STOCKS NEWS Reuters Results diary
Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]
15:04GMT 04March2009-Italy's Fiat extends gains, up 12 pct
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Italian car maker Fiat SpA extends gains to be up 12.2 percent,
boosted by prospects for a deal with U.S. peer Chrysler [CBS.UL] and an outlook
for flat or slightly better March sales.
"The stock is benefiting from expectations on the closing of an accord with
Chrysler," a trader says. Chief Executive Sergio Marchionne is scheduled to meet
U.S. officials on Thursday to outline the benefits of a planned alliance.
Brokers say February new car sales in Italy are bolstering the shares since
Fiat's numbers were down less than the market overall while February orders were
pointing towards flat to slightly higher March sales.
Bank of America says in a research note: "Down 85 percent from its highs, we
believe that the risk/reward is significantly skewed to the upside, especially
for three-month plus investors."
The stock was briefly halted from trading because of excessive gains. The DJ
Stoxx car sector index <.SXAP> is up almost 6 percent.
Reuters messaging rm://ian.simpson.reuters.com@reuters.net
14:20GMT 04March2009-Eni down on various cash demand reports
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Italy's oil major Eni SpA falls 1 percent, underperforming the oil
sector <.SXEP>, on fears of a cut in its dividend, brokers say.
Two brokers refer to a Portuguese newspaper report that Eni would have to
subscribe its 33 percent share of a 1.5 billion euro capital increase at Galp
Energia .
Fears that payments by Russian gas shipper Gazprom's on an option
agreement will be delayed also are weighing on the stock.
Eni is not immediately available for comment.
"The market fears a cut in the dividend. There is the capital increase at
Galp," a broker says, adding there are lower prospects Eni will get cash due on
the Gazprom option.
In October, Eni Chief Executive Paolo Scaroni said Gazprom had earmarked
about $4.5 billion to pay for a 20 percent stake in oil unit Gazprom Neft
under an option agreement.
Reuters messaging rm://nigel.tutt.reuters.com@reuters.net
14:40GMT 04March2009-European shares hold gains after Wall St opens higher
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European shares hold on to their gains after U.S. stock markets open higher.
The FTSEurofirst 300 index of top European shares <.FTEU3> is up 2.7
percent, led by a rally in basic resources on the back of copper prices
hitting a three-month high amid hopes of a China-led pick-up in demand.
[nL4293900]
Oil prices rise more than 6 percent. [nSP408417]
In the United States, the Dow Jones index <.DJI> is up 1.6 percent in eaerly
trade, the S&P 500 <.SPX> rises 1.9 percent and the Nasdaq <.IXIC> trades 2
percent higher. [nN04538471]
Reuters Messaging rm://peter.starck.reuters.com@reuters.net
13:55GMT 04March2009-Defensives knocked back as market rallies
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Shares in several of Europe's top supermarket and healthcare companies are
coming under pressure, led down from British grocer J Sainsbury and
Anglo-Swedish drugmaker AstraZeneca , as investors shift out of
traditionally defensive stocks and into cyclicals in a rallying market.
"It looks like there's a general shift out of defensives," says Shore
Capital retail analyst Clive Black, noting that other defensive players like
tobacco and consumer goods stocks are also coming under some pressure.
Analysts say Sainsbury, down as much as 4.7 percent to 285 pence, may also
be suffering from news its deal to buy 24 Co-op stores will slightly dilute
earnings in 2009-10, with 45 million pounds being spent on store refits.
However, Pali International analyst Nick Bubb applauds the move, saying it
is cheaper per store than a comparable deal struck by Wm Morrison Supermarkets
. He also notes healthy market share data for Sainsbury on Tuesday.
AstraZeneca falls 3 percent to 2,171 pence after analysts say new research
suggesting blood thinner Plavix interacts badly with common heartburn drugs
could threaten Astra's Nexium rather than Sanofi-Aventis's Plavix.
For further stories please click on [nL4322540] [nL4871610]
Reuters Messaging rm://mark.potter.reuters.com@reuters.net
rm://ben.hirschler.reuters.com@reuters.net
13:42GMT 04March2009-RBS price target cut weighs on Hays
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Shares in recruitment group are down 2.1 percent, underperforming
the mid-cap FTSE 250 index <.FTMC>, after RBS cuts its price target on the
company to 85 pence from 90 pence.
"Early action on costs and a focus on cash leave Hays well-placed in our
view to withstand weakening market conditions. Visibility is limited, but we see
a good business, an attractive valuation and a sustainable dividend," RBS writes
in a note.
Reuters Messaging rm://martina.fuchs.reuters.com@reuters.net
13:05GMT 04March2009-Segro up after rights announcement
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Shares in property company Segro Plc rise 7.6 percent after it
announces a larger-than-expected 524 million pound rights issue to pay down
debt.
KBC Peel Hunt says that while "dilution of value is great at the issue
price, Segro has managed to raise a substantial amount of capital and beaten its
contemporary Brixton to the market".
Analysts at JPMorgan, meanwhile, say the amount raised is more than it
expected and Segro looks out of the woods.
For more double click on [nL4182400]
Reuters Messaging rm://austin.lobo.thomsonreuters.com@reuters.net
12:04GMT 04March2009-UK small caps gain 1.1 percent midday
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The FTSE Small Cap index <.FTSC> gains 1.1 percent in midday trade, faring
worse than both the blue chips <.FTSE> and the midcaps <.FTMC>, up 1.9 percent
and 2.2 percent, respectively.
Avis Europe rises 19.7 percent after the car rental company says it
expects to make further progress in 2009 following a round of cost cutting.
Stadium Group slides over 30 percent after the provider of
electronic manufacturing services says in its full-year results statement that
it has experienced a significant weakening of customer demand since the start of
the year.
For more on Avis double click on [nL4582835]; for more on Stadium double
click on [nL4209278]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
11:52GMT 04Mar2009-Int'l Personal Finance up; brokers positive
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Shares in International Personal Finance gain 5.1 percent after the
emerging markets consumer lender posts a 40 percent rise in full-year pretax
profits, with brokers Numis and Teathers repeating their "buy" recommendations.
Teathers says the results are inline with its expectations, while Numis is
bullish that the company's fundamentals will see it through a tough period
despite IPF's sobering outlook.
Numis says it expects a 42 percent EPS growth through to 2011, citing steps
taken by the company to tighten credit lines and the short-term nature of the
duration of its loans as reasons to be optimistic over IPF's performance
prospects.
"In addition we expect asset margin expansion and good quality customer
growth to support increased profitability," the broker says in a note.
For more double click on [nL3885424]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
11:50GMT 04March2009-Kloeckner hits all-time low on payout disappointment
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Shares in Kloeckner & Co fall 15 percent to 7.10 euros after the
German steel trader says it will not pay a dividend for 2008.
Kloeckner & Co, the leading loser in Frankfurt's mid-cap index <.MDAXI>,
earlier hit an all-time low of 7.05 euros, down 15.7 percent.
"The outright scrapping of the dividend is a negative surprise," Commerzbank
says in a note, slashing its target price on the stock to 7.60 euros from 11.0
euros.
"Recent statements from peers, especially from Reliance on the U.S.
market ... indicate that there has been high pressure on the gross margins of
steel traders since January," Commerzbank says.
"It is too early to price in a more significant 2010 recovery or gross
margin expansion in 2010," it says.
DZ Bank also sees the nil dividend as a negative for the stock.
Reuters Messaging rm://peter.starck.reuters.com@reuters.net
11:34GMT 04Mar2009-Spirent up as UBS reiterates "buy"
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Shares in Spirent Communications climb as much as 4 percent as UBS
cuts its target price and reiterates its "buy" recommendation on the British
telecoms testing firm.
"We believe Spirent is cheap at current levels ... Spirent remains a global
telecom equipment top pick," the broker says in a note to clients.
It says it saw many reasons to buy Spirent including management driving cost
savings, currency benefits, the defensiveness of Spirent's systems business and
ongoing cash returns to shareholders.
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
10:44GMT 04March2009-Hydro Intl up on solid results
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Shares in Hydro International , which provides water treatment
products, rise 7.2 percent after the company posts solid full-year results and
raises its final dividend.
KBC Peel Hunt says although progress is seen slowing in 2009-10, the
earnings are "well regulated" and the company is undervalued on a price earnings
of under 8 times.
The broker cites the strong performance of Eutek Systems in the U.S., which
the company bought last year.
"This specialist grit removal business (Eutek) has cemented the group's
leadership in this specialist market," says analyst Robin Hardy, who has a "buy"
rating on Hydro International shares.
To see Hydro International's statement please click on [nRnsD2671O]
Reuters Messaging rm://purwa.naveen.thomsonreuters.com@thomsonreuters.net
10:24GMT 04Mar2009-Elektron down; FY sales fall; outlook grim
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Shares in Elektron fall 9.6 percent after the Aim-listed electronic
components company reports sales on a like-for-like basis fell by 9 percent in
its full-year trading update.
The company adds its outlook is extremely difficult to predict but it
expects current year revenues to be down 15 percent year-on-year.
Finncap says, the update "reflects challenging markets and decreasing
visibility".
"Whilst operating profit is expected to be above our forecasts, we note
exceptional charges for full-year 2009 (it expects an exceptional charge of 1
million pounds from UK redundancies) and are reviewing our forecasts," says the
broker in a note.
For more double click on [nRnsD2639O]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:25GMT 04March2009-Stadium Group slides as customer demand drops
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Shares in Stadium Group slide over 30 percent after the provider of
electronic manufacturing services says in its full-year results statement that
it has experienced a significant weakening of customer demand since the start of
the year.
The company also posts a 17 percent increase in 2008 revenues, with pretax
profit up 5 percent.
In a note to clients, Brewin Dolphin says it expects to reduce its 2009
forecasts by about 30 percent, and that its price target and recommendation are
under review while acknowledging 2008 was a "good year" for the group, with
results in line with expecations.
"The main issue at present appears to be one of visibility; it is unclear
how much of the weakness is cautionary destocking at customers and how much is
reflecting a new level of end market demand," says the broker.
Brewin Dolphin, however, remains positive about the long-term outlook for
the group given the strength of its balance sheet and its financial headroom,
and supportive of management given its track record.
For more double click on [nRn1D2579O]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
10:16GMT 04March2009-Avis Europe up on cost cutting plans
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Shares in Avis Europe Plc rise more than 15 percent after the car
rental company says it expects to make further progress in 2009 following a
round of cost cutting.
Broker Investec Securities initiates coverage on the stock with a "hold"
recommendation and a price target of 4.25 pence.
"We are optimistic that the right actions are being taken to maximise cash
generation and profitability in a difficult trading environment," the broker
says in a note.
Investec says it is also optimistic that Avis Europe will remain within its
key financial covenants.
For more please click on [nBNG412763]
Reuters messaging rm://srikanth.srinivasa.reuters.com@reuters.net
10:15GMT 04March2009-ITV dips as results show ad downturn
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Shares in Britain's largest free-to-air broadcaster ITV fall by as
much as 4 percent before recovering to gain 1.1 percent, but still underperform
the FTSE midcap index <.FTMC> which rises by 2.6 percent.
The ITV underperformance comes as it suspends its final dividend and
announces job cuts and asset sales after reporting results hammered by a severe
downturn in advertising.
"This is a company with significant challenges both in the near-term and
long-term," say analysts at Investec, reiterating their "sell" rating.
The broker notes that some of the cost cuts were already known and are more
than offset by downgrades because of the tough broadcast market.
Analysts at Numis maintain their "hold" stance in reaction to the numbers
and say they expect to cut 2009 pretax profit forecast to 100 million pounds
from 120 million.
To see the full article on the ITV earnings results, please click on
[nL3260721]
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
10:07GMT 04March2009-Tecnicas Reunidas gains on DB target hike
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Shares in Spanish engineering firm Tecnicas Reunidas rise 5.1
percent to 23.34 euros after Deutsche Bank reiterates its "buy" recommendation
and lifts its price target to 28 euros from 25.
"We think Tecnicas' positioning will very likely permit the company to
weather the storm, as proven by its recent contract awards," Deutsche Bank says
in a note.
A trader in Spain says that despite increasing economic uncertainties,
Tecnicas' strong backlog and customer base give reason for optimism.
For more double click on [nL2644739]
Reuters Messaging rm://tracy.rucinski.reuters.com@reuters.net
rm://tomas.gonzalez.reuters.com@reuters.net
10:02GMT 04March2009-Adidas rises on solid Q4 results, outlook, valuation
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Adidas shares rise 3.7 percent after the German sport goods
maker's fourth-quarter results beat market expectations and management's 2009
outlook, though downbeat, surpises on the upside.
"We assess as positive that the management has given a rough guidance for
2009 so early in the year," DZ Bank analyst Herbert Sturm says.
"The management's expectation for the Reebok brand for 2009 is a positive
surprise," he says, citing the group's forecast that Reebok's sales this year
would be at least stable.
"Given the low valuation ... we maintain our "buy" rating," Sturm says.
Merck Finck, too, says it is positive that Adidas gave an outlook for 2009
and UniCredit describes the group's 2008 results as excellent.
The gain for Adidas shares represents a decent out-performance of
Frankfurt's blue-chip DAX index <.GDAXI> which is up 2.3 percent.
For more double click on [nL2684551]
Reuters Messaging rm://peter.starck.reuters.com@reuters.net
09:57GMT 04March2009-Premier Foods soars on fundraising report
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Shares in Premier Foods soar as much as 13 percent to 28.25 pence
after the Daily Telegraph says the group would on Thursday move to reduce its
1.78 billion pounds debt mountain with a 400 million pounds capital raising,
underwritten by Warburg Pincus.
The newspaper says the fund raising would accompany the release of Premier
Foods' full-year results.
Premier Foods is not immediately available for comment.
"In our view, a 400 million pounds raise ... would be the ideal raise taking
net debt/EBITDA (earnings before interest, tax, depreciation and amortisation)
down from around 4.5 times now to circa 3.3 times for 2009 (estimates)," say
analysts at Panmure Gordon in a research note.
"Coupled with a relaxing of the banking covenants to, say, 4.5 times, would
give the company a sensible level of headroom."
Reuters messaging rm://james.davey.reuters.com@reuters.net
09:37GMT 04March2009-Vovos dives on court ruling reports
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Shares in real estate developer Babis Vovos plunge 15.5 percent on
reports a Greek top court ruling might suspend the construction of a shopping
mall in Athens.
Vovos leads the losers on the Athens bourse <.ATG> on Wednesday after Greek
newspapers reported that a councillor at Greece's top court would propose a
ruling in favour of an appeal to permanently suspend the building of the
Votanikos mall.
"A negative ruling on Votanikos mall could seriously hurt Vovos, which has
invested a lot of money in the project," an Athens-based analyst who declined
to be named said.
The court hearing is scheduled for Friday.
For more double click on [nL4570820]
Reuters Messaging rm://angeliki.koutantou.reuters.com@reuters.net
09:20GMT 4March2009-D'Ieteren jumps on Avis results
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Shares in Belgium's largest car distributor D'Ieteren surge more
as much as 8.5 percent ahead of the company's 2008 earnings on Friday, due to
better-than-expected results from Avis Europe , in which D'Ieteren holds
59.6 percent.
Bank Degroof analyst Marc Leemans says the rise could be thanks to Avis
Europe's earnings released Wednesday morning, which Leemans said beat his
expectations.
"My assumption was that Avis Europe would do far worse than what they did,
so D'Ieteren might do better than its own guidance," says Leemans.
D'Ieteren stock is up 5.3 percent, against the Belgian mid-cap index <.BELM>
which is up about 0.8 percent. D'Ieteren's shares remain nearly 60 percent below
their level one year ago, when they traded at 239.94 euros.
Avis's shares trade up 13.6 percent at 3.75 pence.
For more double click on [IETB.BR]
Reuters Messaging rm://anne.jolis.reuters.com@reuters.net
09:19GMT 04March2009-Carillion higher as profit soars
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Shares in Carillion gain over 9 percent after the building and
support services group unveils a 55 percent increase in annual profit, driven by
strong growth in public sector projects and in its Middle East businesses.
The group increases the full-year dividend by 18 percent to 13 pence.
"These are good results from Carillion, with profit and dividend growth
ahead of expectations," Panmure Gordon says in a note.
"While some have concerns (over) Middle East market contagion, misjudged in
our view, the recent slip in the share price provides another good buying
opportunity," says the broker.
For more double click on [nL4064717]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
09:19GMT 04March2009-Sportingbet up; Q2 PBT doubles; Numis "buy"
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Shares in Sportingbet rise 5.3 percent after the online sports
betting company reports a robust second-quarter trading update which sees pretax
profit more than double and prompts Numis to repeat its "buy" rating.
Sportingbet says trading in the first four weeks of February was strong,
with revenue up 17 percent on the same month last year, driven mainly by the
strength in European sports betting.
Altium says Sportingbet is delivering underlying growth, increasing its net
cash position and is likely to be a key participant in sector consolidation.
"We believe this growth is sustainable and the tailwind from currency (the
company has benefitted from a strong euro) will continue into first-quarter,
2010," says Numis in a note, adding, "the shares are undervalued on a full-year
2009 estimated price earnings of 7.3 times".
For more double click on [nBNG242302]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:13GMT 04March2009-Lavendon up after 2008 profit in line
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Shares in equipment rental company Lavendon Group Plc rise 11.7
percent, after the group reports its 2008 pretax profit are in line with
expectations but says trading conditions during Q4 were difficult.
"The board will continue to work to offset the impact of the challenging
market conditions by reducing capital investment, focusing on making the
operations more cost efficient and generating free cash flow to reduce debt
levels," Chairman John Gordon says.
Lavendon posts a 2008 full-year pre-tax profit of 30 million pounds compared
with 23 million last year.
Broker Altium keeps its "buy recommendation" on the company and writes in a
note: "We are relatively robust, particularly given ongoing cost-savings."
Lavendon says it has reduced the final dividend to 1.67 pence as against
6.25 pence last year, seeking to conserve cash and reduce debt levels.
Broker Panmure cuts Lavendon's price target to 220 pence from 297 and puts a
"buy" recommendation on the company.
For more double click on [nBNG407059]
Reuters Messaging rm://martina.fuchs.reuters.com@reuters.net
09:02GMT 04March2009-RPS higher after FY results
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Shares in environmental consultancy firm RPS Group rise 12.3
percent, after the company posts a 28 percent jump in 2008 pretax profit.
"RPS is well equipped to meet the current economic challenges both by
managing our existing activities to maintain our high level of efficiency and
cost management and also by identifying opportunities for future growth in which
we may invest," the company's chairman Brook Land says in a statement.
Broker Altium upgrades its trading recommendation to "neutral" from "sell",
in a note saying it believes "our current bottom-of-the range forecasts will
remain unchanged, factoring in a high degree of macro caution."
For more double click on [nL4892408]
Reuters Messaging rm://martina.fuchs.reuters.com@reuters.net
08:58GMT 04March2009-Glanbia rises on profit growth guidance
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Shares in Irish food group Glanbia rise more than 11 percent after
it delivers record earnings for 2008 and forecasts some growth in profit in 2009
despite a downturn in the dairy market and the global economy.
"They are still guiding earnings growth ... in what is going to be a
difficult year by any measure," Goodbody analyst Liam Igoe says.
Shares in Glanbia, which guides earnings growth in the low to mid single
digit percentage range, outperform a 1.8 percent higher Irish market <.ISEQ>
Reuters messaging rm://andras.gergely.reuters.com@reuters.net
($1=.7924 Euro)
08:56GMT 04March2009-Valuation supports Symrise after in-line results
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Shares in German fragrance and flavour maker Symrise rise 12.4
percent, topping Frankfurt's mid-cap <.MDAXI> leaderboard, after fourth-quarter
results broadly in line with market expectations.
Analysts cite the stock's attractive valuation.
"We reiterate our 'buy' recommendation as the valuation is extremely low in
our view with a price-earnings-ratio of about 6 for 2009," Merck Finck says in a
note.
LBBW says Symrise's proposed unchanged dividend of 0.50 euros per share
corresponds to a dividend yield of 7 percent.
For more double click on [nL469368]
Reuters Messaging rm://peter.starck.reuters.com@reuters.net
08:51GMT 04March2009-Xstrata, Rio lead miners higher
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Shares in Xstrata lead miners higher, up 7.1 percent after Goldman
Sachs reiterates a "buy" recomendation and lifts its price target to 410 pence
after the March 2 EGM approved a 2-for-1 rights issue and the acquisition of the
Prodeco coal mine from Glencore.
"We had expected this, and we now update our earnings estimates to reflect
the $3.9 billion cash inflow and the increased number of shares," the broker
says in a note.
Rio Tinto is also among the strongest gainers, up 6.7 percent after
chief executive Tom Albanese says shareholders are warming to the miner's
proposed $19.5 billion tie-up with China's top aluminium maker Chinalco.
UK miners <.FTNMX1770> are broadly higher as metals prices firm as risk
aversion recedes somewhat slightly brightening the demand outlook.
For more on Rio Tinto, click on [nSYD382339]
Reuters Messaging rm://simon.falush.reuters.com@reuters.net
08:49GMT 04March2009-FTSE Small Caps up 1 pct in early trade
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The FTSE Small Cap Index <.FTSC> is 1 percent higher in early trade as the
UK market stages an early rally on the back of a positive performance in Asia
overnight, with the FTSE 100 <.FTSE> up 1.5 percent and the FTSE 250 <.FTMC> up
1.4 percent but traders warn that confidence is still brittle.
Lavendon , the equipment rental company, rises 17 percent after
posting in line full-year numbers, prompting Altium to repeat its core "buy"
rating saying the results are "good" and "borrowings are well within covenants".
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:47GMT 04March2009-Restaurant Group higher after results
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Shares in Restaurant Group gain over 10 percent after the company
posts results which Altium Securities says are better than its expectations,
with 2008 profit up by 13 percent
The group, which owns the Frankie and Benny's and Garfunkel's chains,
increases the final dividend by 6 percent to 7.7 pence and says current trading
is satisfactory with like-for-like sales down 2.5 percent for the nine weeks to
March 1, 2009.
Altium says in a note that pretax profit, at 48.9 million pounds, comes in
comfortably ahead of its cautious 44 million pounds forecast as a result of a
much better job on margins.
"In terms of current trading, whilst it remains volatile week to week, the
net position of -2.5 percent after the first nine weeks is a good result in our
view and well within our FY forecast of -7 percent LFL sales for 2009," the
broker says.
"Given the material upside from current levels the shares remain a "buy","
it adds.
For more double click on [nL4071910]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
08:40GMT 04March2009-CNP jumps on dividend hopes
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Shares in Belgian holding company CNP (Compagnie Nationale a Portefeuille)
rise as much as 7.5 percent ahead of its 2008 results on Thursday,
outperforming the Belgian bluechip index <.BFX1>, which is up 0.4 percent.
Bank Degroof analyst Hans D'Haese says the gains could be because investors
are betting that CNP will raise its dividend, after fellow Belgian holding
company Group Bruxelles Lambert (GBL) on Tuesday said it would raise
its dividend by 10 percent.
"GBL surprised me with the 10 percent hike of the dividend, so perhaps
people are anticipating something like that for CNP," says D'Haese, who has a
"hold" rating for CNP.
Reuters Messaging rm://anne.jolis.reuters.com@reuters.net
08:25GMT 04Mar2009-Informa up; Altium says "buy", FYs in line
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Shares in Informa rise 7.6 percent in early trade as the British
publishing and events group posts its full-year results to Dec. 31, 2008, and
says it is confident its covenants will not be breached, which prompts Altium
Securities to repeat its core "buy" rating.
Altium says the results are in line with its forecasts at revenue and pre
tax profit level and indicates "a solid trading performance against a
challenging backdrop".
Informa's shares fell after peer Centaur Media issued a profit
warning on Feb. 20, and Altium says "balance sheet issues are
reflected in the group's current valuation" adding, "that a capital raising
exercise would be desirable".
For more double click on [nL4639360]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
07:37GMT 04Mar2009-European stock index futures indicate higher start
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European stock index futures point to a rise in equities after losses in the
previous session as Japanese shares gain and firmer metals prices are seen
helping mining stocks.
Futures for the Eurostoxx 50 , Germany' DAX and the French
CAC are up 1.3-1.9 percent.
Japan's Nikkei average <.N225> gains 0.9 percent on bargain-hunting and news
that China will increase stimulus spending help Hitachi Construction <6305.T>
and other machinery stocks.
In the U.S., the S&P <.SPX> ended below 700 for the first time since 1996 as
persistent uncertainty about the amount of money needed to shore up the
financial system overshadowed a hunt for bargains.
Reuters Messaging rm://joanne.frearson.thomsonreuters.com@reuters.net
atul.prakash.reuters.com@reuters.net
Keywords: MARKETS EUROPE STOCKSNEWS =4
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