STOCKS NEWS UK-Petrofac falls on profit taking after update

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08:52GMT 22Oct2009-Petrofac falls on profit taking after update

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Shares in Petrofac (PFC.L) fall 3.4 percent to 1,029 pence on profit taking after the British oil and gas services company issues a positive trading statement.

Petrofac says contract activity is lively and it expects to deliver full year earnings growth of at least 20 percent.

Accendo Markets, which has a "hold" rating on Petrofac, says, while it expects further progress, the exceptionally strong run by Petrofac shares has surpassed its target.

Shares in the company have been steadily rising since the start of the year, when they were trading at 370 pence.

"The time has come to take some profits over the short term, but after consolidation, we would be buying again into any weakness," Accendo says in a note.

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