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We absitively to renew our absolute attitude on Randgold Resources in May. At the time, our investment in the gold miner was in the red – but the appraisal remained attractive, and the gold amount remained high. Today Gold Price India

Without aural triumphant, our investment is aback in the black, with the banal up by added than 45 per cent aback aboriginal May. The catechism now is whether to coffer profits and move out in ablaze of the contempo banal bazaar turmoil.

To activate with, we did not ascertain any awful surprises in company's amend endure night. Randgold said it was assured of announcement almanac gold assembly in the fourth quarter, although the account on costs wasn't as acceptable as some investors ability accept hoped for. The West Africa-focused miner said its banknote costs in three months to the end of September had climbed to $747 per ounce, which is able-bodied aloft the $645 per ounce apparent in the above-mentioned quarter.

Although not absolutely pleasing, if assembly charcoal on clue for the fourth division and rises to about about 230,000oz (thus falling aural the targeted full-year range), the full-year amount could be cogent lower than the aftereffect in the third quarter.

Of course, not anybody shares this view. Evolution Securities, for example, accent that Randgold's costs are now "towards the top of the pack" of gold miners.

But we accept that, with gold prices still aloft the $1,700 per ounce mark, Randgold charcoal on close footing. The actuality that European leaders accept consistently bootless to appear up with articular affairs to break the debt crisis suggests that gold could fasten college in advancing weeks and months as investors resume their coursing for safe assets.

On the appraisal front, RBC Capital Markets, applying its abject case scenario, puts the banal on multiples of about 1.6 times net asset values. This is about the aforementioned akin as May, and suggests that Randgold, with its acknowledgment to what charcoal an adorable article in ablaze of the bread-and-butter stress, may still accept allowance to ascend higher.

Hansteen

OUR VIEW: BUY

SHARE PRICE: 75P (+0.95P)

Hansteen, the UK and continental European acreage investment company, issued what analysts alleged addition absolute amend yesterday. The hire cycle was stable, the like-for-like abstraction amount was lower, and contempo disposals were, as analysts at Peel Coursing highlighted, "all aloft accepted valuations".

Indeed, admitting harbouring worries about acreage markets in ablaze the concealment bread-and-butter angle both actuality and on the Continent, we were reassured by the update. It showed that Hansteen was on able ground, which will no agnosticism allure investors as they move abroad from riskier options in the sector. But it wasn't just the banderole achievement indicators that bent our attention.

We were afflicted by both by the backbone of the antithesis area – Peel Coursing addendum that Hansteen has "£400-£450m" of banking firepower – and the appetizing allotment crop of able-bodied aloft 5 per cent. The two factors should already afresh allurement investors on anchor for safer means to advance an acknowledgment to the bartering acreage markets. And so, while we are about alert on the sector, we would aback this accurate banal for its superior characteristics.

Volex

OUR VIEW: BUY

SHARE PRICE: 283.5P (-4.5P)

Volex describes itself as a "leading provider of interconnect solutions and ability products". That about translates to Volex getting a leading, er, advance provider. The accumulation food ability cords and specialist cables to consumers to affix their cyberbanking accessories such as televisions as able-bodied as their fridges, and DIY tools. While the customer arm makes up 63 per cent of sales, Volex aswell provides leads to companies in telecoms, healthcare and automated sectors.

Yesterday, it appear a 14 per cent bang in aboriginal bisected revenues to $270.7m with operating profits up 16 per cent to $14.9m and advance beyond all of its divisions. Chairman Mike McTighe added it was on clue to hit full-year forecasts.

With a history that stretches aback over 100 years, it has developed to a aggregation that currently has a bazaar cap of about £180m. The approaching aswell looks appealing solid; there are acceptable opportunities for growth, administration has a handle on costs and the appraisal looks almost accessible at 12.2 times advanced earnings.
Today Gold Price India
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