Newspaper article The Evening Standard (London, England)

Portfolio

Newspaper article The Evening Standard (London, England)

Portfolio

Article excerpt

BUY PRUDENTIAL Charles Stanley has upgraded its rating of Prudential from hold to accumulate, after the insurance giant posted an update to the market yesterday. "Both the 2008 full year results and the first quarter of 2009 new business figures were positive and we feel that this set of results is encouraging," says the broker. The Pru was boosted by the improvement in new business in the US, and Charles Stanley notes that its capital surplus has also improved markedly from a year ago. The bank also flags up the fact that the Pru increased its interim dividend, when its competitors have had to cut theirs, which partly informed its rating upgrade. Shares in the insurance firm were changing hands on the market today for the unchanged price of 5291/2p.

SELL LAMPRELL Royal Bank of Scotland reckons investors should dump shares in Lamprell, which refurbishes oil andg gas rigs, mainly operating out of the Gulf. The bank notes Lamprell's absence of new-build contract wins and says that casts doubt over profit forecasts. It also notes uncertainty about customer financing and pressure on refurbishment rates, and RBS says it would require firm evidence of new orders before reconsidering its negative view on the stock. …

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