STOCKS NEWS UK SMALL-Nighthawk Energy down on stake sale

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12:20GMT 01June2009-Nighthawk Energy down on stake sale

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Shares in Nighthawk Energy Plc (NGTE.L) fall 19 percent after the U.S.-focused energy company says it would sell part of its stake in the Jolly Ranch project in Colorado to San Severina Holdings SA, a Swiss-based investment company, for up to $40 million.

"Most likely the market is worried about the loss in value of Nighthawk, although in these market conditions the deal seems quite good as it is bringing fresh money to the company," Alessandro Pozzi, analyst at Edison Investment Research says.

To see Nighthawk Energy's statement please click on [ID:nRnsA0888T]

For more please click on [ID:nBNG416837]

Reuters messaging rm://balachander.surianarayanan.reuters.com@reuters.net

12:13GMT 01June2009-Finsbury Food gains after bid approach

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Shares in Finsbury Food (FIF.L) gain 4.7 percent after the bakery group says it has received a preliminary bid approach, though the directors say there is considerable doubt that an offer will be forthcoming from the party in question.

"Although little credence is attached to the bid approach proceeding, another bidder could still emerge," says finnCap in a note.