STOCKS NEWS UK SMALL-Segro up after rights announcement
STOCKS NEWS Reuters Results diary
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12:59 GMT 04March2009-Segro up after rights announcement
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Shares in property company Segro Plc (SGRO.L) rise 8 percent after the company 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 BXTN.L to the market".
Analysts at JPMorgan, meanwhile, say that the amount raised is more than it expected and Segro looks out of the woods.
For more double click on [ID: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 (AVE.L) 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 (SDMS.L) 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 [ID:nL4582835]; for more on Stadium double click on [ID: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 (IPF.L) 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 [ID:nL3885424]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
11:34GMT 04Mar2009-Spirent up as UBS reiterates "buy"
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Shares in Spirent Communications (SPT.L) 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 said 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
10:24GMT 04Mar2009-Elektron down; FY sales fall; outlook grim
------------------------------------------------------------- Shares in Elektron (EKT.L) 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 [ID:nRnsD2639O]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:34GMT 04March2009-Hydro Intl up on solid results
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Shares of Hydro International Plc (HYD.L), which provides water treatment products, rise 7 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 PE of under 8x.
The broker cites the strong performance of Eutek Systems in the U.S., which the company bought last year. "This specialist grit removal business has cemented the group's leadership in this specialist market," analyst Robin Hardy, who has a "buy" rating on the stock, says.
To see Hydro International's statement please click on [ID:nRnsD2671O]
Reuters Messaging rm://purwa.naveen.thomsonreuters.com@thomsonreuters.net
