meet expectations for 2012 as it announced the sale of two operations at a loss. The firm said it expected to deliver a year of strong total revenue growth, including good organic growth.
Economic news
The minutes of the Bank of England's Monetary Policy Committee (MPC) showed that the MPC voted eight-to-one in favour to keep its asset purchase programme at £375bn in this month's meeting. The MPC voted unanimously to keep the Bank Rate at 0.5%.
UK gross domestic product (GDP) in the third quarter expanded at a 0.9% rate from the preceding three months. This final estimate was worse the initial 1% increase forecasted.
UK public sector net borrowing was weaker than expected in November, fuelling fear that Britain is moving closer to losing its treasured AAA credit rating. Borrowing came in at £17.5bn in November, £1.2bn higher net borrowing than a year before and above expectations of £16bn.
A new report said that government plans to create a 'ring fence' between banks' retail and investment operations fall well short of what is required. The Parliamentary Commission on Banking Standards has called on the government to "electrify" the ring fence to stop banks taking advantage of loopholes.
International events
President Barack Obama on Monday night proposed raising taxes for those that earn over $400,000, a higher threshold than the $250,000 annual salary he had previously targeted.
Standard & Poor's upgraded its rating for Greece from 'selective default' to 'B-minus' to reflect "our view of the strong determination of Eurozone member states to preserve Greek membership", the ratings agency said.
The IFO institute reported that the German business climate index improved to 102.4 in December, above the 101.4 reading the month before and ahead of the 102.0 forecasts. Meanwhile, while the current assessment survey missed estimates, the expectations survey provided a beat.
US gross domestic product (GDP) expanded at an adjusted annual rate of 3.1% in the third quarter, well ahead of the previously estimated 2.7% growth forecast.
Republican House speaker John Boehner on Thursday night was forced to withdraw his "Plan B" for dealing with the fiscal cliff due to a lack of support in the House of Representatives.
ALTERNATIVE BET OF THE WEEK Your local betting shop may be great for the footie, but you must go online for the truly weird bets.
This week: What will be the first cliche in the the Queen's Christmas Speech?
Singles Only. Applies to the first from the below list that the Queen says EXACTLY in her 2012 Christmas speech.
| Olympics | 13/8 | | Jubilee | 7/4 | | My husband & I | 4/1 | | Great grandchild | 4/1 | | William | 7/1 | | Zara | 12/1 | | Duchess of Cambridge | 14/1 | | Abdicate | 16/1 | | Charles | 16/1 | | Harry | 16/1 | | David Cameron | 20/1 | | The Pope | 20/1 | | Terrorism | 25/1 | | Eurozone | 33/1 | | Barack Obama | 33/1 | | London Mayor | 40/1 | | Pippa | 66/1 | | X Factor | 66/1 | | Yes We Can | 66/1 | | Jedward | 66/1 | | Mitt Romney | 80/1 | | Another Annus Horribilis | 100/1 | | Rihanna | 100/1 |
Regards,
ShareCrazy
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