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Morning roundup courtesy of cantor capital

UK Corporate Announcements

  • Experian announces total revenue growth of 14% at constant FX and sees high single digit organic growth in H1
  • Eros announces full year revenues of $206.5m from $164.6m up 25.5% and states that it remains well positioned
  • Invensys holds its AGM today, which has been brought forward two weeks to avoid conflicting with the Olympics
  • Electrocomponents states Q1 sales gained 5% and international business fell by 2% and states there has been no significant changes to the group’s financial position
  • Wilmington announces that it sees its full year results in line with the forecasts
 

UK Market News

  • Morgan Stanley estimates that the fines to the 22 banks involved in the Libor rigging scandal could top $22bn, while US senators have also asked for the regulators themselves to be looked at
  • Timothy Geithner has reminded the New York Times that in 2008 when he was a Federal Reserve Official he had urged his British counterparts to strengthen governance and establish a credible reporting procedure, to eliminate the incentive to misreport on Libor
  • SIG has detailed that activity in the UK construction sector is down 4% this summer and cites the bad weather as causing building sites across the country to be hampered by the floods and ongoing autumnal conditions
  • Reports suggests that Lloyds is close to finalising a deal to sell 630 branches to the Co-Op, which is also in the news on reports it is to carry out a sale and leaseback on its Manchester HQ, to help fund its expansion plans
  • The UK Office for Budget Responsibility has stated that higher levels of immigration would help reduce the need for additional austerity measures
  • Acadametrics states that UK house prices have remained close to 14 month highs, as turnover remains low and London high prices continue to stay strong
  • The Takeover Panel states today that the Cove Energy takeover will now progress to an auction with a July 16th timetable for offers
  • The UK is due to sell around £2bn in bills today
 

UK Analyst Upgrades

  • Admiral Kept at Buy at Nomura; Shares To Continue Recovering
  • Drax, Snam, SSE, Veolia Top Utilities Picks at Barclays
 

UK Analyst Cuts

  • Aegis Group Cut to ‘Underweight’ at HSBC
  • HSBC Removed From Citi’s Focus List, Standard Chartered Added
  • Mothercare Cut to Underweight from Neutral at JPMorgan
  • Smiths Group Cut to Sell from Neutral at Citigroup
  • SSE Cut To Sell Vs Neutral At Citi
  • SSE Rated a New Sell at SocGen, PT 1213p
  • DRAX rated a New Sell at SocGen, PT 498p
  • United Utilities Cut to Underweight at Barclays
 

UK Insider Buys

  • 3I Group Plc, (III), 1 insider(s) bought 10,000 shares, £1.95
  • NCC Group Plc, (NCC), 1 insider(s) bought 5,000 shares, £7.93
 

UK Insider Sells

  • None Detailed
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