Smiths Group, +3.42%
Shares in technology firm Smiths Group have surged during this morning’s trading, registering the most impressive gains within the FTSE 100. This comes after the company reported on an increase in full-year profit amid higher revenues and improved operating margins. This comes despite the fact that the company faces challenging market conditions. The board has now moved to recommend a final, as well as a special dividend.
Rolls-Royce Group, +1.01%
Shares in Rolls-Royce have been given a boost after analysts at Liberum Capital reaffirmed their “buy” rating. They now have a $1,370.00 price target on the stock. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the company’s stock. Rolls-Royce Group plc has a consensus rating of Buy and an average target price of $1,190.38.
The recovery in the housing sector has been further underlined this morning with Flintshire headquartered house-builder Redrow reporting a 26% rise in revenues. For the year full to the end of June this year Redrow generated group income of £605m, compared to £479m a year earlier. This was due to a combination of a 15% growth in overall legal completions to 2,827 (2012: 2,458) and an 11.8% increase in average selling price to £212,300 (2012: £189,900) largely as a result of a change of product mix. Pre-tax profits were up 63% to £70m and adjusted earnings per share up 45% to 15.7p. As a consequence of this the board is proposing the reinstatement of a final dividend of 1p per share.
Synthomer was upgraded by analysts at Jefferies Group to a “buy” rating in a research report issued today. The firm currently has a 305p price target on the stock, up from their previous price target of 220p. Jefferies Group’s target price would suggest a potential upside of 29.24% from the stock’s previous close.
Shares in Travelzest are trading higher for the fifth consecutive day despite the fact that the board are unable to explain the rise in the share price. A statement said the company “noted the recent increase in the company’s share price and confirmed that it not aware of any reason for such a movement”. It added: “Furthermore, as announced on September 2, the directors would remind shareholders that the company continues to be solely reliant on the support of its primary lender in order to continue to trade.”
Shares in Fresnillo have tumbled further after Stock analysts at UBS AG dropped their target price on shares of Fresnillo from 1,250p to 1,150p in a report issued today. The firm currently has a “neutral” rating on the stock. UBS AG’s price target would indicate a potential upside of 10.47% from the stock’s previous close.
Rio Tinto, -1.41%
Rio Tinto shares have lost value this morning despite agreeing to the sale of the Eagle copper & nickel mine with Lundin for $315 million. Additionally, analysts at Liberum Capital have reiterated their “buy” rating on the share.
Hochschild Mining, -4.01%
Latin American miner Hochschild expects new projects in Peru to boost its silver production 50 percent by the end of 2014 from current annual output of 20 million ounces, the company said on Tuesday. The company’s chief executive, Ignacio Bustamante, said two new projects – Inmaculada and Crespo in Peru’s southern Andes – will increase its production of silver at the end of next year.
Salamander Energy, -4.28%
South-East Asia-focused oil and gas group Salamander Energy has started drilling an exploration well in Block G4/50 in the Gulf of Thailand. The company said that the well is targeting the Ayutthaya prospect, located in the Western Central sub-basin, some 7km northeast of the recent Surin oil discovery, which found good-quality oil last month. The well will target oil in Miocene sandstones and is estimated to contain mean prospective recoverable resources of 30m barrels of oil.
Ormonde Mining has announced that it has raised £1million as it confirmed talks with potential funders of the Barruecopardo tungsten project in Spain continue. It talked of a process of “active engagement and detailed due diligence” against a backdrop of strong prices for the strategic metal. Ormonde will use the injection of new funds, raised via a placing at 4.75p a share, to start the engineering work required to begin building the plant at the mine and other “preparatory activities”.