Tips of the Year (Top picks for 2008):
*Buy Vodafone (VOD), Mouchel Parkman (MCHL), Halma (HLMA), Ferrexpo (FXPO), ICAP (IAP), European Goldfields (EGU), PV Crystalox Solar (PVCS) and SSP (SSPH).
The Lex Column:
*Pharmasuitable - The pharmaceutical industry is in a gloomy mood: many blockbuster drugs will go off patent in the next few years, research & development productivity has dropped and downward pricing pressure is growing. But the big pharma companies are not all in the same boat.
*UK retailers stumble - Just how bad are things going to get for UK retailers?
*Yield curve predictions - In response to Fed rate cuts, the curve has steepened, with investors buying two-year Treasuries in anticipation of further central bank action.
*Spanish property plan - Between Boxing day and Thursday, Spanish property group Inmobiliaria Colonial lost almost half its market capitalisation, or more than €2bn, as the credit squeeze claimed another victim.
*Sovereign wealth put - First it was Alan Greenspan at the Federal Reserve. Then it was the massed ranks of private equity. Now, some hope the sovereign wealth put will come into its own in 2008.
The Lombard Column:
*DSG’s (DSGI) new year gift to Browett is a heavy one.
*Hole truth on pensions – It’s 2-years since Britain’s ‘pensions black hole’ made the front page of the Daily Mail. But if the stock market is a turbulent in 2008 as some suggest, the hole that once scared middle England could open up again.
*Don’t roll out the barrel – When we can’t even raise enough enthusiasm to drown our sorrows, then we really are in a pickle.
Feature:
*Oil & Gas – Rising costs could force hand of small caps.
*Max Petroleum (MXP) appoints new chief.
The Small Talk Column:
*Clouds over junior market show their silver lining.
*Firmer but fairer – Last years introduction, in February, of a rule book for the nomads.
*Imitation is flattery (Regulation S).
Support Services Feature:
*Investors look back to the future of recruitment.
Further news:
*S&N (SCTN) awaits bid battle verdict.
*No brake in sight for rampant gold and oil.
*Investors check out of Enterprise Inns (ETI) amid debt worries.
*Mortgage concerns hit Persimmon (PSN).
*Trial delays hurt ReNeuron (RENE).
The Business Commentary Column:
*FSA leniency could be bad for business.
*Tata has the drive – Ford has named Tata as preferred bidder for Jaguar and Land Rover.
*Estate agents feel High Street pain.
Business Big Shot:
*John Browett.
The Credit Crunch Feature:
*Factories hope to avoid financial freeze.
Media Feature:
*International outlook makes the world of difference to Paramount.
The Tempus Column:
*CRH (CRH) – No more than a hold.
*Autonomy (AU.) – It is worth holding on.
*Majestic Wine (MJW) – Best avoided.
Further news:
*Scottish & Newcastle (SCTN) joins sector’s fall as takeover hopes dip.
*Norseman Gold (NGL) added 1.125p to 10.5p amid talk that the miner could attract bid interest.
The Comment Column:
*Oil price is now begging the hundred dollar question.
*Browett is going to have to socket to ‘em at DSG (DSGI).
*Bank of England survey proves case for rate cut.
*Secretive Chinese state investor buys stakes in Australian lenders.
*Grains lifted to highs as oil surges.
*State Street subprime woes force asset management chief, William Hunt, to quit.
*PC World decline sparks DSG (DSGI) warning.
*Next (NXT) puts on a brave face amid weak sales in stores.
*Majestic (MJW) warns wine prices are poised to rise.
*Acambis (ACM) unveils positive results in flu vaccine trial.
*Waste disposal spending set to aid Biffa (BIFF) and Shanks (SKS).
*Estate agents face cutbacks as big chain (LSL-Your Move) shuts branches.
*Tougher loans regime for all raises fears over force of credit squeeze.
*DSG (DSGI) hits 12-year low after profit warning sends shivers through the High Street.
*‘Feast to famine’ gloom for borrowers.
*Bad news from DSG (DSGI) and Next (NXT) hits whole sector.
*$100 barrel broken as demand grows.
*LSL axes jobs as UK sales slump by 40%.
*Rates must be 4.5% to stop hard landing.
*High Street slowdown takes toll on Next (NXT).
*Burgeoning online ad spend will pass TV next year, says WPP (WPP).
*Bank (State Street) sets up $618-million sub-prime legal fund.
*Bank of England could be forced to ease the squeeze.
*Hichens Harrison (HICH) is making a name for itself in the thriving Middle East market.
*Oil could hit $110 a barrel.
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow Jones closed up 12.76-points at 13056.72, the Nasdaq fell 6.95-points to 2602.68, while the S&P closed almost unchanged, with a minimal gain of 0.010-points to 1447.16.
*Rush to close final salary pensions has eased.
*Office of Rail Regulation admits that it took Network Rail on trust over engineering works.
*The Office of National Statistics issued data which showed that UK companies outside the financial sector saw profits rise even as the credit crunch struck last year, but economists say the good times may now be over.
*Chancellor of the Exchequer Alistair Darling plans to give the Financial Services Authority (FSA) greater powers to deal with another Northern Rock (NRK). Mr Darling told the Financial Times that he will give the FSA powers to make sure that banks have enough day-to-day cash to keep going. Lack of cash made Northern Rock go to the Bank of England for help, which led savers to rush to take their money out. Mr Darling plans legislation in May after a three-month consultation. He has ruled out having a special institution designed to take over banks that get into trouble, as happens in the US.
*Mike Huckabee and Barack Obama have won the Iowa caucuses - the first nominating contest of the 2008 US presidential election. Mr Huckabee won for the Republicans, defeating Mitt Romney. At the Democratic caucuses, Mr Obama won by a clear margin, defeating John Edwards, who edged Hillary Clinton into third place.
Compiled in association with HB PLC and WH Ireland Ltd
