STOCKS NEWS UK-Sabien sees profit taking after rally
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15:10GMT 13Aug2009-Sabien sees profit taking after rally
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Shares in boiler efficiency specialist Sabien Technology (SNT.L) fall back 29 percent as investors take profits after the shares more than quadrupled on the back of recent deals including one with British Gas.
"There's profit taking, they've had their run and they're now coming down again," says a trader at Winterfloods.
The company has seen its shares increase almost five-fold since it announced on Monday that it had entered into agreements to supply its technology to Serco (SRP.L), and to British Gas, owned by Centrica (CNA.L). [ID:nRnsJ1275X]
Sabien also announced on Aug. 7 that it had entered into a 400,000 pounds loan agreement with a venture capital fund. [ID:nRnsG0794X]
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
13:31GMT 13Aug2009-Unite Group up; Noble upgrades
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Shares in Unite Group (UTG.L) extend Wednesday's gains, rising 3.4 percent, as Noble upgrades its recommendation to "positive" from "negative" after the student accommodation provider announced a joint venture (JV) with Bahrain's Oasis Capital Bank to develop student housing in London.
The broker says the JV gives "increasing comfort on the company's capital position and demonstration of the ability to finance future development through new third party investment."
Noble also points out that Unite is due to report first half results on August 25, where it expects to find out the company's plans for future land acquisitions and the possibility for other new JVs/funds in the pipeline.
For more double click on [ID:nLC447393]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
12:52GMT 13Aug2009-JD Wetherspoon weak; Altium downgrades
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Shares in JD Wetherspoon (JDW.L) shed 4.4 percent, the biggest FTSE 250 .FTMC faller as Altium Securities cuts its rating for the pubs operator to "hold" from "buy" with an unchanged target of 500 pence citing valuation grounds.
Altium points out, in a note, that Wetherspoon shares have continued to be strong with further outperformance over the past month resulting in a 12-month outperformance of some 93 percent.
The broker says recent sector news flow has highlighted continued strong trading and it feels this, in addition to ongoing resilient trading at Wetherspoon itself has provided a stimulus for the shares.
Altium says the pubs company continues to achieve sector leading like-for-like sales growth but with the stock now trading on a full-year 2010 price/earnings of 15.5 times it things it is up with events although it would buy on any weakness.
Altium also downgrades mid cap pubs peer Mitchells & Butlers (MAB.L) to "hold" from "buy" on valuation grounds with an unchanged 285 pence target price.
Goldman Sachs cuts its rating for M&B as well to "sell" from "neutral". M&B shares are off 1 percent.
Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
11:56GMT 13Aug2009-ITM Power charged up by new CEO's strategy
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Shares in fuel cell specialist ITM Power (ITM.L) rise by 29 percent to 36.75 pence per share, building on the gains it has made over the past month as the new chief executive's focus on potential commercial activities catches the eye of investors.
The shares have nearly trebled since the end of July.
"The new chief executive started about a month ago and since then he's already managed to sign an agreement to have a demonstration of ITM technology for low carbon housing, and he's done a road show in London," says Nomura Code analyst John-Marc Bunce.
Despite the past month's gains, however, the company's share price remains well below the peak of 367 pence it reached in April 2006.
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
rm://paul.sandle.thomsonreuters.com@reuters.net
11:24GMT 13Aug2008-UK small caps gain 0.9 pct midday
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The FTSE Small Cap index .FTSC gains 0.9 percent in midday trade, underperforming both the blue chips .FTSE and the midcaps .FTMC which climb 1.3 percent and 1.8 percent, respectively.
Kiotech (KIO.L), the supplier of natural high performance feed additives, soars 25 percent after posting a 59.5 percent rise in first-half pretax profit, prompting FinnCap to raise its earnings forecasts for 2009 and 2010. [ID:nLD654812]
Alphameric (ALQQ.L), which supplies electronic terminals to the betting markets, jump almost 23 percent after it says it has received an early stage expression of interest from a third party. [ID:nBNG381547]
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net rm://matthias.lomas.reuters.com@reuters.net
10:46GMT 13Aug2008-Grainger extends gains on upgrade
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Shares in Grainger (GRI.L) rise 8.8 percent as Banc of America-Merrill Lynch raises its rating to "buy" from "neutral" and moves its target price up to 319 pence from 189 pence following the firm's trading update on Wednesday.
The broker also raises its earnings and net asset value estimates for Grainger and says, in a note, that it expects Britain's biggest housing landlord to deliver 176 million pounds worth of sales by September 2009 from its core portfolio/home reversion, 46 million pounds more than its previous estimate.
"The group has demonstrated an ability to generate cash flow in what has been a very difficult 18 months," it adds.
Grainger reported on Wednesday that it had sold more properties in the last four months, compared with the previous six months and that it expects total annual sales to exceed last year's level, sending its shares up 17 percent on the day.
Reuters Messaging rm://matthias.lomas.reuters.com@reuters.net
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