Testing equipment group Intertek leads fallers after downgradeLeading shares are struggling for direction as investors await the latest developments in the continuing Greek saga.The next key event is Sunday’s referendum on whether to accept creditors’ proposals, proposals which are technically not on the table any more. But with the political temperature rising, any further comments from either Greece or its creditors have the possibility to move global markets.Yesterday’s ADP employment report reinforced the picture of a positive labour market with 237,000 jobs added, the best number this year. The latest ISM manufacturing report was also much better than expected. Today’s US employment report is expected to be similarly positive, after a decent May number of 280,000. Expectations are for 230,000 new jobs to be added, with the unemployment rate set to fall to 5.4%. This contract was part of the pipeline of work expected by the company so we are not raising our forecasts at this stage; however, it helps to firm up results and builds confidence in the group’s commercialisation of an excellent cyber-security offering based on its 10G networking platform and its proprietary software. We reiterate our 20p target price. Continue reading...
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