Slump hits Fresnillo August 17, 2009 FRESNILLO, the world’s largest silver producer, yesterday said its profits in the first-half had slumped 10.8 per cent, as prices for the precious metal tumble in the downturn. The Mexican company, which is listed in London, said pre-tax profits for the period were $179.9m (£110.3m) down from $201.6m the previous year.But the miner said it [...]
ARE YOU COMFORTED BY CADBURY’S TRADING ? July 29, 2009 SAM HART CHARLES STANLEYThe company has announced that it has launched Fair Trade certified Dairy Milk in the UK and Ireland which may result in further share gains as a potentially substantial hurdle for competitors As a reflection of increasing confidence it announced an eight per cent increase in dividend. KEITH BOWMAN HARGREAVES LANSDOWNCadbury is [...]
ARE YOU COMFORTED BY CADBURY’S TRADING ? July 29, 2009 SAM HART CHARLES STANLEYThe company has announced that it has launched Fair Trade certified Dairy Milk in the UK and Ireland which may result in further share gains as a potentially substantial hurdle for competitors As a reflection of increasing confidence it announced an eight per cent increase in dividend. KEITH BOWMAN HARGREAVES LANSDOWNCadbury is [...]
ARE YOU CHEERED BY UNILEVER’S RETURN TO GROWTH? August 6, 2009 GRAHAM JONES PANMURE GORDON“Unilever certainly deserves credit for restor-ing volume growth more strongly than we had expected, with two per cent growth in the second quarter after a fall. While we are trimming our sterling profit forecasts by four to five per cent to reflect recent sterling strength, we are raising our price target to [...]
BEST OF THE BROKERS August 4, 2009 RECKITT BENCKISEREvolution Securities maintains its “Add” recommendation for household and health provider Reckitt Benckiser and raises its price target for the shares to 3,050p. Despite forecasted profit losses in the next year, the broker sees a strong new product pipeline and focus on volume growth as spelling encouraging progression. MARKS & SPENCERGoldman Sachs predicts significant [...]
CITY MOVES WHO’S SWITCHING JOBS July 29, 2009 Kreab Gavin AndersonTom Grimmer has joined communications firm Kreab Gavin Anderson as managing partner, China. Grimmer will be based in Beijing and will advise multinational companies as well as Chinese corporations with international growth plans. He has worked and studied in Asia since 1985, previously working as senior communications advisor, Asia Pacific, to Credit Suisse [...]
BEST OF THE BROKERS July 7, 2009 MICROGENInvestec Securities reiterate their “buy” recommendation for IT group Microgen, which has issued an upbeat trading statement for the first half of the year. Investec believe that Microgen’s Aptitude branch looks particularly strong, having signed major contracts with blue-chip customers. Full-year earnings are ahead of expectations. WM MORRISONBank of America Merrill Lynch feels that Wm [...]
BEST OF THE BROKERS August 3, 2009 COOKSONDeutsche Bank has upgraded its forecast in metal products supplier Cookson from “Hold” to “Buy”. Despite previous cuts, due to the brokers’ belief that Cookson may breach its covenants on its debt in December. It says it still regards the firm as a high-risk recovery play but has upped its target price to 500p, from [...]
BEST OF THE BROKERS August 3, 2009 COOKSONDeutsche Bank has upgraded its forecast in metal products supplier Cookson from “Hold” to “Buy”. Despite previous cuts, due to the brokers’ belief that Cookson may breach its covenants on its debt in December. It says it still regards the firm as a high-risk recovery play but has upped its target price to 500p, from [...]
City divided on how to use quantitative easing money August 2, 2009 The Bank of England’s Monetary Policy Committee (MPC) faces a tough decision this week when it meets to discuss its next steps on quantitative easing (QE). The Bank last week exhausted the £125bn of Treasury money it said it would pump into the banking system, and must now decide at its monthly meeting whether to [...]