Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Noble to smash forecasts
For the second time this year, coins to stamps valuer Noble Investments (NBL) has issued a bullish trading update, in which it predicts beating market expectations.
The hiatus in world capital markets has driven an increasing number of new collectors and investors to seek 'safety' in alternative asset classes. In the year to August, the period ended with a much better than expected showing at its Hong Kong auction and fair. With strong demand from China the auction was its most successful in the 25 year history of the event.
Noble has launched a new website which is generating good enquiry levels, it also plans to add further products to the site. In the six months to 28 February pre-tax profits jumped 40 per cent to £1.5 million, as sales dipped 8 per cent to £6.5 million - due to the absense of a one-off sale in the comparative period. However, house broker WH Ireland has now upped its full-year forecast from pre-tax profits of £2.6 million to £2.9 million, producing EPS of 14.6p.
The current year has started on a positive note with a number of Coinex auctions planned this month, these will include a valuable collection of Indian coins and an Apex Philatelic postal auction. In January it will be auctioning the Prospero collection of Greek coins in New York, believed to be the most important ancient Greek collection for decades.
Expectations for 2012 have also been enhanced, with pre-tax profits of £3.2 million and EPS of 16p predicted by its broker. It is also expected to be buoyed thanks to it winning a number of significant auction consignments for next year. We recommended the shares at 101.5p in Growth Company Investor in September 2009, at 175p, up 8.5p today, Noble has further to go. Buy.
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