Singer's upbeat note lifts Aggreko

Published on Monday 15 December 2008 20:36

SCOTS STOCKS

AGGREKO shares climbed again yesterday after analysts at Singer upgraded the temporary power supplier's earnings forecasts following a strong trading performance in the fourth quarter of 2008.

Singer, which repeated its "buy" recommendation and 625p target price, upgraded its pre-tax profit forecast by 1.6 percent. Aggreko, which said it was on track for a pre-tax profit of 190 million, a 53 per cent increase over 2007, closed up 2.9 per cent at 442.75p.

Oil producers benefited from hopes that Opec would order a sharp cut in production this week. Venture Production gained 5.6 per cent to 424.25p while Dana Petroleum rose 23p to 989p. Oil services company Wood Group, due to give a trading statement tomorrow, rose 1.8p to 199p.

Transport companies were hit again by fears the recession would cut income from commuters. FirstGroup dropped 5.4 per cent to 373.75p while Stagecoach dropped 3.3 per cent to 128.3p.

On Aim, Brewin Dolphin downgraded its forecasts for investment bank Quayle Munro but said the Edinburgh-based company still offered 99 per cent upside based on its 621p target price. However, the shares remained unmoved at 312.5p.

Invocas, the debt services company, continued to climb after revealing a strong start to trading in the current year last week. Shares in the Edinburgh-based group rose 3p or 9 per cent to 36.5p.

Textiles firm Dawson International fell 14.3 per cent to 1.5p on a lack of news on the sale of its cashmere business.