STOCKS NEWS UK-Nighthawk down on Kansas project sale

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15:35GMT 30JUN2009-Nighthawk down on Kansas project sale

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Shares in Nighthawk Energy (NGTE.L) fall 9.3 percent as the U.S.-focused energy company sells its 50 percent interest in the Centurion project in Kansas to Osceola Hydrocarbons for $5 million in cash, plus an annual royalty equal to 5 percent of the gross oil and gas revenues.

Analysts at broker Daniel Stewart downgrade their price target to 88 pence from 102 pence, while retaining their "buy" recommendation, saying that although the company loses any upside from Centurion, it gains working capital from the deal.

"Nighthawk forfeited the upside associated with developing Centurion, which we estimate at 35 million pounds ($58 million), (equity value less transaction price) to concentrate on its core projects," they say in a note.

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13:31GMT 30JUN2009-Hill & Smith gains on Benelux disposal

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Shares in Hill & Smith Holdings (HILS.L) gain 9.3 percent after the safety barriers and street lighting manufacturer announces the sale of its minority investment in Benelux galvanizing services business, Neholl BV, for 5.8 million euro in cash.