STOCKS NEWS UK SMALL-Senior up on hopes for Boeing strike deal
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12:00GMT 31Oct2008-Seniorjumps on hopes for Boeing strike deal
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Shares in aerospace engineer Senior (SNR.L) rise as much as 38 percent amid mounting hopes a strike at Boeing (BA.N), one of its most important customers, will be resolved this weekend.
The dispute is costing Senior about 1.5 million pounds ($2.4 million) a month, says analyst James Tetley at Brewin Dolphin. The company's ability to weather it without earnings downgrade so far points to its strength, Tetley says, but it can only continue doing so until early November.
"We expect Boeing to resume production with all guns blazing," he says. "It bodes well (for Senior) for next year."
For more on the Boeing strike, click on [ID:nN28382487]
Reuters messaging rm://paul.sandle.reuters.com@reuters.net
11:11GMT 31Oct2008-Petmin up as Numis repeats "Buy"
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Shares in Petmin, (PETJ.L), the AIM listed minerals, mining and processing company, climb 4.7 percent as Numis repeats its "buy" recommendation, saying the company will benefit from weakness in the South African Rand and is immune to lower commodity prices.
The broker, which also keeps its 48 pence target price on the stock, says prices have been locked in for all Petmin's 2009 volumes and it is upgrading Petmin's Rand based earnings figures.
Furthermore, Numis says it expects the company's net cash position to increase during 2009 and 2010, believing it is well positioned to weather any downturn in commodity prices, while expecting earnings to remain robust.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
11:08GMT 31Oct2008-Ithaca Energy soars on asset sale news
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Shares in Ithaca Energy Inc. (IAE.L) (IAE.V), the North Sea focused oil and gas exploration group, almost double to trade over 96 percent higher -- one of the top risers on AIM - after a series of asset sales to Dyas UK Ltd gives the group the necessary funding to develop other prospects. In total, the sales could be worth $126.8 million if certain options are exercised.
Investment Research firm Tristone Capital says the transaction will alleviate a funding gap for its Jacky development and allow the field to proceed to full production. It has a target price of 53 pence for Ithaca's shares which are up 88 percent at 28.4 pence having earlier risen as high as 29.5 pence.
For more click on [ID:nBNG185127]; company statement [ID:nCu494521a]
malcolm.locke@thomsonreuters.com; +44 207 542 0964
10:49GMT 31Oct2008-Goldenport falls after trading update
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Shares in Goldenport (GPRT.L) fall 13 percent after a trading update in which the shipping company says that during October the market changed dramatically, with the financial crisis hitting the market segments in which it operates.
Panmure Gordon says that the latest trading update, combined with a number of company specific events, prompts it to reduce its EPS estimates for 2008 and 2009 by about 16 percent, and 50 percent, respectively, and to slash its target price, to 200 pence, from 500 pence.
The broker however, keeps its "buy" recommendation saying the company's financial position remains strong, and Goldenport seems well positioned to weather this unprecedented storm.
For more double click on [ID:nRnse0974H]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
10:19GMT 31Oct2008-Empyrean Energy up on positive well result
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Shares in AIM-listed oil and gas exploration group Empyrean Energy Plc (EMEL.L)jump as much as 29 percent after the group gives a positive update on its Sugarloaf Prospect in Texas. The company said the Block A-4 well had consistent flow rates in excess of 2.0 million cubic feet of gas per day.
Craig Howie, an oil analyst at Blue Oar Securities, said the flow results were "very positive news" for the company and bring the full commercialisation of the SugarLoaf Project a step nearer. "Flow rates from the A-4 well are commercial and will be put into long-term production. This bodes well for the full development of the field," he said.
For more click on [ID:nBNG363149]; company statement [ID:nRnse1168H]
malcolm.locke@thomsonreuters.com; +44 207 542 0964
09:15GMT 31Oct2008-Vectura higher on 6 mln stg milestone payment
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Shares in Vectura Group Plc (VEC.L) rise 6.5 percent to 45 pence after it receives a 6.0 million pounds milestone payment from pharmaceuticals group Boehringer Ingelheim for work undertaken on the development of a new inhalation device.
"Although the terms of the original deal were never disclosed, the payments received to date have now reached about 37.5 million euros and are set to rise further as more molecules are developed for the device," says Charles Stanley's Franc Gregori. "Our 71p price target is conservative and, in our view, easily achievable."
Stockbroker FinnCap says that for each individual drug that Boehringer elects to develop in the inhaler, it estimates Vectura may receive up to 22.0 million euros in milestone payments and a royalty of up to 5.0 percent of sales. It reiterated its "buy" recommendation for the shares.
For more click on [ID:nBNG422568]; company statement [ID:nRnse0849H]
malcolm.locke@thomsonreuters.com; +44 207 542 0964
