STOCKS NEWS UK SMALL-Hiscox slips on investment concerns
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09:44GMT 11May2009-Hiscox slips on investment concerns
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Shares in UK-listed insurer Hiscox (HSX.L) slip as much as 9 percent on worries about the group's first-quarter investment performance and profit-taking, despite an otherwise positive trading statement.
"The stock was up at 8 pct on Friday. (Investors) are retrenching and they are also concerned about the investment side of things," says one equities analyst.
"The only thing in the statement that looked disappointing was the investment returns. Hiscox is worse than Catlin (CGL.L). Both investment returns are not that great," says Tom Dorner, analyst at Oriel Securities.
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09:27GMT 11May2009-Next Fifteen higher on approaches
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Shares in Next Fifteen Communications (NFC.L) rise 21 percent to 52.5 pence after the AIM-listed PR group receives two offer approaches and Huntsworth (HNTS.L) confirms it is one of the suitors.
The other potential bidder is yet to be confirmed but a report in the Sunday Telegraph suggests Chime Communications (CHW.L) is weighing up an offer.
"Consolidation is long overdue among the marketing services agencies and Next Fifteen would offer a strong specialist technology PR arm in either potential buyer," says Charles Stanley analyst Paul Bates.
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09:22GMT 11May2009-Southern Cross up; H1 reassures
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Shares in Southern Cross (SCHE.L), Britain's largest care home operator, rise 8.7 percent as an analyst says the company is making progress in reducing its debt and first-half results reassure.
"The shares are probably up a little bit on relief that they've hit their numbers ... there are no nasty surprises and they're continuing to pay down their debt at a decent rate," says Chris Glasper at Brewin Dolphin, adding that he believed the share rise is slightly overdone.
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09:15GMT 11May2009-Galiform higher as Numis initiates
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Shares in Galiform (GFRM.L), the owner of Howden Joinery which supplies kitchen units to small builders, rise over 5 percent after Numis Securities initiates coverage on the company with a "buy" rating.
"(We argue) that there is some 30 percent upside in the short term and further significant potential for re-rating thereafter," says Numis in a note.
The broker says its analysis shows the group to be one of the largest beneficiaries of the improving annualised trend in UK property transactions, and also the most operationally geared within the merchanting universe to the gently rising trend of transactions in the housing market.
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08:54GMT 11May2009-Renewable Energy up on CETO sale
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Shares in Renewable Energy Resources (REH.L) rise 7.4 percent after the wind-farm developer announces it has agreed to sell its wave energy patent portfolio, known as CETO, to Carnegie Corp CNM.AX for around 30 million pounds, making REH a 35 percent shareholder of Carnegie.
Arbuthnot, which rates REH as a "buy", says: "This represents an ideal method to crystallise value and to streamline the operational activities of CETO; the transaction has the full support at EDF energy."
"REH shares should move significantly higher on this newsflow and vindicates our positive stance on the shares," it adds.
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08:31GMT 11May2009-Visonic gains after update
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Shares in Visonic VSC.L gain more than 2 percent after the company, which develops and manufactures electronic security and home management systems, issues a trading update, with Arbuthnot Securities repeating its "strong buy" rating on the stock.
The company says its first-quarter sales rose 2.4 percent to $21.4 million. [ID:nPRrB5C15a]
"Visonic appears well positioned for the future and on course to achieve our forecasts," Arbuthnot says in a note.
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08:26GMT 11May2009-Dignity higher after update
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Shares in Dignity (DTY.L) gain 8 percent to 581 pence after the funeral services company issues a first-quarter trading update, prompting KBC Peel Hunt to repeat its "buy" recommendation and 700 pence target price on the stock.
Dignity says that for the 13 weeks to March 27, operating profit rose 15.3 percent, on sales up 12.8 percent, and that it remains on track for the full year.[ID:nRnsK9793R]
"We expect Dignity to trade well through the recession," says KBC in a note.
The broker points out that the majority of funerals are paid out of the estate of the deceased and thus should be relatively immune from a desire to limit spending.
It notes that the key areas at risk (limos and memorials) held up well in the last recession and have not seen weakness in the current recession.
Evolution Securities, meanwhile, upgrades its rating for Dignity to "add" from "reduce" on valuation grounds, and increases its target price to 600 pence from 505 pence.
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