In brief we have had an update from Intermediate Capital Group (ICP) - which I have held and written up in the past. The last time I wrote I felt they were probably fairly fully valued at around 590p. Since then they have fallen back a bit with the market, so does today's update change the view? Not really although to be fair they saw very strong inflows into existing funds, but did warn that Q2 would slow as they launch new funds which take longer to gain traction with investors compared to those with a longer track record. They also suggested that the current Eurozone uncertainty could have some impact on their business and the weak euro may trim some of the interest income, although fee income is hedged.
So overall a reasonable update which has seen the shares up by 2% or so today to 578p. It seems it should support the shares, but probably not enough to send it through resistance from the recent price highs around 600p. However if they continue to progress as the year goes on and the European situation calms down then they could progress more in the medium term.
Otherwise late yesterday we had an announcement from Microfocus (MCRO) about an accelerated book build for a placing of 20m shares from Wizard as the lock up post the recent deal ended. This was done at 1350p and leaves them with a stake of around 30%. This suggests they think these shares are now up with events perhaps and obviously there could be more placings to come in due course. So on that basis this one may well also be capped around here for now I suspect given that and the 16x PE and 2.5% yield.