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Societe Generale upgrades Kingfisher from hold to buy, target price raised from 240p to 265p

Credit Suisse has refreshed its views on the UK life insurance sector, staying positive with an outperform rating on Prudential, saying that it is a “structurally more attractive company given its geographic bias.” Aviva is upgraded to outperform, as the broker thinks it has been oversold on European concerns. The broker upgrades Legal & General to outperform, saying it “offers the most attractive mix of capital resilience, dividend growth and relative value.” “However, given less appealing relative value metrics and the effect of equity gearing on profit momentum, we have adopted neutral ratings on Standard Life and Resolution and downgrade St. James’s Place to underperform.” For Admiral, the broker does not believe that the stock can expand on a forward earnings multiple of 13 due to “regulatory, reserving and growth concerns”.

Credit Suisse has refreshed its views on the UK life insurance sector, staying positive with an outperform rating on Prudential, saying that it is a “structurally more attractive company given its geographic bias.” Aviva is upgraded to outperform, as the broker thinks it has been oversold on European concerns. The broker upgrades Legal & General to outperform, saying it “offers the most attractive mix of capital resilience, dividend growth and relative value.” “However, given less appealing relative value metrics and the effect of equity gearing on profit momentum, we have adopted neutral ratings on Standard Life and Resolution and downgrade St. James’s Place to underperform.” For Admiral, the broker does not believe that the stock can expand on a forward earnings multiple of 13 due to “regulatory, reserving and growth concerns”.

Outlook The management remain confident in the long-term future for the business and is continuing to develop the three- and five-year plans designed to grow the business' higher-value revenue streams. The investment in database integration to enable better utilisation of its strong customer relationships is a key component of the plan, together with the accelerated switch to digital. Initial market response to our new Apps for Information Age and Business XL is encouraging, with further launches planned. The continued development of digital delivery and a more integrated approach to the development of new markets for our research and data services give us encouragement for the future.

Commenting on the results, Vitesse Media's Chairman, Sara Williams, said: "I am delighted to report that the company has maintained its unbroken trend of six successive half years of profitability. In the half year reported, this has been achieved against a background of accelerated investment in the delivery of our business plan, which has seen increased investment in our common digital media platform, events portfolio and our research activities."

The Board of Vitesse Media Plc (AIM: VIS), the media, events and research company, today announces its interim results for the six months ending 31 July 2011. Highlights · Pre-tax profit* of £5k (H1 2010/11: £39k) in line with management expectations, the sixth successive accounting period in which the business has remained profitable · Gross margin improved 50 basis points to 70.5%, as costs are reduced through transition from print to digital delivery · Balance sheet strengthened again compared to the year end · Digital now accounts for 41.5% of turnover (H1 2010/11: 39.1%) · Two new Apps launched - Information Age and Business XL, with three further launches planned for H2 · Two new websites expected to be launched in the second half, Vitesse Media Events (www.vitessemediaevents.co.uk) and Vitesse Media Research (www.vitessemediaresearch.co.uk) · 6.7% increase in unique users of our web sites in 2011 (Jan - Sept) compared with the same period last year · Database investment expected to conclude in the second half, supporting transition from print to digital · Strong performance from events business · Opportunities for extension of research product identified

http://www.investegate.co.uk/Article.aspx?id=201109220700296991O

TUI on track despite slow North Africa recovery Date: Thursday 22 Sep 2011 LONDON (ShareCast) - Travel group TUI is anticipating a slow recovery in holidays to Tunisia and Egypt after the revolutions but remains confident that full year results will be in line with expectations. Summer 2011 has traded well since the last update, with bookings up in most source markets, the company, which operates Thomson Holidays, said. “Trading for Winter 2011/12 is satisfactory overall, but we are anticipating a slow recovery in trading to Egypt and Tunisia, and have managed our capacity accordingly,” the company said. “Our focus remains on differentiated product, maintaining margins, prudent capacity management, and delivering our turnaround and cost savings programme.” At 11.50am, shares in TUI were down by 4% at 148.4p.

22nd September 2011 Analyst: Philip Morrish Email: philip.morrish@gecr.co.uk Tel: 020 7562 3362 ILX Group* - Positive AGM Statement. Reiterate Stance of Strong Buy at 26p and Price Target of 61.5p

ING upgrades Marks & Spencer from sell to hold, target price cut from 340p to 330p

FREE research report Lloyds? Barclays? RBS? Which Bank to Buy Right Now? Now!! –For a limited time Should investors follow the hype around social media stocks and invest? How popular are social media sites? How are they valued? Is this a repeat of the dot com bubble of the late nineties? What are the risks of investing in them? Are Rare Earth Metals the next boom or the next bubble? What are Rare Earths? What is driving demand? Which companies provide investors with exposure to this sector? Which way to trade derivatives? Download our free report to find out: What are the differences between Spread Betting and CFDs? What are the costs? What do they both offer traders? What are the risks of trading them? Download our free report for a look at how forex traders can use robots to manage their trading What is algorithmic trading? How widespread is its use? What are the benefits and risks of robot trading? TA: The first signs of strength at Total SA For over a month, French oil behemoth Total has been moving within a lateral trading range. The stock continues to consolidate the strong declines from late July without offering any sign of what the next trend will be. This situation tends to lead to a breakout of the bottom part of the range. We should therefore be alert to a breakout of €31.11, which would confirm the start of a new bearish move. The key level above is at €34.82, which should be passed before considering a recovery to this bearish technical outlook. The improved accumulation levels as well as the bullish divergences seen on the MACD and RSI give us some hopes for a change of trend. Credit Suisse recently upgraded Total from "underweight" to "neutral" because it claims that the stock has been sold in an excessive manner on worries over the Eurozone. "Total looks significantly cheaper than in mid-April, having de-rated to all-time relative 2-year forward price/earning lows," the analysts said. The market, however, has penalised the oil company for large future capital expenditure requirements. "We are not yet buyers of Total as we believe its large capex [capital expenditure] programme will compress free cash yields for 4-5 years and limit dividend increases," the analysts added. In other news, the oil company announced the purchase of a 40% stake of five offshore permits in Lamu, Kenya. It did not reveal the financial details of the operation although it did point out that it entails a surface of more than 30,500 square kilometres with depths of 100 to 3,000 metres.

Guy Berruyer, Sage Chief Executive, commented: "The sale of Sage Healthcare allows management in the North American region to focus on the considerable opportunities that exist within our core US customer base. We are also announcing a share buyback programme with the proceeds of the sale, reflecting our commitment to delivering shareholder value."

22 September 2011 Sage announces sale of US Healthcare division to Vista Equity Partners The Sage Group plc ("Sage") today announces that it has reached a definitive agreement to sell Sage Software Healthcare LLC ("Sage Healthcare"), its subsidiary offering practice management and electronic health record solutions to US physician practices, to Vista Equity Partners. The cash proceeds for the sale are $320m (£205m*) and the sale is expected to complete in November 2011. Sage intends to return all of these proceeds to shareholders through a share buyback programme. Sage Healthcare's reported revenue for the half year ended 31 March 2011# was £72m with EBITA† of £10m.

http://www.investegate.co.uk/Article.aspx?id=201109220700377189O

AGM STATEMENT At ZOO's Annual General Meeting to be held later today, Roger Jeynes, Chairman, will make the following statement: "Following the completion of our recent fundraising and the restructuring of our convertible loan notes, we are pleased to report that ZOO has a sound balance sheet and a solid platform for further growth. "The Company continues to add to its suite of software and seek additional uses for its work flow management tools and now has a much broader offering and addressable market than ever before. Whilst the mainstay of our business remains working with the major Hollywood studios, we have managed to diversify our product offering to be relevant to a much greater audience. As mentioned at the time of our fundraising, the continuing upheaval in the filmed entertainment industry has affected the work flow from our major customer, however, the subsequent recovery in this work has been encouraging. "We have made great advances in the Electronic Sell Through market and our relationship with Multi Packaging Solutions, Inc. continues to highlight attractive possibilities in a wide range of industries. We also believe that the rapidly growing e-Book market represents an exciting opportunity for ZOO. "Whilst it is still clearly early in the current financial year, the Board believes that we are on track to meet market expectations."

http://www.investegate.co.uk/Article.aspx?id=201109220700327007O

A rare positive note in all the gloom: when the economy last turned down, one of the first businesses to notice was Clear, M&C Saatchi’s brand consultant. The work disappeared very quickly in August 2008, Saatchi chief executive David Kershaw says, only to bounce back fast by the end of 2009. The shares, up 8p at 125p, stand exactly where they were when the company floated in 2004 and profits were little more than a quarter of their present level. On less than nine times’ earnings, this looks like a good entry point for the long-term investor, says the Times.

Shares in Imperial Tobacco Group have lost almost 10% of their value since mid-May, mainly because of fears of a price war in Spain. The good news yesterday was that the war — Imperial prefers the word “skirmish” — is over. The shares, up 10p to £20.12½, are yielding 4.7 per cent for the current year, which is the main reason for holding them, says the Times.

Roy Davis, CEO of Optos, commented: "We believe that this transaction positions Optos at the leading edge of the rapidly growing retinal diagnostics market. By integrating Optos' widefield retinal imaging technology with a widefield OCT capability, we aim to bring a new depth of imaging to the periphery, creating the ultimate retinal diagnostic tool. "In addition, we will add an existing revenue stream with immediate cross selling synergies through Optos' sizeable salesforce as well as future margin improvement through operational synergies. We believe these current and future products and business will make Optos a more robust player in the ophthalmology market." He added: "We are also delighted to have secured the support of Lloyds Bank Corporate Markets who have extended a $30m revolving credit facility to Optos to support this transaction and our operations going forward."

22 September 2011 - Optos plc (LSE: OPTS), a leading medical retinal imaging company, announces that it has entered into a conditional agreement with OPKO Health, Inc., OPKO Instrumentation, LLC, Ophthalmic Technologies Inc. and OTI (UK) Limited to acquire the assets and business of the instrumentation division of OPKO. OPKO Instrumentation is engaged in the development, manufacture and sale of optical coherence tomography ("OCT") diagnostic devices and optical ultrasound scanners, each used by the ophthalmic and optometric professions in the diagnosis and management of eye disease and conditions. Consideration · The consideration payable for the Acquisition will be an initial cash consideration of US$17.5 million payable on Completion. As additional consideration for the Acquisition, the Group has agreed to pay the Sellers royalty payments calculated on future revenues Strategic rationale · Optos' vision is to be the leading provider of devices for diagnosing and treating diseases and conditions presenting in the retina of the eye · Optos' widefield retinal imaging technology, combined with the specific data that can be derived from OCT images, has the potential to offer ophthalmologists and optometrists the most powerful tools for disease diagnosis and management and strengthens Optos' offering into optometry · The Acquisition brings access to established OCT and ultrasound products together with a product pipeline including a lower-cost OCT product (Falcon) nearing market launch · Opko Instrumentation's products are established, with revenues of $8.4m earned in the year to 31 December 2010, from sales worldwide predominantly through distributors · Significant opportunities exist to accelerate sales through Optos' direct salesforce of over 80 representatives and to derive selling, marketing and operational synergies from combining Optos' business with OPKO Instrumentation Banking facilities · Optos has entered into a Facility Agreement with Lloyds Bank Corporate Markets in respect of the provision of bi-lateral multi-currency revolving credit facilities of up to US$30 million