STOCKS NEWS UK-PayPoint rises after solid Q1 showing
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Europe [STXNEWS/EU] Real-time Equity News [E] [GB/EQUITY]
UK [STXNEWS/UK] Stocks on the move [HOT-RTRS]
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08:38GMT 14Aug2009-PayPoint rises after solid Q1 showing
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Shares in PayPoint Plc (PAYP.L) rise as much as 3.5 percent after the electronic payments firm says trading to July 26 was satisfactory and earnings before tax and interest for the period in line with market expectations.
The electronic payments firm, which provides bill payment terminals and ATM machines, also says it has signed a new long-term contract with British Gas. "Overall, this is a solid statement from PayPoint and in our view, the underlying business should remain robust," says Cazenove, which has an "outperform" rating on the stock.
For more information please click on [ID:nBNG444484]
Reuters messaging rm://ram.kumar.thomsonreuters.com@reuters.net
08:05GMT 14Aug2009-Bodycote up on positive Europe GDP data
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Shares in Bodycote (BOY.L) rise 4.5 percent after the engineer, which does the majority of its business in continental Europe, is buoyed by Thursday's news that France and Germany returned to economic growth in the second quarter, ending their recessions earlier than expected. [ID:nLD331672]
"The Euro zone data was positive and Bodycote does about two-thirds of its business in Europe so if Europe is on the up, so is Bodycote," says Evolution analyst Harry Philips.
"Bodycote has been on a good run of late on anticipation of recovery and now the European recovery dimension will help it further."
Bodycote's shares have increased in value by over 30 percent in the last month, sending its value to around 290 million pounds.
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
08:03GMT 14Aug2009-GoIndustry-DoveBid slumps on placing warning
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Shares in GoIndustry-DoveBid (GOI.L) fall 35 percent after the provider of asset management and auction services says it is considering a placing of new equity at a significant discount to its closing price on Thursday. [ID:nLE290169]
The company issues a trading statement in response to its share price nearly doubling over the last two weeks on the back of takeover rumours. It says it knows of no reason for the share price rise but is reviewing its funding needs.
"We remain at 'hold', while we await further news regarding the strengthening of the balance sheet," says Oriel Securities analyst Ben Bourne.
To see GoIndustry-DoveBid's statement please click on [ID:nRnsN4346X]
Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net
07:59GMT 14Aug2009-FTSE Small Caps up 0.5 pct at the open
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The FTSE Small Cap index .FTSC rises 0.5 percent in opening trade, with the FTSE 100 .FTSE also marking another day of gains, up 0.7 percent, whilst the FTSE 250 .FTMC climbs 1.5 percent, all three hitting fresh 2009 highs.
Sterling Energy (SEY.L), the oil and gas company, adds 9.5 percent after it says it plans to raise 62.5 million pounds in a discounted placing of new shares and it has ended talks regarding the sale of the company. [ID:nBNG361323]
Unitech Corporate Parks (UCP.L) falls 9.9 percent after the India focused commercial real estate company sees its net asset value fall by 30.9 percent in the year to March 31. [ID:nRn1N4341X]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
07:56GMT 14Aug2009-Johnson Matthew hit by UBS downgrade
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Shares in Johnson Matthey (JMAT.L) fall 1.2 percent after UBS cuts its rating for the blue chip specialty chemicals firm to "sell" from "neutral" in a cautious review of the UK sector.
The broker says in a note that it has downgraded all UK specialty chemicals stocks by one notch on valuation and share price performance grounds.
UBS downgrades mid cap Victrex (VCTX.L) to "sell" from "neutral" and moves Croda International (CRDA.L) to "neutral" from "buy".
The broker points out that all three shares have outperformed their respective indexes, and their re-rating implies an imminent earnings recovery in which UBS puts little faith.
UBS says the recent sharp re-rating implies a recovery of cyclical end-markets, not just a re-stocking, and the broker is concerned that the market might overestimate the operating leverage on the way up.
Victrex shares fall 1.9 percent, the top FTSE 250 .FTMC faller, while Croda gains 0.5 percent tracking the firmer market trend.
Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
07:32GMT 14Aug2009-Taylor Wimpey higher as RBS upgrades
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Shares in Taylor Wimpey (TW.L) surge 5.6 percent, topping the FTSE 250 .FTMC leaders board as RBS upgrades its rating for the housebuilder to "buy" from "hold" with an increased target price of 47 pence, up from 37.
RBS says in a note that Taylor Wimpey's recent first-half results continued the more robust tone of recent updates and the margin benefit provided by the firm's writedown makes further material net asset value erosion less likely.
The broker adds that Taylor Wimpey's underlying cash performance remains solid, and it has lowered its year-end net debt forecast for the group to 885 million pounds, down from 942 million pounds previously.
RBS says after factoring in a proportion of the firm's significant off-balance sheet tax assets into its increased target price, Taylor Wimpey shares look good value.
Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
