STOCKS NEWS UK-Dominion Petroleum jumps on $10 mln funding
STOCKS NEWS Reuters Results diary
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09:54GMT 18Aug2009-Dominion Petroleum jumps on $10 mln funding
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Shares in Dominion Petroleum Ltd (DOPL.L) jump 23.5 percent after the oil and gas explorer secures $10 million of funding from BlueGold Capital Management LLP to bolster its financial position.
Seymour Pierce analyst Alan Sinclair says: "The refinancing in what remains a very difficult market for pure exploration companies is extremely good news."
The refinancing puts Dominion in a much stronger negotiating position regarding possible farm-outs on its acreage, he says.
For more, click on [ID:nBNG483825]
Reuters messaging rm://balachander.surianarayanan.reuters.com@reuters.net
09:39GMT 18Aug2009-Nuclear engineer buy boosts James Fisher
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Shares in James Fisher & Son (FSJ.L) rise 4.3 percent after the marine services group buys nuclear and aerospace engineer MB Faber for up to 5.25 million pounds to strengthen its nuclear decommissioning business.
"This is an encouraging acquisition which broadens the nuclear offering and suggests that the opportunities in the nuclear area are starting to increase," say analysts at Brewin Dolphin.
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Reuters messaging rm://paul.sandle.thomsonreuters.com@reuters.net
09:21GMT 18Aug2009-BIOQUELL higher after H1 results
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Shares in BIOQUELL (BIOQ.L), the hydrogen peroxide decontamination equipment provider, rise 4.2 percent after posting its first-half results, which Investec Securities calls "strong", prompting the broker to repeat its "buy" rating and raise its target price to 163 pence from 142 pence.
"Whilst the lack of UK progress remains frustrating, BIOQUELL has a broad enough base, both in terms of revenue streams and geographic spread, to ride this out," the broker says.
"We remain of the view that these defensive characteristics and what is an impressive track record deserves a premium valuation."
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09:21GMT 18Aug2009-Innovation falls after cautious update
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Shares in Innovation Group Plc (TIG.L) fall as much as 12.5 percent after the specialist software provider is impacted by lower activity in the insurance sector, but says full-year pretax profit will be in the range of market expectations.
"It is noteworthy that, in spite of the purported high level of recurring revenue and with only six weeks of the financial year left, management maintains that forecasting remains difficult," says Altium Securities analyst Jonathan Imlah, who retains his "sell" rating.
For more please click on [ID:nBNG481127]
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08:47GMT 18Aug2009-Tribal Group up; raise interim div
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Shares in Tribal Group (TRBG.L) climb 6.3 percent after the company raises its interim dividend and reiterates its full-year view, which prompts Collins Stewart to repeat its "buy" rating and a 80 pence target price.
The British public sector consultant ups its dividend to 1.85 pence and says it will trade in line with expectations for the full-year despite posting a 7 percent fall in first-half adjusted pretax profit.
"First-half has seen a good level of contract wins ... Earnings risk has been greatly reduced by the Ofsted contract win, which is the most material contract Tribal has," says Collins Stewart.
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08:47GMT 18Aug2009-Kiwara up on drilling results
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Shares in Kiwara (KIWA.L), the Zambian based explorer, rise 6.5 percent following a positive drilling update from its programme at Kawako, with Ambrian and finnCap bullish on the prospect of further good news emanating from the site.
Ambrian, which has a "buy" rating on the company, says: "These results are extremely solid, and definitely show the initial potential for a mine."
Meanwhile, finnCap raises its sum of parts valuation to 79 pence from 51 pence in anticipation of further positive drill results from Kawako and to reflect strengthening nickel and copper prices.
"We see this as a significant step towards attaining the all-important 2km mineralised strike length which, if achieved, would place Kawako firmly into world class territory," finnCap adds.
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08:33GMT 18Aug2009-Drax rises; Morgan Stanley upgrades
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Shares in Drax (DRX.L) rise over 4 percent after Morgan Stanley upgrades the power station operator to "overweight" from "equal-weight" and says consensus forecasts for 2009 should move up to reflect forex gains.
The broker also says the shares could be driven up in the near-term as dark green spread contracts for winter 2009/10, which represent gross margin for coal-fired generators and have come under pressure from the recession, expire.
"Given a near-term catalyst in the winter 2009/10 DGS rolling off, earnings secure for the next two years, and a better-than-sector dividend yield in 2010 of 7.0 percent, with the promise of potential upside to come from biomass, we upgrade the shares to Overweight with a 540p price target," the analysts write in a note.
Reuters messaging rm://victoria.bryan.thomsonreuters.com@reuters.net
