| From UK-Analyst.com: Tuesday 27th August 2013 IMPORTANT: Are your UK-Analyst emails being delayed? Add UK-Analyst@news.t1ps.com to your safe senders/contact list to help resolve the problem The Markets The UK Service Sector has enjoyed its steepest rise in business volumes since 2007 according to figures from the Confederation of British Industry (CBI). The data - which cover the last three months - highlighted that professional services firms such as solicitors and accountants saw a particularly sharp increase in the level of business over the period. However, consumer-facing businesses such as hotels and restaurants are, on the whole, not performing as well, with many reporting falling profits as customers remain pressurised by falling disposable incomes. Stephen Gifford, CBI Director of Economics, said, "We've seen a further build-up of momentum in the service sector this quarter, with business and professional services firms in particular seeing a turnaround in their fortunes." On the continent, it emerged that German business confidence rose to its highest level in 16 months in August. The Ifo business climate index, based on a survey of 7,000 executives, climbed to 107.5 from 106.2 in July, above the average analyst estimate of a rise to 107. A breakdown of the figures suggest that the uplift was boosted by private consumption, while other data revealed the first increase in plant and machinery investment since 2011, suggesting the recovery may be sustained. The numbers give further support to an economy which drove the Eurozone out of recession over the April-June quarter as it delivered GDP growth of 0.7% over the period. Alexander Koch, an Economist at UniCredit Group, said, " The latest business sentiment readings confirm our view that the German economy will be able to maintain a somewhat more moderate but still robust momentum in the second half of 2013, following the exceptional rebound in the spring." Over in Asia, new figures revealed that Chinese industrial profits rose by 11.6% year-on-year in July after increasing by 6.3% in June. The profits of industrial companies with annual revenues of more than 20 million yuan (2,1 million pounds) hit 419.55 billion yuan (44.1 billion pounds) in July, according to the National Bureau of Statistics (NBS). Private companies drove the majority of the growth, while state-run enterprises exhibited a smaller yet significant level of output expansion. The figures will fuel hope that China's slowing growth could begin to stabilise after GDP growth within the world's second largest economy cooled from 7.7% to 7.5% over the second quarter of the year. NBS spokesman Sheng Laiyun said "China has shown clear signs of stabilising and the country is on track to meet its annual growth target of 7.5 per cent." ADVERTISMENT 16% returns from short-term property investment? - CLICK HERE
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At the London close the Dow Jones was down by 81.31 points at 14,865.15 and the Nasdaq was down by 27.91 points at 3,094.76. In London the FTSE 100 was down by 51.13 points at 6,440.97 and the FTSE 250 fell by 185.11 points to 14,767.99. The FTSE All-Share was down by 27.48 points at 3,429.47 while the FTSE AIM Index slipped by 1.46 points to 751.57.  Broker Notes Shore Capital stuck with its "buy" recommendation on talkSPORT owner UTV Media (UTV)despite interim results which were at the "low end of expectations". The broker acknowledges that revenues were down by 10.4% over the first half of the year as a result of a strong comparative period, which included the benefit of the Euro 2012 football tournament. However, Shore Capital believes that the outlook for Q3 and beyond looks more promising, with advertising revenues picking up across all of the group's activities and increasing revenues likely from the expansion of talkSPORT internationally. The shares were down by 7p at 167p. Westhouse stuck with its "buy" recommendation on @UK* (ATUK), doubling its target price from 25p to 50p. The broker feels that there remains scope for significant upside potential to its target price as and when @UK successfully develops a number of e-commerce marketplaces. Westhouse also cites the possibility for @UK to be involved in M&A activity as further reason to get excited about the shares, in a move which will would "enhance shareholder value in due course" according to the broker. The shares were down by 1.75p at 36.5p. Canaccord Genuity stuck with its "buy" stance on fund management group Aberdeen Asset Management (ADN), with a target price of 440p. The broker notes that volatility in emerging market currency and equity markets has increased over the summer on more hawkish statements from the US Fed on the possibility of QE tapering. In the view of Canaccord, Aberdeen is best placed to benefit from the return of allocation preference to emerging markets with its superior performance track record and franchise. The shares fell by 14.7p to 352p. 
Blue-Chips Distribution and outsourcing group Bunzl (BNZL) announced a 13% increase in revenues to 2.96 billion pounds for the 6 months ended 30th June, while pre-tax profits grew by 14% to 188.8 million pounds. Bunzl attributed the bulk of this growth to an uplift in revenues from North America as the impact of acquisitions in the region fed through to overall results. Although the firm is mindful of the challenging macroeconomic outlook in some of its markets, Bunzl is adamant that it should be able to deliver growth over the second half of 2013. The shares edged upwards by 22p to 1,376p. Energy services firm Petrofac (PFC) saw its revenues fall from $3.2billion (2.1 billion pounds) to $2.8billion (1.8 billion pounds) over the first half of the year, dragging down net profits from $326 million (209.9 million pounds) to $243 million (156.4 billion pounds). The company - which designs and builds oil and gas infrastructure - went on to hint that it is well placed to exploit increased investment in oil and gas projects in Mexico as the nation opens up its energy industry. The update prompted JP Morgan to retain its "buy" recommendation on the shares, which grew by 108p to 1,373p. Chilean mining group Antofagasta (ANTO) posted a 38% fall in pre-tax profits to $981 million (631.8 million pounds) for the first 6 months of the year as revenues fell by 12.1% to $2.78 billion (1.8 billion pounds). Antofagasta explained that the fall in profitability came from the decline in average copper price, which decreased by 6.8% to US$3.42 per pound from US$3.67 in the first half of 2012. Taking into consideration current levels of demand from China and the USA, Antofagasta expects to produce around 700,000 tonnes of copper for the full year. The shares slipped by 30.5p to 884.5p. Mid Caps Engineering group Kentz Corporation (KENZ) booked a 2% increase in revenue to $759.5 million (489.1 million pounds) for the first half of 2013, while pre-tax profits swelled by 3% to $52.7 million (33.94 million pounds). The firm benefitted from an 11% increase in order intake over the period, with particularly strong success seen in Canada. Kentz went on to paint a positive picture on the oil and gas services sector in general, stressing that the first half of 2013 was one of the most active periods of bidding ever experienced by Kentz. The shares were down by 2p at 565p. Office provider Regus (RGU) confirmed a 3% fall in pre-tax profits over the first half of the year despite a 22.4% increase in revenues. The firm - which offers business lounges, meeting rooms and office space for rent for periods as short as half a day - blamed the restructuring costs related to the acquisition of MWB Business Exchange in February as reason for the downfall. The shares slid by 0.4p to 185p. Aircraft services company BBA Aviation (BBA) confirmed that it has entered talks over a possible merger with Dubai Aerospace Enterprise, a Dubai government-owned airport services company. The confirmation comes after an article in the Sunday Times hinted that a 2.7 billion pounds merger may be on the table. Separately, the firm confirmed that it has acquired Maguire Aviation which provides support at Van Nuys airport in Los Angeles, in a transaction which is expected to be earnings enhancing in the first year. The shares were up by 3.1p at 310.2p. Small Caps Media investment firm Concha (CHA) conceded that it has uncovered "apparent financial irregularities" which indicate a significant working capital shortfall within one of its investee companies, Moshen Limited. The irregularity apparently relates to a contract unconnected with Moshen's core trading activities and relates solely to that company. Concha went on to stress that it will update the market when it knows further details with regard to the magnitude of any liabilities. The shares plummeted by 0.125p to 0.25p. Pittards (PTD), the manufacturer of leather products, posted pre-tax profits of 954,000 pounds for the first 6 months of the year, well up on the 12,000 pounds profit which it generated over the first half of 2013. The Yeovil-based firm attributed the improvement in performance to easing skin prices in Ethiopia, where it conducts a significant amount of its business, and a strong performance by the dollar over the period. Here in the UK, Pittards has high hopes for its Daines & Hathaway luggage range as it looks to gain more traction in its home market. The shares surged by 0.575p to 2.625p. Sensor systems provider Transense Technologies (TRT) announced that it has received "two major orders" for its iTrack mining vehicle monitoring system with a combined value of approximately 1 million pounds. The orders have come from Otraco Chile, a subsidiary of Otraco International, which provides off-the-road tyre management services to the mining industry. The technology in question allows a vehicle's tyre temperature & pressure to be remotely monitored and provides early warning of potential problems or hazards. The shares gained 0.5p, finishing the day at 8p. ADVERTISEMENT Get free trading guides from Evil Knievil (How to successfully short stocks), Zak Mir (Top AIM market picks for 2013) and other top financial commentators by CLICKING HERE 
Mineral explorer Rare Earth Minerals (REM) confirmed that it is taking its stake in the Fleur-El Sauz lithium project in northern Mexico to 30%, up from 10%. In exchange, Rare Earth Minerals is paying Bacanora Minerals U$500,000 (32,200 pounds) and has committed to spending $1 million (644,000 pounds) on exploration activities over the next 6 months. The company's share price has increased more than 600% in the last week, valuing it at 34.5 million pounds. Today however, they dived by 0.1p to 0.82p. Fellow mining group Noricum Gold (NMG) revealed that it has begun a 15-hole, 1,300 metre underground drill programme on its flagship Rotgulden gold and precious metals project, situated on the border of Salzburg and Carinthia regions in south-western Austria. Noricum was granted approval on the site by the relevant mining authorities last month and expect initial drilling results to be available over the next few weeks. The shares fell by 0.1p to 1.15p. Online gaming group 32Red (TTR) announced a new partnership with Bolonga FC, which will see the company become the official casino partner of the Italian club for the 2013-14 and 2014-15 seasons. The move is in line with the group's strategy of boosting the company's profile in Italy, where 32Red has been regulated and licensed since November 2012. The deal follows similar arrangements with Swansea City and Aston Villa here in the UK. The shares edged upwards by 1.5p to 58.5p. *@UK is a corporate client of a subsidiary of Rivington Street Holdings, the ultimate owner of UK-Analyst. | 
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