has started last full week of 2013 on a positive note this morning, shrugging off PMI misses from France and China to post gains after the miners reversed early losses to move into the green as well.
Unsurprisingly, many headlines have been grabbed by expectations for this weeks all important Fed meeting, but given how much traction the case for a December taper has gained in recent weeks, any move from the Fed isn’t likely to come as the huge surprise that it might have only a few weeks ago, with more traders feeling a little more comfortable that they will only pull the trigger when conditions are right. A lot of this is just second guessing market reaction not logic, which will make a number of investors nervous about the rest of the week, but you have to believe the majority that have held on this far have now decided to twist one more time into the new year.
Aggreko surged over 7% in early trade after projecting full year figures will come in marginally ahead of expectations. The firm expects revenues of around 1.57bln and pre-tax profits of £335m. Recent price movement would suggest some investors have been taken slightly by surprise, having lost significant ground last week on the run in to this mornings’ update. The stock is still 7% shy of levels at the turn of the year.
BG Group shareholders will welcome this mornings’ news of key developments at its Liquified Natural gas plant in Queensland, Australia The firm has now completed the transportation of the first batch of Gas through 540km of new pipeline to a liquidation terminal on Curtis Island. The safe negotiation of a project with the potential for so many complications clears the way for the next stage of production and keeps the firm on track to make a 2014 Q3 deadline for its first delivery of LNG from the site.
Berendsen had little to add to its last interim statement this morning, still on target to hit full year forecasts with reported revenues up 7%. Stronger cash flows have translated into a reduction in net debt and interest costs and sets the firm up well for 2014. Overall investors have seen enough to see the stock trade 2% higher this morning.
Newspaper publisher Trinity mirror moved a leg higher after announcing PA Group is selling its weather forecasting business Meteogroup, banking around £125m in profit. Trinity Have a 21.5% stake in the news agency owner and plan to give a portion of the funds back to shareholders but has not yet stipulated the specifics. The deal is due to complete early next year subject to regulatory approval.
One stock heading in the other direction was Aberdeen Asset management, who continue to endure a mixed reception from investors for their record acquisition of Scottish Widows, with any revenue boost under pressure from the first whistle given the price tag.
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