Proactiveinvestors recommends
Pdf

Weekly news wrap: Stobart Group, Balfour Beatty, Bunzl, Salamander Energy, Shell, DSG International

20th Mar 2010, 1:36 pm Weekly news wrap: Stobart Group, Balfour Beatty, Bunzl, Salamander Energy, Shell, DSG International

Lloyds Banking Group (LSE: LLOY) said its trading performance has been strong in the first 10 weeks of 2010, and it believes it will be profitable on a combined businesses basis in 2010. Lloyds said it is pleased with its performance against each area of recent guidance, the bank's net interest margin is trending in line with recent guidance which has supported a good level of income growth.

Relations between Australia and China appear to be thawing quickly, just as Rio Tinto (LSE, ASX:RIO) and Chinalco, China's largest aluminium producer, start to look at ways to co-operate again on large undeveloped projects.

Imagination Technologies Group (LSE: IMG), a maker of processors for mobile devices and consumer electronics, said it was on track to hit its performance targets, expecting to ship 120 million units this year and meet the guidance of 200 million shipments in the next financial year.

Nexen (TSX: NXY) and its partner Royal Dutch Shell (LSE: RDSB) have made a significant oil discovery in the Eastern Gulf of Mexico at Appomattox, in Mississippi Canyon blocks 391 and 392.

Major European consumer-electronics retailer DSG International (LSE: DSGI) said it remains on track to deliver cost savings of £50m in the current financial year to 1 May 2010 and a further £150m over the following 3 years, as it updated investors on progress of its  ‘Renewal & Transformation Plan’.

British transport and logistics company Stobart Group (LSE: STOB) said that the government has approved the proposed runway extension at London Southend Airport.  The extension and the ongoing work on the airport’s new terminal will be completed in time for the London 2012 Olympics.

Turbines and aircraft engines maker Rolls-Royce PLC (LSE: RR) said it won its second contract in two years from Gas Authority India Limited (GAIL) to supply power systems for a major gas pipeline project. The new contract is valued at US$90 million.

Aviva (LSE: AV) is set to enter the Indonesian insurance market through a joint venture with PT Asuransi Wahana Tata. Through the deal, Aviva is acquiring a 60% share in the company’s Indonesian unit, PT Asuransi Winterthur Life Indonesia (WLI). The FTSE100 constituent said the acquisition is consistent with Aviva's long term strategy to build a presence in key markets in South East Asia.

Wood Group (LSE: WG) said it has been reappointed by oil and gas supermajor BP (LSE: BP) to provide engineering, modifications and maintenance to its Sullom Voe Terminal (SVT) in the Shetlands, securing a three year deal worth £25 million.

Salamander Energy (LSE: SMDR) treated investors to a flurry of statement this morning, annioouncing it raised US$100m through a convertible bond and the expansion of its operation in Vietnam operations. The FTSE 250 constituent also reported full year results for the year ended 31 December 2009, which revealed a 42% increase in production, a 56% increase in revenue to US$157.1m and pretax losses narroeing substantially to US$3m from US$75.5m).

Hochschild Mining (LSE: HOC) has filed suit against Minera Andes Inc (TSX: MAI; OTC: MNEAF) of Alberta, Canada and its subsidiary Minera Andes SA in the New York State Supreme Court, asking that Minera Andes be required to execute formal loan agreement documents for the $65m project financing loan which was provided by Hochschild to the San José gold and silver project in Argentina.

Infrastructure group Balfour Beatty (LSE: BBY) said that its recently acquired professional services business Parsons Brickerhoff (PB) has landed three new contracts to manage high-speed and intercity passenger rail projects in Illinois, Ohio and Florida.

Now that China appears to be repairing bridges with Australia in general, and Rio Tinto (ASX:RIO, LSE:RIO) in particular, there is strong speculation that Rio may be taking co-operation with the Chinese to the next stage by partnering with Chinalco in its investment in the giant Oyu Tolgoi gold/copper project in Mongolia, close to the Chinese border.

Scottish and Southern Energy’s (LSE: SSE) Renewables unit has been awarded exclusive rights to develop a combined 800MW of wave and tidal energy in the Pentland Firth and Orkney Waters, North Scotland. The company was awarded four of the ten lease rights tendered by The Crown Estate in the world’s first commercial leasing programme for wave and tidal energy generation.

Distribution and outsourcing group Bunzl (LSE: BNZL) saidf that it has acquired Weita Holding AG and its subsidiaries from Christoph Huber. Financial details were not disclosed.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.