STOCKS NEWS EUROPE-Gulf Keystone down on MOL comment
Shares in Gulf Keystone Petroleum (GKP.L) fall more than 20 percent following Tuesday's rally to an all-time high after its partner, Hungarian oil and gas firm MOL MOLB.BU, says caution is needed in estimating oil reserves at an Iraqi exploration well. [ID:nLL78840]
"The market took a bit of a fright from that (the MOL comments). I wouldn't read too much into it," says Lionel Therond, an analyst with Fox-Davies Capital.
"The stock has been running up quite strongly and expectations have been built up in the price."
Therond, who maintains a "buy" stance with a target price of 175 pence, is expecting a third party report imminently from Gulf Keystone, which has a 75 percent stake in the Shaikan-1 well.
A trader says investors are taking a chance to sell following the stock's strong run over the last three months.
"There are a few people sitting on big profits and any rumour of bad news makes people just want to take it out," he says.
Reuters messaging rm://sharon.lindores.reuters.com@reuters.net
11:01GMT 21Oct2009-UK small caps down 0.7 pct at midday
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The FTSE Small Cap index .FTSC is down 0.7 percent in mid-session trade, slightly outperforming the blue chips .FTSE and mid caps .FTMC, which lose 1.0 percent and 1.1 percent respectively impacted by a touch of profit-taking.
Centaur Media (CAU.L) gains 2.9 percent after Altium Securities hikes its target price for the publishing group to 75 pence, up from 51 pence following Tuesday's news the firm has received an indicative takeover bid from Critical Information Group (CIG.L).
Shares in Findel (FDL.L) gain 2.7 percent after the Daily Mail's Market Report spotlights bid speculation surrounding the home shopping firm, with the newspaper saying a private equity buyer is contemplating launching a 342 million pound, or 70 pence-a-share cash offer.
Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
09:45GMT 21Oct2009-Findel up as bid speculation stirs
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