STOCKS NEWS UK SMALL-Nighthawk Energy down on stake sale
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12:20GMT 01June2009-Nighthawk Energy down on stake sale
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Shares in Nighthawk Energy Plc (NGTE.L) fall 19 percent after the U.S.-focused energy company says it would sell part of its stake in the Jolly Ranch project in Colorado to San Severina Holdings SA, a Swiss-based investment company, for up to $40 million.
"Most likely the market is worried about the loss in value of Nighthawk, although in these market conditions the deal seems quite good as it is bringing fresh money to the company," Alessandro Pozzi, analyst at Edison Investment Research says.
To see Nighthawk Energy's statement please click on [ID:nRnsA0888T]
For more please click on [ID:nBNG416837]
Reuters messaging rm://balachander.surianarayanan.reuters.com@reuters.net
12:13GMT 01June2009-Finsbury Food gains after bid approach
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Shares in Finsbury Food (FIF.L) gain 4.7 percent after the bakery group says it has received a preliminary bid approach, though the directors say there is considerable doubt that an offer will be forthcoming from the party in question.
"Although little credence is attached to the bid approach proceeding, another bidder could still emerge," says finnCap in a note.
"Or, failing this, the previous undervaluation of Finsbury Food shares could come to be appreciated by the market whilst management will be under more pressure to perform," says the broker, which repeats its "buy" recommendation on the stock.
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
11:47GMT 01June2009-CSR higher; RBS repeats 'buy'
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Shares in CSR (CSR.L) move up 3.6 percent as RBS repeats its "buy" rating on the bluetooth wireless chip company.
"While the stock is now trading above our target price (330 pence), we continue to believe that positive newsflow on the handset market as well as company-specific design wins will support the stock in the near term," says RBS in a note.
The broker says the company could benefit from the fact that the new Sony PSP will come equipped with bluetooth technology in addition to WiFi.
"Although unconfirmed at this point, we believe that Sony selected CSR's bluetooth chips for this new model," says RBS, estimating that this design win could bring an incremental $14-20 million revenues over the next 12 months (about 2 percent of total sales).
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
11:42GMT 01Jun2009-Aga up after positive analyst meeting
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Shares in Aga Rangemaster (AGA.L) rise as much as 4 percent to 93.75 pence after Evolution analysts say they see "light at the end of the tunnel" for the cooker manufacturer, whose shares have lost two-thirds of their value in the last year, after a site visit last week.
Evolution also says AGA's cost reductions are starting to bear fruit, especially in the U.S. where the required sales level to break even has been lowered by the opening of a new plant.
"AGA is essentially driven by housing transaction activity and as this starts to improve, the drop through on a considerably leaner cost base will be substantial. There is some light at the end of the tunnel and the patient will be well rewarded at these levels," says Evolution analyst Harry Phillips.
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
11:33GMT 01Jun2009-Oxford BioMedica up after cancer data
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Shares in gene therapy specialist Oxford BioMedica (OXB.L) rise 5 percent after the company releases data for its TroVax cancer vaccine in colorectal cancer and renal cancer at the American Society of Clinical Oncology meeting in Orlando, Florida.
"The data supports the idea that the immune response induced by TroVax provides potential clinical benefit, contrary to market perception," says Ian Wainwright, managing director life sciences specialist sales at brokerage Canaccord Adams.
The company saw its share value cut by three quarters last year after TroVax failed to meet its main goal in a final stage clinical trial. [ID:nL11713523]
It said in April that development partner Sanofi-Aventis (SASY.PA) had decided to hand back the rights for TroVax.
To see Oxford BioMedica's statement click on [ID:nRnsA0879T]
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
11:17GMT 01Jun2009-UK Small caps gain 1 percent midday
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The FTSE Small Cap index .FTSC gains 1 percent in midday trade, underperforming both the blue chips .FTSE and the midcaps .FTMC, which add 1.4 percent and 1.9 percent, respectively.
Phoenix IT (PHIT.L) jumps nearly 18 percent, topping the FTSE Small Cap leaderboard, after the computer services group reports an 11 percent rise in full-year adjusted pretax profit, beating analyst expectations, and says it remains positive about its outlook for the current year. [ID:nL1206868]
Acal (ACL.L) falls 5.8 percent as the provider of technology products and services reports a fall in pretax profit to 500,000 pounds for the full-year from 6.1 million pounds in 2008. [ID:nRn1A0877T]
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
