Friday 22 March
QUOTE OF THE DAY
"Balanced budget requirements seem more likely to produce accounting ingenuity than genuinely balanced budgets. ”
Thomas Sowell
Further downside in RBS?
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by top technical analyst Zak Mir of Zaks-TA.com
THIS MORNING IN LONDON
FTSE 100
6,410.76
22.21 0.35%
FTSE 250
13,996.50
15.68 -0.11%
FTSE 350
3,450.75
10.81 0.31%
FTSE All Share
3,381.97
10.01 0.30%
AIM 100
3,294.26
-40.54 -1.22
AIM All Share
735.66
-6.40 -0.86%
13:35 pm
THOUGHT FOR THE DAY
Hello Share Folk,
It is always a bit of a shock when shares start to fall in value, after we’ve had a decent bull run. But we shouldn’t be surprised or, indeed, fed up. Because we cannot expect shares to keep on rising.
That would be totally unrealistic. And the Stock Market is a very real place, in the sense that there are more disappointments than nice surprises.
CLICK HERE for the full article
by Richard Gill
The decision by George Osborne to scrap the 0.5% stamp duty on AIM shares in yesterday’s Budget was quite rightly welcomed across the investment industry.
However, I have a number criticisms of the decision from the perspective of both AIM quoted companies and the typical private investor...
CLICK HERE for the full article
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REPORT OF THE DAY
Red Rabbit Gold Project looks likely to see construction begin in the 4Q 2013 pending a positive Environmental Impact assessment with production in 2014. Going forward joint venture partner is funding to gain a 50% stake.
Big potential uplift in value from a major gold discovery in Turkey through joint venture with Eldorado Gold Corporation in NE Turkey and a 11.5% stake in Tigris Resources in SE Asia. Agreement with Newmont will give Ariana access to a database on Turkey that took twenty years to assemble.
Valuation based on Ariana’s interest in the Kiziltepe Sector of Red Rabbit and the 49% interest in the Eldorado joint venture is 5.1p.
CLICK HERE TO DOWNLOAD THE FULL REPORT
THIS MORNING IN LONDON
Markets cautious on critical day for Cyprus
European stocks were making moderate gains on Friday morning but the mood on financial markets was cautious with the focus firmly on Cyprus ahead of pivotal day for the country's future in the Eurozone.
According to government spokesman Christos Sylianides this morning, the "next few hours" are key as parliament convenes to vote on measures. He told reporters in a government statement that the Cyprus and the Troika are in "hard negotiations [...] in order to conclude solutions that will save the banking system, the economy in general and will bring back calmness in the country".
He classified this afternoon as "really critical hours" and transmitted the government's message that "everyone must demonstrate the highest level of responsibility".
Reports this morning suggested that Cyprus could be looking to restructure two of its banks and force losses on big depositors, sparing those with deposits of less than €100,000 from any levies. This follows an overwhelming rejection of a proposed raid on all customer accounts earlier this week.
Analysts at Bank of America Merrill Lynch said this morning that a workable deal for Cyprus should: " address debt sustainability concerns; be acceptable to the Cypriot Parliament, but also Germany's Parliament and the rest of the Eurozone; provide sufficient support to the banking sector to avoid substantial withdrawals of deposits; and address the risks to economic growth."
They said: "Without a deal, we see a risk that Cyprus could be faced with a disorderly default and euro exit."
CLICK HERE FOR THE DAY'S FASTEST MOVING STOCKS
FTSE 100: BP jumps after share buyback announcement
Oil giant BP was a high riser after saying that it intends to carry out a share repurchase programme with a total value of $8.0bn. The decision to buy-back shares follows the completion of the sale of BP's 50% interest in TNK-BP to Russian oil company Rosneft. Market forecasts were for a buyback closer to $5-6bn.
Heading the other way was high-end fashion group Burberry which sunk in sympathy with sector peer Mulberry after the latter warned on profits this morning. Mulberry said that trading since Christmas has been "disappointing" reflecting a reduction in tourist spend in London.
Banking stocks were also under pressure today with RBS, Lloyds, Standard Chartered and HSBC in the red. HSBC was shrugging off an upgrade by Bank of America, while Lloyds was lower on concerns that a poor financial performance from the Co-Op in 2012 could ruin plans for the group to take over hundreds of Lloyds branches.
Energy provider National Grid gained after HSBC lifted its rating on the stock to 'overweight' and raised its target price from 780p to 850p.
FTSE 250: HomeServe drops on job losses
Home energy repairs group HomeServe was registering heavy losses early on after saying that a fall in customer numbers next year will lead to the loss of 300 jobs. Nevertheless, the firm said that it will likely meet forecasts for the year to March 31st.
Closed life fund consolidator Phoenix was a high riser after unveiling strong full-year results, underpinned by solid cash generation from its operating companies. Cash generation was £690m, at the upper end of the £600-700m target range.
Publishing and events group Euromoney was lower after saying that due to the on-going difficulties in the Eurozone total revenues for the half year ended March 31st are expected to show a headline decrease of around 1.0% year-on-year.
CLICK HERE FOR THE DAY'S FASTEST MOVING STOCKS
WHAT THE BROKERS SAY
Panmure Gordon has retained its 'sell' rating and 145p target price for home emergency repairs group HomeServe, saying that Friday's profit warning raises questions about dividend sustainability. Canaccord Genuity has kept its 'hold' rating and 500p target price for oil giant BP but has said that Friday's announced share buyback is bigger than the market had expected.
Bank of America Merrill Lynch has taken a less bearish view on global banking group HSBC and moved its recommendation from 'underperform' to 'neutral'.
Afren: Nomura shifts target price from 175p to 180p keeping a neutral rating.
Click here for the rest of the broker recommendations
THE LATEST ON THE CRAZY BOARD
The top 5 hot company threads on the Bulletin Board:
Thomas Cook Group PLC (tcg)
JUDGES CAPITAL (JDG) - All rise for the Judge??
ADVANCED COMPUTER SOFTWARE (ASW)
JARVIS SECURITIES(JIM)Stockbroking/Invest'nt Admin
MICHELMERSH BRICK HOLDINGS(MBH)-"Character Bricks"
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Regards,
ShareCrazy
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