STOCKS NEWS UK-Serabi Mining extends gains on investor buy
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] UK smallcaps news [GB/SMALL]
13:53GMT 21Sep2009-Serabi Mining extends gains on investor buy
--------------------------------------------------------------
Shares in Brazil-focused gold miner Serabi Mining (SRB.L) soar 59 percent, building on a 44 percent gain made on Friday after the company announced that mining investor Steven Poulton had built up a 4 percent stake.
The share price rise is due to "general speculation prompted by Friday's share purchase", says an analyst who asked not to be named.
Poulton founded mining sector investment company Altus, and in 2002 he co-founded Ariana Resources (ARNR.L).
Serabi issued a statement on Monday saying it continues to look for new sources of funding.
To see Serabi's statement please click on [ID:nHUgBXJBOa]
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
11:14GMT 21Sep2009-UK small caps fall 0.9 pct midday
----------------------------------------------------
The FTSE Small Cap index .FTSC falls 0.9 percent in midday trade, while the blue chips .FTSE shed 0.7 percent and the midcaps .FTMC drop 0.5 percent.
Gas Turbine Efficiency (GAST.L), whose core product cleans aviation and industrial turbines to make them more efficient, falls over 15 percent after it posts a 25 percent rise in first-half sales but says revenue growth will slow as cash-strapped aviation customers delay investment. [ID:nLL640115]
Intelligent Environments (IEN.L) rises more than 2 percent after the online software provider for financial services reports a 17 percent rise in first-half profit, with difficulties in the banking sector offset by a strong market for online retail savings systems. [ID:nLL671826]
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
10:35GMT 21Sep2009-Tanzanite One higher after results
-----------------------------------------------------
Shares in Tanzanite One (TNZ.L) gain 3.2 percent after the firm posts first-half results, which Ambrian says are in line with expectations given the constraints of market conditions, with the broker repeating its "buy" rating on the stock.
The gemstone producer says it expects better results in the second half, after reporting it swung to a loss of $0.58 million for the first half to June 30, from a $3.5 million profit. [ID:nLL654068]
"Tanzanite One now has a defined strategy to develop its marketing programme and can quickly lift production when demand conditions permit," Ambrian says in a note.
"The Tsavorite project should provide another important special product," the broker says.
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
10:19GMT 21Sep2009-Goldshield up on takeover battle
---------------------------------------------------
Shares in Goldshield Group (GSD.L) gain 2 percent as the management of the pharmaceutical business confirms it is working on a counterbid to trump the 440 pence cash offer by AIT Group announced last week.
Following press speculation at the weekend, Goldshield's executive directors announce they have completed due diligence for their own bid and are close to securing equity and debt financing, although no indicative level for any counter offer has yet been disclosed.
Brewin Dolphin says the bid by the Fuhrer family, owners of Israel's Neopharm, in conjunction with Goldshield's former chief executive Ajit Patel, under the umbrella of AIT, "materially undervalues the group."
The broker says its calculations suggest a fair takeout valuation of 567 pence.
"The offer is too low in our view both on valuation grounds and notably, given the family's existing involvement with Neopharm in Israel, it does not adequately reflect the potential synergy savings that are likely to be extracted if the two businesses are to be combined," it says.
For more double click on [ID:nN18264426]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:39GMT 21Sep2009-Antofagasta lifted by Goldman upgrade
--------------------------------------------------------
Shares in Antofagasta (ANTO.L) gain 0.4 percent, bucking a weaker trend for blue chip miners as Goldman Sachs upgrades its rating for the Chilean copper miner to "buy" from "neutral" in a review of the European metals & mining sector.
In its note, the broker increases its base metal and coking coal price estimates to reflect recent changes made by its commodity analyst colleagues.
Goldman Sachs points out that higher copper, zinc and other by product prices increase the attractions for Antofagasta and for its Swedish peer Boliden (BOL.ST) which it also upgrades to "buy". Boliden shares gain 1.1 percent.
The broker says rising copper production in 2010 and 2011 increases the impact of its steadily rising copper price expectations, making both stocks look increasingly cheap over time.
Goldman Sachs downgrades its rating for Vedanta Resources (VED.L) to "neutral" from "buy" as it says its increased bid price for Asarco means the groups debt rises faster than it had previously expected, more than offsetting the impact of higher metals prices. Vedanta shares shed 2.3 percent.
Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
09:29GMT 21Sep2009-Gas Turbine down; outlook disappoints
--------------------------------------------------------
Shares in Gas Turbine Efficiency (GAST.L) shed 15.1 percent after the company, which reports a 25 percent rise in first-half sales, offers a chastening short-term outlook, prompting Collins Stewart to slash earning estimates.
The firm, whose core product cleans aviation and industrial turbines to make them more efficient, says the global recession is now having a greater impact on expenditure in the aviation sector than previously expected.
"We haven't seen any cancellations but we are seeing delays," Chief Executive Steve Zwolinski told Reuters.
Collins Stewart, which retains its longer term "buy" rating, says: "Today's news will undoubtedly weigh on the share price in the short term."
The broker cuts its 2009 EBITDA forecast to $2.7 million from $6 million, and for 2010 to $11.8 million from $13 million. 2009 EPS falls to $0.001 from $0.03 and 2010 to $0.05 from $0.06.
For more double click on [ID:nLL640115]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
