JJB.L Share News (JJB)

London finished lower for the second day in succession, despite some reasonable economic data relating to the all-important UK service economy.The Markit/CIPS service sector purchasing managers´ index for the month of December came in at 54.0 points, versus the 52.1 reading for the previous month. The consensus estimate was for a reading of 51.5.The final month of 2011 provided a positive end to the year for UK service providers as activity and incoming new business both rose at their strongest rates since July. There were reports that enquiry levels were up, with higher marketing and promotional work helping to drive growth, according to Markit.Falling FTSE 100 index constituents outnumbered risers by about four-to-one. Foremost among the minority of stocks on the rise was mining titan Eurasian Natural Resources Corporation (ENRC), which leapt on news it has settled a dispute with Canadian mining firm First Quantum over assets in the Democratic Republic of Congo. At the other end of the scale, inter-dealer broker ICAP was one of the heaviest fallers after a trading update from sector peer Tullett Prebon in which it disclosed a chunky exceptional charge for restructuring. News that Tullett Prebon has axed 80 jobs hit ICAP harder than it did Tullet Prebon, as it was deemed symptomatic of hard times for money brokers.Brokers weigh inTullett Prebon said it expects revenue for 2011 to be on a par with that seen in 2010, though using constant exchange rates, and adjusting for the impact of the closure in 2010 of the satellite offices in North America and for the recent acquisition of Convenção, revenue is expected to be around 2% higher.The shares initially reacted very negatively to the update, before broker analysis prompted a rally. Singer Capital Markets, which has a "buy" rating on the shares, notes that the revenue performance is marginally better than expectations."Given the extreme weakness of the shares in recent months, this is wholly reassuring," suggests Singer analyst, Sarah Ing. "Whilst an exceptional charge of £10m will be made to reflect cost reductions, we maintain our EPS [earnings per share] estimates excluding this item," Ing continues. "Earnings forecasts have remained largely unchanged all year whilst the shares have suffered a substantial derating. Cash generation is expected to have been strong and with an increasing level of surplus capital, an additional return of capital is a rising possibility in due course," the broker reckons.Peel Hunt is another broker that thinks the recent share price fall has been overdone. "Tullett looks outstandingly cheap after the shares have now fallen by 20% over the last three months," suggests Stuart Duncan at Peel Hunt. "Although short term trading conditions may be more subdued, this is a hugely cash generative business which looks too cheap," is Duncan's view.Chip-designer ARM was wanted after UBS postulated that the Cambridge-based technology firm may beat market expectations by up to 6% with its fourth quarter revenues. Builders' merchant CRH took a bath, however, after Credit Suisse downgraded the stock to "under-perform" from "neutral".Oil and soapOilfield services firms Petrofac and Schlumberger are to combine forces on a number of production projects in the emerging and growing production services and production enhancement market. The companies will team-up to bid for large projects that would prove too big for either company to handle on their own.'Imperial Leather' soap maker PZ Cussons is to extend its consumer products range with the acquisition of the Fudge hair care brand from Australia's Sabre Group. PZ Cussons is paying £25.5m in cash for the brand and associated inventory.Panmure Gordon reckons the purchase price, at 1.6 times annuals sales, is a good deal for PZ Cussons (PZC). "The acquisition gives commercial synergies, access to additional distribution channels, gives entry into the male grooming sector and leverages PZC's existing overhead base," Panmure Gordon asserts. Contractors contractContracting firms Balfour Beatty and Carillion seem to be in a race to make the most contract win announcements in the first week of the year, and the score currently stands at two-all.In a deal worth up to £750m, Balfour Beatty will continue maintenance and upgrade work on the UK electricity transmission network for National Grid.Two days after it announced a contract to work on the M6 motorway Carillion is on the road again, this time in Canada, where it has won a highway maintenance contract. The 12-year contract is worth in excess of £100m.Despite the contract wins, both stocks finished the day lower.Sporting chance for the High StreetThere has been some long overdue good news from the High Street.Beleaguered sports retailer JJB Sports pulled it socks up in the second half of last year, with like-for-like sales over the key four-week Christmas period up 5%, in line with company expectations. Margins also recovered in the last four weeks, with like-for-like cash gross margins up by 6%.Greeting cards and gifts seller Clinton Cards tended firmer after releasing positive like-for-like (LFL) sales figures for the crucial Christmas period.Total LFL group sales were up 0.4% in the five weeks to the 1st of January with Clintons stores up 0.8% while the Birthdays UK subsidiary was down 2.7%.Fantasy and science fiction tabletop war gaming firm Games Workshop saw growth in sales, profit and return on capital from its core business in the first half of its financial year, while it continued its recently adopted habit of dipping into reserves to pay out a bumper dividend.FTSE 100 - RisersEurasian Natural Resources Corp. (ENRC) 695.00p +4.59%Fresnillo (FRES) 1,620.00p +3.25%ARM Holdings (ARM) 610.00p +2.61%Petrofac Ltd. (PFC) 1,493.00p +1.91%Land Securities Group (LAND) 636.50p +1.27%Aggreko (AGK) 2,049.00p +1.14%SABMiller (SAB) 2,330.50p +0.89%British Land Co (BLND) 468.10p +0.78%Associated British Foods (ABF) 1,113.00p +0.72%Hammerson (HMSO) 359.50p +0.70%FTSE 100 - FallersVedanta Resources (VED) 985.50p -5.24%ICAP (IAP) 329.10p -4.58%CRH (CRH) 1,242.00p -3.35%Man Group (EMG) 123.00p -3.23%Smith & Nephew (SN.) 606.00p -3.19%Essar Energy (ESSR) 176.20p -3.08%Tesco (TSCO) 393.90p -2.86%National Grid (NG.) 613.00p -2.70%Glencore International (GLEN) 394.25p -2.65%International Consolidated Airlines Group SA (IAG) 145.50p -2.61%FTSE 250 - RisersOphir Energy (OPHR) 318.80p +6.80%Afren (AFR) 105.40p +6.04%EnQuest (ENQ) 101.30p +3.05%Allied Gold Mining (ALD) 150.20p +2.60%Mitie Group (MTO) 264.10p +2.36%Daejan Holdings (DJAN) 2,810.00p +2.33%Sports Direct International (SPD) 225.00p +2.23%Wood Group (John) (WG.) 666.00p +1.68%JPMorgan American Inv Trust (JAM) 865.00p +1.53%TR Property Inv Trust Sigma Shares (TRYS) 61.40p +1.49%FTSE 250 - FallersCable & Wireless Communications (CWC) 35.75p -6.24%Logica (LOG) 65.95p -6.19%Cable & Wireless Worldwide (CW.) 17.31p -6.18%Gem Diamonds Ltd. (DI) (GEMD) 187.00p -5.27%Telecom Plus (TEP) 702.00p -5.26%International Personal Finance (IPF) 172.00p -4.92%Rotork (ROR) 1,854.00p -4.73%Paragon Group Of Companies (PAG) 173.50p -4.41%Halfords Group (HFD) 288.70p -4.28%Close Brothers Group (CBG) 603.00p -4.21%jh