Yesterday’s trading statement from Home Retail Group (LON:HOME) was frowned upon by market analysts, leading to a series of downgrades in profit forecasts and target prices. In its first quarter update, Home Retail said that total sales at Argos dropped 8.1 percent to £817 million. On a like-for-like basis sales were down 9.6 percent.
Petrofac (LON:PFC) has agreed to invest up to US$75 million, funded from cash resources, into Seven Energy International Limited. The additional investment will take Petrofac's interest to 24.5% on a fully diluted basis.
UBS has started coverage of South Africa focused platinum producer Lonmin (LON:LMI, JNB:LON), rating it a sell, citing that the firm is signifcantly exposed to major cost pressures. In a note, analyst Ben Davis at the research arm of UBS, gave the stock a £15 price target (current share price £15.24).
Daily Mail & General (LON:DMGT) confirmed that it is reviewing the strategic alternatives with respect to its U.S. retail-focused events managed by George Little Management. GLM is a business-to-retail operation, including in its portfolio the New York International Gift Fair at the Jacob Javits center in New York.
Housebuilder Bellway (LON:BWY) saw its shares advance after it hailed a return to “more normal” trading patterns following a difficult autumn and despite ongoing concerns about the outlook for the wider economy.
Angel Mining (LON:ANGM) has raised £2.1 million through an institutional share placing. In total, Angel is issuing 109 million new shares at 2 pence each. The funds have been earmarked for further development work at its two mine development projects in Greenland.
TyraTech (LON:TYR) managed to reduce its loss last year after an increased focus on cost control. The US-based company – which develops technologies based on nature to kills insects and parasites so that crops and animals can be protected in an environmentally-friendly way – saw its 2010 pre-tax loss fall to US$6.1 million (2009 : US$13.9 million).
Minera IRL Ltd (LON:MIRL,TSE:IRL) has welcomed statements from Peru's newly elected government about the econmomic future of the country. Minera is a Latin American precious metals mining, development and exploration company.
Caza Oil & Gas' (LON:CAZA, TSE:CAZ) chief executive this morning declared himself pleased with the drilling progress at its Jacinta, OB Ranch and Windham properties in Texas. At Jacinta it secured a rig early and the Caza Elkins 3401 Well has now been drilled to a depth of 4,670 feet. It will take another 25 days to get to a total depth of 11,200 feet, the company said this morning.
Europa Oil & Gas (LON:EOG) put out an encouraging update today noting that operational and weather related issues which hurt production in the UK earlier in the year have been alleviated.
Enegi Oil (LON:ENEG) is taking back control of the PL2002-01 licence in Newfoundland Canada because of the encouraging results from a work-over programme. The licence hosts the Garden South field and the Garden Hill Central and Garden Hill North as well as other leads. Enegi’s partner, Fire Horse Energy, has fallen behind the agreed schedule and the AIM-listed firm has decided to take decisive action.
ValiRx PLC (LON:VAL) has agreed to transfer certain patent rights to Singapore Volition Pte Ltd in connection with the sale of its former subsidiary ValiBIO SA in return for an additional payment of US$510,000 in Volition shares.
Newly-listed Strategic Minerals (LON:SML) is beginning a second phase of drilling at its flagship Iron Glen project in Australia to further explore the iron ore there. The firm's goal is to find ore from the deposit in Queensland, that can be fed to China's steel markets.
Berkeley Mineral Resources (LON:BMR) is set to acquire the remaining tailings at the Kabwe lead-zinc-silver mine in Zambia after completing due diligence. The formal completion of the acquisition agreement is expected shortly. Berkeley will then finalise the design and sourcing of the processing plant to rapidly exploit the Kabwe resources.
GGG Resources (LON:GGG) has extended the offer period for its takeover offer to Auzex Resources (ASX:AZX) shareholders for the second time. The company initially made a share-based bid in March, which at that time valued Auzex at A$98 million. Its joint venture partner declined, but GGG decided to press ahead with a hostile bid.
Healthcare systems group Avia Health Informatics (LON:AVIA) revealed it has acquired the intellectual property rights to sell and manage the future development of Pathfinder, an online patient referral and clinical communication system.
Shares in LED International (LON:LED) skyrocketed after the lighting products specialist won an energy management contract worth £510,000 in China. The contract, which was secured by the company’s wholly owned subsidiary Shenzhen Strongbase New Opto-Electronics Technology, is from Hotel Novotel Shenzhen Bauhinia and Golden Gala Restaurant in Shenzhen.
Gold miner Orosur Mining (LON:OMI, CVE:OMI) has successfully completed a private placing it announced after the London market close yesterday, raising US$13.5 million before expenses, which will be used to acquire the Talca gold property in Chile.
Shore Capital called yesterday’s presentation by Aminex (LON:AEX) very encouraging as it remains on track and fully funded to achieve its objectives during a “very exciting period of drilling”. The company presented to investors in London yesterday following an annual general meeting in Dublin the day before.
Shares in oil and gas group Northern Petroleum (LON:NOP) suffered badly late last month after it cut reserve estimates for its Dutch assets but broker Edison believes the sell-off has been overdone and the shares are now undervalued.
Broker Panmure Gordon & Co described healthcare systems group Avia Health Informatics (LON:AVIA)'s acquisition of IP rights as a "good strategic move". The broker recommends a "buy" for the stock targeting a price of 45 pence (current price 45 pence).
The election of left-wing Ollanta Humala as president in Peru has unreasonably spooked investors and brought miner Metminco's (LON:MNC, ASX:MNC) share price down around 14 per cent since last Friday, says analyst Charlie Long at Singer Capital Markets.