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London afternoon: Miners spooked by China

Fri, 18th Feb 2011 14:46

Footsie staged a half-hearted recovery over the lunch time session but the market remains lower on balance, largely as a result of weak miners, which have taken fright at further attempts by the Chinese authorities to cool down the Chinese economy.China has raised bank reserve requirements by half a percentage point, to a record level of 19.50%. It's the fifth hike in the requirement since October and is designed to stop the banks having too much cash sloshing around to lend to customers.Gold miner African Barrick defies the trend, as it features on Citigroup's list of likely takeover candidates, but sector peers BHP Billiton, Rio Tinto, Xstrata and Vedanta take a battering, as does Anglo American, even though it doubled profits in 2010 and is merging its UK cement, aggregates and ready-mixed concrete business with French giant Lafarge. Underlying earnings leapt to $4.98bn from $2.57bn in 2009 on revenue up 34% to $32.93bn. Profit before tax was up 171% to $10.93bn and underlying earnings per share of $4.13 was better than expected. Rio Tinto and Aquarius Platinum are also firmly in the red. Support services group Rentokil is nursing heavy losses after it missed forecasts in 2010 as the cold weather in December added to the woes of its parcels delivery business City Link. Pre-tax profits tumbled from £60m to £15.3m after huge write-offs of £150.5m. The firm swung from profits of £26.8m to a loss of £55.7m in the last three months of the year if all of the one-off charges of £110m are included. Similarly, industrial engineer Charter is sharply lower. The company improved during 2010, but weakness in Europe, where the company makes most of its money, held the business back. Profit before tax jumped 55% to £144.1m last year and by 18% to £148.2m before exceptional items. Revenue was up 3.6% at £1.72bn.Go-Ahead. is racing ahead though. More people are leaving their cars at home and taking the bus, according to Keith Ludeman, the chief executive of the public transport group "Whilst rail remains difficult to predict, we now expect our full year operating profit across our rail and bus businesses to be higher than we previously anticipated and around the same as achieved last year (FY'10: £101.0m)." Ludeman said.Anite has traded better than expected in the past three months with growing 4G demand lifting orders at its handsets and networks businesses to record levels and offsetting a flat travel side. Sales have been slower than expected at mobile antenna maker Sarantel in the first five months of its financial year due to internal technical problems at two of its big customers. The firm, which raised £1.25m in December, said it is confident that once the clients have resolved the issues, their orders will return in the second half of the financial year. The shares are down more than 20%.Shares in Lansdowne Oil & Gas have shot up again and, unlike last week, when the directors of the company said they were mystified by the sharp price rise, the catalyst for the latest rise is a resource update for the company's Celtic Sea Acreage.Profits for the full year are expected to be significantly ahead of market expectations at pipe and tubing specialist Tricorn. The company said trading in the second half of its financial year has remained strong, with demand from the Energy and Transport sectors especially vibrant.

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4 Oct 2013 10:52

UK WINNERS & LOSERS: Carpetright Slips As Tate & Lyle Leads Blue-Chip Gainers

4 Oct 2013 09:32

Friday broker round-up UPDATE

Aberdeen Asset Management: JP Morgan lowers target price from 523p to 509p maintaining an overweight rating. Admiral Group: Canaccord Genuity cuts target price from 1200p to 1160p retaining its sell recommendation. API Group: Numis downgrades to add with a target price of 85p. Arbuthnot Banking G

4 Oct 2013 07:26

Tricorn Group Expects Lower Pretax Profit As UK Arms Struggle

5 Jun 2013 09:34

Wednesday broker round-up UPDATE

Aberdeen Asset Mangement: UBS cuts target price from 520p to 505p, while maintaining its buy recommendation. Alternative Networks: Investec revises target price from 350p to 390p keeping a buy recommendation. API Group: Numis upgrades to add with a target price of 75p. Ashmore Group: UBS lowers t

3 Dec 2012 16:21

Tricorn close to first shipment from new Chinese facility

AIM-listed tube manufacturer Tricorn surged on Monday following the release of its interim results, in which it reported a decent increase in the half-year dividend. The company, which operates in three main segments - Energy & Utilities, Transportation and Aerospace - is to pay shareholder 0.1p pe

11 Jun 2012 11:59

Tricorn posts record results

Tricorn Group, the AIM-quoted tube manufacturer, is to double its dividend after a record set of results. In the year to March 31st, pre-tax profits rose 14% from £0.93m the year before to a record £1.53m, on revenues of £24.7m (2011: £21.8m). Adjusted earnings per share increased 47% to 3.78p fr

3 Apr 2012 10:40

Tricorn tubes on a roll

Tricorn, a maker of pipes for the power industry and aircraft engines, said it would top market expectations with its full year results, which had already been upgraded as recently as February. The news pushed shares up almost 7% in Tuesday morning trading as the firm predicted a 13% increase in s

28 Feb 2012 13:36

Tricorn raises profit guidance

Tricorn Group, the AIM-quoted tube manufacturers, has revealed that group profit before tax for the full year ended March 31st will be ahead of market expectations. The news comes after the firm made an 'encouraging' start to the final quarter with demand remaining strong and operational performa

5 Oct 2011 07:36

Tricorn sees 20% hike in sales

Tricorn, a maker of pipes for the power industry and aircraft engines, expects first half sales to be over 20% higher than in the previous year as strong global demand continues. The upbeat outlook also reflects progress made with its major blue chip OEM customers, it said. "It is those customers

4 Apr 2011 16:43

London close: Shares edge higher on quiet day

Having hovered around its starting point for much of the day, the top share index finished just a few points higher. Vodafone's sale of what it considers non-core minority stakes continues with the sale of its 44% holding in French mobile phone group SFR to French media group Vivendi for €7.75bn (£

4 Apr 2011 12:25

London midday: Shares seeking direction

Shares are still seeking direction after a slight recovery following a lower start in the morning. It has been a morning for asset sales with both telecoms giant Vodafone and oil colossus BP pressing on with their respective asset sale programmes. Vodafone's sale of what it considers non-core min

4 Apr 2011 08:40

Tricorn set to beat FY forecasts, offer dividend

Tube manipulation specialist Tricorn said it expects full year pre-tax profit to be significantly ahead of market expectations as it considers recommending a maiden dividend. The Worcestershire-based group said full year pre-tax profit is expected to be around £1m after a strong final quarter and i

18 Feb 2011 07:58

Small caps round-up: Blinkx, Motive Television, Noventa

Video search engine specialist blinkx said its technology is slated to be available soon through the applications (apps) library of Boxee, the company that produces a box that finds shows and films on the internet and streams them to a television set. The blinkx app for Boxee gives users the abili

6 Dec 2010 08:24

Profit surges at Tricorn

Tricorn, a maker of pipes for the power industry and aircraft engines, posted a sharp increase in half year pre-tax profit and is confident that full year results will be ahead of market expectations. Tricorn noted a continued recovery in Energy and Transportation businesses which helped lift pre-t

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