Pick of the early market news

Updated: 
City of LondonA long list of FTSE 100 corporates were slugged yesterday; financial and miners absorbed the bulk of hits with the board finishing at 5,222. Expect the gloom to continue on a lack of a deal for the US 'super-committee' tasked with finding $1.2 trillion in savings. Another humiliating downgrade may be en route for the world's biggest economy. There will be quite a blame game today.

A quiet day for results after yesterday's tummult. We commence with half-yearly numbers from Intermediate Capital Group. After tax profits are up 12% to £85.1m with investment company profit rising to £91.7m compared to £88.2m to last year. An interim dividend of six pence per share is unchanged from last year

"As the majority of traditional lenders continue to retrench from the credit market," says boss Christophe Evain, "we also see considerable opportunities emerging to acquire debt at attractive discounts in a distressed market, to provide finance to existing buyouts to restructure their overgeared balance sheet and to offer reliable financing solutions for new transactions."

Next, Independent Tankers Corporation Limited. The company reports a net loss of $2.3 million, equivalent to a loss per share of $0.03 for the third quarter of 2011, it says. A decrease in net income - $5.8 million - is primarily attributable to weaker results for the two vessels trading in the spot market says the company.

"The Ulriken (formerly Antares Voyager) and the Pioneer continued to trade in the spot market and the average daily time charter equivalents ("TCEs") earned in the third quarter was $5,200 and $10,300, respectively," it said.

It went on: "The average daily bareboat rate earned in the third quarter by the Company's VLCCs was $22,600, which represents a small decrease."

Lastly, SVM Global Fund (formerly Scottish Value Trust). Net asset value per share has increased by 0.6% compared to a fall of 6.5% in the benchmark index, the FTSE World Index, it claims. The policy of investing in strong funds on wide discounts is reaping rewards and emerging markets continue to outperform, it says.

"However, while discounts generally are at similar levels to a year ago, underlying discounts on the Company's investments have narrowed, although, even now, they remain substantially wider than the average."

Last year SVM Global Fund paid a dividend of one pence per share; this year, due to the hike in income received, they are proposing a final dividend of two pence a share.

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