…and some to hold, avoid or sell

Debenhams Investors Chronicle

Shares in the department store chain fell further after it confessed the need to refinance. Given falling sales over the Christmas period, the turnaround challenge is “extraordinary”. Sell. 3p.

Enquest Investors Chronicle

Massive debt, high costs and production issues continue to hamper this “serially underperforming” oil and gas producer. Field costs and debt obligations will likely keep the bottom line in the red this year. Sell. 20p.

Halfords Group Investors Chronicle

The bicycle and motoring retailer has blamed a profit warning on weak consumer confidence and mild weather. Cash flow looks good, but a full share price rerating in the present climate is dubious. Hold. 210p.

John Menzies The Times

Having exited its media distribution arm, Menzies can now focus on its aviation services business, which is set for growth in a global market. Still, uncertainty over Brexit may act as a drag on shares. Hold. 520p.

Nichols The Daily Telegraph

The soft drink maker’s sales were up 7%, boosted by UK sales and a strong performance in Africa. Shares are a fraction down, but margins are strong and the balance sheet is cash positive. Hold. £15.52.

Vodafone Group The Times

The decision to buy an s18bn German cable broadband business will significantly increase the mobile phone provider’s £32bn debt. With costly spectrum auctions and 5G upgrades looming, a dividend cut is a real threat. Avoid. 149p.