Good morning!
Let's see what's on the RNS feed today:
- Fireangel Safety Technology (LON:FA.) - launch of Connect products. This fire safety company had yet another profit warning last week. Today it offers a rare good news announcement: information on its new product range.
This includes a touch screen smart panel for remote monitoring of devices. It "has been designed specifically to address the needs of housing associations and private landlords".
I was concerned that the company was looking to head into overly speculative territory with its new product range, but this sounds promising. Shares up 4% as I type.
- Gabelli Merger Plus+ Trust (LON:GMP) - statement on current trading. An unusual RNS from an unusual investment trust. It specialises in merger arbitrage, joining the London market last year.
Its share price has taken a beating since the release of a fairly innocuous RNS last month. Weak short-term performance might also be playing a role.
The company affirms today that there has been no material change to cause this sell-off, and instead blames "near term portfolio rebalancing by select shareholders; low August stock market volumes generally; and, lack of liquidity preventing full market price discovery".
I estimate the discount to NAV to currently be c. 12%.
- Chemring (LON:CHG) - incident at Chemring countermeasures. An employee has tragically died and another been badly injured at Chemring's flare manufacturing building near Salisbury.
The impact on the company is as follows: production at the site is suspended and underlying operating profit is expected to be £10 million - £20 million below previous expectations. Shares are down 16%. The company's performance has always been very unpredictable and the shares should be on a cheap rating, in my view.
- DP Eurasia NV (LON:DPEU) (I currently hold DPEU shares.) - no RNS, but the stock has collapsed anyway. It's down by 40% over the past two weeks, in sympathy with the Turkish Lira. The Lira dropped by 18% in a single day last Friday.
President Erdogan of Turkey was reported to have said:
“If there is anyone who has dollars or gold under their pillows, they…
