STOCKS NEWS UK-Glisten down on profit warning

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09:50GMT 25Jun2009-Glisten down on profit warning

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Shares in Glisten (GLI.L) fall 30 percent after its rating is cut by house broker KBC Peel Hunt following Wednesday's profit warning, which came about as a result of a poor performance at its fruit and cereal snacks unit.

The company, which discovered accounting failures at its Halo subsidiary, says annual profit will be around 4 million pounds compared to prior estimates of 6 million pounds.

"The accounting issues at Halo relate to the failure to take into account higher material and operating costs in the second half. Obviously the news is very disappointing and we are moving our recommendation to "hold" and our price target to 80 pence from 120 pence," says KBC analyst Charles Hall.

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09:30GMT 25Jun2009-Sirius Exploration up 14 pct on Dakota deal

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Shares in Sirius Exploration (SXX.L) rise 14 percent as investors digest an announcement late Wednesday that the mining and exploration firm has been granted two options to acquire the remaining 49 percent of Dakota Salts, in which it already holds a 51 percent stake.

Dakota Salts holds mineral leases in excess of 5,000 acres in North Dakota and Sirius says the Dakota project is a key long term asset for its business.