Whereas most pharmaceutical groups have opted for diversification to deal with their own 'patent-cliffs' AstraZeneca is going down the path of focusing on a small group of core markets. Hence, the company is a purer play on pharma hopes and so offers higher risks and higher rewards. Nevertheless, trading on a forward price-to-earnings ratio of 9, against 13 for the sector, Mr.Soriot seems to have not yet convinced the sceptics, the FT's Lex column says.

Oil exploration outfit Premier Oil yesterday announced solid results and a return to a dividend pay-out. More importantly, its exciting exploration program, both for this year and beyond, augurs well for the company's growth. More specifically, the Telegraph's Questor team believes points out how its production may rise again, to between 65,000bpd and 70,000bpd in 2013, versus 57,700 last year. As well, the outfit has important milestones ahead this year, such as to reach the final sanction of the big Catcher project in the North Sea and to select a development plan for the Sea Lion field off the Falkland Islands. Questor believes Premier is well placed to achieve these ambitions. Buy, it says.

Despite the encouraging noises which were to be heard coming out of Icap at a meeting with Shore Capital this week, as a result of the excellent trading conditions seen in January, sources in the derivatives markets have told The Times's Tempus that Cyprus has not been much of a boon to business this month, as "no one yet knows how it will play out."

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