STOCKS NEWS UK-Small Caps down 0.9 pct at the close
STOCKS NEWS Reuters Results diary
Europe [STXNEWS/EU] Real-time Equity News [E] [GB/EQUITY]
UK [STXNEWS/UK] Stocks on the move [HOT-RTRS]
UK smallcaps [STX/UKSC] UK smallcaps news [GB/SMALL]
15:52GMT 03Jul200-UK Small Caps down 0.9 pct at the close
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The FTSE small cap index .FTSC ends 0.9 percent lower, underperforming the wider UK market, with the FTSE 100 .FTSE up 0.1 percent while the FTSE 250 .FTMC is flat.
Braemore Resources BRR.L tumbles 28.5 percent as investors are disappointed by an all-share offer for the platinum and nickel producer by Jubilee Platinum (JLP.L), which sheds 3.3 percent.
Energy metering company Bglobal (BGBL.L) jumps 43.7 percent as the firm secures meter asset funding from Barclays, prompting Charles Stanley Securities to upgrade its rating on the stock to "buy" from "hold". [ID:nL3461606]
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12:59GMT 03Jul200-Synergy Health up; broker upbeat
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Shares in Synergy Health (SYR.L) are up 2.9 percent as KBC Peel Hunt ups its target price to 604 pence from 496 pence, saying it sees the company as a vital player in the health services market.
The broker, which rates Synergy as a "buy", says the management is taking action to aid recovery following an under par performance in 2009, which it believes stems from the collapse of the sterling.
"Synergy has taken steps to improve margins in the decontamination division, and is negotiating price increases to offset higher energy and commodity prices."
"A shift to higher-value products may eventually help Synergy recover and surpass its FY2008 EBITA margins."
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11:32GMT 03Jul200-Braemore drops on Jubilee Plat offer
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Shares in Braemore Resources BRR.L tumble 32 percent as news of Jubilee Platinum's (JLP.L) all-share offer for the company fails to inspire investors.
The slump in Braemore's share price reflects the assumption the deal undervalues the platinum and nickel producer, traders say.
Jubilee shares retreat 6.6 percent as retail investors had been speculating that the mining exploration company would itself be the target of a bid from one of the larger players, which proves unfounded, one analyst says.
However, FinnCap analyst Joe Lunn says: "the deal will enable Jubilee to control more of the value chain and offer an intermediate product for refinement".
"We believe the combined company will contain a suit of complementary mining and processing assets and will be well positioned to exploit the synergies between them."
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11:26GMT 03Jul200-UK small caps fall 0.3 percent midday
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The FTSE Small Cap index .FTSC falls 0.3 percent in midday trade, underperforming both the blue chips .FTSE and the midcaps .FTMC, which add 0.2 percent and 0.1 percent, respectively.
Braemore Resources BRR.L tumbles 33.7 percent as investors are disappointed by an all-share offer for the platinum and nickel producer by Jubilee Platinum (JLP.L), which sheds 5.5 percent.
Energy metering company Bglobal (BGBL.L) jump 18.3 percent as the firm secures meter asset funding from Barclays, prompting Charles Stanley Securities to upgrade its rating on the stock to "buy" from "hold". [ID:nL3461606]
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
09:56GMT 03Jul200-Bglobal up; secures meter asset funding
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Shares in energy metering company Bglobal (BGBL.L) jump 26.8 percent as the firm secures meter asset funding from Barclays, prompting Charles Stanley Securities to upgrade its rating on the stock to "buy" from "hold".
Barclays has made up to 15 million pounds of funds available through a third party to provide ongoing lease finance arrangements to customers buying Bglobal's smart meter services which include supply, installation, maintenance and data provision facilities.
"Bglobal will be trading profitably very shortly and further finance tranches ought to be available pending successful installation rates from here on out," says Charles Stanley in a note.
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
09:41GMT 03Jul200-Cranswick up; broker bullish
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Shares in Cranswick (CWK.L) gain 1.6 percent, outperforming the FTSE small cap index .FTSC, which falls 0.3 percent, as Evolution Securities repeats its "buy" rating on valuation grounds.
Evovlution says the current weakness in the share price has left the British pork supplier trading on 9.1 times 2010 estimated earnings, "a substantial discount to the food sector on 12.4 times".
"Demand for pork products has been resilient despite the tough UK economic (conditions)... warm UK summer has led to a surge in demand for BBQ products."
The broker adds that the stock yields 4 percent with the dividend well covered, 2.6 times 2010 adjusted-EPS. Cranswick remains cash generative, free cash flow yield is 7 percent, and debt is relatively low, 1 times net debt to EBITDA.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
