Questor share Tip: Wm Morrison offers a fascinating history of growth

Supermarket chain focused on the Yorkshire Morrisons published the results of the exercise last week. Profit before tax in the year to January 30 increased 858 m £ 874 million pounds on sales of £ 16 5bn. Debt fell from 924 m £ 817 million to £.

The company has one of the strongest balance sheets in the sector. Almost 90pc of its properties are free, which means that it is much rich. Last week, the company said that it will return £ billion to shareholders and is committed to increasing its dividend at least 10pc for the next three years.

In addition to solid foundations, history of growth of the retailer seem persuasive. Morrisons supermarket is fourth in the United Kingdom, which is not a great place to be.

However, Dalton Philips, its CEO, energetic, is inciting the plans for growth on several fronts. Morrisons will launch a small chain of convenience stores along the M62 corridor and was purchasing dotcom businesses it seeks to move in internet shopping.

Last week she paid 32 million pounds sterling for a 10pc set in the site Web of New York FreshDirect, an eccentric but probably useful travel. He is also playing with addition of non-food product lines to its lines (including speaking them to George Davies, founder of the next, on the design of a line of clothing).

Remains 7 m UK households without easy access to a Morrisons, which means that there is great potential for new stores.

Morrisons trades on a 2012-2013 coefficient of 9.8 times. This is lower than its rivals. With a market capitalization of £ 7 5.3, it is second retailer listed in the United Kingdom after Tesco.

Surprisingly, it is useful as Marks & Spencer, Dixons and Ocado combined.

Paste the actions in your basket.

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Saudi sovereign offers $36bn deals uprising in the middle of the admonition of oil prices could double.

Growing unrest in the region led experts to warn yesterday evening Brent crude oil prices may double to $111 a barrel mark it culminated yesterday if the crisis continues to spread to other countries in the Middle East.

Team products said Nomura to oil price risk storage in unexplored peaks in the coming weeks if chaos strikes Algeria Similarly, reduce the ability of world reserve thin margins because just before the first Gulf war.

Wednesday, Brent crude rose more than 5MC almost $ 112 a barrel, threat levels that could derail the global economy. It closed at $111.25.

"We could see $220 per barrel should Libya and in Algeria halt oil production." We may be underestimating this speculative activities were largely not present in 1990-1991 ", said Michael Lo, strategist, Bank oil."

The warning came ENI Italy announced the suspension of supplies by the Libya pipeline and a string of foreign companies have been evacuated staff and stop production. Libya holds oil large de l'Afrique reserves and produces 1.6 m barrels per day (b/d), mainly for export to Europe.

German driller Winthershall stopped its production of 100,000 b/d in Libya, whereas ENI is stopped at a string of sites, considerably reducing the flow of 550 b/d. A number of producers have declared "force majeure".

Barclays Capital said 1 m barrels of Libyan output is "locked in", with the other 0.6 m at risk. While Saudi Arabia may respond by raising the output, it takes time and its oil is not a substitute for "Sweet Crude the Libya".

The crisis escalating triggered falls more on the global stock exchanges. Wall Street was down 1pc in trade at the beginning and the FTSE 100 1. 2pc. The Dow Jones index has shed more than 300 points during the three days of 12,075.

Nomura said a closure in Libya and Algeria would reduce global 2.9 m b/d supply and reduce the ability of spare OPEC b/2.1 m d, comparable to levels at the beginning of the Gulf war and worse than during the 2008 spike when prices hit $147.

Two price shocks preceded by - or triggered - a recession in Europe and the United States. Fatih Birol, Chief Economist, International Energy Agency said the last rising already become prices a "serious risk" for the fragile economies of OECD block.

Some analysts fear the underlying image is worse than officially recognized doubting Saudi claims of alternative ample capacity. Wikileaks cable cited comments by geologist of Saudi Aramco oil giant that Kingdom reserves had been exaggerated by 40pc. A second cable cited U.S. diplomats asking if the Saudis "more empowered to make prices downwards for an extended period."

Report from Nomura, who consider the scenario catastrophic to a real crisis in the Gulf, said recent oil price shocks have shown a pattern of three floors, with a final blow-off price in the final phase. The current crisis is the first step.

Soaring oil prices create a dilemma for banks, nasty because they inflationary if caused by the robust global growth, but the deflationist if caused by a tightening of supply which acts as a tax on consumption of nations. Big oil exporters tend to save additional revenues for first price spikes, so the initial effect is draining global demand.

The current image contains elements of both, with an extra touch of liquidity created by the US Federal Reserve leaking into the global system and play havoc with commodity prices.

Secretary of the Treasury Tim Geithner told us Wednesday that the global economy is relatively stong to "manage" the oil shock, insisting on the fact that central banks "have extensive experience in the management of these things."

The European Central Bank (ECB) responded to skyrocketing oil in July 2008 by raising rates even if the Germany and the Italy were in recession at that time there. Nout Wellink, the Governor of Dutch of the ECB, said that this was an error policy.

Circumstances are different this time still also dark. ECB chief Jean-Claude Trichet scored last month that the Bank will be "look at" the hump of prices in the short term, but the ECB rhetoric has since then harden. Fed doves will probably give more weight to the deflationary risks.

Jeremy Leggett, a leader of the task force industry UK peak oil and energy security, says the crisis Mid-East "shows the extreme fragility of the world system." People don't realize the proximity we a potential jump if that agitation reached critical mass in OPEC countries enough. "Governments must develop contingency plans and get cracking on proactive steps while we still have time", he says.

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Saudi ruler offers $36bn to stave off uprising amid warning oil price could double

The growing turmoil in the region led experts to warn last night that Brent crude oil prices may double from the $111 a barrel mark it peaked at yesterday if the crisis continues to spread to other Middle Eastern countries.

Nomura's commodity team said oil prices risk vaulting to uncharted highs over coming weeks if chaos hits Algeria as well, reducing global spare capacity to the wafer-thin margins seen just before the first Gulf War.

On Wednesday, Brent crude rose more than 5pc to almost $112 a barrel, threatening levels that could derail the global economy. It closed at $111.25.

"We could see $220 a barrel should both Libya and Algeria halt oil production. We could be underestimating this as speculative activiites were largely not present in 1990-1991," said Michael Lo, the bank's oil strategist.

The warning came as Italy's ENI announced a suspension of supplies through Libya's gas pipeline, and a string of foreign companies evacuated staff and shut production. Libya holds Africa's biggest oil reserves and produces 1.6m barrels a day (b/d), mostly for export to Europe.

The German driller Winthershall halted its 100,000 b/d production in Libya, while ENI stopped at a string of sites, vastly reducing its flow of 550,000 b/d. A number of producers have declared "force majeure".

Barclays Capital said 1m b/d of Libyan output is "shut in", with the other 0.6m at risk. While Saudi Arabia can step in by raising output, this takes time and its oil is not a substitute for Libya's "sweet crude".

The escalating crisis set off further falls on global bourses. Wall Street was down 1pc in early trading and the FTSE 100 fell 1.2pc. The Dow has shed more than 300 points over the past three days to 12,075.

Nomura said a shut-down in both Libya and Algeria would cut global supply by 2.9m b/d and reduce OPEC spare capacity to 2.1m b/d, comparable with levels at the onset of the Gulf War and worse than during the 2008 spike, when prices hit $147.

Both price shocks preceeded – or triggered – a recession in Europe and the US. Fatih Birol, chief economist for the International Energy Agency, said the latest price rise had already become a "serious risk" for the fragile economies of the OECD bloc.

Some analysts fear the underlying picture is worse that officially recognised, doubting Saudi claims of ample spare capacity. A Wikileaks cable cited comments by a geologist for the Saudi oil giant Aramco that the kingdom's reserves had been overstated by 40pc. A second cable cited US diplomats asking whether the Saudis "any longer have the power to drive prices down for a prolonged period".

Nomura's report, which does not examine the catastrophic scenario of a full-blown Gulf crisis, said past oil shocks have shown a three-stage pattern, with a final blow-off in prices in the final phase. The current crisis is at stage one.

Surging oil prices create a nasty dilemma for central banks since they are inflationary if caused by robust global growth, but deflationary if caused by a supply crunch that acts as a tax on consuming nations. The big oil exporters tend to save extra revenues from price spikes at first, so the initial effect is to drain global demand.

The current picture contains elements of both, with an added twist of liquidity created by the US Federal Reserve that is leaking into the global system and playing havoc with commodity pricing.

US Treasury Secretary Tim Geithner said on Wednesday that the world economy is stong enough to "handle" the oil shock, insisting that central banks "have a lot of experience in managing these things".

The European Central Bank (ECB) responded to the oil spike in July 2008 by raising rates even though Germany and Italy were in recession by then. Nout Wellink, the ECB's Dutch governor, said this had been a policy error.

Circumstances are different this time yet also murky. ECB chief Jean-Claude Trichet signalled last month that the bank will "look through" the short-term price hump, but ECB rhetoric has since turned more hawkish. Fed doves will undoubtedly give more weight to the deflationary risks.

Jeremy Leggett, a leader of the UK industry task force on peak oil and energy security, said the Mid-East crisis "shows the extreme fragility of the global system. People don't realise how close we are to a potential precipice if this unrest reaches critical mass in enough OPEC countries. Governments need to draw up emergency plans and get cracking on proactive measures while we still have time," he said.

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Saudi ruler offers $36bn to stave off uprising amid warning oil price could double

The growing turmoil in the region led experts to warn last night that Brent crude oil prices may double from the $111 a barrel mark it peaked at yesterday if the crisis continues to spread to other Middle Eastern countries.

Nomura's commodity team said oil prices risk vaulting to uncharted highs over coming weeks if chaos hits Algeria as well, reducing global spare capacity to the wafer-thin margins seen just before the first Gulf War.

On Wednesday, Brent crude rose more than 5pc to almost $112 a barrel, threatening levels that could derail the global economy. It closed at $111.25.

"We could see $220 a barrel should both Libya and Algeria halt oil production. We could be underestimating this as speculative activiites were largely not present in 1990-1991," said Michael Lo, the bank's oil strategist.

The warning came as Italy's ENI announced a suspension of supplies through Libya's gas pipeline, and a string of foreign companies evacuated staff and shut production. Libya holds Africa's biggest oil reserves and produces 1.6m barrels a day (b/d), mostly for export to Europe.

The German driller Winthershall halted its 100,000 b/d production in Libya, while ENI stopped at a string of sites, vastly reducing its flow of 550,000 b/d. A number of producers have declared "force majeure".

Barclays Capital said 1m b/d of Libyan output is "shut in", with the other 0.6m at risk. While Saudi Arabia can step in by raising output, this takes time and its oil is not a substitute for Libya's "sweet crude".

The escalating crisis set off further falls on global bourses. Wall Street was down 1pc in early trading and the FTSE 100 fell 1.2pc. The Dow has shed more than 300 points over the past three days to 12,075.

Nomura said a shut-down in both Libya and Algeria would cut global supply by 2.9m b/d and reduce OPEC spare capacity to 2.1m b/d, comparable with levels at the onset of the Gulf War and worse than during the 2008 spike, when prices hit $147.

Both price shocks preceeded – or triggered – a recession in Europe and the US. Fatih Birol, chief economist for the International Energy Agency, said the latest price rise had already become a "serious risk" for the fragile economies of the OECD bloc.

Some analysts fear the underlying picture is worse that officially recognised, doubting Saudi claims of ample spare capacity. A Wikileaks cable cited comments by a geologist for the Saudi oil giant Aramco that the kingdom's reserves had been overstated by 40pc. A second cable cited US diplomats asking whether the Saudis "any longer have the power to drive prices down for a prolonged period".

Nomura's report, which does not examine the catastrophic scenario of a full-blown Gulf crisis, said past oil shocks have shown a three-stage pattern, with a final blow-off in prices in the final phase. The current crisis is at stage one.

Surging oil prices create a nasty dilemma for central banks since they are inflationary if caused by robust global growth, but deflationary if caused by a supply crunch that acts as a tax on consuming nations. The big oil exporters tend to save extra revenues from price spikes at first, so the initial effect is to drain global demand.

The current picture contains elements of both, with an added twist of liquidity created by the US Federal Reserve that is leaking into the global system and playing havoc with commodity pricing.

US Treasury Secretary Tim Geithner said on Wednesday that the world economy is stong enough to "handle" the oil shock, insisting that central banks "have a lot of experience in managing these things".

The European Central Bank (ECB) responded to the oil spike in July 2008 by raising rates even though Germany and Italy were in recession by then. Nout Wellink, the ECB's Dutch governor, said this had been a policy error.

Circumstances are different this time yet also murky. ECB chief Jean-Claude Trichet signalled last month that the bank will "look through" the short-term price hump, but ECB rhetoric has since turned more hawkish. Fed doves will undoubtedly give more weight to the deflationary risks.

Jeremy Leggett, a leader of the UK industry task force on peak oil and energy security, said the Mid-East crisis "shows the extreme fragility of the global system. People don't realise how close we are to a potential precipice if this unrest reaches critical mass in enough OPEC countries. Governments need to draw up emergency plans and get cracking on proactive measures while we still have time," he said.

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U.S. roadshow offers new investors Ocado

FTSE 250 close up 5.37 11082.17.

Fresnillo reaches 60% £ 15.68 Kazakhmys acquired 24 p to £ 15.11 and Antofagasta, has advanced from 23 percent to £ 14.36, as commodity prices lifted the mining sector - which was also supported by $3 (£ 1. 91bn) takeover Walter Western coal energy.

Gerard Lane, Coast capital equity analyst is bullish on the prospects for juveniles in the run up to Christmas: "taking into account the end of the increase in metal prices suggest that gains in the mining sector are likely to continue to be revised more and given its low value, we remain positive on the sector."

Manufacturer of catalysts Johnson Matthey has been another increase in merchandise recipient, award, with its closed shares higher at £ 19.26 59 p. Society, which is approximately one third of catalytic converters used in vehicles, was also helped by an increase in the target prices and Liberum Capital, which maintains its "buy" estimates the stock rating.

Broker raised its price target for £ 20 to 25 £ and surveying company its long-term autour 10pc over consensus earnings forecasts. Liberum Capital said that the change in the forecast is partly raised expectations profit for the activities of Johnson Matthey precious metals.

Other winners included Imperial Tobacco, which rose from 19% to £ 18.93 on a smaller than expected in Spanish tobacco tax break. Madrid said that the increase in tax would raise 780 million euros (£ 639 m) a year — less than many had expected - under a package of reforms, he hoped to calm investor concerns about its economy.

Far from classification, speculation has continued to grow on the future of Kesa Electricals, owner of street high retailer Comet, subsequent to the release note of UBS.

Earlier this week, investor activist Knight Vinke raised its stake in the Kesa to 7pc, fueling the suggestions that a break-up of the chain may be imminent. Shares in the company increased by 0.4 to 174 p as UBS Adam Cochrane analysts and Andrew Hughes have speculated that Knight Vinke "can attempt to generate a one-time return of capital". Might come across a sale and leaseback of 300 m € of owned French company, get rid of Comet or one of its emerging companies or increasing financial gear company, they said.

However, analysts had doubts as to whether Knight Vinke was likely to be sustainable. "Investment attracted investors speculation and interest, but we do not know what value long term shareholder can be created in advance of what day-to-day management is already taken."

Among the laggards, Group Man shares shed 9.6 to 279,1 p as Numis Securities cut its rating to "reduce" to "hold" in an otherwise neutral review of UK asset managers hedge fund manager.

Luxury retailer Burberry also falls in mode yesterday. The company is found among the losers after a short rally - saw shares jump on in two days - 10pc has ended.

Shares in the company withdrew from 20% to £ 10.79 despite the initiator cover Seymour Pierce society with a "buy" rating Kate Calvert, analyst at retail broker, said mark was "strengthened as modern decor, the trend should be the brand of luxury".

"Business model continues to change as management tackles many of the problems of distribution and moves to the retail-oriented business model." All the benefits of a large number of these actions are still to come on profit wise. »

The financial services sector is as unobtrusive as insurers weighed on the market. Old mutual fell 120.1 p 3.1, Aviva slipped 5.8 percent 379.5 so that the Standard Life closed 2.2 206 p.

Bucking trend has St. James place, grouped wealth manager. He jumped 14.9 to 268 p response delayed for an upturn in the broader insurance sector of the earlier this week.

Barrie horns, Panmure insurance analyst said: "the last days have seen insurers rebound as Irish debt fears allayed after confirmation that the exhibitions are relatively small and manageable." Instead of St James of missed shares rally earlier in the week but bounced back after leaving behind them relatively. "Director share dealing, the absence of Irish debt exposure and a general recovery in the mid-cap market has also helped.

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