STOCKS NEWS UK-Centaur Media down on tough outlook
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08:55GMT 09Jul2009-Centaur Media down on tough outlook
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Shares in Centaur Media (CAU.L) fall 5.9 percent after the British business publisher says the outlook for its markets would likely remain challenging for the foreseeable future but that its trading performance for the year was in line with its expectations.
"The management is not expecting any material change in trading conditions in in the first quarter of the new year and say the outlook for the served markets remain uncertain," says KBC analyst Malcolm Morgan.
"We are not minded to change 2009 or 2010 numbers, and do not expect consensus forecasts to move materially, though the weakness of current trading will place a strain on expectations in the second half of its new fiscal year.
For more, click on [ID:nBNG477325]
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08:50GMT 09Jul2009-Admiral up; broker ups to 'buy'
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Shares in Admiral (ADML.L) gain 3.8 percent as Banc of America Merrill Lynch upgrades the British motor insurer to "buy" from "neutral", on valuation grounds, and repeats its 1,050 pence target price.
"The 13.3 times 2010 estimated price earnings multiple that Admiral currently trades on does not fully reflect the growth that we expect," says the broker.
Banc of America Merrill Lynch forecasts earnings per share of 55.1 pence for 2009, and says Admiral has underperformed the sector by around 11 percent in the past three months amd most aspects of the near term trading outlook robust.
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08:05GMT 09Jul2009-PartyGaming higher on robust Q2 trading
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Shares in PartyGaming (PRTY.L) rise as much as 4 percent to 250 pence after the online gaming firm says trading in the second quarter has been robust with revenues in line with the first quarter despite it being a traditionally quieter period. [ID: nL9368610]
The company says casino revenue has significantly increased from the previous quarter, driven by a substantial increase in the number of games being offered on its PartyCasino site.
Numis analyst Wyn Ellis reiterates his 'buy' recommendation and 297 pence target price, saying the performance was "solid" and gives "ground for optimism".
"Casino is developing in to a major success story and recent poker initiatives are getting traction. We are maintaining our forecasts at this stage but there are increasing grounds for optimism," he says.
To see PartyGaming's statement please click on [ID:nRnsI3735V]
Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net
07:43GMT 9Jul2009-Aveva down on trading update
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Shares in engineering software group Aveva (AVV.L) drop 2.2 percent after the company issues an in line trading update, with Altium Securities repeating its "sell" rating, citing Aveva's current valuation and uncertain outlook.
The broker says "the current rating of 16 times earnings for both 2010 and 2011 does not leave much room for slippage", and retains its 600 pence price target.
Altium says concerned the "capital budget constraints, combined with rising unemployment and no prospect of a rapid rebound in demand, will lead to further declines in initial licence fees, particularly in the marine sector."
For more double click on [ID:nRnsI3693V]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
07:28GMT 9Jul2009-UK small caps up 0.2 pct at open
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The FTSE small cap index .FTSC gains 0.2 percent in early trade as the UK market makes a marginal recovery from Wednesday's sell-off, with the FTSE 100 .FTSE up 0.4 percent and the FTSE 250 .FTMC up 0.6 percent.
Jarvis (JRVS.L) adds nearly 20 percent after announcing an extension of its existing loan facility with Burdale Financial Limited, a subsidiary of Bank of Ireland, and Bank of America N.A. until Jan. 31, 2011.
Centaur Media Plc (CAU.L) sheds 2.7 percent following its in line trading update and comments from the the British business publisher that the outlook for its served markets remained uncertain. [ID:nBNG477325]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
