STOCKS NEWS UK-Man Group buoyed by hopes for U.S. economy
STOCKS NEWS Reuters Results diary
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UK [STXNEWS/UK] Stocks on the move [HOT-RTRS]
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1219GMT 30Oct2009-Man Group buoyed by U.S. GDP numbers
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Shares in British hedge fund manager Man Group (EMG.L) jump 5.3 percent, topping the FTSE 100 risers, on the back of official data out on Thursday showing that the U.S. pulled out of a year-long recession in the third quarter.
"The U.S. numbers overnight were a big booster. In the case of Man, it's a natural riser because of that," Oriel Securties analyst Keith Baird says of the world's largest listed hedge fund firm which has a big U.S. client base and stands to benefit from improved investor sentiment.
The jump in Man shares partly recoups hefty losses earlier this week after the company reported a worse-than-expected performance from its flagship AHL fund.
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12:20 GMT 30Oct2009--UK small caps rise 0.4 pct midday
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The FTSE Small Cap index .FTSC rises 0.4 percent in midday trade, in line with the midcaps .FTMC, while the blue chips .FTSE put on 0.2 percent.
Elementis (ELM.L) gains 5 percent after the chemicals maker issues a third-quarter trading update, which prompts Cazenove to upgrade its recommendation on the stock to "outperform" from "in-line". [ID:nLU604366]
New Britain Palm Oil (NBPO.L) adds 3.6 percent after it signs a two-year deal to supply United Biscuits, the maker of McVitie's Jaffa Cakes and Mini Cheddars, with sustainable palm oil from its new UK refinery in Liverpool. [ID:nLU314209]
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11:58GMT 30Oct2009-Croda gains, boosted by RBS upgrade
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Shares in Croda (CRDA.L) add 3.2 percent, extending gains made on Thursday after the firm issued a third-quarter trading update, boosted by an RBS upgrade to "buy" from "add".
RBS says Croda, which makes ingredients for cosmetics and personal care products, delivered a strong third-quarter performance, with EBIT and pretax profit both well ahead of consensus.
The broker notes that the performance is due to Industrial Specialties, which rebounded strongly in third-quarter 2009 to report record profits after a difficult first-half 2009.
RBS lifts its target price for Croda to 800 pence from 725.
For more double click on [ID:nLT199431]
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11:55GMT 30Oct2009-New Britain Palm up on United Biscuit deal
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Shares in New Britain Palm Oil (NBPO.L) rise 3.6 percent after it signs a two-year deal to supply United Biscuits, the maker of McVitie's Jaffa Cakes and Mini Cheddars, with sustainable palm oil from its new UK refinery in Liverpool.
"This is another key move for New Britain Palm Oil as it reinforces its ethical status and is the first relationship with an end market customer for the new Liverpool facility," writes analyst Charles Hall at KBC Peel Hunt.
Hall adds that the shares look good value on a PE of 13.5x to December 2009 estimates.
To see New Britain's statement please click on [ID:nRnsd6344B]
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11:31GMT 30Oct2009-Nestor gains after getting refinancing
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Shares in Nestor Healthcare Group Plc (NSR.L) rise 7.3 percent after the healthcare staffing specialist posted a positive trading update and says it has secured new debt facilities with bankers Barclays and HSBC.
"This is excellent news for Nestor, in our view, particularly the four year term which looks to be a ringing endorsement of the bank's confidence in Nestor," says Sebastien Jantet, at Investec.
"We think the shares are looking significantly undervalued, trading at a discount to the sector and the broader market," he adds.
The brokerage raises its price target on the stock to 65 pence from 50 pence and reiterates its "buy" recommendation.
For more click on [ID:nBNG449654]
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11:05GMT 30Oct2009-Elementis higher after update
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Shares in Elementis (ELM.L) gain 4.6 percent after the chemicals maker issues a third-quarter trading update, which prompts Cazenove to upgrade its recommendation on the stock to "outperform" from "in-line".
Cazenove, in a note, says Elementis' update confirms that the better trends seen towards the end of the first half -- where most of the first-half operating profit was made in the second quarter -- have continued.
The broker says volumes are still down on 2008, but now growing sequentially against the previous quarter, which implies that general order patterns are beginning to stabilise, while cost reductions at the beginning of the year are benefiting operating profits as planned.
"Given the improving trends, we are now assuming better volumes, and slightly higher margins due to cost control measures," it says, lifting its EPS estimates for 2009, 2010 and 2011 by 9 percent, 13 percent and 10 percent, respectively.
Brewin Dolphin, meanwhile, hikes its target price for Elementis to 74 pence from 70, while repeating its "buy" rating on the stock.
For more double click on [ID:nHUgBXVUUa]
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