Babcock International, up 1.7%
The UK’s leading engineering support services company Babcock International have announced that trading in its markets for the half year ending Sept. 30 has remained positive, and added that results for the 2013/14 financial year will be in line with its expectations. Board remains confident that the group will continue to make further strong progress and will release its half year results on Nov. 12 2013.
Travis Perkins, up 1.6%
Travis Perkins rating has been raised to Buy From Neutral by Goldman Sachs. Signs of economic improvement prompted analysts at Goldman Sachs to recommend stocks exposed to the economic cycle, leading to upgrades on Travis Perkins among others. Shares in Britain’s biggest supplier of building materials added 1.5 percent, making it the top riser on the FTSE.
Bunzl, up 1.6%
Goldman Sachs has also lifted Bunzl rating to neutral from sell. Believes there is more upside potential to cyclically exposed stocks (Staffing and Distribution) than for stocks with high structural growth and returns, despite the relative outperformance of cyclicals this year to date.
IMI, up 1.2%
Engineering company IMI which specialises in fluid control systems has announced the appointment of Mark Selway as chief executive of the company who will replace Martin Lamb who has decided to step down at the end of 2013. Selway, who previously headed Australian construction company Boral Ltd and engineering company Weir Group Plc, will join as chief executive designate on October 1 and take over on January 1.
Premier Farnell, up 4%
Premier Farnell has been upgraded by research analysts at Goldman Sachs Group to buy from neutral. Goldman maintain their 281p price target on the stock pointing to a potential upside of 33.24% from the company’s current price.
Rangold Resources, down -2.35%
Randgold Resources has been downgraded by TheStreet Ratings from buy to hold. The company’s strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and disappointing return on equity.
Countrywide, down -4.04%
The newly-listed estate agency announced plans to buy property consultancy Lambert Smith Hampton for just over £34m. The sale will wipe out LSH’s debts left over from a 2007 management buyout. Countrywide said the purchase will immediately add to the group’s earnings and help it expand its land and new homes division. The news came as private equity firm Alchemy was last night reported to have sold £70m worth of Countrywide’s shares. Alchemy has an estimated eight per cent stake in Countrywide.
Evraz, down -4.95%
The biggest faller within the FTSE 350, Evraz shares have sunk today after announcing the appointment of Brando Davis as chief exec effective October 1st. Davis replaces retiring manager Tim Scott. Davis had been director of operational excellence for the flat products group of Chicago based Evraz.
Amlin, down -1.97%
Amlin was downgraded by stock analysts at Berenberg Bank to a “sell” rating in a report issued today. They currently have a 398p price objective on the stock, down from their previous price objective of 422p. Berenberg Bank’s price target would indicate a potential downside of 4.14% from the stock’s previous close.
Fastjet, down -7.84%
Low-cost African airline fastjet said external administrative issues have delayed the launch of its long-awaited service between Dar es Salaam and Johannesburg. The company said that the South African Department of Transport had requested additional documentation very late in the licensing and regulatory process. The documentation has now been delivered but will take a number of days to process. The company had been set to start scheduled flights on Friday, 27 September. The delayed launch of this route is not expected to have any material effect on the financial performance of fastjet Tanzania, the company revealed.