UFO Info Week-End

The International Petroleum Exchange has set up a committee to examine whether it

The International Petroleum Exchange has set up a committee to examine whether it should continue with its current system of open outcry floor trading or switch to electronic dealing. It has also been costly – first-half Puritan Maid operating expenses were up by almost 40 per cent on last year. Indeed, some 60 per cent of packaged software sold in Europe is Irish made, and most of the big US computer manufacturers have based their European operations there. Frank Auerbach’s etched head of Lucian Freud is one of the best things here, with, of course, Freud himself.

Two etchings by Therese Oulton, one of the galleries’ younger artists, were awaited, literally hot off the press, the day I was there.I’m not sure that I’d recommend seeing all six bits of the show at once, there’s rather too much to take in, but it is an ambitious and largely successful project which should help to raise the profile of a too-often neglected art.The Fine Art Society (0171-629 5116); Lumley Cazalet (0171-491 4767); Mercury Gallery (0171-734 7800); William Weston (0171-493 0722); Alan Cristea (0171-439 1866); Marlborough Graphics (0171-629 5161) Until 16 October. The group said that a further “small loss” was also likely in the second half.Sorting out Puritan Maid has involved restructuring some contracts and terminating others. The board is confident that Puritan Maid will break even by 1998.A series of inappropriate contracts resulting from management misjudgement were blamed for the downturn at the business, acquired from Forte in November 1995.Puritan Maid saw operating profits of pounds 1m turn into a loss of pounds 3.9m in the latest figures, in line with expectations following a warning in December, when Brake’s shares crashed. The rescue operation had been a success, he said, adding that recent months had seen significant reductions in costs. Even so, there was a warning of further losses to come after “severe problems” at the business slashed the group’s profits in the half-year to June.
Frank Brake, chairman, yesterday hailed the business as “one of the biggest successes in the first half of 1997″ According to Mr Brake, the worst at Puritan Maid was over.

Shares in Brake Brothers, the catering supplies group, rose 15.5p to 489p yesterday after the company claimed to have cracked most of the problems at its troubled Puritan Maid food distribution operation. The cash is needed for its Colombian and US drilling programmes The shares held at 5.25p.. It has just completed the pounds 25.9m takeover of Roskil; further corporate action is rumoured.Emerald Energy raised nearly pounds 3m through a 5p share placing by stockbroker WH Ireland. Interim profits are likely to be around pounds 8m (pounds 6.2m). The shares were little changed 677p.SIG, the acquisitive insulation group, was actively traded with a series of mixed deals going through The price firmed 4p to 312.5p.

British Aerospace, for example, fell 23p to 1,627.5p.Taking StockMore, the outdoor advertising group reporting interim figures today, is planning to transmit posters into bus shelters. It intends to fit flat television screens in shelters so it can project static displays which could be changed a number of times each day. One suggestion was Sanderson Bramall, up 7.5p at 225p, was planning to renew its interest in struggling Appleyard, the country’s fifth-largest dealer.Another takeover approach to the JLT food group lifted the shares 10.5p to 55.5p and watch maker Dailywin ticked 10p better to 112.5p on its Hong Kong listing.The growing diplomatic crisis over the sentences on the two British nurses hit groups with strong links with Saudi Arabia. The shares have fallen from 422.5p since the spring.There was talk of corporate action on the forecourt with suggestions a garage group was indulging in a cash-raising exercise. Brent International, the chemical group, rose 6.5p to 86p (after 93.5p) in busy trading and NFC, the transport group, advanced 10.5p to 151.5p on talk of a share buy-back.Meconic, a chemical group, produced the day’s profit warning, retreating 32.5p to 315p. Derivative action was behind the activity.Rank rose 8.5p to 353.5p as Henderson said buy and British Petroleum enjoyed buy advice from BZW, gaining 15.5p to 911.5p.Royal Bank of Scotland hardened 12.5p to 651.5p as stories of a bid from 9.9 per cent shareholder Banco Santander of Spain resurfaced.National Grid fell 4p to 282.5p after confirming the Energis flotation and BSkyB was ruffled by competition worries, losing 11.5p to 470.5p. And Biocompatibles International remained in the dumps, off a further 17.5p to 457.5p.HSBC led blue chips with a 68.5p gain to 2,007p; Railtrack, enjoying speculation about possible benefits from any privatisation of the London Underground, moved ahead 23.5p to 890.5p and Boots added 24p to 863.5p on director buying.Shell was again the most heavily traded share with Seaq putting volume at 57 million.

Unigate is another on the analytical treadmill.A solid New York opening, firm Gilts and even the $9bn Salomon Brothers/Travelers merger were other factors behind the latest exuberance which also gently embraced second- and third-liners.Pubs chain Greenalls, another talking to analysts, missed the fun, falling 37.5p to 414p. He has latched onto a forecast fall in gilt yields; indications that the economy is not overheating; the shortage of new issues; and the absence of the much-feared deluge of profit downgradings in the current results season.The better-than-expected trading, which has become increasingly evident as the season has unfolded, has been further underlined by the response to meetings between companies near to drawing up their half-year figures and analysts.Once it completes its current trading period – six months or a year – a company usually goes into purdah until it declares its results.Among those which have met or are meeting analysts are Granada, up 18p at 864.5p, Northern Foods (6.5p to 237p); Hazlewood Foods (6.5p to 144p) and Imperial Chemical Industries (5p to 988.5p).Carlton Communications met fund managers at Henderson Crosthwaite on Tuesday and Booker, the cash and carry group that recently produced half- year figures, is meeting analysts today and tomorrow. He is, however, nervous about the performance in the next few months and has settled for a year-end forecast of 4,800.A number of influences have prompted the new Semple bullishness. At the time it was at a then peak of 4,118.5.In the event he was too cautious, with Footsie achieving his target long before he had expected.Now he has moved his 12-month estimate from 5,200 to 5,600. It is the second time in three days it has moved to within hailing distance of the 5,086.8 closing peak, hit six weeks ago.
NatWest’s Bob Semple can claim to have been the most bullish market strategist at the start of the year when he forecast Footsie would hit 4,600. Blue chips again nudged their best-ever levels, helped along by a series of analyst meetings and Footsie optimism from NatWest Securities

The index closed at 5,077.2 points, up 49.7.