| From UK-Analyst.com: Friday 12th April 2013
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The Markets UK construction output grew modestly in February according to figures from the Office for National Statistics (ONS). The figures show a 5.5% month-on-month uplift in activity which, although positive, is a smaller increase than typically observed at this time of year. Looking at construction data in a wider context, output levels are still well below pre-financial crisis numbers, as output levels in the last quarter of 2012 were 16.5% lower than the output achieved back in the first quarter of 2008. It remains unclear what impact these results will have on GDP figures for the first quarter of the year as economists brace themselves for the prospect of a "triple-dip recession". Brian Hilliard, Economist at Societe Generale commented, "The month-on-month increase in February sounds encouraging but still leaves output well below the level seen before the winter weather set in December." According to housing market research group Acadametrics, the average cost of a home in England and Wales grew by 0.2% to 230,078 pounds in March. The increase represents a seventh successive month of hikes, leaving the current average price at a five year high. However, the figures do not paint a representative picture of the UK as a whole, with London and the South-East significantly distorting the headline-grabbing average UK figure. Excluding London from the annual house price increase of 3% that these figures imply, the average national rise would stand at only 0.5%, representing a 2.5 percentage point discrepancy - the biggest divergence since 2005 when this measure was first recorded. Eurozone finance ministers met in Dublin where its thought discussions on the best ways to tackle the problems facing Cyprus, Portugal and Ireland will be high on the agenda. The final bailout package for Cyprus is expected to be rubber-stamped as the fine details of how Cyprus will raise 10.6 billion euros (6.9 billion pounds) from measures such as the resolution of Laiki Bank and the bail-in of Bank of Cyprus. It is also predicted that Ireland and Portugal will be granted seven-year extensions on the maturity of their loans.
At the London close the Dow Jones was down by 44.73 points at 14,820.41 and the Nasdaq fell by 17.28 points to 2,841.79. In London the FTSE 100 was down by 33.83 points at 6,382.31; the FTSE 250 finished 67.89 points down at 13,900.19; the FTSE All-Share lost 17.43 points to 3,366.43; and the FTSE AIM Index slipped by 0.05 points to 728.71.  Broker Notes Panmure Gordon re-iterated its "buy" recommendation on bookmaker William Hill (WMH) with a 475p target price. The broker expects the group to continue to make bolt-on acquisitions, most likely in North America, as it seeks to become a 5 billion pound market cap company in the medium-term. The stock trades on a 2014 adjusted P/E multiple of 13, a sharp discount to rival PaddyPower which trades on a multiple of 20. The broker acknowledges that William Hill and Paddy Power shouldn't necessarily trade on identical multiples but is adamant that this valuation gap is too large. The shares slid by 7.4p to 387.8p. Shore Capital maintained its "buy" recommendation on tool hire firm Speedy Hire (SDY), expecting modest growth in the UK and strong growth overseas. Along with strong growth in the international business, the broker anticipates progress in terms of margin and expects growth of 7.1% for the year ended March, up from 6% in the previous year. Shore Capital is also impressed with the group's continued debt cutting initiatives which has driven down current debt levels to 70 million pounds. The shares were 0.25p lower at 49.75p. Cantor Fitzgerald retained its "buy" stance on fashion retailer SuperGroup (SGP) with a 750p target price. The broker is impressed with the Womenswear business, which has been "significantly improved" over the last six months, boosted by a broadening of ranges in denim, knitwear and outerwear. Cantor Fitzgerald goes on to stress that the shares trade at a material discount to peers such as Ted Baker and Sports Direct on its current P/E multiple of 15. The shares climbed by 19p to 694p. ADVERTISEMENT 
Chartwell Black is a boutique commodities brokerage based in the City of London. Alongside a number of global affiliates, and with a strong focus on capital growth opportunities, Chartwell Black facilitates the physical delivery of hard commodities. Blue-Chips Insurance group Aviva (AV.) has completed the sale of its 49% interest in CIMB Aviva Assurance Berhad and CIMB Aviva Takaful Berhad to Sun Life Assurance for a consideration of 152 million pounds. The move is in line with the group's strategy of streamlining to focus on its businesses which enjoy market leading positions. The news caps an eventful week for the group as Craig Thornton and Ronnie Taylor were appointed as heads of the Halifax & Lloyds TSB Insurance division and Scottish Widows arm respectively. The shares fell by 3.8p to 302.7p. Temporary power supplier Aggreko (AGK) revealed that group revenues grew by 8% in the three months to 31st March 2013, with 17% more power on rent than a year ago. The metrics have been boosted by a contract secured to provide 122 MW of cross-border power to Namibia and Mozambique. Aggreko goes on to say that trading conditions for its Power Projects division remains "subdued" but stressed that expectations for 2013 remain unchanged from previous guidance. The shares were up by 31p at 1,792p. Mining group Rio Tinto (RIO) confirmed that it has suspended operations at its Bingham Canyon mine after a slide occurred on the North-Eastern wall of the project. The slide occurred along a geotechnical fault line of the wall following an acceleration of movement in recent weeks according to the miners. Experts are currently assessing the extent of the slide and no time frame for the recommencement of operations has been released. The shares dived by 59.5p to 3080.5p. ADVERTISEMENT Spreadbet the major resources companies at t1pspreadbetting.co.uk - as well as other Equities, Stock Indices, Commodities, Bonds & Forex - CLICK HERE to open an account at our brand new trading platform Mid Caps Asset manager Segro (SGRO) has acquired Zeran Park II, a group of warehouses with office space, in Warsaw for 43.2 million euros (36.9 million pounds) from AREA Property Partners and Apollo-Rida Poland. The assets are approximately 85% occupied with a weighted average unexpired lease term of 3.5 years and currently generate approximately 3.3 million euros (2.8 million pounds) of annualised rental income, representing a net initial yield of 7.5%.The shares jumped by 3.3p to 262.3p. Pharmaceutical group BTG (BTG) confirmed that its treatment for varicose veins, Varisolve, has been accepted for review by the U.S. Food and Drug Administration. The injectable, foam-based drug is seen as pivotal in the group's ongoing transitional period as it attempts to shift from a company that buys up patents and licenses them out to an entity which markets its own products. A decision on the drug - which BTG claim could generate sales of $500 million (325.4 million pounds) per annum - is expected in the first half of next year. The shares swelled by 2p to 356.8p. Small Caps & AIM Construction group Speymill (SYG) expects to book a 3.69 million pounds impairment against the value of its German properties. This comes after a formal external valuation of the group's German investment properties suggested that the property valuations which were originally in place were over inflated. The group also confirmed that its contracts division exhibited a 4 million pounds loss for the year ended 31st October 2012. The shares ended 0.025p lower at 0.675p. Oil and gas exploration group Trap Oil (TRAP) has abandoned its Scotney well in the UK North Sea after no oil was found. The firm, which has a 12.5% interest in the license, went on to say that there are no plans to conduct any further tests at the site after the well was drilled to its target depth 10,600 feet. The shares dived by 2.625p to 11p. Energy services group Vialogy (VIY) has secured extra work from Chevron to map reservoirs in the Delaware basin ahead of horizontal drilling. Vialogy will use its QuantamRD mapping technology to "tease out" zones of interest below the resolution of 3D seismic scans. The group claim that its technology could produce results of standards "not seen thus far in the industry" in terms of designing wells with maximum efficiency. The shares grew by 0.05p to 1.35p. 
Communications provider Alternative Networks (AN.) claimed that trading in the 6 month period ended 31st March has been "steady" with results consistent with full year management expectations. The company claims that the period was characterised by managed service wins and cross-selling success in its advanced solutions division. However, Alternative Networks concedes that revenues from its Network division remain subject to competitive pressures and regulatory impacts which has resulted in a slowing of growth in that particular business over the period. The shares dropped by 6.11p to 313.89p. Bus manufacturer Optare (OPE) announced that it has received an order from Nottingham City Council for the purchase of 20 electric buses in a deal worth in excess of 4 million pounds. The contract represents one of the largest orders for electric buses placed in the UK. Alongside the obvious environmental benefits, Optare claims that the introduction of its busses will provide a quieter and smoother travel alternative for passengers. The shares increased by 0.036p to 0.37p. US-based oil and gas producer Nostra Terra Oil & Gas (NTOG) has taken a 2.2% working interest in a fifth horizontal well ("CT5") in the Chisholm Trail Prospect, located in Oklahoma. The recently spudded well is the latest of 5 wells in the Chisholm play in which Nostra Terra has taken a working interest in - the previous four have all exceeded management's expectations in terms of production. The shares edged up by 0.01p to 0.5p. | 
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