STOCKS NEWS EUROPE-UK rail operators up on hopes for state help
STOCKS NEWS Reuters Results diary
Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]
11:27GMT 01April2009-UK rail operators gain on hopes for state help
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Shares in Britain's big five rail groups are all on the rise due to renewed
hope that the government will step into help those whose franchise agreements
were struck at a time when passenger numbers were soaring -- a trend now in
reverse thanks to the recession and higher unemployment, analysts say.
"Is it possible the Department for Transport will renegotiate? Yes, it's
possible," one analyst says, on condition of anonymity.
National Express , the firm seen as most vulnerable to a downturn due
to its ownership of the London-Edinburgh mainline and high debt, is up 8 percent
-- clearing losses made earlier this week.
Stagecoach is up 6 percent, Arriva 5 percent, Go-Ahead
3 percent, and FirstGroup 2 percent.
Reuters messaging rm://john.bowker.reuters.com@reuters.net
11:21GMT 01April2009-Spectrum Inter. up; Arbuthnot initiates
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Shares in Spectrum Interactive , the public internet services and
managed payphones provider, jump 25 percent as Arbuthnot Securities initiates
coverage with a "strong buy" recommendation after recent interim results.
On Tuesday, the company unveiled pretax profit of 0.7 million pounds for the
six months to December 2008, in line with the same period the previous year,
with interactive revenues up 17 percent to 4.2 million pounds.
"We are encouraged by the strong profits and positive cash and believe the
current cost base can support further increases in revenue," says Arbuthnot in a
note.
The broker notes that Spectrum has been successfully realigning its business
away from the declining payphone market, and moving into the WiFi and internet
desk markets.
For more double click on [nHUgBUZJQa]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
11:14GMT 01April2009-FTSE Small caps up 0.3 percent at midday
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The FTSE Small cap index <.FTSC> is 0.3 percent higher in mid session trade,
outperforming London's blue chip stocks <.FTSE>, which are 0.6 percent lower,
but underperforming the FTSE 250 index <.FTMC> which climbs 0.9 percent.
Speedy Hire rises 21.5 percent after the biggest tool-hire company
in Britain says it has renegotiated its 325 million pound loan facility on
revised terms with all its lenders, with broker Altium saying the news is
"positive" and KBC Peel Hunt saying the company is "well positioned."
Software firm Innovation Group slumps 31 percent as the company says
talks with private-equity firm Carlyle Group [CYL.UL] about a possible offer
have been terminated, with Altium Securities cutting its rating to "hold" from
"buy".
Reuters Messaging rm://david.brett.reuters.com@reuters.net
11:09GMT 1April2009-Seat PG halted limit-up as cap hike continues
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Italian telephone directories company Seat Pagine Gialle SpA
shares are suspended limit up, indicating a gain of almost 29 percent on hopes
for completion of its rights issue.
Obstacles to completing the 200 million euros ($264 million) capital
increase appear to have been overcome, one broker says.
Seat priced its rights issue last week at a deep discount in a move analysts
see as being aimed at preventing underwriter Mediobanca SpA from
becoming a shareholder.
Seat shares rose 152 percent on Monday, when the capital hike started, and a
further 15.8 percent on Tuesday. The company is selling 226 new shares for every
five already held at a price of 0.106 euros each.
The rights are currently trading at around 4.5 euros each, making it cheaper
to buy new Seat shares through the rights, another analyst says.
Reuters Messaging rm://nigel.tutt.thomsonreuters.com@reuters.net
10:44GMT 1April2009-Bulgari falls, brokers cut estimates
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Shares in Italian jeweller Bulgari fall some 3 percent,
underperforming Milan's SP&Mib <.SPMIB>, down 2 percent with two brokers cutting
their estimates for this year and next.
Banca IMI downgrades its rating to "reduce" from hold".
"For 2009-10, we have cut our turnover and bottom-line forecasts by
approximately 3 percent and 30 percent respectively," it says in a note.
Deutsche Bank cuts its 2009 and 2010 earnings estimates by 22 percent and 12
percent respectively.
Reuters Messaging rm://nigel.tutt.reuters.com@reuters.net
10:23GMT 01April2009-Deceuninck rallies on covenant extension
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Shares in Belgian construction products supplier Deceuninck soar
12.1 percent after the company says it expects a deal in early April with
lenders and noteholders to extend a standstill of its violated debt covenants
until May 31.
Deceuninck revealed previously that it had violated debt covenants, but that
it was carrying out talks with lenders, had secured a freeze for its covenants,
and would likely refinance its debt and carry out a capital increase in the
first half of 2009.
"The conversations concerning a lengthening of the standstill (of violated
debt covenants) up to May 31, 2009 are in an advanced stage and it is expected
that these can be wound up in the beginning of April," Deceuninck writes in an
annual report published on Tuesday evening in Dutch, translated by Reuters.
Deceuninck's shares have fallen more than 80 percent in the last year.
"This is something that at first sight may be positive, but it doesn't
change the problems Deceuninck is facing at the moment - they still need to
restructure the debt, and after that have a capital increase," says Petercam
analyst Emmanuel Carlier.
Reuters Messaging rm://anne.jolis.reuters.com@reuters.net
10:21GMT 01April2009-Kalahari up; Polo increases Extract interest
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Shares in Kalahari Minerals gain nearly 11 percent as Polo Resources
continues its stake building in Extract Resources , in which
Kalahari Minerals has a 38.85 percent stake.
Polo Resources has now taken its interest in Extract to 6.8 percent after it
announced on Tuesday that it had raised its holding to 5.7 percent.
"Given the buying by Rio Tinto and Polo on market, we see
accelerated value add for shareholders," says Nick Mellor, Ambrian analyst.
Rio raised its stake in Kalahari Minerals to 15.8 percent on Feb. 17.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:15GMT 01April2009-ThyssenKrupp drops as Morgan Stanley cuts price target
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Shares in ThyssenKrupp fall 2.2 percent, as Morgan Stanley lowers
its price target for Germany's largest steel maker to 11 euros from 16 euros
while maintaining its "underperform" rating.
The brokerage says in a note to clients that the new price target is mostly
due to downwardly revised steel price forecasts and lowered management guidance.
It says the company has taken drastic states "after the recent profit
warning and the simultaneous announcement of significant restructuring to cope
with the recession."
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net
09:55GMT 01April2009-Manitou falls on U.S. Gehl unit
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Shares in Manitou fall as much as 11 percent after the French
maker of forklifts posts a drop in 2008 net profit and says its U.S. Gehl unit
could file for Chapter 11 bankruptcy protection.
"Depreciation relating to Gehl reduces 2008 net profit to 4 million euros
whereas the market was expecting 45-50 million and the lack of an agreement with
banks relating to Gehl is weighing on the stock," Portzamparc analyst Aurelien
Ripoche says.
Manitou can pursue further talks with its banks over Gehl or let it file for
Chapter 11, Ripoche says, adding: "The best is to find an amicable solution."
Shares in the company are 3.1 percent lower at 4.70 euros by 0953 GMT.
Reuters Messaging rm://james.regan.reuters.com@reuters.net
09:45GMT 01April2009-Sportech up after submits VAT claim
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Shares in betting firm Sportech gain more than 3 percent after the
company says it has submitted a claim to Her Majesty's Revenue & Customs to
recover "in excess of 40 million pounds" in overpaid VAT for its Spot the Ball
game offered between 1979 and 1996.
"We caution a successful outcome is not guaranteed and the process is likely
to drag on for a number of years, but see the claim as yet another positive
catalyst which is not, in any way, reflected in the current 5 times P/E, 5 times
EV/EBITDA, 15 percent FCF yield valuation," Investec Securities says in a note.
The broker highlights that the amount could increase to over 100 million
pounds including interest.
Investec has a "buy" rating on the stock.
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
09:35GMT 01April2009-Novo Nordisk bounces as drug hopes revive
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Shares in Novo Nordisk bounce back 4 percent, after heavy falls
on Tuesday, as bullish analysts predict its diabetes drug Victoza should still
win U.S. approval, despite tough questions from Food and Drug Administration
staff.
Brian Bourdot of Deutsche Bank reiterates his "buy", arguing an FDA panel on
April 2 is likely to recommend the drug, given its unequivocal efficacy and the
fact Novo has sufficient data to assuage immediate concerns over cardiovascular
risks.
FDA staff, in briefing documents prepared ahead of the meeting, had queried
the scope of the cardiovascular data and also highlighted a possible thyroid
cancer link.
For more double click on [nN31404834]
Reuters Messaging rm://ben.hirschler.reuters.com@reuters.net
09:32GMT 01April2009-Plethora Solutions up on license payout
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Shares in Plethora Solutions climb 3.1 percent after confirming an
amendment to its license for PSD502 -- a premature ejaculation drug -- with
Sciele Pharma Inc which will boost its income in the short term.
The amendment means, Sciele has made additional license payments totalling
$13.7 million to Plethora and its debt providers, with the company retaining $7
million.
FinnCap says in a note: "This is a bittersweet deal: its conclusion
indicates that the FDA meeting had a positive outcome as this was a condition of
the amendment, and Sciele will now assume all U.S. development costs (thereby
cutting cash burn), however Plethora has had to sell the U.S. rights to PSD502
to generate cash."
For more double click on [nRnsA8780P]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:15GMT 01April2009-Umicore sinks on on RBS downgrade
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Shares in Belgian metals and specialty materials maker Umicore fall
as much as 7.6 percent after RBS downgrades it to "sell" from "buy" and drops
its target price to 12 euros from 17 euros, citing its automotive exposure and
the expiration of hedging contracts in 2009 and 2010.
"Umicore has the highest automotive exposure of the sector," write RBS
analysts Pieter Zwinkels and Mutlu Gundogan in a research note, adding that the
expiration of hedging contracts will dent Umicore's precious metals services
performance in 2012 unless there is a strong recovery in precious metals prices.
Umicore shares are down 7 percent at 12.94 euros, underperforming the DJ
Stoxx European Basic Resources Index <.SXPP> which is down about 2.7 percent.
Umicore has lost about 65 percent from its 52-week high of 37.36 euros hit on
May 21 2008.
Reuters Messaging rm://anne.jolis.reuters.com@reuters.net
09:10GMT 01Apr2009-Regal Petroleum up; funding fears over played
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Shares in Regal Petroleum climb 7.7 percent as broker Mirabaud says
market fears over group funding and the risks associated with its Ukranian
operations have been over played, leading the broker to repeat its "buy" rating.
Mirabaud says in a note that the chances of a funding shortfall leading to a
cutback in costs and drilling activity are less than the current market
valuation implies.
Regal has cash of $88 million, which is more than enough to complete the two
wells underway in Ukraine, the broker says.
Mirabaud adds that worries over challenging political and economic
environment in Ukraine, which is home to the company's core asset base, should
ease with the Former Soviet state showing some signs of stabilisation.
Regal's shares hit an all-time low in early March of 25.5 pence.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:06GMT 01April2009-GW Pharma up on milestone payment
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GW Pharmaceuticals' shares rise 8.2 percent after the company says
it will receive 8 million pounds from its Spanish licensing partner Almirall
for its cannabis-based medicine Sativex in the next few weeks.
KBC Peel Hunt says the milestone payment demonstrates Almirall confidence in
the drug, which treats spasticity in patients that have failed all previous
therapies.
The broker repeats its "buy" rating on GW Pharmaceuticals.
To see GW Pharma's statement click on [nRnsA8710P]
Reuters messaging rm://tresa.sherin.reuters.com@reuters.net
08:53GMT 01April2009-TUI Travel higher on M.Stanley upgrade
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Shares in TUI Travel add 1 percent lifted by an upgrade to
"overweight" from "equal-weight" by Morgan Stanley with an increased target
price of 320 pence, ups from 300.
The broker recommends investors switch to TUI Travel from mid cap peer
Thomas Cook Group which it downgrades to "equal-weight" from
"overweight" with a decreased target price of 270p, down from 290.
Shares in Thomas Cook Group fall 3 percent.
Morgan Stanley says it increases its 2009 forecasts for both UK travel
companies following solid trading news so far this year, but remains below
consensus on Thomas Cook Group in 2010 due to its higher exposure to the tougher
Scandinavian market and as the firm is already approaching peak margins.
The broker says Kuoni looks good value, but says it is a little too
early to buy. Kuoni shares in Zurich lose 1.3 percent.
Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
Keywords: MARKETS EUROPE STOCKSNEWS =2
08:58GMT 1April2009-IPTE slides after profit warning
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Shares in Belgian electronics firm IPTE sink after it issued a
profit warning after trading on Tuesday, alerting that first quarter 2009 sales
would drop 20 to 30 percent from the same period in 2008 and that it expects an
operating loss of 1 to 2 million euros for the first quarter of 2009.
The stock trades down 6.5 percent to 1.45 euros, underperforming the DJ
Stoxx European Technology Index <.SX8P> which is down 1.8 percent. IPTE has
fallen more than 85 percent from its 52-week high of May 15 2008.
ING analyst Olivier Van Doosselaere notes electronic subcontracting, IPTE's
business, has been one of the industries most affected by the economic slowdown.
"So I think that until we see any potential revival or restocking
possibility in their clients, that will be something that keeps people away from
investing in IPTE," says Van Doosselaere, who has a "hold" rating and 1.50 euro
target price for IPTE.
Reuters Messaging rm://anne.jolis.reuters.com@reuters.net
08:52GMT 01April2009-Speedy Hire up on revised banking facility
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Shares in Speedy Hire Plc rise 28 percent to 161 pence after the
biggest tool-hire company in Britain says it has renegotiated its 325 million
pound loan facility on revised terms with all its lenders.
"Financing has been a major concern for Speedy Hire and it is thus very
positive that these have been laid to rest for the present," Altium's Nick
Spoliar says in a note.
Brokerage KBC Peel Hunt, which has a "buy" rating on the stock, notes the
outlook is still challenging for Speedy Hire but the company is well
positioned.
Analyst Andrew Nussey says: "Tight operational management and exposure to
the 2012 Olympic Games should ensure that Speedy emerges as a relative winner
from these more challenging markets."
For more, double click on [nBNG427171]
Reuters messaging rm://srikanth.srinivasa.reuters.com@reuters.net
08:48GMT 01April2009-UK banks retreat, JPMorgan cuts price targets
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UK banks are in broad retreat after sharp gains the previous session, with a
downbeat note from JPMorgan adding to pessimism on the volatile sector.
JPMorgan says it expects an increased cost of doing business due to tougher
regulation and "higher market risk/counterparty risk recognition".
The broker maintains an "underweight" stance on Royal Bank of Scotland
, Lloyds Banking Group and Barclays and cuts its price
targets on RBS to 17 pence from 25 pence and Lloyds to 14 pence from 67 pence.
Lloyds is among the heaviest fallers on the FTSE 100 <.FTSE>, down 5 percent
to 67.2 pence, while RBS is down 4.1 percent and Barclays is off 1.7
percent.
Heavyweight HSBC , however, gains 1.1 percent, capping the sector's
losses, with the FTSE 350 banking index <.FTNMX8350> down 0.5 percent.
Reuters Messaging rm://simon.falush@reuters.com@reuters.net
08:25GMT 01April2009-K+S drops on report U.S. govt plan
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Shares in K+S fall 3.1 percent lower, making them one of the
leading decliners among German large caps as traders point to pressure from a
report in Wall Street Journal that the U.S. Agriculture Department plans to idle
millions of acres of land and Russian peer Urakali says that the
outlook for potash remains unclear.
"Both the uncertain outlook at Urakali and the report on the U.S.
Agricultural Department idling fields in the U.S. are putting the shares under
pressure," says Equinet trader Anup Dodia.
The trader notes that Urakali operated at 35 percent capacity in the first
quarter and that production dropped 66 percent due to a sharp drop demand for
potash.
For more double click on [nL1600380]
Reuters Messaging rm://tyler.sitte.reuters.com@reuters.net
08:30GMT 01April2009-Kloeckner & Co drops; WestLB downgrades
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Shares in German metals trader Kloeckner & Co fall 3.1 percent in
Frankfurt's midcap index <.MDAXI> after WestLB cuts its rating in the stock to
"neutral" from "add".
"The current situation (Q1) -- on which the steel-trader will comment in
detail mid May -- provides no indication of an imminent recovery of steel demand
or steel prices," the brokerage writes in a note.
The company on Tuesday released final 2008 full-year figures and refrained
from giving an outlook for 2009.
For more double click on [nWEA5114] [nWEA5087]
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
08:26GMT 01April2009-Carluccio's higher after trading update
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Shares in Carluccio's , the Italian restaurant and retail group,
jump almost 9 percent after the company says it traded in line with internal
expectations in its first-half, with turnover up by 14 percent.
"The balance sheet remains strong, the dividend yield is secure and the free
cash flow yield of 17 percent is particularly noteworthy," says Altium
Securities in a note, keeping its "buy" recommendation on the stock.
The broker says that with the shares trading on a 5 times EV/EBITDA
multiple, it sees room for significant upside when cyclical recovery plays gain
greater traction.
For more double click on [nL1243935]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
07:53GMT 01April2009-Lafarge down as launches rights issue
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Shares in Lafarge drop 4.4 percent -- the biggest laggards on the
CAC 40 <.FCHI> -- after the world's biggest cement maker launches a 1.5 billion
euro rights issue at a subscription price for the new shares at 16.65 euros,
compared with Tuesday's closing price of 33.89 euros.
"The dilutive effect is dragging down the shares, it's a knee-jerk
reaction," one trader says.
"The transaction will be carried out at a discount of 48 percent to the last
quoted share price, excluding the impact of the dividend ... This discount is
slightly lower than that of Saint-Gobain ," another trader says.
Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net
07:50GMT 01April2009-UK small caps slip 0.1 percent early
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The FTSE Small Cap index <.FTSC> are steady in early trade, outperforming
blue chips <.FTSE> which drop 1.4 percent, while midcaps <.FTMC> are 0.6 percent
weaker.
Software firm Innovation Group slides over 28 percent as the company
says talks with private-equity firm Carlyle Group [CYL.UL] about a possible
offer have been terminated, prompting Altium Securities to cut its
recommendation to "hold" from "buy".
Speedy Hire jumps almost 17 percent as the tool-hire company says it
has revised a 300 million pounds loan facility with more suitable covenants, and
that it expects full-year adjusted pretax profit to meet market estimates.
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
07:38GMT 01April2009-SocGen falls as bank sees further writedowns
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Shares in Societe Generale fall 4.8 percent --the biggest losers
on Europe's Stoxx 50 <.STOXX50> blue chip index -- after the French bank says it
expects additional writedowns of risky assets in the first quarter "at
manageable level".
"Taking all of the group's comments into account we expect that SG should
hover around break-even in Q1. Our current forecast is for a net profit of 61
million euros," Credit Suisse analysts write in a note.
So far this year, Societe Generale is down 22 percent, while French rivals
BNP Paribas and Credit Agricole are up 0.6 percent and 2
percent respectively.
Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net
07:25GMT 01April2009-Vodafone up, Telefonica down on Goldman note
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Shares in Vodafone and Telecom Italia are among the top
gainers in a weaker broader European market after Goldman Sachs upgrades them to
"buy" from "neutral". Goldman also adds the UK mobile operator to its
"conviction buy list".
Vodafone is up 2.7 percent and Telecom Italia rises 2.6 percent, while
Belgacom advanced 2.4 percent after the broker lifts its rating to
"neutral" from "sell".
Telefonica and BT Group lose 1.6 and 2.4 percent,
respectively after Goldman downgrades them to "sell" from "neutral". The broker
also adds the Spanish telecom firm to its "conviction sell list".
"We expect rising macroeconomic headwinds in Spain and Latin America will
increase concerns about Telefonica's ability to meet its long-term targets and
we see limited scope for positive earnings revisions as the year unfolds," says
Goldman Sachs.
Goldman also cut Teliasonera to "sell" from "neutral". The stock
is off 0.5 percent, while the DJ Stoxx European telecom index <.SXKP> is up 0.8
percent.
Reuters Messaging rm://dominic.lau.reuters.com@reuters.net
07:31GMT 01April2009-Innovation falls as Carlyle ends offer talks
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Shares in software firm Innovation Group slump over 28 percent as
the company says talks with private-equity firm Carlyle Group [CYL.UL] about a
possible offer have been terminated, with Altium Securities cutting its rating
to "hold" from "buy".
"Clearly this is disappointing news that will send the share price into
reverse in the short term," Altium says in a note.
However, the broker says this should not detract from the fact that
Innovation continues to trade well and win contracts, as evidenced by Tuesday's
wins.
"We remain of the view that there is inherent value in Innovation Group but
we also recognise that the recent stop/start history of approaches may well put
other would be suitors off in the short term," says the broker.
Altium reduces its target price to 8 pence from 15 pence.
For more double click on [nBNG494079]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
07:27GMT 01April2009-Escada gains on upbeat management comments
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Shares in German fashion house Escada rise 6.3 percent to 2.02
euros and top gainers in Germany's small-cap index <.SDAXI> after the company
says in its first-quarter earnings report it thinks necessary capital measures
can be realised. Escada said in March it needed to raise additional funds by the
middle of its fiscal year to secure its survival.
"The declaration of the company's management sounds more realistic but
positive," says DZ Bank analyst Christian Douglas.
Reuters Messaging rm://eva.kuehnen.reuters.com@reuters.net
07:27GMT 01April2009-D.Boerse top DAX gainer as funds' stranglehold slips
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Deutsche Boerse shares rise 2.8 percent, topping the DAX <.GDAXI>
leaderboard and outpacing an exchange peer group index <.FTMV>, after news late
on Tuesday that activist U.S. investment fund Atticus has reduced its stake in
the German stock exchange operator to below 3 percent.
The news followed an announcement by Atticus and UK hedge fund TCI that the
duo, which together used to own almost one-fifth of Boerse, had terminated their
"acting-in-concert" agreement aimed at boosting shareholder value at Boerse.
"The siege has ended," says Equinert analyst Christian Muschick, who rates
the Boerse stock "buy" with a price target of 58 euros. "It thus should become
easier for the management to focus on long term development," he says.
DZ Bank analyst Matthias Duerr reiterates his "buy" rating and fair value of
70 euros, saying: "Fears of a possible share overhang from large investors
should no longer persist."
For more double click on [nWEA5365] [nLV121446] [nLV334195]
Reuters Messaging rm://peter.starck.reuters.com@reuters.net
06:49GMT 01April2009-D.Logistics seen up on dividend announcement
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Shares in German logistics company D.Logistics AG is indicated 3.2
percent higher in pre-market trade, after the company announces its supervisory
board has accepted the management's proposal to propose a 2008 dividend of 0.07
euros per share.
"The dividend yield of almost 7 percent is remarkable. The share price of
D.Logistics has already rebounded slightly over the last two weeks," Close
Brothers Seydler writes in a note.
"From technical viewpoint it would be another driver for the stock price if
D. Logistics reaches new 6-month-highs, which are only a few cents away."
For more double click on [nEQsfeajnk]
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
06:32GMT 01April2009-Vivacon seen plunging on prelim FY results
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Shares in German property trading company Vivacon are indicated 18
percent lower in pre-market trade after the company says it expects a net loss
of 160-170 million euros ($213.2-226.5 million) for the financial year 2008.
"We see no positive sign at all," says DZ Bank analyst Hasim Sengul, who
rates the stock "sell".
"The equity ratio will be at 12-15 percent in our model now, and we think
this makes the situation even more problematic," Sengul says.
A Frankfurt-based trader says the Reuters consensus called for a slightly
positive result in full-year 2008.
"The (company's announcement) ... should lead to some more uncertainty," the
trader says.
For more double click on [nEuCAE888a]
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
06:27GMT April12009-Vienna Insurance set to rise, plans bonus div payout
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Shares in Vienna Insurance Group AG are set to rise early after
the company said late on Tuesday it plans to pay a surprise bonus dividend as
well as its regular payout.
"With an implied 10 percent yield, limited asset side risk and 16 percent
2008 volume growth reported, we see significant upside," says Citigroup analyst
William Elderkin in a note.
Vienna Insurance also reported a 24 percent rise in 2008 profit, boosted by
growing premium income in emerging Europe.
Shares in Vienna Insurance, which have lost 10 percent this year, closed up
7.6 percent at 21.63 euros on Tuesday, before the company released its annual
results.
For more double click on [nnLV221662]
Reuters Messaging rm://sarah.marsh.reuters.com@reuters.net
boris.groendahl.reuters.com@reuters.net
06:21GMT 1April2009-European stock futures point to fall
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European shares are set to fall on the first day of the second quarter after
gaining strongly in the previous session, with world leaders set to meet at a
summit in London to tackle the global financial crisis.
Futures for the Eurostoxx 50 , German DAX futures and French
CAC futures are down 0.7-0.8 percent.
With a very thin corporate diary, investors' focus will be on macroeconomic
matters, such as the euro zone unemployment figures, due at 0900 GMT, and the
G20 meeting of world leaders.
U.S. stock futures fall on a media report that U.S. President Barack Obama
had determined a prepackaged bankruptcy was the best option for U.S. auto makers
General Motors and Chrysler.
General Motors fell 28.2 percent on Tuesday.
No major European and U.S. companies reporting on Wednesday.
MACRO (GMT)
0600 DE Retail Sales
0730 CH PMI
0743 IT Manufacturing PMI
0748 FR Manufacturing PMI
0753 DE Manufacturing PMI
0758 EZ Manufacturing PMI
0828 GB CBI Manufacturing PMI
0900 EZ Unemployment
1100 US Mortgage data
1130 US Layoffs
1215 US ADP Employment
1400 US ISM Manufacturing
1400 US Pending Home Sales
US Car sales, truck sales
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Keywords: MARKETS EUROPE STOCKSNEWS =4
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