Residential property owner and manager Grainger, the country's largest, registered a net asset value (NAV) increase of 12.4 per cent to reach 272p over the six months ending on March 31st.
Triple net asset value (NNNAV) grew 16.9% to 228p.
It came on the heels of a continued outperformance by its residential UK portfolio, which recorded a 10.4% rise in valuation as compared to an increase of 4.6% across the combined Nationwide and Halifax house price indices.
Said valuation gain was mostly the result of underlying inflation but also due to a narrowing in the vacant possession discount, mainly reflecting the strength of the London market, broker Numis explained.
Recurring profits before tax increased by 55% to reach £23.1m, while profits before tax more than tripled to hit £49.8m.
During the same period the company continued reducing its consolidated loan-to-value ratio, which dropped to 45.2% versus 48% as of September 2013.
"In our view, this statement highlights both the high level of gearing NAV has to rising house prices, Grainger's ability to outperform the market and the fact the group is back on the front foot for acquisitions.
"Post the upgrade Grainger is trading at a 17% discount to September 2014 NNNAV per share which seems unjustified given the momentum in both the business and the underlying market," the broker added.
Numis upgraded the stock to 'buy' with a price target of 278p following the above interim results.
Onshore Nigeria-focused independent oil explorer Heritage Oil reported a drop in first quarter output due to an enforced shut-in at a third-party export terminal together with an under-lift which resulted in an inventory build-up.
As a result, during the period average net daily production decreased by 18% to 9,864 barrels per day. Nonetheless, output registered a 33% increase over the prior year period.
A leak on the undersea tanker loading pipeline at the third-party owned Forcados crude oil
terminal stopped export shipments for a month, therefore forcing a shut-in of production from its OML30 field for a similar time once storage had reached capacity.
Consequently, its revenues for the first three months of the year came in at $48.1m.
Shipments from the terminal resumed in early April.
Despite the enforced shut-in, 2014 production guidance, net to Heritage, is still estimated in the range of between 14,500-18,000 barrels of oil per day (bopd), with an expected year-end gross production exit rate from OML 30 of between 65,000 and 70,000 bopd.
"The company has reiterated its guidance range of 14.5k bopd to 18k bopd for the year but it may be looking more towards the bottom of this range unless it enjoys and unchecked run from here.
"These are short term impacts and probably rendered redundant by the proposed takeover. That deal will help protect share price from the correction that would otherwise have been likely today."
On April 30th, Energy Investments Global reached an agreement with the company's independent directors to purchase a majority stake in the outfit at a valuation of approximately £924m.