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STOCKS NEWS UK-Cadogan up on sale of stake in Ukraine assets

Wed, 13th Apr 2011 12:15

Apr 13 (Reuters) - STOCKS NEWS


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UK Stocks on the move

UK smallcaps news Results diary

08:48GMT 13Apr2011-Cadogan up on sale of stake in Ukraine assets


Shares in Cadogan Petroleum rise 9 percent, making it one of the

top percentage gainers on the London Stock Exchange, after the British oil

explorer says Italian oil and gas group Eni will buy a stake in two of

its licenses in eastern Ukraine.

'Cadogan's farm-out deal with Eni will transform its Ukrainian operations,'

Matrix analysts Vugar Aliyev and Charlie Sharp say in a note to clients.

'This transaction provides Cadogan not just with significant cash, but a

motivated major partner with the technical expertise to unlock the considerable

upside potential of its Ukrainian assets.'

Cadogan has resolved all licence issues and significantly improved its

relationships in Ukraine, the analysts say, adding that Eni's participation

should provide additional political protection.

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08:25GMT 13Apr2011-Smiths News gains on strong results


Shares in Smiths News Plc rise 6 percent after the British

newspaper and magazine distributor reports an 11 percent jump in its first-half

underlying pretax profit, prompting analysts at Altium Securities to raise their

full-year forecast on the company.

'We expect to raise our 2011 adjusted profit before tax forecast by about 3

percent and earnings per share forecast by about 4 percent,' says analyst

Richard Bennett of Altium Securities in a note to clients.

Bennett has a 'buy' rating and a price target of 87 pence on the stock.

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08:07GMT 13Apr2011-UK small caps firm 0.1 percent


The FTSE Small Cap index adds 0.1 percent, underperforming the blue

chips, which climb 0.4 percent, and the midcaps, 0.2 percent


Smiths News rises more than 6 percent after the newspaper and

magazine distributor says first-half underlying pretax profit rose 11 percent on

cost cuts, and it expects the royal wedding to boost its magazine sales in the

second half.

Alterian slides more than 31 percent after the marketing software

provider issues its second profit warning in just over a week, with both Panmure

Gordon and Peel Hunt cutting their ratings on the stock to 'sell'.

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08:05GMT 13Apr2011--Alterian falls on second profit warning


Shares in Alterian fall 31 percent, making it the top loser on the

London Stock Exchange, after the marketing software provider issues a second

profit warning in just over a week, prompting at least two analysts to cut their

rating on the stock.

'Investors and analysts have little to go on at this stage and this second

warning is more concerning than the first,' Peel Hunt analyst Alex Jarvis says

in a note.

Panmure Gordon analyst George O'Connor says: 'The latest warning will only

raise calls for the company to be sold from a murmur to a cresendo.'

Both the analysts have cut their ratings on the stock to 'sell' from 'hold'.

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07:54GMT 13Apr2011-Atkins up on improved forecast


Shares in WS Atkins rise over 7 percent as the British engineer

says it expects full-year results to beat market expectations after strong

trading at its Middle East business.

'US contribution and gradually improving conditions across the Middle East

highlight a changing business mix and support to growth; providing confidence in

forecasts and the valuation potential,' says Execution Noble analyst David

Brockton, who has a 'Buy' rating.

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07:52GMT 13Apr2011-Reckitt firms, brokers upbeat


Shares in Reckitt Benckiser are among the top risers on Britain's

FTSE 100 leaderboard, up 2 percent after Bernstein lifts its rating on

the consumer goods group and JPMorgan raises its earnings estimates, arguing the

valuation is compelling.

Bernstein says in a note that 2009 and 2010 saw a marked shift in investor

confidence in Reckitt driven by declining sales momentum from market weakness

and competitive pressures, worries and uncertainties about the RB Pharma

business, and concerns that margins had peaked.

The result has been weak stock performance, which in turn has led to

relatively cheap valuations, the broker says.

'Over the next 1-2 years, we expect that all of these worries will be

reduced (or disappear) such that RB can return to being considered a strong

performing stock led by the best management team in the space,' Bernstein says.

The broker upgrades its rating for Reckitt to 'outperform' from

'market-perform', and increases its target price to 4,100 pence from 3,900

pence, ahead of results on April 20.

JPMorgan, which repeats its 'overweight' rating on the stock, lifts its

earnings per share estimate for full-year 2011 to 232.9 pence from 226.2 pence,

and for full-year 2012, to 242.2 pence from 227.5 pence.

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