Independent News & Media has long defied the problems in the newspaper sector because of its exposure to fast-growing economies such as Ireland, South Africa and Australia. With no obvious catalyst, a high valuation and weakening underlying economies, there is little reason to buy. Avoid, recommends the Times.

IL&P shares were up strongly on Wednesday after recent gains earlier in the week. Compared with other Irish banks, its franchise looks relatively low credit risk. However, funding is still a concern. The shares closed in Dublin at €5.92, up 10 per cent on the day, but most investors will want more clarity before they take the plunge, says the FT.

Communisis has been stripping out costs, so that even its declining businesses are building profits, and rebuilding the balance sheet, with debt reduced by two thirds over the first half of the year. So far, it's a story that the market has yet to fully appreciate. Buy, says the Telegraph.

Segro trades at a 32.5 per cent discount to net asset value, cheap compared with a sector discount of 25 per cent. Nevertheless, negative sentiment about the sector is unlikely to clear, with a further squeeze expected on property and land prices, potential pressure on trading profits and continued concerns over occupiers, writes the FT

Costain’s battle-hardened investors have recently started to receive dividends for the first time in 15 years. The company may be about to repay their loyalty. New investors should tread cautiously until the future becomes more clear, says the Times.

Last time the Telegraph’s Questor looked at James Fisher, it tipped them as a buy at 448p. With most brokers now holding price targets of at least 700p, it is a recommendation the column is happy to repeat.

Asos is in a prime position to benefit from the changing market dynamics and, as it heads into Christmas with a range of more than 10,000 products, overseas expansion is likely. Hold, says the Times.

At current levels, Petrofac shares trade on a forward multiple of around 15 times this year's earnings, which is similar to Wood Group. Questor would argue that that is about right and recommends holding at this price, says the Telegraph.

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