STOCKS NEWS EUROPE-UTV up as Organo further raises stake

12:43GMT 17Nov2008-UTV up as Organo further raises stake

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Shares in Northern Irish broadcaster UTV Media Plc (UTV.L) (UTV.I) up 13.9 percent, extending recent gains on further stakebuilding by second-largest investor Organo Investments.

Organo, headed by Racing Post owners Peter Crawley and Neill Hughes, bought 1.8 million shares on Friday, taking its stake to 11.4 percent.

The purchase narrows the gap with UTV's leading shareholder, Irish investment holding company TVC Holdings Plc (TVCH.I), which raised its stake to 15 percent last week.

For more, click on [UTV.L]

Reuters messaging rm://paul.sandle.reuters.com@reuters.net

12:33GMT 17Nov2008-FTSE Small Cap Index down 0.6 pct midday

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The FTSE Small Cap Index .FTSC falls 0.6 percent in mid-session trade, tracking the trend of the wider UK markets, with the FTSE 100 Index .FTSE down 2.0 percent and FTSE 250 index .FTMC off 1.6 percent.

Avis Europe (AVE.L) plunges 23.1 percent after warning the used car market and the economic environment are weaker than it expected and that underlying pretax profit for the year will be slightly below last year outcome.

Melorio (MLO.L) jumps 14.7 percent as it says it conditionally agees to buy IT training companies Zeno Ltd and Zenos Learning, which broker Singer believes will be just over 10 percent accretive to full year 2010 EPS estimates.

Reuters Messaging rm://david.brett.reuters.com@reuters.net