STOCKS NEWS UK SMALL-Segro up after rights announcement

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Europe [STXNEWS/EU] Real-time Equity News [E] [GB/EQUITY]

UK [STXNEWS/UK] Stocks on the move [HOT-RTRS]

UK smallcaps [STX/UKSC]

12:59 GMT 04March2009-Segro up after rights announcement

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Shares in property company Segro Plc (SGRO.L) rise 8 percent after the company announces a larger-than-expected 524 million pound rights issue to pay down debt.

KBC Peel Hunt says that while "dilution of value is great at the issue price, Segro has managed to raise a substantial amount of capital and beaten its contemporary Brixton (BXTN.L) to the market".

Analysts at JPMorgan, meanwhile, say that the amount raised is more than it expected and Segro looks out of the woods.

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12:04GMT 04March2009-UK small caps gain 1.1 percent midday

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The FTSE Small Cap index .FTSC gains 1.1 percent in midday trade, faring worse than both the blue chips .FTSE and the midcaps .FTMC, up 1.9 percent and 2.2 percent, respectively.