STOCKS NEWS UK-PartyGaming higher on robust Q2 trading

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08:05GMT 09Jul2009-PartyGaming higher on robust Q2 trading

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Shares in PartyGaming (PRTY.L) rise as much as 4 percent to 250 pence after the online gaming firm says trading in the second quarter has been robust with revenues in line with the first quarter despite it being a traditionally quieter period. [ID: nL9368610]

The company says casino revenue has significantly increased from the previous quarter, driven by a substantial increase in the number of games being offered on its PartyCasino site.

Numis analyst Wyn Ellis reiterates his 'buy' recommendation and 297 pence target price, saying the performance was "solid" and gives "ground for optimism".

"Casino is developing in to a major success story and recent poker initiatives are getting traction. We are maintaining our forecasts at this stage but there are increasing grounds for optimism," he says.

To see PartyGaming's statement please click on [ID:nRnsI3735V]

Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net

07:43GMT 9Jul2009-Aveva down on trading update

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Shares in engineering software group Aveva (AVV.L) drop 2.2 percent after the company issues an in line trading update, with Altium Securities repeating its "sell" rating, citing Aveva's current valuation and uncertain outlook.