CFD Morning Report Mon 23 November 2009
FTSE 100 called higher at the outset. Today's trade is Heritage Oil and to find out our view please click to register.
Market News and Views
- The FTSE 100 is called to open higher this morning bolstered by rising commodity prices, although there is a degree of caution still to the fore. In the absence of major UK economic data this morning investor attention will switch across the Atlantic with the release of US existing home sales for October later in the session (see below). Today's trade is buy Heritage Oil (see below) at 520p, target 545p, stop loss 500p.
Today´s Company announcements
- Heritage Oil Confirms weekend press speculation with the announcement of its letter of intent to sell its Ugandan assets for up to US$1.5bn to Eni of which $1.35m is in cash.
- MITIE Interim Results saw adjusted operating profits up 10.9% to £42.8m on revenues ahead 5.3% at £801.1m. The dividend was raised over 12% to 3.7p and margins were also up 20bps to 5.3%. It has a strong Balance Sheet and added it was confident of delivering Full Year earnings in line with management expectations and is 'very well placed for the future'.
- RM Final Results saw adjusted PBT up 9% to £17.9m on revenues ahead 20% at £346.9m. In a separate announcement it also announced that its FD is to retire and leave the board in March 2010.
||Existing Home Sales
COUNTRY: United Kingdom
PUBLISHED: 23 Nov 09