STOCKS NEWS UK-Mitie slips on slow progress in H1
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07:55GMT 29Sep2009-Mitie slips on slow progress in H1
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Mitie (MTO.L) shares fall 2.2 percent to 247.7 pence, among the worst performing UK midcaps, after the maintenance firm says it will report a small rise in first-half revenues, followed by a better second half.
"The H1 update confirms our view that Mitie is susceptible to late-cycle pressures," says Altium analyst Karl Green.
"Our forecast PBT (profit before tax) of 82 million pounds is at the bottom of the range which extends up to 89 million and we suspect that we could see a reduction in consensus estimates following this morning's statement," he adds, keeping a "hold" rating on the shares.
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07:50GMT 29Sep2009-Daily Mail higher after bullish update
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Shares in Daily Mail and General Trust (DMGOa.L) rise 3.2 percent after the media group issues a bullish trading update, prompting Panmure Gordon to repeat its "buy" rating.
Daily Mail says it is confident of at least meeting market expectations for full-year profit thanks to cost cuts.
Panmure Gordon, in a note, says it is an "encouraging profits update, largely benefiting from cost base reduction in Consumer Media".
"We assume there will be material forecast upgrades. Earnings momentum is obviously an encouraging theme," the broker adds.
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07:40GMT 29Sep2009-Renishaw rises on positive trading
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Renishaw (RSW.L) shares rise as much as 4 percent to their highest point in 2009, after reporting positive trading since the end of June and plans to restore salary reductions that were put in place in February.
"Renishaw looks interesting as a recovery 'play', in view of its extreme cyclicality and in spite of the stretched valuation metrics," says Michael Blogg, analyst at Arbuthnot Securities.
"With both the revenue and cost lines moving upwards, we shall reassess our estimates but we expect to revise them upwards," he adds.
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07:35GMT 29Sep2009-FTSE Small Caps up 0.3 pct at the open
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The FTSE Small Cap Index .FTSC is 0.3 percent higher in opening trade, outperforming the FTSE 100 .FTSE, which falls 0.2 percent, while the FTSE 250 .FTMC adds 0.5 percent.
Eco City Vehicles (ECV.L) rises 4.6 percent after the supplier of London black cabs says first-half revenue increased 22 percent to 12.4 million, citing strong demand for its new co-developed Mercedes Vito taxi. the company adds it is considering stepping up its production of the Vito. [ID:nRnsc8047Z]
Independent News & Media (INME.L) falls 6.5 percent after agreeing to a refinancing deal with bondholders that could give them a 47 percent stake in the publishing group and roughly halving the interests of existing equity shareholders. [ID:nN28103871]
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