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There wasn't a lot that could have gone wrong for a company like Travis Perkins that didn't last year. Aside from economic uncertainty and weak consumer confidence limiting purchases of kitchens and bathrooms at its Wickes branches, the weather was awful and inflation, generally good news for such retailers, subdued. This year the construction market is expected to grow by one or two percentage points. There may also be some upside if the weather is not quite as bad. The biggest boost would be a rise in the level of transactions in the housing market. Some such rise has indeed been manifest for the past three months. This will, however, take six months or so to feed through into purchases of basic building materials and new kitchens and bathrooms.

Caledonia has complied with the indigenisation law. It was obliged to give 10% of the business away for free, but agreed a price of $30.1m for the remaining 41%. It has not actually received this money though. In the convoluted way in which these things happen in developing economies, Caledonia has made a paper loan to the buyers. The loan is then repaid as Caledonia withholds dividends that would otherwise be due to the indigenous bodies. At least in this arrangement, the money need never leave Caledonia’s bank account. So the situation is stable at present. Caledonia is getting on with the development of the Blanket mine and is encouraged by a return to the country of some South African platinum miners. But what is in store for the future? Will the indigenisation law continue after Mugabe’s reign? Maplecroft names Zimbabwe as one of the countries “most at risk of societally-induced regime change”. That could be messy. So, penny share price or not, investors are likely to remain wary of this gold play.

In Zimbabwe though, the worst could be over. In 2010, President Robert Mugabe created his ‘indigenisation’ law that required international mining companies to transfer 51% stakes to local investors. This replaced the hopeless arrangement that required all miners to sell their produce to the Central Bank, which then failed to pay for it. Unsurprisingly the mining industry was brought to a standstill, but the new rules have prompted some revival of mining in a country that is rich in resources, especially gold and diamonds.

For companies that venture into these hot spots, the threat is not simply a knock on the door from a friendly government officer who’s come to seize your business assets. Maplecroft explains that, “the steps required to mitigate threats to employees, assets and supply chains increases the costs for business, including for insurance.” Zimbabwe is not rated “extreme risk” by Maplecroft across all categories. The list of countries where investors should most fear to tread is headed by Somalia, Sudan, the Democratic Republic of the Congo, Central African Republic and Afghanistan. Beware though, that in the sub-group “terrorism risk”, Maplecroft identifies 18 countries including Nigeria, the Philippines, Colombia, Thailand, India, Russia and, for the first time in five years, Turkey, which has seen increased terrorist attacks by the separatist Kurdistan Workers’ Party.

I have no doubt that if this mine was in Australia or Canada, this 50% discount would not apply. But this mine, called the Blanket Gold Mine, is in Zimbabwe. Dare we venture into this troubled country? Political risk is a major factor in the mining sector and has become more so in recent years. Governments have responded to the mining boom by selectively changing the rules or by simply helping themselves to mining assets that foreigners thought they owned. A comprehensive study of country risk has been produced by the UK-based consultancy Maplecroft, and it gives plenty of reasons to venture carefully. Its Political Risk Atlas 2013 “includes dynamic short-term risks, such as rule of law, political violence including terrorism, the macroeconomic environment, expropriation, resource nationalism and regime stability, as well as structural long-term risks, such as economic diversification, resource security, infrastructure readiness, and human rights” – the latter “considered a leading indicator of political risk.”

Caledonia has a mine that produced 45,000oz of gold last year. The cost, $500 per oz, compares very favourably with a local average of around $800/oz. Production is rising towards a target of 76,000oz by 2016, the $37m investment cost can be paid for out of cash flow, still leaving sufficient funds for Caledonia to pay a dividend and have a look at a copper project in Zambia. Despite these rosy prospects, broker Edison Investment reckons that the shares trade at a discount of around 50% to comparable gold miners. So what’s the problem?

“Penny share status is unattractive for many investors.” So says CALEDONIA MINING (AIM: CMCL), which is going to consolidate its shares so that the current price of 8.5p becomes 85p (but holders will only have one share instead of ten). You would think that the type of investor that Caledonia is attempting to attract with this manoeuvre would have the brains to understand the irrelevance of the nominal share price, which tells you nothing about a company’s stock-market valuation. That aside, there is something much more unattractive about Caledonia than its share price,

Positive Points: A share buy-back programme of up to £1 billion over the next three years was announced, ahead of what analysts had expected. The move appears to underline both management's emphasis on shareholder returns and its broader longer term confidence. Profits materialised at the upper end of analyst forecasts. The evolution of BAE Systems has seen the group's business develop from an equipment supply-centred model to one that now embraces a services culture. In 2012, 50% of the company's sales were generated in services across a wide range of activities and geographies. Accompanying management comments noted that "the group's geographic breadth of business has provided, and is expected to continue to provide, resilience at a time when some of its markets are constrained by economic pressures. Non-US and UK order intake increased to £11.2 billion from £4.8 billion in 2011". Given differing dividend policies, BAE and EADS previously highlighted plans to bring the two into line. Such a move would effectively have seen BAE shareholders suffering a cut to the dividend payment. The current dividend remains attractive in a low interest rate environment (over 5% as of 21Feb13 - not guaranteed). A progressive dividend policy continues to be pursued - the total dividend for 2012 was increased by 4% compared to 2011. The company's business portfolio is reviewed regularly to determine whether greater value can be created from the sale of a business rather than its retention. Three small business disposals were made during 2012 for a combined consideration of approximately £111 million. Headquarter costs are expected to be more than 10% lower than in 2012. In addition, group earnings are expected to reflect marginally lower underlying finance costs in the year ahead. Accompanying management comments again noted for its UK business that "the recent stabilising of equipment and services requirements and the budget outlook has established a more predictable planning environment." The board has previously highlighted a focus on faster growing activities such as cyber-security.

Negative Points: Both group revenues and profits declined compared to the prior year. Accompanying management comments continued to highlight uncertainties going forward. The board noted that "subject to near-term uncertainties relating to US defence budgets, modest growth in underlying earnings per share is anticipated for 2013." For its US Platforms & Services, Land & Armaments, sales are expected to be approximately 10% below the 2012 level. BAE Systems' business in the US contributed approximately 40% of group sales in 2012. Full implementation of its newly announced share buy-back programme is subject to satisfactory resolution of Salam Typhoon price escalation negotiations. Due to various government stakeholder disagreements, merger talks between BAE Systems and EADS back in October 2012 were terminated. A combined BAE Systems and EADS would have established a company able to rival Boeing. Both BAE and EADS would have diversified their respective product profiles. Sales relationships for each may have been used to benefit the other. Cost savings may eventually have been made. Procurement and sourcing efficiencies available to the enlarged were expected to provide the early focus. Despite a previously highlighted stabilisation in the outlook for UK defence spending, government debt in the U.K., U.S. and other countries in which the group operates remains high. Historically, and in political terms, defence spending is easier to cut than Health or Education spending. Given reduced US government defence spending, major US competitors are also likely to be seeking sales elsewhere in the world. Negotiations with regards to BAE's important Salam (Eurofighter Typhoon) contract have generally proved challenging. Saudi Arabian defence spending may slow if oil prices significantly decline.

Financial Highlights: Sales or group revenues reduced by 7% to £17.83 billion Underlying or adjusted profits (EBITA) declined by 6% to £1.89 billion The group's order backlog increased by 8% to £42.4 billion Total dividend over the year was increased by 4% Three-year share repurchase programme of up to £1 billion initiated

Full year results: In the wake of a turbulent year, where merger discussions with aerospace group EADS failed, management moved to reassure investors, announcing the initiation of a share buy-back programme of up to £1 billion. Profits did fall over the year, but less than some analysts had expected, whilst international order intake, away from its more government pressured US and UK core markets, grew by 133% to £11.2 billion. The share price rose by over 4% in mid morning trade. Nonetheless, both overall group sales and profitability declined, whilst accompanying management outlook comments, although broadly positive in tone, did continue to highlight uncertainties. Near term automatic US government spending cuts under so called 'sequestration' provide question marks, while pricing uncertainties in relation to the company's Salam Typhoon aircraft contract remain. Cyber & Intelligence sales are forecast to be marginally lower in the year ahead, whilst the company summarised the overall outlook for both the US and UK as continuing to be constrained. For now, analysts appear to be giving the company the benefit of the doubt. The dividend yield (over 5% as of 21Feb13 - not guaranteed) remains attractive in the current low interest rate environment, opportunities to reduce costs are being pursued, whilst a strategy to expand the group's international diversification does appear to be generating some success. Furthermore, the newly announced share buy-back programme looks to underline both management's emphasis on shareholder returns and its broader longer term confidence.

Positive Points: Management expects full year adjusted profit before tax to be in line with the consensus of analyst expectations. A strong sales performance (like-for-like sales up 12.1% to £102 million) was recorded in Russia which benefitted from new store openings. In China, B&Q sales grew by 3.9% (+5.0% LFL) to £110 million driven by continued additional promotional discount activity and an improving property market. Kingfisher has a successful track record with dominant strategic positions in the UK and France. Kingfisher has tried to offset weak demand in many markets with a drive to improve profitability by buying more goods centrally, and directly, from cheaper manufacturing centres such as China.

Negative Points: Kingfisher, which operates from over 1000 stores in eight countries in Europe and Asia said sales at stores open over a year fell 3.4% in the fourteen weeks to 2 February. Like-for-like sales in Britain and Ireland reflected the generally weak consumer backdrop with sales at B&Q down 6.4%. Retailers are suffering as consumers' disposable incomes are squeezed by inflation, muted wages growth and government austerity measures. The implications of the Euro zone crisis remain a concern. The firm said margins in both Britain and France would be down, partly reflecting price cuts to drive trade. A continuing low level of housing transactions is also impacting on the home improvement sector. Potential moves into new markets, a target in the group's next growth self-help programme, pose risks.

Financial Highlights: Kingfisher said it expected adjusted pre-tax profits for the 2012-13 year to be in line with analysts' consensus forecast of £715 millio

Fourth quarter trading update: Kingfisher continues to wade through the economic treacle, as consumers in its core European markets remain under pressure. The twin perils of a sluggish housing market and individuals' financial restraint do not play well for a company such as Kingfisher. In addition, the management outlook comments are reflective of a situation which is unlikely to change markedly in the nearer term. Even so, the company has been concentrating on refining the basics, keeping a tight control on costs and taking measures to protect margins. The additional focus on cash generation and delivering shareholder value has been well received, as evidenced by a small spike in the price in early trade. However, these difficult general conditions have been reflected in the performance of the shares over the last year, which have drifted 1%, as compared to an 8% gain for the wider FTSE100. The fact that the company is subject to the vagaries of being in a cyclical sector

Maybe abit pointless to you lol............but investors can make there own minds up,without your personal reasons getting in the way good luck on your investments ......

"The R Wales Group and the Cheong and Xmeco foundries enhance the group's presence in important growth markets," said Weir's Chief Executive Keith Cochrane. "The Wales Group develops our leading aftermarket offering in the minerals and oil sands sectors, while the Cheong and Xmeco foundries expand our low cost capacity in the fast growing regions of Asia-Pacific and Africa, enabling us to deliver quality products more quickly to our customers."

Industrial engineering group Weir said on Wednesday that it has strengthened its presence in the fast-growing mining markets with three acquisitions worth a combined 55m pounds. Weir said it has acquired the R Wales group of companies, a Canada-based manufacturer of wear resistant linings for the mining, minerals processing and oil sands industries. At R Wales' facilities in British Columbia and Ontario as well as a US facility in Arizona, the company makes rubber linings for pipes, tanks, chutes and hoses. The acquisition of the firm, which generated over C$30m of revenues last year, is said to be immediately earnings accretive with post-tax returns expected to exceed Weir's cost of capital within the first year of ownership. Weir also bought the Kuala Lumpur-based Cheong foundry in Malaysia, which supplies castings to a number of industries, including mining and power. It has also signed an agreement to purchase the plant, equipment and buildings of Xmeco Foundry, a specialist large casting foundry in Port Elizabeth, South Africa.

"We saw good growth in all our regions with volumes up 6% and organic operating profit increasing by 5%. We are continuing to invest in new lines and capacity to support our future growth. However, as previously highlighted, healthcare had a difficult year largely due to one of our customer's products coming off patent."

Pre-tax profit fell 11.9 per cent in the full year to December 31st at FTSE 100-listed consumer packaging company Rexam. A difficult year in the healthcare products packaging section underpinned the results with healthcare operating profit down 26.3% to £48m. By contrast, beverage can volumes rose 6% and organic operating profit increased 5% to £456m. Overall, sales increased 2% to £4,312m. Underlying profit before tax rose 1% to £418m and underlying earnings per share jumped 5% to 35.5. The dividend per share rose 6% to 15.2p. Graham Chipchase, Chief Executive Officer of Rexam, commented on the results, saying: "In 2012, we made further encouraging progress. Beverage cans traded well driven by the global growth in specialty cans and a strong recovery in our market share in the US.