Glasgow-headquartered emergency power supplier Aggreko (AGK) surges 3.4% to £15.68 after an in-line update which confounds negative expectations. The lack of bad news cheers investors with third quarter revenues up slightly year-on-year once the impact of the £37 million of revenues from 2012's London Olympics are stripped out. Its Local business, which provides power generators around the world, saw underlying revenues rise 4%, boosted by a particularly strong performance in the Americas, but revenues at its Power Projects division, which builds temporary power stations, were down 2%.


Net debt stood at £469 million at the end of September, £216 million lower than a year earlier. Panmure Gordon, which following today's update reiterates its 'buy' recommendation but trims its price target from £18.22 to £17.36 on currency movements, comments: 'Aggreko has issued an update for Q3 which suggests very little has changed (which is good), with Local business performing well and Power Projects very similar to last year. With prospect pipeline at an all-time record the key remains the conversion into Q4 and beyond – which is so far yet to pick up – and we believe Aggreko remains very well placed.'


FTSE 100 oil explorer Tullow Oil (TLW) slips 1.7% to 961.9p as it suspends drilling operations at two Kenyan oil blocks as a result of protests by local residents demanding more jobs at the sites.


Also heading south is Intercontinental Hotels Group (IHG), which sheds 2.7% to £18.14 after announcing disappointing growth in revenue in the US, with revenue per available room (RevPAR) slowing in September.


Car dealer Pendragon (PDG) accelerates 3.9% higher to 40p as a strong third quarter update triggers forecast upgrades. In common with quoted peers, the £554 million cap is benefiting from buoyant new car market conditions and a revival in aftersales. Read our news analysis here.


Infection control technology specialist PuriCore (PURI) rises 8.6% to 50.5p as demand for its supermarket products drives third quarter revenues up by a third year-on-year to $14.6 million.


Strengthening global equity markets this year (the FTSE 100 is 16% up) aren't quite enough to iron out the pricing and customers attrition pressures facing global trading software supplier Fidessa (FDSA). Clients are still reluctant to commit to spending meaning the second half this year will be roughly flat on the first six months, although analysts at Credit Suisse see medium-term growth potential coming through in time.


The bulletin board bears seem to be taking chunks out of consumer and business mobile platform developer Globo (GBO:AIM), with concerns raised over cash conversion. That's slashed 8% off the shares to 62p, meaning the stock is down about 30% since their early October 87.5p record. Globo is responding by promising more detailed information on its cash cycle on Thursday, perhaps before. Shares has been a long-run fan of Globo and it remains a running Play of the Week. Read our news analysis from today here.


IT services supplier Phoenix IT (PNX) sees 10.5% wiped off its shares to 145p after revealing a cancelled contract by a supplier. This £109 million cap disappointingly fails to give any real detail and it looks like investors will have to wait for interim results late next month to get a proper steer.


Morocco-focused oil play Tangiers Petroleum (TPET:AIM) gains 6.9% to 17.65p as it confirms plans to drill a well on its acreage off the coast of the North African country in the first half of next year. The quarterly update reveals a draft well design is complete and its partner Galp Energia (GALP:LS) continues to move forward with environmental approvals and well planning.


Sterling Energy (SEY:AIM) gushes up 1.3% to 39.75p as it announces plans to take a 10% interest in an onshore Odewayne block in the Republic of Somaliland. The group, a running Shares Play of the Week, will be partnered here by its larger London-listed peer Genel Energy (GENL).


AIM-quoted Chinese coal-bed methane specialist Green Dragon Gas (GDG:AIM) gains 2.3% to 248p as it reveals a 400% increase in its own estimate of proved reserves to 300 billion cubic feet. The significant upgrade follows extensive third party drilling on its blocks - a story we looked at in detail on Friday.

Issue Date: 28 Oct 2013