AVS.L Share News (AVS)

Footsie's strong recovery continued for a third day with the blue chip index closing above 5,100 driven by buoyant financial services companies.The index is up by more than 300 points this week and to its highest in nine days.Growing optimism about the European bank stress tests and yesterday's forecast upgrade by American peer State Street had buyers all over Lloyds Banking, Royal Bank of Scotland and Barclays.The trio, plus HSBC, were among 91 banks named by the EU to be stress tested on how well they could cope with another financial disaster, but the tests are seen as less onerous than the ones already applied by the UK authorities and the UK banks are expected to sail through.There was added interest after the International Monetary Fund upped its forecast for global economic growth this year to 4.6% from 4.2%.While all this was going on the Bank of England kept interest rates unchanged at 0.5%, as expected.Gains on oil and metals markets gave mining heavyweights reason to be cheerful. Shell, Cairn Energy, Antofagasta and BHP Billiton are notable risers. Royal Dutch Shell joined in the party late on. Elsewhere, Aggreko is a hot property after HSBC started coverage on the temporary power supplier with an 'overweight' rating. Meanwhile Nomura Securities has started coverage of food products to fashion chain owner Associated British Foods with a "buy" recommendation after the company said it is on course to deliver "very good progress" on earnings for the year. Its Silver Spoon sugar business and discount clothes chain Primark put in a solid performance during the third quarter, the company said. Revenue in the 16 weeks to 19 June is up 13%, aided by a 44% surge in sugar revenues and 15% increase at the retail business.Man Group's sales in the quarter have remained subdued amid continued market uncertainty. Funds under management (FUM) fell in the second quarter to $38.5bn at the end of June from $39.4bn at 31 March. Man's flagship AHL fund generated a positive return of 0.9% compared with an 11.6% drop in world stocks.Fund manager Henderson said recurring profit for the six months ended 30 June is expected to rise to between £47m and £49m compared with £27.1m last time. This is after recognising deal costs of £3m after Henderson scrapped its planned acquisition of fund boutiques run by US asset manager RidgeWorth Capital Management.J Sainsbury was a notable weak spot as chief executive Justin King sold £1.6m of shares despite all of the talk about a bid from the Qatar Investment Authority.Under pressure social housing firm Connaught is looking for a new chief executive after current boss Mark Tincknell stood down to recover from recent health issues. Finance director Stephen Hill has also decided his time is up at the company and will be leaving at the end of October this year.Global recruitment firm Hays has returned to year on year growth for the first time in two years after making progress in most of its markets.Sales at Robert Wiseman Dairies were up 11.6% in the first quarter thanks to acquisitions and more business from existing customers, but it tells shareholders to expect lower like-for-like growth during the rest of the year.Engineering support services group Babcock International said its fiscal year has started well and trading has remained resilient.Business process outsourcing specialist Xchanging has secured a number of contract renewals from customers in North America.Fenner, the maker of industrial conveyor belts, has splashed out on an American firm that builds cutting-edge, silicone-based tools for medical device companies.There was good news for shareholders of sub-Saharan Africa focused oil and gas explorer Tower Resources in the form of a resource estimate for its Namibia Licence 0010. The independent study estimated that the net risked prospective resources attributable to Tower's 15% working interest of Namibia Licence 0010 is 170m barrels of oil equivalent, having an estimated monetary value $696m, equivalent to 45p per Tower share.Avesco is in line for a $50m payout after Walt Disney was ordered to pay almost $270m in damages to Celador, the UK creator of hit game show 'Who Wants to Be a Millionaire?' Shares in Avesco, which retained a stake in Celador after it was split off from the rest of the company in 2003, jumped by more than 40% on the news. Secure communications products and services provider Vislink dropped after it said it will report an operating loss for the six months to 30 June due to the slow order in-take in the first half and underlying year on year revenue decline.FTSE 100 - RisersAggreko (AGK) 1,541.00p +5.40%Lloyds Banking Group (LLOY) 60.70p +4.31%Royal Dutch Shell 'B' (RDSB) 1,667.00p +3.99%Burberry Group (BRBY) 787.00p +3.76%FTSE 100 - FallersEssar Energy (ESSR) 448.30p -1.30%Randgold Resources (RRS) 6,220.00p -1.03%Sainsbury (J) (SBRY) 341.00p -0.96%Cable & Wireless Worldwide (CW.) 87.05p -0.63%FTSE 250 - RisersJKX Oil & Gas (JKX) 277.70p +5.91%Imagination Technologies (IMG) 308.70p +5.76%Senior (SNR) 130.60p +5.75%Premier Farnell (PFL) 235.00p +5.38%FTSE 250 - FallersConnaught (CNT) 111.10p -5.85%Promethean World (PRW) 170.20p -3.84%CPP Group (CPP) 250.00p -3.10%Brit Insurance Holdings NV (BRE) 903.50p -2.32%