Questor share Tip: Forth Ports bid target once more

When Forth Ports rejected a £ 14 a share bid approach of Northstream consortium last may, he took surveys of its other shareholders on what could be an acceptable price of the takeover.

The message was clear: even £ 15 would not suffice. But it would be closer to the mark.

These new filtered on the waves, and now the key member of Northstream - the Arcus European Infrastructure Fund - are solo sailing with a renewed inclination at the last of the main groups cited port.

Arcus, which is already a principal shareholder of Forth with 22 8pc, filed a 16.30 £ proposed a share offer, upgrading Forth at £ 746 m - as agreed to pay a p 20 final dividend share for 2010.

This time, Forth - owner of Scottish Leith, Rosyth and Grangemouth ports as well as the London Tilbury docks - has opened its books.

The price mentioned is not the £ almost all who might have been necessary at property boom when evaluators were salivate on the potential of the Forth development assets.

In 2005, these assets have been assessed by DTZ to 285 m £-a value well enough, they held until 2007.

Then came the crash. 2008 Assessment of DTZ diving at only £ 60 m - and while it amounted to 74 m £ 2009, reflecting in part Forth taking full ownership of the development of Ocean Terminal in Edinburgh.

It is one of the problems with valuing Forth: there is clear potential in the field of property realizing it but is another story.

There are other possibilities, too, plant biomass on surplus lands in the Scottish ports and the construction of boost for the 2012 Olympics are bringing to Tilbury. But a large part of this tomb in the box entitled "potential".

As for now, the values of Arcus proposal that Forth to about 29 times expected earnings - and it is hard to see a counter-bidder, set the given Arcus chunky. It is noticeable, too, that Arcus is made that "confirmation due diligence", involving an agreement is not far away.

There is a risk, of course, a final shift. But it seems only a matter of time before the boat coming Forth. Investors must not long to wait. Hold'em.

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Questor share Tip: FTSE 100 winners and losers

More than 10 years after the dotcom bust, commentators on technology are once more the possibility of a technology bubble.

Heavyweight sectors ARM Holdings has been a good month - hit a maximum of 10 years.

The Cambridge-based company designs chips for almost all mobile devices in the world, including Apple iPhone and iPad.

Recently, the arm has been to play down fears that a breakthrough of revolutionary chip by rival Intel will take a bite of its future earnings.

The CSR chip manufacturer shows also gains this year, despite the fact, he settled in loss in the first quarter after it shipped fewer chips for smartphones.

Shares in autonomy, which makes software for companies to keep track of e-mail, voice and video, also filed a solid performance - with the market acclaim its recent acquisition of Iron Mountain, which boosted his computer business in the clouds.

Insurance companies entered 2011 on low income, as investors are concerned about growth, the performance of financial markets and competition in the sector.

Generation of Cash has been strong, underlying the dividends, and there are a signs this streamlining structural in companies such as Aviva and old mutual work.

Despite a number of disasters, M & A activity from insurers Lloyds of London has kept floating sector. The performance was also assisted after that the performance of the Prudential heavyweight sector lagged last year.

Fears of overheating in China and a correction in the price of raw materials sent much lower mining shares.

The price of gold hit new heights on the sovereign debt fears unprecedented European, but the performance of the shares of gold mining is dull.

Goldman Sachs also precipitated a drop in the sector when he called a high short term in the boom of commodities in April. However, the Investment Bank has changed since and is now more "optimistic."

The British market also welcomed Glencore, the goods in Switzerland, giant trade, the London-based largest ever flotation. This sparked speculations of M & A over the area, with Xstrata presents itself as the primary target.

Airlines and travel like TUI and Thomas Cook agencies were hit by the high cost of oil and the disturbance caused by civil unrest in the Middle East and North Africa. Egypt, for example, usually represents on FP7 of the profits of Thomas Cook.

Things looked even darker for the sector in recent weeks, as a volcanic eruption in Iceland, threatened to cause chaos and disruption. But will the situation currently not result as bad as last year.

Shares of the Bank have been low. In April, the independent Commission on banks stated that the largest banks of the United Kingdom, to stimulate capital, implement the plans for an orderly bankruptcy and build fire breaks around consumption units to consolidate the stability of the financial system.

Split banks in retail and investment arms has not been held.

Competition remains high, with Sir Richard Branson planned to bid for branches of Northern Rock and Lloyds it attempts to bring Virgin Money to the street.

The background dark market also kept the sector in failure, with the major banks to reach their targets of loans
for small businesses in the Merlin project.

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Questor share Tip: grip, Standard Life on UK pension market key for growth

Instead, 50 years, who succeeded Sir Sandy Crombie as CEO of the company last year, will talk about savings and long term investment and blow away the cobwebs in 185 years Scottish institution only mutualised-of in 2006.

Mr. Nish himself has established a clear timetable for doing so and yesterday-show results he made progress, although he himself has admitted that there is still a "much to do."

Other (dare I say it) insurers, Standard Life has its sights set mainly on the British market and hopes to exploit the 1.4 trillion of £ in pensionable pension active he believes are to win in Britain.

Mr. Nish has spent its first year in Office of restructuring of its management team and the launch of new products, such as Lifelens, new package of benefits employee of the group. Standard Life has also disposed of its banking and health care units and made a few bolted acquisitions to strengthen its "basic proposals" - a phrase that Mr. Nish likes to use.

Although it is clearly too early to judge the long-term these changes impact, financial statements of the of the Standard Life were quite strong in 2010.

The Group posted a 5pc 6 increase in profit before tax of 425 m £ paying revenues have increased by 16pc for £ 1 billion. Manager of property of the company, Standard Life investments, also saw assets under management hit a record more than £ 71 enabling the company to increase its total dividend by 6 2pc 13 percent.

Moreover, the Group managed secure transactions to provide services to 182 new British pension schemes, representing 72 000 employees.

It is clearly a solid platform to build and Mr. Nish will want to prove that British companies do not have to build global empires to succeed.

Mr. Nish 2011 will be the year he and his team "execute and deliver", explains their strategy, winning several new companies in mind until December 31, when he says that the group must be ready to reap the benefits. It is because of the planned regulatory changes for 2012, including reforms of the pension which will be automatically enrolled employees to employers pension plan their existing or a new system of personal accounts.

Standard Life believes that more businesses of the United Kingdom will need his services as being more employees pay into pension schemes. The group is currently a leader of the market in this sector. In addition, the implementation of the review of retail distribution will prohibit commission payments to intermediaries. That Standard Life already operates on the paid model of choice, it is expected to steal a March as companies are forced to change their payment models.

Questor recognizes the impact of Mr. Nish changes are likely to have on society and recognizes performance of healthy dividend of 5 3pc, it already provides to investors.

Shares in the company rose by just below 10pc during the past year, the investment to maintain - especially for the number of ranking of the retail investors, the company has - a legacy of its demutualization five years ago.

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Questor share Tip: negative sentiment on the Egypt Centamin has created an opportunity to purchase

Gold prospects are positive that investors worried about inflation, devaluing currencies and geopolitical disorders Photo: ALAMY

The negative sentiment has created an opportunity to purchase - but not without risk. The situation is far from over in North Africa.

Friday, the miner said that he would welcome a trip by analysts at its Sukari mine in the North African country. Suspects Questor week next these analysts will issue positive updates on the situation in the mine of the company - a gesture which could stimulate the company of the action.

Questor recommended to buy the post-crisis actions, 135.9 p, but the actions are always good value.

This is despite the fact that the company said Thursday that production of 2011 would be at the lower end of its target.

There is a delay in the delivery of blasting equipment - but this has been resolved.

Gold prospects are positive that investors worry about inflation, devaluing currencies and geopolitical problems. Friday, Standard Chartered said that gold "supercycle" could increase the price of the metal to an average of $2,100 in 2014.

Questor recommended actions such as high as 159.75 p purchase, but they were initially tipped to 42.5 percent on January 5, 2009. They are traded on a remuneration of 14.1 multiple current year, falling to 9.7 next year. The company does not pay a dividend.

Questor takes into account falls are exaggerated and actions are a speculative buying.

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Questor share Tip: Inchcape deserves the green light for investors

The figures of the society of motor manufacturers and traders showed that UK car sales fell 7 FP7 in February from last year and the end of the scrappage incentive means that this decline is likely to be maintained through the year.

Questor has only look in its portfolio because its after-sales activities growing. Inchcape, which is by far the largest list British dealer, with a market capitalization of £ 1 MD, has been warning yesterday of "uneven global recovery" and "margin erosion" of increased costs for vehicle manufacturers.

It is expected to decline this year in four markets - Singapore, Greece, Belgium and United Kingdom - which account for half of the Group turnover.

However, at the side of caution outlook is a car dealer who deserves to be passing the green light.

The key is that the Inchcape operates 26 markets and is the leader of the market in 14 of them. Thus, while European revenues fell 13 4pc 871 m £ last year, this division accounts for 15pc of sales and its decline was offset by the performance of the Australia, China, and the Russia.

Overall, pretax profits stir-fry 41pc to 192 m £ on earnings above £ 5. 89bn, 5. 4pc then Australasia represents £ billion in sales and the Russia and emerging markets another £ 1 billion.

Not only the emerging markets are set for further growth in sales of car - Director General André Lacroix has Hong Kong, in Australia, the Russia and South America in particular - but Inchcape also got a foot in the burgeoning luxury car segment.

In China, for example, Inchcape sells Jaguar and Land Rover, and the success of British brands allows him to prepare for an expansion of £ 170 million in the country over the next five years.

Mr. Lacroix, said Inchcape is "uniquely positioned to take advantage of these markets premiumisation" while the class average and seeks a better quality of life. In addition, he claims that luxury brands with inchcape works will be "ahead of their competitors in their development of advanced hybrid and electric vehicles."

Financially, Inchcape can invest in these opportunities with a pile of 206 million net cash of £, amassed fortunes last year resumed and a deferral of certain capital expenditures. This pile of cash has also led to the company restoring the dividend for the first time since 2009. A payment of 6.6 p per share will be made to the shareholders.

The action of the Inchcape prices rallied 65 p in March 2009, when the dividend has been discarded, a rights issue was launched and Questor has warned investors to avoid actions. He has been a steady rise since August, when it rose to 253.20 p.

By Miss report and UK rival Pendragon, Inchcape is not cheap, trading at 11.7 2011 time gains and 2 4pc performance. However, Questor believes the global reach of the business and potential undermines the relevance of this comparison. Purchase.

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Questor share Tip: Reed Elsevier is optimistic on 2011

While revenues were more or less unchanged at £ 6 06bn last year, the absence of write-downs - 177 m £ last time - and greatly reduced costs of restructuring saw all year profits Bond 77pc 768 m £ before tax.

At the time, analysts acknowledged the focus of Reed to the conduct of operational performance improvement. Further positive news came from Erik Engstrom, Chief Executive since the end of 2009, saying that the greater part of the Group of the restructuring programme are now completed. However, some analysts were downbeat, citing a worrying decline in the group legal and professional firms.

"The markets of the group be controlled pressure end-cycle on multi-year subscriptions, while Reed would give no indication where he expects legal margins to recover" said Numis. "" we do not consider as dear Reed 12 times earnings, but neither see catalysts in the short-term performance of the price part of the disk. ""

Other concerns came yesterday from Bernstein Research, concerned about the potential performance of science and technology from Elsevier in 2012. They emphasize the pressures encountered by academic institutions around the world: "while the evidence summary of the changes in the funding of academic libraries is still rudimentary, anecdotal evidence suggests that academic and research libraries are still affected by budget additional pieces in 2011." We believe that, overall, Elsevier revenues will increase 1pc in 2pc annually in the best of cases, well below the history at the rate of growth FP6 5MC. »

High-growth areas include enterprise risk, while the Group has accelerated the launch of new exhibits in the high-growth markets and sectors. And with more, Mr Engstrom includes the companies after the arm of Elsevier.

An other potential upside is that the chance of the group could possibly consider the sale of its exhibitions. There is certainly interest.

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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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Questor share Tip: Sports Direct defined benefit packed sports calendar

First of all the retailer successfully refinanced its banking arrangements in an establishment not guaranteed for three years. He also stated that the Serious Fraud Office is not scrutinize individuals related to the company operations between Sports Direct and rival chain JJB Sports. The last bit of news means that the last remaining part of an ongoing investigation on the Sports Direct is now complete and that the company is clear.

The ads removed two questions which had been suspended over Sports Direct recently and have been retained its assessment. Even though the shares have risen 1.8-182 p, we believe that they are worth picking up.

Analysts applauded the news. Singer Capital Markets increases its price target on Live Sports of 173 percent to 190 percent to reflect a stronger multiple targets. Singer, said: "the announcements should see shares advance, while the actions are of 12 5pc in 4 weeks, in contrast with the rest of the sector (down 6 4pc)", perhaps for all or part of this new"."

The company took a ride tricky in terms of its relationship with the city as it floated at 300 p per share in 2007. However, relations with the Square Mile improved much these days. Sports Direct is commercial as well. Total sales at the chain increased by 21 1pc in weeks 13 to 23 January.

The shares had been trading on a 2011 coefficient of 11 times, a slight discount to the rest of the retail Midcap sector. It is passed to both 11.5 yesterday reflecting better prospects suite Sports Direct news. This is in line with other retailers Midcap.

Sports Direct has a ready market. He sells cheap of sports equipment and clothing brand, and therefore has a strong crossover fashion-sports. Rival chain JD Sports Fashion is, as its name suggests, more than one player mode, while JJB Sports is thus helping to sort out its own domestic woes at the time where it cannot be seen as a serious rival. This is likely to change in the medium term, but now live Sports has the field to itself.

18 Months is a period of bumpers for the sport. The World Cup of rugby, the European Championships in football and, of course, the Olympics take all place, which should help the Sports Direct.

The stack "it high sell cheap" stores may not be to the taste of each, but the shares worth Border away. Purchase.

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Questor share Tip: Pinewood actions are not without risk

Shares of Pinewood, where some of the Harry Potter films have been made, have been at the top and bottom as well as the young Wizard, a Quidditch match.

Pinewood is probably a 12 over PG, when you use the classification of the film as a metric for assessing the risk.

The shares of the studio behind some of the Harry Potter films have been up and down over the past five years as young assistant in a game of Quidditch.

Relying on Hollywood will always at their own risk, but there are some obvious benefits to Pinewood. To start with, the group is now as much about television studios as is the film studios. With a production of television becoming as sophisticated as the film and with the growth of television of the event, studios are used for purposes of double and Pinewood is propagated to its risks.

The Pinewood brand has been well exploited in a series of agreements which has recently seen Pinewood launched in Dominican Republic to serve the Latin American market.

The Group has created Pinewood Toronto Studios and Pinewood Studio Berlin Film Services, while the Pinewood Studios Malaysia Iskandar is under construction. It is also understood to be considering the Indian market, it seeks to capitalise on the global success of Bollywood. The group is targeting the regions of the world where the film is growing rapidly.

And other new developments are interested us, including plans to invest in low-budget films. Pinewood also hopes to further extend to the United Kingdom and currently growing for the creation of the Pinewood, a 100-acre project, the 200 m £
new set.

Against an initial refusal by the southern district Council Bucks for permits for project Pinewood is set for April 5, with a decision due to appeal by the Secretary of State for communities and local government.

Obvious potential risks include competition from other businesses global studios, currency movements and changes to film tax. A single principal shareholder, Crystal Amber, with a set of 28pc, criticized the progress of the Group since its inscription, seven years and appealed to President Lord Grade to leave.

Other concerns are the acquisition and development of Time Warner Leavesden Studios. However, insiders do not consider this as a threat, as a large part of the workshop will consist of a Harry Potter attraction.

Media and publishing vacancies jobs Telegraph

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Questor share Tip: give Prudential a miss for a more attractive alternative

You're a disgrace, you all. You, the Board of Directors made a decision and you are wrong. You all should do the honourable thing, "said an investor at the meeting, referring to the amount of 377 m £ of costs incurred in the process of deal."

Several months on and Mr. Thiam, nor its Chairman Harvey McGrath left the company. Instead, Mr. Thiam seemed focused on the future yesterday as Prudential reported 33pc jump all year profits to £ 2 07bn. The results were driven out by a strong performance through Asian Affairs of the group, which represented the form £ 1. 5bn worth of annual sales of Prudential.

Back in December 2009, Questor recommended investors banked profits made in Prudential. After all, the company shares had climbed 123pc to 643½p since they were last at the end to 288¾p in February of this year.

Since then, much water has passed under the bridge, particularly failure AIA deal, which saw the price of the shares of the Prudential hit a nadir of p 489,2 last July, shortly after the agreement has been discarded.

However, the Prudential shares have increased once again, climbing on 50pc 749 percent from their low. Calls to Mr. Thiam and Mr. McGrath to resign also fell away as investors recognize the strength of the company core, its Asian business supported by cash generative units in the United Kingdom and the United States.

Prudential has shown that he can make the right decisions in Asia by limiting its exposure to highly competitive markets such as Taiwan and the Japan, while investing capital in high-growth areas, such as the Malaysia. The company has not excluded to make acquisitions in the future, but is unlikely to ask shareholders for a question of pressed expensive rights of return after having met with strong opposition to the appeal of cash. 5bn £ 14 required to support the agreement of the AIA.

The sector of life UK has become a place attractive for investors in these last few months with the generation of cash and cost cutting programs to woo shareholders. Performance of shares Prudential 3 14pc and few would argue against the balance sheet of the company - bar AIA - providing great value for the shareholders before, during and after the financial crisis.

Despite this, Questor believes there are alternatives more attractive in the sector such as Aviva, with prizes of the action of the Prudential already reflecting most of the strengths of the company, close to the high five years of 811 pthat they have reached in 2007. Some questions are also on the future of Prudential UK and us, businesses and the threat of an AIA revitalized under the direction of Mark Tucker, making Prudential one avoid at present.

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Share price up to the levels pre-banking crisis shoot

Move triggered hopes that the largest global economy will begin to develop, encourage investors to buy shares and climb the price on the stock markets from around the world.

The book reached its highest level against the dollar since January more than $1.62 as the Bank of England has kept historical low 0.5% interest rate.

The Bank decided against pumping money into the system, but the Chancellor said yesterday that facilitate further quantitative is a possibility if the economy slows significantly next year.

George Osborne told MEPs that monetary policy, spending, the Government step should be the "main"tool for stimulating economic demand.

Experts said that floating FTSE is good news for the millions who relied on actions, although they warned that it was not evidence the economy was on track to make a quick recovery.They also warned that many savers find life difficult for some time yet.

The stock market in London, which includes more than 1,000 companies is approximately 1.8 billion to £.A large part of the invested money is owned by the Corporation or public sector pension funds.

The value of the stock market has a direct effect on the size of a pension that someone enjoys if they purchase an annuity on their retraite.Millions households have savings invested directly in equities - many thanks to savings accounts (ISAs), whose annual limit is passed earlier this year to £ 7,200 to £ 10,000.

Someone whose cumulative investment in an ISA was worth £ 20,000 when the market was at its nadir in the spring of last year would have increased the value of their portfolio £ 11,600.

Net gains yesterday followed several months of encouraging economic news.Manoj Ladwa, senior capital ETX trader said: "even if the decision to other funds of pump in the u.s. economy was a surprise, it seems certainly given the equity market."

David Buik, associate principal at BGC Partners, explained the jump in the price of the shares: "there was a momentum of quantitative easing, third quarter earnings were much better than expected, and there is no cloud storm on the horizon that austerity package starts to bite."

Week last economy showed the official figures of the United Kingdom had increased by two per cent in the last six months.

Mark Dampier, Hargreaves Lansdown, an independent financial adviser, said: "much of this gathering is driven by EQ in the États.Mais not enough credit is given to retail - investor private shareholders - in the United Kingdom .they started back on the market and were buying shares seriously in recent months."

"And politicians have been big sellers.Whenever they are taxes, a judicious intelligence looks to the taxe.Avec funding the upper limit of £ 10,000 ISA many have been profiting by buying shares.»

The majority of companies in the FTSE 100 index earn profits abroad, most experts consider the index of blue chip to take account of health economy internationale.Cependant, the FTSE 250 - small businesses, which most do their business in Great Britain - was also renaissante.Il closed until 140.18 yesterday evening at 11,016.46, a maximum of three years.

Mr. Dampier has added: "" companies reported that profits attendus.De companies made it better that Governments should done: cut their debts and get their houses in order .they are reaping the benefits now. ""

Economists warned that the resurgent markets were not a sign that life would be best for the majority of consumers.

Charles Davis at the Centre of the economy and research companies, a think tank, said: "we had some surprisingly strong economic data, but it has not improved from one day to the next."

"There are winds .Familles economy are feeling the pinch of rising cost of living at a rate much faster than average gains.Et which is rising year next TVA and the effects of reduced benefits and public job losses increased."

Investors with money in a bank or building society were warned that they were unlikely to take advantage of the best savings rates.

Although the Bank of England voted against a fresh episode of quantitative easing, most believe that it will keep rates low interest for a future time.

"Cash savers have had a shocker and they will continue to do so, said Mr. Dampier.

Howard Archer, UK to INS Global Insight Chief Economist said: "ahead still interest rates remain low current weakness in registration of 0.5% until at least late 2011."

"In addition, we would not rule out interest rates remain low 0.5% by 2012."

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Sunday Telegraph share tips for 2011

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Graham Ruddick - Barratt Development

Rowena Mason - Royal Dutch Shell

Rupert Neate - Vodafone

James Hall - Mulberry

Amanda Andrews - Informa

Louise Armitstead - Bowleven

 On December 22 , Petrofac announced the successful completion of the first phase of a multi-billion dollar gas project in Turkmenistan. It is now starting on the second phase, worth $3.4bn. In that one announcement, the oil and gas services company revealed much about its business model and the reasons it is rightly a darling of FTSE 100 investors.

First, it is involved in multi-billion dollar projects with government-backed oil and gas companies. Second, it completes to time and to budget . Third, its contracts are often phased, with one multi-billion dollar deal leading seemlessly into another. To December 24, Petrofac’s share price rose a princely 56pc in 2010. With a series of major deals in the pipeline, increasing demand from the emerging markets for oil and gas developments and oil prices strong and rising, that upward trajectory is sure to continue.

In its latest statement to the markets, Petrofac said it would be on target to match the $416.3m record profits expected by analysts. Its core engineering and construction operations increased revenues by 50pc in the first half of the year and net profits by 40pc. The figures will be very strong again in 2011.

Domestically and across Africa, central Asia and the Middle East, Petrofac is expanding rapidly. Investors should see smart returns for 2011, just as they have from the previous five years.

Annual share tips are usually made on the basis of a journalist rating the company’s management and its strategic vision. This tip is different. For in this case, it is neither.

Granted, Andrew Moss, Aviva’s chief executive, has done much to rationalise the group and bring a number of disparately named companies under the Aviva brand, but as I commented in Rainmaker back in September, he is in danger of treading water.

The problem I have with Aviva’s strategy is that is not punchy enough nor visionary enough to really propel the company’s shares – and it is for that reason that I am recommending them, on a speculative basis.

Aviva’s US strategy has been left wanting, its European push is strong but not life-changing, and its UK arm is solid but offers low growth potential. Although rival Prudential had a tough year in 2010, at least it was a victim of taking major decisions, not sitting on the sidelines.

If ever there was a need for some form of corporate activity – be it disposals or more preferably some form of investor-pressured merger or takeover – Aviva is it. Buy on that basis.

While much of the City was out on its Christmas break, some positive news from gold miner Avocet Mining slipped under the radar. On December 24, the company said it was on track to dispose of its non strategic South East Asian gold assets for $200m (£130m) – more than one third more than analysts expected the mines would be worth. On completion, this will provide the group with substantial firepower to invest in its West African mines.

Avocet’s most important asset is the Inata mine in Burkina Faso, which it bought in a deal in 2009 through the purchase of Wega Mining. It also has a pipeline of exploration projects.

The company said in November it was on track to “meet or exceed” its full-year production guidance of 220,000 ounces of gold, which is reassuring. Should the sale of the Far East assets go through – and there seems no reason why they shouldn’t – the company would have transformed itself from a high-cost Asian gold producer to a lower cost, more focused African play.

Avocet shares are trading on a December 2011 earnings multiple of 13.4 times, falling to 12.1 in 2012. Should the company continue to meet it production targets and have success in its exploration project, the shares should be re-rated to a higher level.

Entering its third year under almost total state ownership, Royal Bank of Scotland is likely to be one of the better- performing banking sector shares this year.

Under the leadership of chief executive Stephen Hester, RBS has effected one of the most radical restructuring plans ever seen, with Mr Hester showing a ruthless hand in selling off businesses once regarded as the bank’s crown jewels. In 2011 it is likely investors will begin to see the upside of the Hester era cutbacks in the shape of a leaner, far more efficient RBS that is starting to look like a business capable of standing on its own.

Like its partially government-owned stablemate Lloyds Banking Group, RBS valuation will to some extent be dependent on the outcome of the Independent Commission on Banking report, due to be published in September. Unlike Lloyds, RBS is likely to escape relatively unscathed, having already sold off several hundred branches to rival Santander, opting perhaps wisely to show it is willing to put through painful cutbacks.

While 2011 will be a difficult year for banks, RBS looks relatively well-positioned to be a good performer and investors would do well to consider it as part of their portfolio.

Housebuilders have suffered a torrid three years on the stock market and the housing market is still stuffed with uncertainty, but Barratt Developments appears to have found a way to make money in the downturn.

Despite house prices being static, its November trading update said average selling prices rose by 9pc year-on-year. The company, Britain’s biggest housebuilder by volume, has focused on targeting areas where it knows there are buyers with equity, therefore building larger family homes and high quality apartments in London. In addition, the company’s bottom-of-the-cycle £750m spending spree on land will also start to boost profit margins, with roughly 14pc of sales in this financial year coming from new sites bought at historic discounts.

Barratt, which has £575m of net debt, is likely to begin refinancing talks early in 2011 ahead of 2012 maturities and expects them to be successful. All this means it is also well positioned when a sustained recovery in the housing market does arrive, which should happen eventually given the supply-demand imbalance in the UK.

High oil prices make for happy oil companies. With most analysts predicting the return of $100 oil in 2011, Royal Dutch Shell is looking like an attractive option. The energy major saw its production rise 5pc in the last quarter following seven years of declining output and a number of new projects are expected to boost this further over the next 12 months.

Its rival, BP, has lost some of its lustre after being hurt by the Gulf of Mexico oil spill, although it is now expected to return to dividend payments at a lower level in the first quarter. Shell, which has gone through a few years of radical cost-cutting, is the natural replacement in the income seeker’s portfolio.

Demand for gas is only going to grow as the world moves from reliance on high-carbon coal to lower carbon gas. Furthermore, oversupply is concentrated in the US and less marked in Europe and Asia, which are still paying decent prices for liquefied natural gas supplies.

You cannot tell what disasters may be around the corner for an oil and gas company – take BP’s oil spill that halved its market value. Investing in the oil and gas sector is always risky. But Peter Voser, Shell’s chief executive, appears to have trimmed the company into shape and 2011 may be the year it comes up trumps.

Vodafone will be going places this year. Now that almost all its markets (bar India and Spain) are heading in the right direction, Vittorio Colao, chief executive, will be able to give his full attention to the sale of more of the mobile giant’s disparate minority assets.

Vodafone has already raised £7.4bn from the sale of its stakes in China Mobile and Japan’s SoftBank. Next up are its 44pc stake in French operator SFR and its stake in Poland’s Polkometel, which is expected to fetch £3.4bn.

The real question on investors’ lips will be what’s going to happen to the company’s 45pc stake in US mobile giant Verizon Communications. The stake, which has been valued at £33bn, has been the talk of the town for more than a year already, amid speculation Colao has decided it is time to cash in on Vodafone’s US ambitions.

Although I reckon talk of a sale is overplayed, considerable upside comes from the likely resumption of hefty £3.5bn annual dividend payments this year. Even without this bonus, Vodafone’s shares are yielding an impressive 5.3pc, making it a perfect portfolio filler for anyone looking for a steady income.

Oh, and it’s one of Charles Stanley’s tips of the year too.

Mulberry is a mini-Burberry and is well worth a punt. Shares in the luxury label – which is best known for its handbags – doubled last year, but there is a lot more growth to come. The company recently said Spring/Summer 2011 orders were up by 91pc and that revenues over the first six months of its financial year increased by 38pc to £44.7m. It is about to open new stores in Manchester, Sydney and Amsterdam as well as the flagship store on New Bond Street, London.

Mulberry is a hot brand right now. In December it won the “designer brand” award at the British Fashion Awards. For a clue of how it might perform, look at Burberry. Mulberry’s trajectory is a number of years behind the larger label’s growth pattern – and Burberry’s growth has continued unabated.

Mulberry is expanding quickly into Asia and is taking full advantage of the emerging middle classes there. At present it has 44 shops in the UK and 38 around the world, but by the end of 2011 it will have more stores overseas than it does in the UK.

Hot brands can go cold, but there is no sign of this happening at Mulberry. The company has a steady, small group of large shareholders. Stick some shares in your Tillie bag and watch them soar.

Informa, the business-to-business group, may be a far cry from the glamour and consumer appeal of most UK media stocks. However, the breadth of its businesses, the speed of growth in late 2010 and low exposure to volatile advertising markets, make it a front runner in the unpredictable media sector. There are clear risks.

However, Informa, which owns Datamonitor and Taylor & Francis, has proved to be structurally robust and well placed to deliver growth in 2011. It recently announced good recovery in conferences, double-digit growth in forward bookings at its exhibitions division and improvement at its training arm.

High debt levels have cast a dark shadow over Informa in recent years, but its balance sheet now looks much stronger. Net debt is set to finish the year at 2 to 2.5 times earnings.

A merger with UBM, which came close in June 2008, now seems less likely , but there is still M&A potential. The likely long-term future of Informa is to merge with Springer Science & Media. There are clear risks, as conference attendance and journal subscriptions will be hit in the event of a downturn in 2011. The exhibition business is also weighted towards the first half of the year. However, if the economy is on its side, Informa could prove to be the envy of its more colourful friends in the media sector.

After the horrors of BP’s spill, plenty argue that betting on the oil sector’s continuing ascendancy is a foolish way to spend your money.

But regardless of the green energy lobby, oil companies will continue to boom in 2011 – fuelled not least by relentless development in the emerging markets.

BowLeven soared by 316pc last year on the back of new discoveries in Cameroon, but there’s every reason to bet that the spurt has just begun.

The Aim-listed company has so far drilled the edge, not the centre, of its structures and it’s fully financed to fund multiple wells this year thanks in part to a $113m (£74m) fund-raising at the end of 2010. The company’s focus is West African oil and gas deposits, and the company told shareholders at its recent annual meeting it hopes to be able to book reserves in respect of its Cameroon finds as early as 2012.

Above all, in a sector prone to gushers, BowLeven stands out with its boss Kevin Hart – the former finance director of Cairn Energy – both steady and experienced and able to build on two decades in the energy sector as first banker and company director.

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Sunday Telegraph share tips for 2011

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Graham Ruddick - Barratt Development

Rowena Mason - Royal Dutch Shell

Rupert Neate - Vodafone

James Hall - Mulberry

Amanda Andrews - Informa

Louise Armitstead - Bowleven

 On December 22 , Petrofac announced the successful completion of the first phase of a multi-billion dollar gas project in Turkmenistan. It is now starting on the second phase, worth $3.4bn. In that one announcement, the oil and gas services company revealed much about its business model and the reasons it is rightly a darling of FTSE 100 investors.

First, it is involved in multi-billion dollar projects with government-backed oil and gas companies. Second, it completes to time and to budget . Third, its contracts are often phased, with one multi-billion dollar deal leading seemlessly into another. To December 24, Petrofac’s share price rose a princely 56pc in 2010. With a series of major deals in the pipeline, increasing demand from the emerging markets for oil and gas developments and oil prices strong and rising, that upward trajectory is sure to continue.

In its latest statement to the markets, Petrofac said it would be on target to match the $416.3m record profits expected by analysts. Its core engineering and construction operations increased revenues by 50pc in the first half of the year and net profits by 40pc. The figures will be very strong again in 2011.

Domestically and across Africa, central Asia and the Middle East, Petrofac is expanding rapidly. Investors should see smart returns for 2011, just as they have from the previous five years.

Annual share tips are usually made on the basis of a journalist rating the company’s management and its strategic vision. This tip is different. For in this case, it is neither.

Granted, Andrew Moss, Aviva’s chief executive, has done much to rationalise the group and bring a number of disparately named companies under the Aviva brand, but as I commented in Rainmaker back in September, he is in danger of treading water.

The problem I have with Aviva’s strategy is that is not punchy enough nor visionary enough to really propel the company’s shares – and it is for that reason that I am recommending them, on a speculative basis.

Aviva’s US strategy has been left wanting, its European push is strong but not life-changing, and its UK arm is solid but offers low growth potential. Although rival Prudential had a tough year in 2010, at least it was a victim of taking major decisions, not sitting on the sidelines.

If ever there was a need for some form of corporate activity – be it disposals or more preferably some form of investor-pressured merger or takeover – Aviva is it. Buy on that basis.

While much of the City was out on its Christmas break, some positive news from gold miner Avocet Mining slipped under the radar. On December 24, the company said it was on track to dispose of its non strategic South East Asian gold assets for $200m (£130m) – more than one third more than analysts expected the mines would be worth. On completion, this will provide the group with substantial firepower to invest in its West African mines.

Avocet’s most important asset is the Inata mine in Burkina Faso, which it bought in a deal in 2009 through the purchase of Wega Mining. It also has a pipeline of exploration projects.

The company said in November it was on track to “meet or exceed” its full-year production guidance of 220,000 ounces of gold, which is reassuring. Should the sale of the Far East assets go through – and there seems no reason why they shouldn’t – the company would have transformed itself from a high-cost Asian gold producer to a lower cost, more focused African play.

Avocet shares are trading on a December 2011 earnings multiple of 13.4 times, falling to 12.1 in 2012. Should the company continue to meet it production targets and have success in its exploration project, the shares should be re-rated to a higher level.

Entering its third year under almost total state ownership, Royal Bank of Scotland is likely to be one of the better- performing banking sector shares this year.

Under the leadership of chief executive Stephen Hester, RBS has effected one of the most radical restructuring plans ever seen, with Mr Hester showing a ruthless hand in selling off businesses once regarded as the bank’s crown jewels. In 2011 it is likely investors will begin to see the upside of the Hester era cutbacks in the shape of a leaner, far more efficient RBS that is starting to look like a business capable of standing on its own.

Like its partially government-owned stablemate Lloyds Banking Group, RBS valuation will to some extent be dependent on the outcome of the Independent Commission on Banking report, due to be published in September. Unlike Lloyds, RBS is likely to escape relatively unscathed, having already sold off several hundred branches to rival Santander, opting perhaps wisely to show it is willing to put through painful cutbacks.

While 2011 will be a difficult year for banks, RBS looks relatively well-positioned to be a good performer and investors would do well to consider it as part of their portfolio.

Housebuilders have suffered a torrid three years on the stock market and the housing market is still stuffed with uncertainty, but Barratt Developments appears to have found a way to make money in the downturn.

Despite house prices being static, its November trading update said average selling prices rose by 9pc year-on-year. The company, Britain’s biggest housebuilder by volume, has focused on targeting areas where it knows there are buyers with equity, therefore building larger family homes and high quality apartments in London. In addition, the company’s bottom-of-the-cycle £750m spending spree on land will also start to boost profit margins, with roughly 14pc of sales in this financial year coming from new sites bought at historic discounts.

Barratt, which has £575m of net debt, is likely to begin refinancing talks early in 2011 ahead of 2012 maturities and expects them to be successful. All this means it is also well positioned when a sustained recovery in the housing market does arrive, which should happen eventually given the supply-demand imbalance in the UK.

High oil prices make for happy oil companies. With most analysts predicting the return of $100 oil in 2011, Royal Dutch Shell is looking like an attractive option. The energy major saw its production rise 5pc in the last quarter following seven years of declining output and a number of new projects are expected to boost this further over the next 12 months.

Its rival, BP, has lost some of its lustre after being hurt by the Gulf of Mexico oil spill, although it is now expected to return to dividend payments at a lower level in the first quarter. Shell, which has gone through a few years of radical cost-cutting, is the natural replacement in the income seeker’s portfolio.

Demand for gas is only going to grow as the world moves from reliance on high-carbon coal to lower carbon gas. Furthermore, oversupply is concentrated in the US and less marked in Europe and Asia, which are still paying decent prices for liquefied natural gas supplies.

You cannot tell what disasters may be around the corner for an oil and gas company – take BP’s oil spill that halved its market value. Investing in the oil and gas sector is always risky. But Peter Voser, Shell’s chief executive, appears to have trimmed the company into shape and 2011 may be the year it comes up trumps.

Vodafone will be going places this year. Now that almost all its markets (bar India and Spain) are heading in the right direction, Vittorio Colao, chief executive, will be able to give his full attention to the sale of more of the mobile giant’s disparate minority assets.

Vodafone has already raised £7.4bn from the sale of its stakes in China Mobile and Japan’s SoftBank. Next up are its 44pc stake in French operator SFR and its stake in Poland’s Polkometel, which is expected to fetch £3.4bn.

The real question on investors’ lips will be what’s going to happen to the company’s 45pc stake in US mobile giant Verizon Communications. The stake, which has been valued at £33bn, has been the talk of the town for more than a year already, amid speculation Colao has decided it is time to cash in on Vodafone’s US ambitions.

Although I reckon talk of a sale is overplayed, considerable upside comes from the likely resumption of hefty £3.5bn annual dividend payments this year. Even without this bonus, Vodafone’s shares are yielding an impressive 5.3pc, making it a perfect portfolio filler for anyone looking for a steady income.

Oh, and it’s one of Charles Stanley’s tips of the year too.

Mulberry is a mini-Burberry and is well worth a punt. Shares in the luxury label – which is best known for its handbags – doubled last year, but there is a lot more growth to come. The company recently said Spring/Summer 2011 orders were up by 91pc and that revenues over the first six months of its financial year increased by 38pc to £44.7m. It is about to open new stores in Manchester, Sydney and Amsterdam as well as the flagship store on New Bond Street, London.

Mulberry is a hot brand right now. In December it won the “designer brand” award at the British Fashion Awards. For a clue of how it might perform, look at Burberry. Mulberry’s trajectory is a number of years behind the larger label’s growth pattern – and Burberry’s growth has continued unabated.

Mulberry is expanding quickly into Asia and is taking full advantage of the emerging middle classes there. At present it has 44 shops in the UK and 38 around the world, but by the end of 2011 it will have more stores overseas than it does in the UK.

Hot brands can go cold, but there is no sign of this happening at Mulberry. The company has a steady, small group of large shareholders. Stick some shares in your Tillie bag and watch them soar.

Informa, the business-to-business group, may be a far cry from the glamour and consumer appeal of most UK media stocks. However, the breadth of its businesses, the speed of growth in late 2010 and low exposure to volatile advertising markets, make it a front runner in the unpredictable media sector. There are clear risks.

However, Informa, which owns Datamonitor and Taylor & Francis, has proved to be structurally robust and well placed to deliver growth in 2011. It recently announced good recovery in conferences, double-digit growth in forward bookings at its exhibitions division and improvement at its training arm.

High debt levels have cast a dark shadow over Informa in recent years, but its balance sheet now looks much stronger. Net debt is set to finish the year at 2 to 2.5 times earnings.

A merger with UBM, which came close in June 2008, now seems less likely , but there is still M&A potential. The likely long-term future of Informa is to merge with Springer Science & Media. There are clear risks, as conference attendance and journal subscriptions will be hit in the event of a downturn in 2011. The exhibition business is also weighted towards the first half of the year. However, if the economy is on its side, Informa could prove to be the envy of its more colourful friends in the media sector.

After the horrors of BP’s spill, plenty argue that betting on the oil sector’s continuing ascendancy is a foolish way to spend your money.

But regardless of the green energy lobby, oil companies will continue to boom in 2011 – fuelled not least by relentless development in the emerging markets.

BowLeven soared by 316pc last year on the back of new discoveries in Cameroon, but there’s every reason to bet that the spurt has just begun.

The Aim-listed company has so far drilled the edge, not the centre, of its structures and it’s fully financed to fund multiple wells this year thanks in part to a $113m (£74m) fund-raising at the end of 2010. The company’s focus is West African oil and gas deposits, and the company told shareholders at its recent annual meeting it hopes to be able to book reserves in respect of its Cameroon finds as early as 2012.

Above all, in a sector prone to gushers, BowLeven stands out with its boss Kevin Hart – the former finance director of Cairn Energy – both steady and experienced and able to build on two decades in the energy sector as first banker and company director.

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GM share jump constructor returns on the stock exchange of $trends float

GM shares jumped as much as 9 1pc and were trading at $35.50 at 10: 00 a.m. in New York. After a last day orders frenzy of GM shares, Detroit company said yesterday that it had raised $20 billion (12 6bn pounds) sell the shares at $33 for each, making it the largest U.S. flotation. It has the possibility to sell 23 $ billion, which would overshadow agricultural Bank of China as the flotation made Beaver in history.

The almost 50 billion $bailout in June 2009 caused controversy, but helped GM reduce costs to restructure its debt and its management of the changement.Avec an improvement in the global economy, the manufacturer has notched gains of $4 so far this year and is outstanding for its first annual profit since 2004.

"That GM has come it is certainly an achievement worthy of mention," said Howard Wheeldon, an analyst at BGC partners.

Flotation also reduces the United States Government set to 33pc 61pc, although the total game must be sold at an average of'd $ per unit for the taxpayers recover their money.GM, CFO Chris Liddell said that "with a new business model, focusing on the design, construction and selling vehicles of best in the world, we are ready to compete."

Greatly expected flotation saw almost all banks on Wall Street to take part, Morgan Stanley, JP Morgan Chase, Bank of America, Merrill Lynch and Citigroup leading underwriting.

Although controversial, GM, Chrysler and GMAC financial self bailing out registered United States loss more grosse.Le Centre for Automotive Research has calculated that increased welfare payments and lost tax revenues would have been more expensive in the long term to allow companies to fail.

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