Lamprell, an oil rig manufacturer, has jumped nearly 8% following its full year figures and talk of acquisitions.
The company said net profits more than doubled from $28.4m to $66.6m, helped by unexpected demand for more modern and efficient drilling units in the wake of the Macondo spillage in the Gulf of Mexico.
The strength in the oil price has also lead to what it called "unprecedented levels of enquiries and bid activity." With a strong cash position Lamprell is also on the lookout for acquisition opportunities in the Middle East.
Lamprell's shares are up 24.6p to 338.6p, making it the biggest rise in the FTSE 250. Analysts at JP Morgan said:
We upgrade our 2011 and 2012 revenue forecasts by 6%, and on the back of this up our EPS forecasts by 5% and 6% respectively. Even on these upgraded forecasts revenue visibility remains unusually high, and we anticipate any material contract awards this year driving further earnings upgrades.
Overall the market is holding onto its gains, with a fall in mining shares due to metal price weakness outweighed by a positive performance by the banks, despite the financial troubles in Portugal and continuing worries about Irish and Spanish banks. So Kazakhmys is down 23p at �14.24 but HSBC is up 7.3p at 655.2p.
Burberry is 23p better at �11.39 following news of a joint venture in Saudi Arabia, and a move by analysts at Exane BNP Paribas to list the luxury goods group as a possible acquisition target. The shares are also bouncing back from recent weakness following the Japanese earthquake, and worries about its exposure there.
Chipmaker Arm has added 20.5p to 565.5p as US investment group Capital Research and Management bought just over 2m shares to take its stake to 5.15%.
Building materials group Wolseley has climbed 10p to �20.91 despite reports its plan to sell its Bathstore retail business to private equity group Electra had fallen through.
But Capita, the outsourcing company, is down 8p at 750p after Bank of America Merrill Lynch moved from buy to neutral, saying it needed to win new business to meet the City's profit expectations.
Source: http://www.guardian.co.uk/business/marketforceslive/2011/mar/28/lamprell-lifted-by-rig-demand
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