STOCKS NEWS UK SMALL-Aga up after positive analyst meeting
STOCKS NEWS Reuters Results diary
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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
10:58GMT 01Jun2009-Bowleven up on discovery eveluation
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Shares in Aim-listed Bowleven (BLVN.L) add 8.2 percent after an independent valuation of its recent oil discovery in the Rio Del Basin shows a 30 percent increase on previous guidance, which RBS calls "encouraging".
Bowleven says 'A Competent Persons Report' by TRACS International Consultancy estimates resources of 53mmbbls at the IF2C well, against previous guidance of 41mmbls.
RBS says: "The TRACS evaluation is a significant upgrade on previous guidance ... estimating a 65 percent chance that drilling would deliver a result, which would pave the way for commercial development."
"Pending a funding solution for the appraisal drilling our valuation and target price are unchanged, although the independent verification of the IF (wells) potential should be taken positively by the market," says the broker.
For more double click on [ID:nRnsA0813T]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:27GMT 01Jun2009-Blacks Leisure up; Altium upgrades
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Shares in Blacks Leisure (BSLA.L) gain 4.5 percent as Altium Securities lifts its rating on the outdoor goods retailer to "buy" from "hold" on hopes the retailer will strike a deal over additional banking facilities.
On May 22, Blacks said it had secured a three-month standstill deal with Lloyds Banking Group (LLOY.L), which extended its 35 million pounds banking facility to the end of August while it considers a request for an increase in that facility.
"This means that Lloyds is prepared to fund the business through a peak working capital period and also the June rent payment; we therefore assume that it will grant (Blacks Leisure's) request," Altium Securities says in a note.
The broker says access to the larger facility will allow Blacks to withdraw from its loss-making boardwear business within a year which will trigger a return to profit in full year 2011.
Altium lifts its EPS estimate for 2011 to 7.3 pence from minus 6.9 pence and raises its target price for Blacks to 46 pence from 33.
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
10:11GMT 01Jun2009-e2v technologies up ahead of prelims
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Shares in e2v technologies (E2V.L) gain 15.3 percent ahead of its preliminary results due out on Tuesday, prompting Seymour Pierce to repeat its "buy" rating.
The broker forecasts revenues of 223.5 million pounds and EBITDA of 41.5 million pounds.
Seymour Pierce says it sees e2v's financing issues becoming less acute as a result of the strong cash generation of the business.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
