| From UK-Analyst.com: Monday 22nd April 2013
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The Markets According to credit rating agency Fitch, the crucial factor in whether Britain can regain its AAA sovereign debt rating will be whether or not the economy will return to sustainable growth in the next couple of years. Last week Fitch followed fellow ratings' agency Moody's by stripping Britain of its top-grade AAA status but gave Britain a "stable" outlook, unlike Moody's which allocated a "negative" outlook back in February. Fitch is adamant that Britain must avoid Japan's fate of more than a decade of stagnation if it is to regain the coveted AAA rating. David Riley, an analyst at Fitch, commented, "The biggest question mark that continues to hang over the UK is the economic recovery. If it's more of a Japan scenario, then the UK rating would come under pressure again. But from our perspective it is too early to make that call" George Osborne is expected to announce an extension to the Bank of England's Funding for Lending Scheme in the coming weeks, succumbing to pressure to slow down the pace of his austerity measures. The scheme came into effect last year in an attempt to stimulate lending to small businesses by allowing banks access to relatively cheap loans to pass on to their customers. The impact of the scheme has not yet been convincing, with figures revealing that banks have since loaned out less money since the scheme was in place. The exact details of the extension should be revealed by Mr Osborne early next month. John Longworth, Director General of the British Chambers of Commerce, commented, "Much will depend on lenders' appetite for risk, but widening the types of business finance covered by the scheme can only be a positive move" The Italian stock market reacted positively to news of the election of 87-year-old Giorgio Napolitano in a move which marked the end of two months of political deadlock. The political landscape in the Eurozone's third largest economy has been in limbo since an inconclusive vote in February split the parliament between three parties. The political instability has compounded a period of deep recession, characterised by a wave of bankruptcies and spiralling unemployment in Italy. Vicenzo Longo, Market Strategist with IG Italia, stressed, "The market reaction is justified by expectations Napolitano will form a new government quickly, possibly within a week". At the London close the Dow Jones was down by 66.46 points at 14,481.05 and the Nasdaq lost 10.54 points to 2,791.00. In London the FTSE 100 was down by 5.97 points at 6,280.62; the FTSE 250 finished 25.23 points lower at 13,591.49; the FTSE All-Share slipped by 6.08 points to 3,307.92; and the FTSE AIM Index fell by 3.67 points to 701.71.  Broker Notes Panmure Gordon retained its "buy" recommendation on online gaming group Playtech (PLAY) with a 728p target price. The broker is encouraged with recent progress and expects the group to report strong top-line growth, in-line with its recent trading update in the upcoming Q1 IMS. Furthermore, Panmure feels that Playtech is well placed moving into 2013 due to the launch of a number of new licences onto the Playtech platform in Q4 2012 as well as a new online agreement with industry giant Ladbrokes. The shares were up by 17p at 616p. Shore Capital maintained its "sell" recommendation on insurance group Aviva (AV.) on speculation that the group is considering a 650 million pound bid for the general insurance business of the Co-Op. The broker feels that such a move would be detrimental to the group, adding another set of integration issues to the plethora of legacies which already exist. The broker also stressed that such a deal would increase the group's exposure to the "fog" surrounding the UK personal motor insurance industry, including gender pricing and telematics issues. The shares slipped by 0.3p to 295.3p. Canaccord Genuity re-iterated its "buy" recommendation on online video advertiser Blinkx (BLNX) with a 125p target price. The broker feels that Blinkx is ideally positioned to take advantage of the rapid structural growth in online video and the general trend of re-allocated advertising spend away from traditional formats such as display, printed media and linear TV to online video and mobile. Furthermore, Canaccord notes that the shares trade on 1.8x forecast 2014 revenues, a meaningful discount to peers such as Valueclick (2.6x), Yahoo! (4.4x) and Google (3.9x) despite exhibiting more rapid growth than these groups. The shares finished 0.5p lower at 78.5p. 
Blue-Chips Consumer products group Reckitt Benckiser (RB.) announced a 7% increase in revenues to 2.5 billion pounds for the first three months of 2013. The group attributed the rise to a strong performance from its Health & Hygiene divisions as a more pronounced cold and flu season increased the demand for Strepsils and certain Nurofen products. Recent broker consensus on the stock has been rather mixed with both Deutsche Bank and Bank of America retaining their "buy" recommendations last week, while Investec and Liberum Capital stuck to their "sell" stances. The shares fell by 63p to 4,646p. TV broadcaster ITV (ITV) announced that it has acquired 100% of "The Garden", a production company which is responsible for shows such as 24 Hours in A&E and Inside Claridge's. ITV has committed to paying an initial 18 million pounds as well as a further cash payment payable if significant profit growth is achieved over the next 5 years. The acquired production company generated an operating profit of 2.5 million pounds in 2012. The shares inched up by 1.1p to 124.3p. 
Mid Caps Communications group Spirent Communications (SPT) revealed that it has suffered because of a "more pronounced" than expected slowdown in its markets over the first three months of this year. As a result of the reduced demand for its services, group revenue was down by $20.6 million (13.5 million pounds) to $96.8 million (63.5 million pounds) with operating profit significantly under last year's recorded results. The group went on to reveal that it expects results for the second quarter to be similar to that of the same period last year in terms of revenue generation. The shares increased by 0.4p to 122.4p. Online gambling group Betfair (BET) revealed that it has rejected a buy-out offer from CVC Capital Partners Limited. Betfair revealed that CVC submitted an offer for the company at an offer price of 880 pence per Betfair share in cash, as well as unlisted securities comprising shares and loan notes in a new entity to be incorporated to implement the proposal. The betting group rejected the proposal on the basis that it "fundamentally undervalues the company and its attractive prospects...". The shares grew by 33.5p to 838.5p. Mining group Bumi (BUMI) warned that it will not be able to publish its audited full year results before the end of the month and, as a result, has requested that the company's shares be temporarily suspended. The delay seems to be centred on uncertainty surrounding the integrity of a number of items on the balance sheet of its subsidiary PT Berau Coal Energy Tbk. The group now expects the results to be released early in May which, in turn, will allow the shares to be traded again. The shares were valued at 259.3p before suspension.  Small Caps Business support software provider NetDimensions (NETD) announced a 12% increase in revenues to $13.8 million (9 million pounds) for 2012 but posted a loss of $0.2 million (0.13 million pounds) after recording a profit of $0.64 million (0.42 million pounds) for 2011. At a meeting with the company today, management cited increased investment in staff and offices around the world as reason for the unflattering numbers and insisted that the group is laying the foundations for future growth. The company - which helps its clients keep their processes up to date with changing regulations in a multitude of sectors - intimated that it will soon be looking to break into the growing Brazilian market after successful expansions into territories in Asia and Germany. The shares were down by 1.5p at 41p. Advanced Oncotherapy (AVO), the medical technology firm, revealed that its new single dose form of intraoperative radiation therapy has been successfully used at two hospitals in the UK. The breast cancer treatment was used at BMI Chelsfield Park Hospital and the Montefiore Spire Hospital in Hove and uses technology which reduces radiation exposure to healthy tissue and organs. According to the company, another major benefit to the treatment is that patients can return to their normal life and daily routines more quickly with this treatment because the surgery and radiation are administered at the same time. The shares swelled by 0.075p to 1.1p. Snoozebox (ZZZ), the manufacturer of portable accommodation, revealed that its 2012 revenues will show a "material shortfall" compared to the amount which was suggested in its trading update earlier in the year. At the end of January the group said it anticipated full-year revenues to exceed expectations following the success of the leisure company's portable hotel services. However, the company has now conceded that revenues will be lower than these expectations, at around 3.78 million pounds, due to the requirements for recognition of income under IFRS. The company went on to say that some of the shortfall may in fact be reversed and be recognised in the current year and stressed that it remains confident on the prospects of the group this year as it has a "strong pipeline of event related and other deployments". The shares dived by 11.25p to 57p. Flight simulating software provider SimiGon (SIM) announced a 24% increase in revenues to $6.81 million (4.5 million pounds) for 2012 while net profits were up by 97% at $0.69 million (0.45 million pounds). The group attributed the uplift in numbers to a multitude of new contracts which were secured over the year in the aerospace and defence sectors. One particular contract of note was the provision of its training and simulation technology to the entire armed forces of an unnamed South American country. The shares were up by 3.75p at 22p. Bglobal (BGBL), the smart energy group, expects its results for the year ended 31st March 2013 to show that the company has broken even as a result of "challenging" trading conditions. Bglobal went on to stress that its Utiligroup arm has seen strong interest in the software and services it provides, especially in its "Supplier in a Box" product, in a trend which has helped to build Utiligroup's recurring revenue stream and improve group margins. The shares fell by 0.5p to 7.38p. Self storage group Lok'n'Store (LOK) revealed that revenues were up by 2.2% at 6.55 million pounds for the six months ended 31st January while pre-tax profits grew by 64.2% to 0.77 million pounds. Self-storage unit occupancy was up 8.4% with extra capacity now being provided by the newly opened sites in Crawley, Maidenhead and Aldershot, in openings which take the group's portfolio to 25 sites. The shares jumped by 6p to 124p. | 
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