STOCKS NEWS UK-RPS Group weak; Brewin starts as "hold"
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]
14:22GMT 11Nov2008-RPS Group weak; Brewin starts as "hold"
----------------------------------------------------------
Shares in RPS Group (RPS.L) shed 3.6 percent as Brewin Dolphin initiates coverage of the international environmental consultancy with a "hold" rating and 180 pence price target.
The broker says, in its view, RPS will not be immune to the global macro conditions and the cooling economy could temper growth prospects and impact utilisation and margins, which it has reflected in setting below consensus forecasts for the group.
Brewin Dolphin says it sees long-term value in RPS shares but recognises that sentiment is likely to continue to be a key share price driver for the firm over the next 12 months.
Reuters Messaging:jon.hopkins.reuters.com@reuters.net
13:08GMT 11Nov2008-Robert Wiseman down, Citi cuts estimates
-----------------------------------------------------------
Shares in Robert Wiseman Dairies (RWD.L) fall 3 percent as Citigroup repeats its "sell" rating, cuts its target price to 285 pence from 310 pence and reduces its estimates, following RWD's downbeat figures on Friday.
Citigroup downgrades its full-year 2008 and 2009 profit forecasts by 26 percent to 22.5 million pounds and 13 percent to 29.3 million pounds respectively.
The broker says RWD's results were in-line with its forecasts but adds there are too many uncertainties surrounding input cost lines to make it comfortable owning the shares.
The sector was dealt a further blow on Monday when Dairy Crest (DCG.L) issued a profit warning.
For more double click on [ID:nRn1G6709H]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
12:47GMT 11Nov2008-Babcock International up as H1 profit soars
--------------------------------------------------------------
Shares in Babcock International (BAB.L), the engineering services company, climb 5.6 percent as it reports a 30 percent rise in first-half profits, leading Singer Capital Markets to repeat its "buy" recommendation and 570 pence target price.
Singer says Babcock's interim results are 15-10 percent ahead of its own and consensus forecasts respectively, underpinned by a strong contribution by the Marine division.
The broker says management are being typically prudent and full-year 2009 consensus earning estimates seem likely to edge up by 2-4 percent.
Singer says Babcock's shares currently trade at a discount to peers, which it believes is unwarranted.
For more double click on [ID:nRn1K8707H]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
12:28GMT 11Nov2008-Property groups fall on grim retail outlook
--------------------------------------------------------------
Shares property groups slide after the British Retail Consortium says UK retail sales fell for a fifth straight month in October [ID:nLAG003112], prompting fears that tenant demand for premises will continue to fall.
Mall owners Hammerson (HMSO.L) and Liberty International (LII.L) slide 6.6 percent and 5.6 percent, respectively. British Land (BLND.L) sheds 6.8 percent and Land Securities (LAND.L) is down 3.9 percent.
"In the retail sector, potential tenants are taking a cautious stance towards singing leases at new schemes ... as retailers brace themselves for a difficult Christmas trading period, there is increasing concern that landlords will have to concede softer letting terms in the face of a general rise in tenant defaults in the new year," says Charles Stanley analyst Tina Cook.
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
12:26GMT 11Nov2008-FTSE 100 falls 2.3 pct at midday; miners oils weak
---------------------------------------------------------------------
Britain's leading share index is 2.3 percent lower by midday as economic worries return to the fore to hurt global markets, knocking miners, oils and banks. By 1200 GMT, the FTSE 100 index .FTSE is 102.36 points lower at 4,301.56 after gaining 38.96 points, or 0.8 percent, on Monday.
Miners fall sharply, reflecting lower metals prices amid further evidence of a weakening Chinese economy, with Lonmin (LMI.L) down 9.3 percent and Vedanta Resources (VED.L) falling 7.0 percent. Heavyweight oil companies are also a drag on the blue-chip index as crude prices CLc1 fell $2.50 to below $60 a barrel. BG Group (BG.L) loses 7.1 percent, Tullow Oil (TLW.L) drops 7.4 percent, BP (BP.L) shed 2.5 percent and Royal Dutch Shell (RDSa.L) is off 2 percent.
Banks are big blue-chip losers as well, with HSBC (HSBA.L) shedding another 6.1 percent, Standard Chartered (STAN.L) losing 5.3 percent, Lloyds TSB (LLOY.L) down 8.0 percent and HBOS shares 5.3 percent weaker.
12:15GMT 11Nov2008-FTSE Small Cap Index down 1.1 pct at midday
--------------------------------------------------------------
The FTSE Small Cap Index .FTSC continues to slide in mid-session trade, down 1.1 percent, taking its cue from the wider UK market, as the FTSE 100 Index .FTSE falls 2.3 percent.
Work Group (WORK.L) slumps 41 percent as the human resources services provider issues a profit warning, saying markets have continued to weaken, following its interim management statement on Sept.22 2008, adding it is taking steps to reduce costs.
Motive TV (MTVE.L) climbs 20 percent after announcing its comedy production company Brown Eyed Boy has received orders worth more than 1.2 million pounds for three comedy series.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
