Avingtrans Share News (AVG)

Concerns about rising oil prices should Libya descend into civil war are nagging away at investors, while continued high usage of the European Central Bank's marginal lending facility is making traders nervous about banks. Banks are granted the right to seek overnight loans from the European Central Bank, albeit at punitive rates, in the event of an urgent need for liquidity, and on Wednesday last week demand spiked to its highest level in more than 19 months, and went higher still on Thursday. Usage dipped on Friday to €14.2bn, down from €16bn on Thursday, but that figure is considerably higher than the normal level, which typically runs at about €1bn. Royal Bank of Scotland (RBS) and Lloyds Banking, both of which are due to release results this week and both of which are reported to be in talks with sovereign wealth funds interested in buying the UK government's stakes in the lenders, are hit hardest. though Barclays takes some licks too.The oil price has topped $104 a barrel as protests spread across Libya. Fuel-hungry cruise operator Carnival is among the fallers. However, gold miner Centamin Egypt is winning back some of the losses it sustained during the turmoil in that country. Other precious metals miners, such as Fresnillo and Randgold Resources,also attract support in these nervy times.Invensys is going well after weekend reports it is being stalked by international rivals considering a bid for the company. City sources say predators include Honeywell and Emerson Electric of the US, ABB of Switzerland, Alstom of France, Germany's Siemens and two Chinese firms, CSR and CNR.Shares in grocery delivery group Ocado fell sharply today amid fears that a new delivery service operated by its main customer, the supermarket Waitrose, could hit sales hard.South African paper and packaging firm Mondi increased full year pre-tax four fold and upped its dividend as demand continues to pickup from financial crisis levels. Pre-tax profit rose to €372m for the year ended 31 December 2010 from €49m a year earlier. Group revenue increased 18% to €6.2bn. Royal Dutch Shell has agreed to sell most of its stake in nearly all its retail and distribution businesses in Africa to a private equity fund for around $1bn (£616m).Property group Hammerson reported adjusted profit before tax of £144.5m for 2010, up from £130.0m in 2009. Profit adjusted for revaluations grew by 11% to £144.5m and adjusted net asset value per share had risen 17.6% to 495p by the end of 2010. Net rental income fell 3% to £284.7m, but was up 3.5% on a like for like basis. "This is a strong set of results which reinforces the strategy we are pursuing," chairman John Nelson said.Spirits brands giant Diageo is to buy Mey Içki, the leading spirits producer and distributor in Turkey. The company is being acquired for an enterprise value of TL3,300m (£1,300m) from investment firm TPG Capital and Actera. The transaction is expected to complete in the second half of 2011, subject to regulatory clearances. In the FTSE 250, investors have an appetite for sausage skins maker Devro, which produced full-fat results for 2010 with operating margin improving sharply to 16.1% from 12.4%. Profit before tax and exceptional items in 2010 rose 44.4% to £36.3m from £25.1m in 2009. However, bluetooth chip specialist CSR has slumped after it unveiled a $680m merger with US peer Zoran accompanied by a $240m share buyback programme.Property firm Great Portland Estates has swapped its freehold interest in 79/89 Oxford Street with a private investor in return for a new 250 year leasehold interest at both 79/89 Oxford Street and the adjoining property, 73/77 Oxford Street.Soy sauce manufacturer China Food Company says that its full year figures will be moderately ahead of estimates, which has led its broker FinnCap to upgrade its 2010 profit estimate by £200,000.Shares in Avingtrans, the designer, manufacturer and supplier of critical components and associated services to the energy, medical, industrial and global aerospace sectors, set a fresh 52-week high on Monday morning on news of a contract extension worth £5m over three years.Australia-based loans provider and second hand products retailer Cash Converters International reported sharply higher profits in the six months to December 2010.Power control components manufacturer XP Power has a habit of pleasing the market and today's results provided another opportunity. Revenue grew 36% to £91.8m in 2010 but bookings rose even faster - up 51% at £103.4m - while underlying pre-tax profit more than doubled to £18.7m.Speciality pharmaceutical company ProStrakan looks set to succumb to an agreed 130p a share bid from Japanese speciality drug company Kyowa Hakko Kirin. "The directors have recommended the offer and already 47.71% of the shares have been committed," notes Charles Stanley analyst Franc Gregori.