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The Markets According to the Office for National Statistics (ONS), the UK budget deficit fell during the 2012/13 financial year, providing temporary relief for chancellor George Osborne amid increasing criticism. The ONS numbers revealed that public borrowing stood at 120.6 billion pounds for 2012/13, down from the 120.9 billion pounds which was borrowed in 2011/12. The figures come at the end of a tetchy week for Osborne after credit rating agency Fitch stripped the UK of its AAA rating and the IMF directed criticism at the Chancellor's austerity policies. However, the figures did not convince everybody. Victoria Clarke, an Economist at Investec, commented, "The bigger test will be if (Osborne) can continue to meet the forecasts for the years ahead, and we think it's looking vulnerable because of the weakness of the euro area, which could decrease tax revenues and mean higher spending pressures." Sales of UK homes rose by 24.2% in March on a month-on-month basis to 81,140, in a realisation of the expected seasonal uplift. However, the figure was still 5,580 lower than in March 2012. The figures also mask the variability in activity across different parts of the UK, with London and the South East again pushing up the numbers. David Newnes, director of LSL Property Services, said, "The regional picture remains more complicated. March witnessed even more divergence between London and the rest of the country. But the overall picture is clear. With only modest improvements in the UK's housing supply, rents will keep being forced upwards." Manufacturing activity in China, the world second largest economy, has slowed during April on a drop in global demand for its products according to findings from HSBC. The preliminary HSBC Manufacturing Purchasing ManagersÂÂ' Index (PMI) fell to 50.5 in April from a final 51.6 in March, edging closer to the 50 mark which separates growth from contraction Qu Hongbin, an Economist with HSBC in Hong Kong, said, "New export orders contracted after a temporary rebound in March, suggesting external demand for ChinaÂÂ's exporters remains weak. " At the London close the Dow Jones was up by 139.08 points at 14,706.25 and the Nasdaq grew by 29.12 points to 2,839.19. In London the FTSE 100 was up by 125.50 points at 6,406.12; the FTSE 250 finished 225.97 points higher at 13,817.46; the FTSE All-Share grew by 63.66 points to 3,374.13; but the FTSE AIM Index slipped by 1.32 points to 699.66.  Broker Notes Canaccord Genuity retained its "buy" recommendation on digital communications group Next Fifteen (NFC) with a 130p target price. The broker feels that the sector-wide shift to digital represents a significant medium-term growth opportunity for Next Fifteen as it taps into much larger global marketing budgets. Canaccord goes on to explain that these trends will ultimately feed through into higher margins and uses this as the cornerstone of its "buy" recommendation. The shares were down by 16p at 97.5p. Daniel Stewart retained its "buy" stance on online gaming group 888 Holdings (888) with a target price of 200p. The broker was impressed with 888's Q1 results which showed that revenue was up by 9% to $103 million (67.4 million pounds) boosted by a 27% increase in revenues from emerging markets. The stock trades on c.11 times forecast 2013 EBITDA, which the broker acknowledges is toward the top end of the peer group range. However, Daniel Stewart feels this multiple is justified given the double digit growth exhibited with the core B2C poker and casino businesses. The shares inched up by 2.3p to 168.8p. Cantor Fitzgerald retained its "buy" recommendation on oil exploration group Providence Resources (PVR) with a target price of 1,530p. The broker is encouraged that drilling has commenced at Dunquin, the Exxon operated exploration prospect off the west coast of Ireland. Cantor believes that the prospect is fully under explored at present and that success at Dunquin could generate 1.85 pounds per share of risked upside. The shares slipped by 2.5p to 615p.
Blue-Chips Associated British Foods (ABF) posted a 10% increase in revenues to 6.3 billion pounds for the 24 weeks ended 2nd March, while adjusted pre-tax profits were up by 25% to 495 million pounds. The group attributed this improvement to a 24% uplift in sales from its retail chain Primark, in an increase boosted by a good trading performance in continental Europe. The group's sugar business generated an operating profit of 163 million pounds, down from the 172 million pounds it recorded in the previous year as a deterioration in Chinese trading conditions took its toll. The shares were up by 149p at 1,999p. Microchip manufacturer ARM Holdings (ARM) announced a 28% increase in revenues to 170.3 million pounds for the first three months of the year, with pre-tax profits rising by 44% to 89.4 million pounds. ARM cited strong licensing and record royalty revenue as reasons for the improvements and said it expects full year results to be at least in line with current market expectations. On the surface, the results seem to be at odds with the "sell" recommendations which both Liberum Capital and Societe Generale retained last week. The shares reached 972p, rising by 103p. Engineering giant Rolls Royce (RR.) declared that it will sell its 50% shareholding in the RTM322 helicopter engine programme to Turbomeca for a cash consideration of 293 million euros (250 million pounds). Turbomeca will go on to assume sole responsibility for the design, production and support of the RTM322 engine, which powers the Apache, EH101 Merlin and NH90 helicopters. The work will be transferred over a three year period to minimise any disruption with the transaction itself due to be complete before the year end. The shares jumped by 37p to 1,150p. Mid Caps Oil exploration group Premier Oil (PMO) has discovered oil at its Bonneville site in the UK and has uncovered gas at its Matang project in Indonesia. The discovery of oil at its Bonneville site, four kilometers away from the Burgman discovery in the UK North Sea, manifested itself with "excellent quality reservoirs" exhibiting "average porosities of approximately 30%" with in situ reserves estimates at 30 million barrels. The group also confirmed that its 41.67% owned Matang-1 exploration well in Indonesia had encountered gas and further testing will now take place. The shares ended 14.7p higher at 365.8p. IT group Aveva (AVV) revealed that it has performed in line with expectations for the six months ended 31st March, benefiting from good demand for its engineering and design systems within the oil and gas sector. The group also confirmed that its Enterprise Solutions division moved into profitability for the first time after strong revenue growth over the period. The update prompted Sanlam Securities to upgrade its "sell" recommendation to a "hold". The shares grew by 96p to 2,159p. Carpetright (CPR) announced that like-for-like sales were up by 5.6% in the UK for the 12 weeks ended 20th April, while like-for-like sales in Europe were down by 10.2%. The group said that its UK sales were boosted by the recent cold spring weather as well as its promotional initiatives. After taking into consideration the net impact of these factors, the group has pledged to deliver results in line with expectations for the year. The shares swelled by 7p to 637p.  Small Caps Australian oil and gas exploration firm Rialto Energy (RIA) has entered into a partnership agreement with Vitol E&P as a partner in West Africa. Under the agreement, Vitol will acquire a 20% interest in Rialto Energy (Ghana) Limited in exchange for covering Rialto's $7.7 million (5 million pound) obligation for the drilling of the Starfish-1 exploration well in the Accra Block, Ghana, due to spud in June this year. Furthermore, Rialto revealed that Vitol would acquire 65% of the shares in Rialto Energy (Côte d'Ivoire) Limited in for the provision of $50 million (32.7 million pounds) to be invested in a work programme of which details are yet to be finalised. The shares shot up by 0.73p to 4.2p. Medical group Omega Diagnostics (ODX) announced that its CD4 test for monitoring HIV-positive patients has been awarded a US patent. The award builds on patents which have already been acquired in Africa as Omega looks to ramp up exclusivity on this technology around the world. Omega stressed that its CD4 testing kit is affordable, easy to use and convenient for use in remote clinics around the globe. The shares increased by 1.25p to 17.5p. Oil and gas exploration groups Northern Petroleum* (NOP) and Wessex Exploration (WSX) announced that drilling has been abandoned at the GM-ES-3 well in French Guiana after reaching a depth of 6,318 metres as no indications of hydrocarbons were found. Both firms have a net 1.25% interest in the venture which is being operated by 45% owner Shell. The GM-ES-4 well (Cebus prospect) is expected to begin drilling next month. Cebus is the third well of a four well exploration drilling campaign which commenced in 2012 to follow up the oil discovery at GM-ES-1 in 2011. Shares in Northern Petroleum fell by 1.25p to 32.5p, while Wessex shares slid by 0.025p to 1.45p. Supplier of medical monitoring systems LiDCO (LID) announced a slight uplift in revenues from 7.12 million pounds to 7.21 million pounds for the 12 months ended 31st January 2013. At a meeting with the company this morning, management explained that a strong increase in UK revenues and further penetration in Japan helped to offset the impact of two non-recurring upfront payments which were recorded in the previous year - payments which made 2012 a disproportionately high comparator. This year, with the help of NHS incentives, the group feels that uptake of its new non-invasive blood flow monitoring system will start to gather pace across the UK. The shares slipped by 0.375p to 11.375p. Payment facilitator Eckoh (ECK) claimed that it has enjoyed a "strong financial performance" for the six months ended 31st March and expects that results will be in line with expectations. The group - which also produces speech recognition products - went on to reveal that its client base grew from 39 to 50 over the period. As a result of this success, the group expects to recommend a final year dividend of 0.25p, up 25% on the previous year. The shares nudged 0.375p higher to 15.125p. Palm oil producer DekelOil (DKL) revealed that construction of its palm oil extraction mill in the Ivory Coast has began and should be completed by the end of the year. According to the group, the mill will be one of the largest in West Africa once complete and will have the capacity to produce 70,000 tonnes of palm oil per annum. The work is being carried out by Malaysian firm Modipalm who will hand the mill back to DekelOil once the work is complete. The shares gained 0.08p and finished at 1.1p. * Northern Petroleum is a corporate client of Rivington Street Holdings, the ultimate owner of UK-Analyst. | 
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