STOCKS NEWS UK SMALL-FTSE Small caps down 0.4 pct at the close
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16:36GMT 04June2009-FTSE Small caps down 0.4 pct at the close
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The FTSE Small cap index .FTSC closes down 0.4 percent, underperforming the FTSE 100 .FTSE, which struggles into positive territory, up 0.1 percent, while the FTSE 250 .FTMC falls 0.4 percent.
British biofuels technology company D1 Oils Plc (DOO.L) slumps 20 percent after saying it was uncertain about the outcome of an effort to raise funds by marketing a substantial share in its joint venture with BP Plc (BP.L). [ID:nBNG423168]
Dragon Oil (DGO.L) rises 19 percent after the company says it has received a preliminary approach but there can be no certainty any offer will be made. [ID:nL41021681]
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12:18GMT 04June2009--Wincanton up as dividend held
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Shares in Wincanton (WIN.L) gain 5.5 percent after the British haulier maintains its dividend and says it is confident about its future prospects, which overshadows a slightly lower full year pretax profit.
"Today's results contained few surprises, although there is likely to be some relief in the market that the dividend has been held at 14.91p (a yield of 9 percent)," says Investec Securities.
The company, which transports goods such as food, documents and recycling around the UK and mainland Europe, posts profit of 41.3 million pounds in the year to end March, a fall of 0.5 million from the previous year.
The broker says it will be reviewing its recommendation and forecasts, saying it expects full-year 2010 estimates by around 9-10 percent but adds underlying trading performance looks fairly robust overall.
For more double click on [ID:nL4585906]
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11:46GMT 04June2009-Genus falls; Evo cuts to "reduce"
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Shares in Genus (GENS.L) fall 2.9 percent as Evolution Securities cuts its rating on the animal genetics firm to "reduce" from "buy" as it is "increasingly concerned about the prospect for Genus's numbers in the financial year ended June 2010".
Evolution says in the forthcoming financial year it does not expect currency to prop up headline performance as it did in the year ended June 2009 and notes that established markets are tough, and points to medium-term timing for the impact from emerging markets.
The broker says in February, Genus announced an update on China, which highlighted that production nucleus farms will not start until October 2010, while the bovine joint venture with leading Chinese dairy products company Mengniu is yet to commence formally, and will take time to build.
Evolution reduces its 2010 pretax profit estimate by 6 percent to 33.8 million pounds, and cuts its target price to 475 pence from 700 pence.
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
11:10GMT 04June2009--FTSE Small caps down 0.3 pct at midday
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The FTSE Small cap index .FTSC is 0.3 percent lower in mid-session trade, in line with the FTSE 100 .FTSE and the FTSE 250 .FTMC, which sheds 0.3 percent and 0.2 percent, respectively.
British biofuels technology company D1 Oils Plc (DOO.L) falls 20 percent after saying it was uncertain about the outcome of an effort to raise funds by marketing a substantial share in its joint venture with BP Plc (BP.L).[ID:nBNG423168]
Scott Wilson Group (SWG.L) tops the small cap risers, gaining 11 percent after the engineering consultancyis awarded a design package fro Farringdon station by Crossrail worth 9.6 million pounds over 2 and a half years.[ID:nRnsD3322T]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:55GMT 04June2009-Office2office up; Panmure lifts target
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Shares in Office2office (OFF.L) gain 8.8 percent as Panmure Gordon hikes its target price on the office product supplier to 174 pence from 125 pence and repeats its "buy" rating, on hopes the shares could attract predatory attention.
"We believe that at current levels the shares could attract attention from overseas players in the office supplies market looking for a UK foothold, especially given the robust trading we believe remains in place," Panmure says in a note.
Although O2o shares have more than doubled from their February low, the broker says that they have been left behind by the recent re-rating of the market, and still offer an above average yield by some way.
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
09:34GMT 04June2009--WH Smith down; Q3 sales fall
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Shares in WH Smith (SMWH.L) fall 2 percent after the British newspaper, books and stationery retailer reports a 4 percent fall in third-quarter underlying sales, with investors taking profits following the stock's recent good run.
WH Smith shares have gained 37 percent since its 2009 low in March, outperforming the FTSE 250 .FTMC.
Analysts say the decline in sales was better-than-expected and an improvement on the 5 percent fall in the first-half, although pointing out that travel revenues weakened slightly.
Investec Securities says the market is still undervaluing the company's fundamentals and regards the statement as reassuring
The broker says the shares currently trade on 21 percent price earnings and 22 percent EBITDA discount to the sector, "both of which undervalue the company's earnings and cash generation".
For more double click on [ID:nL4472282]
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