Updates from Tui Travel and ICAP

Some respite for markets yesterday. The FTSE 100 climbed -0.33% to 6,399. However Eurasian Natural Resources, again, led the way down, slipping -3.02% while Aberdeen Asset Management climbed +4.03%. Morrisons also climbed sharply, up +3.49%, following a Citigroup upgrade.

Overnight, Asian markets climbed, with the Nikkei up +0.18% and Hang Seng +0.70% up.
First off, stronger numbers from FTSE 100 travel heavyweight Tui Travel. Tui says it anticipates profits should climb +10.0% this year thanks to a robust winter. "Very strong trading momentum continuing into Summer 2013" with UK and Nordic bookings up 9.0%, plus higher margins.

Unique holiday bookings in the UK, Nordics and Germany increased 15%, 12% and 9% year-on-year respectively for this summer. Online accommodation continues to build strongly, up +19.0% in Latin America and Asia. Winter programmes across its main markets are almost fully sold with higher average selling prices claimed.

"Our strong operational performance over winter means we will deliver reduced winter losses," says boss Peter Long. "This very strong trading has continued into Summer 2013, leaving us well placed to achieve a full-year performance towards the upper end of our growth targets."

Next, broker ICAP. In a trading statement conditions for the nine months ending 31 December 2012 were described as "extremely challenging". Increased activity levels seen in January and February have not continued into March the company admits.

Group revenue for the year ending 31 March 2013 is expected to be 13% below the previous year. Its cost savings programme, ICAP claims, should still deliver at least £60 million of annualised savings. The company has received several downgrade ratings from the analyst community recently.

"While we had a better start to the fourth quarter," says chief exec Michael Spencer, "we are not yet seeing a sustained upturn with market activity remaining fragile and unpredictable. This is caused, in part, by the continued lack of clarity around new regulatory requirements and the impact they may have."

Lastly, full year numbers for oil and gas player Enquest - the stock has just had its Overweight rating restated by JP Morgan Cazenove - up to 31 December. There's revenues of $889.5 million and cash generated from operations of $593.9 million. Pre-tax profits soars to $259.7 million, up +90.8%.

Its Alma/Galia development project is on track for first oil in Q4 2013 says the company and the new Kraken development is on schedule for the submission of the Field Development Plan ('FDP') in Q2 2013.

"In 2012, our successful drilling programme and strong operational performance produced 22,802 Boepd, above the mid-point of our guidance," says EnQuest boss Amjad Bseisu. "This was driven by five production wells being brought onstream and by strong operations execution at Thistle and the Dons."

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