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Glance-STOCKS NEWS EUROPE-Dignity rises on update, Investec 'buy'
Mon, 10th Nov 2008 12:19
STOCKS NEWS Reuters Results diary
Stocks on the move Real-time Equity News
12:02GMT 10Nov2008-Dignity rises on update, Investec 'buy'
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Shares in Dignity, Britain's only listed funeral services company, rise 7.9 percent as it says its 9-month operating profit is up 10.5 percent and its outlook is in line with expectations, prompting Investec Securities to repeat its 'buy' stance and 740 pence target price.
Investec says Dignity has not seen any material impact from the current downturn and, while no business is immune, it is probably about as close as it gets.
The broker says recent share price weakness is a great opportunity to stake-build in a business that should be both robust in the downturn and perform well if the sentiment improves.
For more double click on
Reuters Messaging rm://david.brett.reuters.com@reuters.net
11:40GMT 10Nov2008-Rank rises on legal tax win
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Shares in Rank Group Plc. rise 3 percent to 65.25 pence as the bingo, casino, and online gaming firm receives 59.1 million pounds from the UK government in returned taxes.
'I would have thought it would have gone up a bit more than it has done today but we're in very difficult markets so I can understand what's happened,' says one analyst, who estimates that the legal win is worth six or seven pence per share.
To see Rank's statement please click on
Reuters messaging rm://ben.deighton.reuters.com@reuters.net
11:27GMT 10Nov2008-Carr's Milling higher after profits double
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Shares in Carr's Milling Industries Plc. advance 4.6 percent to 507.5 pence after it reports more than doubled full year profits and says it is well placed for the current financial year.
Pretax profits for 2007/08 increased by 113 percent to 12.9 million pounds, although 4.1 million of this was due to inventory and foreign exchange gains.
Investec Securities says while the group benefited from this windfall, there is equally a fair degree of solid underlying improvement from volumes and margin gains.
Excluding the windfall element, the broker expects further progress and is forecasting pretax profits of 9.9 million pounds for 2008/09. It reiterated its 'buy' recommendation and 550 pence price target for the stock.
For more click on; company statement
malcolm.locke@thomsonreuters.com; +44 207 542 0964
11:16GMT
10Nov2008-Italian banks up as seen stronger than European peers
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Shares in UniCredit and other Italian banks are sharply higher, outperforming their European peers, as they are seen as stronger than European rivals, traders say.
'It makes sense that Italian banks do better than their European counterparts, given that no institution has looked for government help as yet,' a trader in Milan says.
UniCredit rises 4.7 percent, Intesa Sanpaolo is up 4.5 and Banca Monte dei Paschi di Siena gains 2.7 percent.
The DJ Stoxx index of European banks is up only 0.66 percent.
Reuters Messaging rm://alessia.pe.reuters.com@reuters.net
10:57GMT 10Nov2008-Powerleague up, Altium says 'buy' and target price 60p
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Shares in Powerleague, the five-a-side football centre operator, climb 15.3 percent after Altium Securities repeats its core 12-month 'buy' rating and 60 pence target price.
Altium says shares in Powerleague, which reported in line full-year results at the beginning of October, have fallen over 70 percent in the last 12-months, meaning they are the hardest hit in the leisure sector.
The broker says the fall leaves peer Goals Soccer Centre, which it rates as 'sell', trading at a 76 percent premium.
Altium says in paying down debt and ensuring 10 new centres are opened in 2008 the management are making the right decisions to maximise long-term shareholder value.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:54GMT 10Nov2008-NicOx up as data again backs painkiller
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NicOx shares gain 8 percent as further analysis of clinical studies, presented at the American Heart Association in New Orleans, endorses the benefits of its experimental pain drug naproxcinod.
Piper Jaffray analysts say two scientific abstracts show additional differentiation of naproxcinod versus the older drug naproxen in terms of blood pressure benefits, with the difference proving much more significant in the daytime.
'This further supports our view that the BP (blood pressure) effects of naproxcinod are highly clinically relevant,' they say.
NicOx already posted sharp gains last week on hopes for naproxcinod.
Reuters Messaging rm://ben.hirschler.reuters.com@reuters.net
10:35GMT 10Nov2008-Aurelian Oil & Gas up on Poznan farm-out deal
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Shares in AIM-listed Aurelian Oil & Gas Plc jump 16.3 percent to 25 pence after it agrees to farm-out a 40 percent interest in the Poznan concessions in Poland to Canamens Energy Ltd in a deal which should secure sufficient funding to take the project to the next stage of its development.
Research firm Fox-Davies Capital says the deal effectively de-risks the Poznan asset almost entirely, and reduces the overall cash call to production to $6 million from $60 million previously.
'The transaction provides an implied floor valuation for the shares of about 36 pence, a 70 percent upside on the current price,' the broker says, maintaining a 'buy' recommendation.
For more click on; company statement
Reuters Messaging rm://malcolm.locke.thomsonreuters.com@reuters.net
10:21GMT 10Nov2008-Engineers jump on China stimulus plan
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Shares in engineering groups ABB, Alstom and Siemens soar on China's plan to spend nearly $600 billion on stimulating its economy.
ABB has benefited from heavy investment in power infrastructure in emerging economies such as China and India, fuelled by economic growth there but its shares have more than halved in the last six months on fears of a global recession.
ABB shares jump 12 percent, one of the top gainers in a 5 percent stronger DJ Stoxx European industrial goods and services index, while France's Alstom and Germany's Siemens gain 8.2 and 7.1 percent respectively.
'With everything that's happening in China, it must help,' a London-based trader says.
Reuters Messaging rm://emma.thomasson1.reuters.com@reuters.net
rm://dominic.lau.reuters.com@reuters.net
10:07GMT 10Nov2008-Rentokil up, press reports FD to step down
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Shares in Rentokil Initial rise 2.1 percent after weekend reports in the Financial Times that finance director Andrew Mcfarlane is to step down early next year, news which Seymour Pierce says is of little surprise.
In a note, Kevin Lapwood, an analyst at Seymour Pierce, says: 'Mcfarlane was the only remaining member of the senior management team that sanctioned the acquisitions of Target Express and Pink Hygiene, both of which are now causing acute problems for the new management team.'
Following Friday's third-quarter figures, Seymour Pierce reduces its full year 2009 pretax numbers for Rentokil down to 105 million pounds, with an adjusted EPS of 4.8 pence, while it cuts its stance to 'sell' from 'hold' with a target price of 40 pence.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:10GMT 10Nov2008--BBVA off lows, says no need for capital call
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BBVA shares move off earlier lows after the bank says that is does not need to tap the markets for extra cash given its comfortable capital situation and prudent investment strategy.
'It looks like the market has been reassured by what BBVA said,' a dealer at a local brokerage says.
'BBVA's growth strategy has been less agressive than Santander's so we could expect it not to need a cash call right now, although no one can predict how the financial crisis will affect capital ratios over the next few years,' he adds.
At 1010 GMT BBVA shares are down 0.2 percent at 9.39 euros, off a low of 9.27 euros per share after Santander's announcement of a 7.2 billion euro rights issue sent its peer's shares lower.
For more double click on,
Reuters Messaging rm://jonathan.gleave.reuters.com@reuters.net
10:07GMT 10Nov2008-Meldex reverses losses on fundamentals
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Shares in drug delivery specialist Meldex rise 10.3 percent, reversing most of the losses suffered after the company announced a bridge loan on Friday, underlining its fundamentals.
'They're moving in the right direction towards funding of the working capital,' says Keith Redpath, analyst at house broker JM Finn. 'The stuff on Friday was at least positive on that ... people had the opportunity to read it over the weekend,' he says, adding that the company was revenue generating and needed the cash because of the time it takes for customers to pay.
To see Friday's statement please click on
Reuters messaging rm://ben.deighton.reuters.com@reuters.net
09:58GMT 10Nov2008-Rambler Metals rises drilling update
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Shares in Rambler Metals rise 2.7 percent after impressing investors with its latest set of drilling results, which lead Seymour Pierce to repeat its 'buy' recommendation.
In a note, Asa Bridal, an analyst at Seymour Pierce, says: 'Rambler has released more excellent drilling results from its ongoing programme at the Ming mine in Newfoundland, Canada.'
Bridal adds the latest assays for the 1806 Zone continue to display strong gold signature of the mineralisation and have helped to quantify the dimensions of the zone.
Futhermore, Bridal says: 'Development work on the 1807 zone is also reported to be progressing and with strong assays continuing to flow from the project we look forward to the new resource estimate expected in first-quarter 2009.'
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:56GMT 10Nov2008-Emerald Energy up on well update
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Shares in Emerald Energy Plc edge up 5.9 percent to 352.75 pence as the group announces a positive update on its Capella No.2 well in Colombia and an amendment to its farm-out agreement with Canacol Energy Inc.
Evolution Securities reiterates its 'buy' and says the results from the Capella No.2 well are 'encouraging'. It points to the field being 'potentially commercial and potentially large', while the revision to the farm-out will give Emerald a bigger slice of the project.
For company statement click on
Reuters Messaging rm://malcolm.locke.thomsonreuters.com@reuters.net
09:42GMT 10Nov2008-Kier up on positive trading statement
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Shares in construction company Kier Group rise more than 6 percent to 750 pence after it reports a strong start to the year for its building division and says overall first quarter trading met management hopes.
Kevin Cammack at Singer Capital Markets says the group's construction business is proving to be robust and the statement is reasonably reassuring.
'I think it was a reminder to the market that they've taken a hit as a result of what's happened in the residential market, but it's not getting worse,' he says.
Reuters Messaging: philip.waller.thomsonreuters.com@reuters.net
09:47GMT 10Nov2008-G4S up on Q3 update, Seymour Pierce 'buy'
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Shares in G4S, the global security company, climb 2.8 percent after reporting a strong third-quarter performance and saying it is confident for the full-year 2008, prompting Seymour Pierce to reiterate its 'buy' stance and 240 pence target price.
Seymour Pierce says G4S's third-quarter organic growth was well ahead of its forecast, while flat margins were inline with its expectations.
The broker says G4S's shares trade on a 2008 price earnings estimate of 12.3 times, a figure comparable to peers Securitas and Niscayah, but it argues that neither has the same level of operational diversity or global growth potential as G4S.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:48GMT 10Nov2008-Plethora rises on funding outlook
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Urological health specialist Plethora Solutions sees shares rise 16.7 percent, making it one of the biggest risers on the Alternative Investment Market, as last week's research update increases its chances of getting a licensing deal.
'It's got a funding requirement and that can be met by a licensing deal most likely. Obviously positive data you could argue increases the chances of signing a deal,' says Jacob Plieth, an analyst at Edison. 'It's continued positive sentiment on the back of the study that they reported last week.'
For the article on the trial result click on
Reuters Messaging rm://ben.deighton.reuters.com@reuters.net
09:44GMT 10Nov2008-Austria Post drops over debate on job cut plans
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Shares in government-controlled Austrian mail service Oesterreichische Post drop as much as 6 percent to 20.07 euros after a debate breaks out over reported company plans to cut 9,000 of its 25,000 jobs.
Senior politicians criticise the mail operator and say management, rather than employees, should go if those plans were real. Post does not comment on the reports.
'The political meddling is certainly not helpful,' says one Vienna-based trader. 'If (politicians) are saying they can't sack those people you can't be surprised if the shares take a beating.'
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Reuters Messaging rm://christian.gutlederer.reuters.com@reuters.net
09:18GMT 10Nov2008-British Airways surges after RBS ups to 'buy'
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British Airways surges as much as 9.8 percent as Royal Bank of Scotland upgrades its rating on the stock to 'buy' from 'sell'.
The broker also lifts its price target on the airline to 300 pence from 180 pence.
'The stock has been out of favour,' RBS analyst Andrew Lobbenberg says. He adds that he is upbeat on the prospects for a revenue-sharing agreement with American Airlines and that 'the merger with Iberian Airlines will happen' and that 'T5 will be good'.
On Friday, BA reported a sharply-reduced first-half profit, but said it would make a small profit for the year.
The shares, at 158.3 pence, are now more than 50 percent up from the low they reached on October 10.
Reuters Messaging: rm://brian.gorman.thomsonreuters.com@reuters.net
09:18GMT 10Nov2008-British Airways surges after RBS ups to 'buy'
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British Airways surges as much as 9.8 percent as Royal Bank of Scotland upgrades its rating on the stock to 'buy' from 'sell'.
The broker also lifts its price target on the airline to 300 pence from 180 pence.
'The stock has been out of favour,' RBS analyst Andrew Lobbenberg says. He adds that he is upbeat on the prospects for a revenue-sharing agreement with American Airlines and that 'the merger with Iberian Airlines will happen' and that 'T5 will be good'.
On Friday, BA reported a sharply-reduced first-half profit, but said it would make a small profit for the year.
The shares, at 158.3 pence, are now more than 50 percent up from the low they reached on October 10.
Reuters Messaging: rm://brian.gorman.thomsonreuters.com@reuters.net
09:12GMT 10Nov2008-Eckoh higher on move back to profit
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Shares in Eckoh Plc, the hosted speech services company, trade 4.9 percent higher at 5.375 pence as the group moves back into the black at the half-way stage and says it is looking to explore all its strategic options to deliver shareholder value.
Stockbrokers Seymour Pierce says all the group's key metrics are now moving in the right direction.
'Now that the group has moved into profitability and the deal momentum has shown a material pick-up, we expect the shares to be re-rated,' the broker says, reiterating its 10 pence price target and 'buy' recommendation.
For company statement click
Reuters Messaging rm://malcolm.locke.thomsonreuters.com@reuters.net
09:20GMT 10Nov2008-Deutsche Post up; plans to cut back US operations
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Shares in Deutsche Post gain 4.8 percent, one of the top gainers among German largecaps, boosted by news the postal carrier and logistics company will announce cutbacks in its DHL shipping operations in the U.S. today, along with its third-quarter figures.
'It is clear that Deutsche Post struggles heavily in U.S. Express as the negotiations to outsource its air transport to UPS are still pending,' says Jochen Rothenbacher, analyst at Equinet.
'Driven by the weak economy in the U.S., Deutsche Post might not be able to fulfil its restructuring targets (a loss of $1.3 billion in U.S. Express in 2008). Overall, we reckon, it would be positive to significantly downsize the Express business in the U.S. A pullout seems to be a good idea,' Rothenbacher adds.
A Frankfurt-based trader, however, is more sceptical about a positive reaction coming from the news.
'(The news is) slightly positive but, it is more or less expected that Deutsche Post will announce further restructuring measures at its DHL Express unit along with its third-quarter report today,' the trader said.
For more double click on and
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@thomsonreuters.net
09:11GMT 10Nov2008-Blinkx up as losses narrow, Citi says 'buy'
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Shares in Blinkx, the AIM-listed video search company, surge 12.7 percent after reporting narrowing first-half losses, prompting Citi to repeat its 'buy' recommendation and 80 pence target price.
Citi says revenues and gross margin were strong, while cash burn was also encouraging, adding that cash of $32.4 million with free-cash-flow break-even estimated in 2010 leaves the group with plenty of headroom.
As a result of a more focused strategy, the broker marginally reduces its estimated EBITDA loss for 2009 and EBITDA profit for 2010, but says its content and distribution deals continue apace.
For more double click on
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:08GMT 10Nov2008-Cheuvreux upgrade energises Saft stock
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Shares in high-tech industrial battery maker Saft rise as much as 6.2 percent after Cheuvreux analysts raise rating on the stock to 'outperform' from 'underperform' and lift their price target to 29 euros from 24 euros.
The upgrade comes 'following good quarterly results', the analysts write in a note.
Saft said on Nov. 6 that third-quarter sales rose 4.9 percent at constant exchange rates and stuck to its full-year target of 5-6 percent sales growth and earnings before interest, tax, depreciation and amortisation of at least 18 percent of sales.
The stock is 6 percent higher at 23.5 euros. The shares have lost 24 percent so far this year.
Reuters messaging rm://james.regan.reuters.com@reuters.net
08:57GMT 10Nov2008-Santander rights issue hits bank, peers
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Banco Santander's announcement of a deep-discounted rights issue to shore up its capital ratios sends its shares, and those of peers BBVA and Bankinter, lower on fears that other Spanish banks may make similar measures.
Banco Santander is down 3 percent and BBVA falls 0.4 percent and Bankinter is down 0.2 percent.
'The focus will now be on BBVA, and the other Spanish banks, which may now look to hit the benchmark now set by Santander in terms of capital levels,' a Madrid-based analyst says.
Santander says its rights issue is entirely dedicated to reinforcing its core capital level to 7 percent, from the 6.3 percent the bank announced at the end of September.
The bank is offering investors 1.6 million new shares or one for every four they already hold, with the new shares priced at 4.5 euros per share, compared to Santander's closing of 8.34 euros per share on Friday.
For more double click on
Reuters Messaging rm:jonathan.gleave.reuters.com@reuters.net))
08:50GMT 10July2008-Inmarsat rises on confident outlook
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Shares in Inmarsat tick up 0.2 percent to 395.5 pence, after hitting a high of 424.5 pence in early trade, after the British satellite communications company posts a better than expected 16.4 percent rise in third-quarter revenue and says it is on track to deliver revenue growth for the full-year 'well ahead' of its target range of 6-8 percent.
Analysts at Cazenove, who have an 'outperform' rating on the stock, say that while quarterly volatility remains a feature of the company, the numbers represent yet another strong quarter and should further increase confidence.
'Inmarsat should prove resilient through periods of economic weakness, not least given close to 40 percent of revenues from government related areas,' they said in a note.
For more double click on, company statement
Reuters Messaging rm://paul.sandle.reuters.com@reuters.net
08:49GMT 10Nov2008-FTSE Small Cap Index up 0.7 pct early
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The FTSE Small Cap Index rises 0.6 percent, following the trend set by the wider UK markets, as the FTSE 100 Index jumps 2.7 percent.
Fortune Oil surges 7.8 percent on the back of strong growth in its third-quarter natural gas sales. The company says slowing China GDP growth is not expected to affect revenues.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:40GMT 10Nov2008-Dairy Crest shares plunge on profit warning
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Dairy Crest shares drop 21 percent to a 7-1/2 year low of 260 pence after the chilled foods group says full-year profits will be about 10 percent below the previous year due to the consumer downturn, weaker dairy ingredients markets and delays in selling surplus property.
'Given the current low visibility in the UK consumer environment and some of the Dairy Crest specific-issues (namely the Dairies business), we can no longer justify a buy rating,' Citi analysts say in a research note, cutting their rating to 'hold' and their target price to 330 pence from 490 pence.
For more information please click on and
Reuters Messaging: rm://mark.potter.reuters.com@reuters.net
08:41GMT 10Nov2008-DCC rises on strong H1, outlook
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Shares in Irish business services group DCC rise 7 percent in London after it reports a 13-percent rise in first-half earnings and an encouraging start to the second half, reaffirming full-year guidance and focus on bolt-on acquisitions.
'Given the defensive nature of the group's operations, notably in energy, as well as its financial capacity to execute further deals, we re-iterate our 'Buy' rating,' says NCB analyst Paraic Quinn.
Reuters messaging rm://andras.gergely.reuters.com@reuters.net
08:39GMT 10Nov2008-Majestic Wine lower as interim proftis fall
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Shares in Majestic Wine Plc fall 8.8 percent to 135 pence after the wine retailer reports a 25.5 percent fall in half-time pretax profit to 5.6 million pounds and says the key Christmas trading period will be challenging.
Evolution Securities says trading was worse than expected and that estimates for the full year are likely to come back by about 20 percent. It now looks for pretax profits of 13.5 million pounds for 2008/09, compared to 17.2 million previously.
However, the broker is maintaining its 'buy' recommendation for the shares based on fundamental valuations, although it expects the stock to fall in the short-term.
For more click on; company statement
Reuters Messaging rm://malcolm.locke.thomsonreuters.com@reuters.net
08:39GMT 10Nov2008-China stimulus plan boosts UK-listed miners
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UK-listed miners add the most points to the FTSE 100, which is up 3 percent, after China unveils a nearly $600 billion stimulus package to spur economic growth in the face of the global financial turmoil.
The DJ Stoxx European basic resources index is up 10.5 percent, the top performing sector on the DJ Stoxx 600.
'The sector gains on the back of China,' a London-based trader says.
BHP Billiton soars 11.4 percent, Rio Tinto climbed 12.2 percent, Xstrata surges 13.4 percent, Anglo American jumps 10.8 percent and Kazakhmys puts on 12.1 percent.
Reuters Messaging rm://dominic.lau.reuters.com@reuters.net
08:33GMT 10Nov2008-C&C up sharply after new exec team announced
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Shares in Irish drinks group C&C rise 22 percent after it announces the appointment of John Dunsmore as new chief executive and two other new executives, all three former managers at Scottish & Newcastle before S&N's takover by Heineken and Carlsberg.
'The new team is street-wise,' Davy analyst John O'Reilly says. 'While an instant reversal in performance should not be expected, there can now be reasonable expectation of improved performance.'
Goodbody analyst Liam Igoe also says the appointments are a step in the right direction.
Reuters messaging rm://andras.gergely.reuters.com@reuters.net
08:25GMT 10Nov2008-Cable & Wireless up after strong H1, hikes guidance
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Shares in Cable & Wireless (C&W) gain 3.7 percent after the telecoms group's underlying first-half core earnings beat analysts' forecasts and it raises its full-year guidance.
However, C&W says it has postponed plans that could have led to a demerger.
'Results demonstrate further execution and provide a very confident outlook statement. Management stress strongly that they are not yet seeing any effect from the macro picture and are well-positioned to react to any issues in the future,' Cazenove says in a note.
'Only concerns are Thus's H2 EBITDA contribution and international cash flow but should be very much outweighed by positive overall trading, higher Thus synergies and increases to guidance.'
Rival BT Group is up 2 percent.
For more on C&W results, click on
Reuters Messaging rm://dominic.lau.reuters.com@reuters.net
08:14GMT 10Nov2008-Allianz up on Q3 results; loss less than expected
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Shares in Allianz rise 3.7 as investors reward the insurer's significantly better than expected bottom-line in the third-quarter and overlook worse-than-expected operating figures.
'The third-quarter was poor. (But) If you believe markets will recover: buy the stock. All others should stay away or sell in today's strength,' says a Frankfurt-based trader in first reaction to the numbers.
The trader points to Deutsche Bank confirming its 'buy' rating after the preliminary numbers and JPMorgan reiterating its 'overweight' rating.
Allianz posted a 2 billion euro net loss, far better than the 4.365 billion euro loss expected by analysts, but the insurer says it needs a big market recovery to reach its operating profit target for this year and next.
'The loss including discontinued operations from Dresdner Bank was by far lower than we had expected. However, we do not attach much importance to that. We believe the huge difference is due to an accounting treatment of the Dresdner sale different to our expectations,' says Thorsten Wenzel, analyst at DZ Bank.
For more double click on, and
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08:08GMT 10Nov2008-Astra gains on dramatic Crestor data
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Shares in AstraZeneca gain 4.1 percent, boosted by weekend news that its Crestor drug dramatically reduces the risk of deaths, heart attacks and strokes in apparently healthy patients.
Japan's Shionogi, which discovered the drug and receives royalties on sales, jumps 10.4 percent.
Morgan Stanley analysts say the results should underpin Crestor's near-term growth and improve its positioning, particularly against Merck & Co and Schering-Plough's Vytorin.
But analysts may not rush to increase sales forecasts for Crestor, since the positive data was at least partly expected. The Jupiter study was stopped two years early in March after Crestor showed overwhelmingly benefits, leading to sales upgrades then. Deutsche Bank says it will wait to see prescription data before increasing forecasts further.
For more double click on
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07:34GMT 10Nov2008-Centrotec seen up on hiked guidance
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Shares in Centrotec Sustainable, a German supplier of energy-saving technology, is indicated to open 10.2 percent higher as the biggest gainer on Frankfurt's smallcap index, after the company releases strong third-quarter results and hikes its full-year sales guidance.
'The numbers look pretty good, especially in the climate systems segment,' says M.M. Warburg analyst Eggert Kuls.
The company now expects 2008 sales to reach 470 million euros to 475 million euros ($603-609.4 million), up from a previous estimate of 435 million euros to 445 million euros.
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
($1=.7794 Euro)
07:26GMT 10Nov2008-Bilfinger Berger seen up on strong Q3 results
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Shares in German construction company Bilfinger Berger are indicated to open 3.6 percent higher, according to brokerage Lang & Schwarz, boosted by a strong set of third-quarter results and after the company hikes its full-year guidance for earnings before interest, tax and amortisation (EBITA).
'Order intake looks good, so the stock will go up,' says a Frankfurt-based trader.
The company now sees full-year EBITA to surpass the originally projected amount of 260 million euros ($333.6 million) and to come in slightly above 300 million euros.
For more double click on
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
($1=.7794 Euro)
07:11GMT 10Nov2008-Index futures rise as China plan buoys equities
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European stock index futures rise sharply, indicating shares will rise at the open and track strong gains in Asia after China's nearly $600 billion economic stimulus plan.
Futures for the DJ Euro Stoxx 50, Germany's DAX and France's CAC 40 rose 3.2-3.6 percent.
China launched a huge stimulus plan on Sunday, kicking off what could be a round of big spending or interest rate cuts by leading economies to stave off a recession in many countries.
In Brazil, finance ministers and central bank governors representing 90 percent of the world's economy said they would take 'all necessary measures' to get financial markets back to normal and counter the backlash of the credit crisis.
Macroeconomic data:
0930 Eurozone sentix
0930 GB PPI
Major companies
Allianz SE
Bilfinger Berger
Deutsche Post
Deutsche Postbank
Cable & Wireless
Reuters Messaging rm://sitaraman.shankar.reuters.com@reuters.net
Keywords: MARKETS EUROPE STOCKSNEWS =4
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12:02GMT 10Nov2008-Dignity rises on update, Investec 'buy'
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Shares in Dignity, Britain's only listed funeral services company, rise 7.9 percent as it says its 9-month operating profit is up 10.5 percent and its outlook is in line with expectations, prompting Investec Securities to repeat its 'buy' stance and 740 pence target price.
Investec says Dignity has not seen any material impact from the current downturn and, while no business is immune, it is probably about as close as it gets.
The broker says recent share price weakness is a great opportunity to stake-build in a business that should be both robust in the downturn and perform well if the sentiment improves.
For more double click on
Reuters Messaging rm://david.brett.reuters.com@reuters.net
11:40GMT 10Nov2008-Rank rises on legal tax win
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Shares in Rank Group Plc. rise 3 percent to 65.25 pence as the bingo, casino, and online gaming firm receives 59.1 million pounds from the UK government in returned taxes.
'I would have thought it would have gone up a bit more than it has done today but we're in very difficult markets so I can understand what's happened,' says one analyst, who estimates that the legal win is worth six or seven pence per share.
To see Rank's statement please click on
Reuters messaging rm://ben.deighton.reuters.com@reuters.net
11:27GMT 10Nov2008-Carr's Milling higher after profits double
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Shares in Carr's Milling Industries Plc. advance 4.6 percent to 507.5 pence after it reports more than doubled full year profits and says it is well placed for the current financial year.
Pretax profits for 2007/08 increased by 113 percent to 12.9 million pounds, although 4.1 million of this was due to inventory and foreign exchange gains.
Investec Securities says while the group benefited from this windfall, there is equally a fair degree of solid underlying improvement from volumes and margin gains.
Excluding the windfall element, the broker expects further progress and is forecasting pretax profits of 9.9 million pounds for 2008/09. It reiterated its 'buy' recommendation and 550 pence price target for the stock.
For more click on; company statement
malcolm.locke@thomsonreuters.com; +44 207 542 0964
11:16GMT
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Shares in UniCredit and other Italian banks are sharply higher, outperforming their European peers, as they are seen as stronger than European rivals, traders say.
'It makes sense that Italian banks do better than their European counterparts, given that no institution has looked for government help as yet,' a trader in Milan says.
UniCredit rises 4.7 percent, Intesa Sanpaolo is up 4.5 and Banca Monte dei Paschi di Siena gains 2.7 percent.
The DJ Stoxx index of European banks is up only 0.66 percent.
Reuters Messaging rm://alessia.pe.reuters.com@reuters.net
10:57GMT 10Nov2008-Powerleague up, Altium says 'buy' and target price 60p
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Shares in Powerleague, the five-a-side football centre operator, climb 15.3 percent after Altium Securities repeats its core 12-month 'buy' rating and 60 pence target price.
Altium says shares in Powerleague, which reported in line full-year results at the beginning of October, have fallen over 70 percent in the last 12-months, meaning they are the hardest hit in the leisure sector.
The broker says the fall leaves peer Goals Soccer Centre, which it rates as 'sell', trading at a 76 percent premium.
Altium says in paying down debt and ensuring 10 new centres are opened in 2008 the management are making the right decisions to maximise long-term shareholder value.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:54GMT 10Nov2008-NicOx up as data again backs painkiller
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NicOx shares gain 8 percent as further analysis of clinical studies, presented at the American Heart Association in New Orleans, endorses the benefits of its experimental pain drug naproxcinod.
Piper Jaffray analysts say two scientific abstracts show additional differentiation of naproxcinod versus the older drug naproxen in terms of blood pressure benefits, with the difference proving much more significant in the daytime.
'This further supports our view that the BP (blood pressure) effects of naproxcinod are highly clinically relevant,' they say.
NicOx already posted sharp gains last week on hopes for naproxcinod.
Reuters Messaging rm://ben.hirschler.reuters.com@reuters.net
10:35GMT 10Nov2008-Aurelian Oil & Gas up on Poznan farm-out deal
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Shares in AIM-listed Aurelian Oil & Gas Plc jump 16.3 percent to 25 pence after it agrees to farm-out a 40 percent interest in the Poznan concessions in Poland to Canamens Energy Ltd in a deal which should secure sufficient funding to take the project to the next stage of its development.
Research firm Fox-Davies Capital says the deal effectively de-risks the Poznan asset almost entirely, and reduces the overall cash call to production to $6 million from $60 million previously.
'The transaction provides an implied floor valuation for the shares of about 36 pence, a 70 percent upside on the current price,' the broker says, maintaining a 'buy' recommendation.
For more click on; company statement
Reuters Messaging rm://malcolm.locke.thomsonreuters.com@reuters.net
10:21GMT 10Nov2008-Engineers jump on China stimulus plan
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Shares in engineering groups ABB, Alstom and Siemens soar on China's plan to spend nearly $600 billion on stimulating its economy.
ABB has benefited from heavy investment in power infrastructure in emerging economies such as China and India, fuelled by economic growth there but its shares have more than halved in the last six months on fears of a global recession.
ABB shares jump 12 percent, one of the top gainers in a 5 percent stronger DJ Stoxx European industrial goods and services index, while France's Alstom and Germany's Siemens gain 8.2 and 7.1 percent respectively.
'With everything that's happening in China, it must help,' a London-based trader says.
Reuters Messaging rm://emma.thomasson1.reuters.com@reuters.net
rm://dominic.lau.reuters.com@reuters.net
10:07GMT 10Nov2008-Rentokil up, press reports FD to step down
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Shares in Rentokil Initial rise 2.1 percent after weekend reports in the Financial Times that finance director Andrew Mcfarlane is to step down early next year, news which Seymour Pierce says is of little surprise.
In a note, Kevin Lapwood, an analyst at Seymour Pierce, says: 'Mcfarlane was the only remaining member of the senior management team that sanctioned the acquisitions of Target Express and Pink Hygiene, both of which are now causing acute problems for the new management team.'
Following Friday's third-quarter figures, Seymour Pierce reduces its full year 2009 pretax numbers for Rentokil down to 105 million pounds, with an adjusted EPS of 4.8 pence, while it cuts its stance to 'sell' from 'hold' with a target price of 40 pence.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:10GMT 10Nov2008--BBVA off lows, says no need for capital call
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BBVA shares move off earlier lows after the bank says that is does not need to tap the markets for extra cash given its comfortable capital situation and prudent investment strategy.
'It looks like the market has been reassured by what BBVA said,' a dealer at a local brokerage says.
'BBVA's growth strategy has been less agressive than Santander's so we could expect it not to need a cash call right now, although no one can predict how the financial crisis will affect capital ratios over the next few years,' he adds.
At 1010 GMT BBVA shares are down 0.2 percent at 9.39 euros, off a low of 9.27 euros per share after Santander's announcement of a 7.2 billion euro rights issue sent its peer's shares lower.
For more double click on,
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10:07GMT 10Nov2008-Meldex reverses losses on fundamentals
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Shares in drug delivery specialist Meldex rise 10.3 percent, reversing most of the losses suffered after the company announced a bridge loan on Friday, underlining its fundamentals.
'They're moving in the right direction towards funding of the working capital,' says Keith Redpath, analyst at house broker JM Finn. 'The stuff on Friday was at least positive on that ... people had the opportunity to read it over the weekend,' he says, adding that the company was revenue generating and needed the cash because of the time it takes for customers to pay.
To see Friday's statement please click on
Reuters messaging rm://ben.deighton.reuters.com@reuters.net
09:58GMT 10Nov2008-Rambler Metals rises drilling update
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Shares in Rambler Metals rise 2.7 percent after impressing investors with its latest set of drilling results, which lead Seymour Pierce to repeat its 'buy' recommendation.
In a note, Asa Bridal, an analyst at Seymour Pierce, says: 'Rambler has released more excellent drilling results from its ongoing programme at the Ming mine in Newfoundland, Canada.'
Bridal adds the latest assays for the 1806 Zone continue to display strong gold signature of the mineralisation and have helped to quantify the dimensions of the zone.
Futhermore, Bridal says: 'Development work on the 1807 zone is also reported to be progressing and with strong assays continuing to flow from the project we look forward to the new resource estimate expected in first-quarter 2009.'
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:56GMT 10Nov2008-Emerald Energy up on well update
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Shares in Emerald Energy Plc edge up 5.9 percent to 352.75 pence as the group announces a positive update on its Capella No.2 well in Colombia and an amendment to its farm-out agreement with Canacol Energy Inc.
Evolution Securities reiterates its 'buy' and says the results from the Capella No.2 well are 'encouraging'. It points to the field being 'potentially commercial and potentially large', while the revision to the farm-out will give Emerald a bigger slice of the project.
For company statement click on
Reuters Messaging rm://malcolm.locke.thomsonreuters.com@reuters.net
09:42GMT 10Nov2008-Kier up on positive trading statement
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Shares in construction company Kier Group rise more than 6 percent to 750 pence after it reports a strong start to the year for its building division and says overall first quarter trading met management hopes.
Kevin Cammack at Singer Capital Markets says the group's construction business is proving to be robust and the statement is reasonably reassuring.
'I think it was a reminder to the market that they've taken a hit as a result of what's happened in the residential market, but it's not getting worse,' he says.
Reuters Messaging: philip.waller.thomsonreuters.com@reuters.net
09:47GMT 10Nov2008-G4S up on Q3 update, Seymour Pierce 'buy'
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Shares in G4S, the global security company, climb 2.8 percent after reporting a strong third-quarter performance and saying it is confident for the full-year 2008, prompting Seymour Pierce to reiterate its 'buy' stance and 240 pence target price.
Seymour Pierce says G4S's third-quarter organic growth was well ahead of its forecast, while flat margins were inline with its expectations.
The broker says G4S's shares trade on a 2008 price earnings estimate of 12.3 times, a figure comparable to peers Securitas and Niscayah, but it argues that neither has the same level of operational diversity or global growth potential as G4S.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:48GMT 10Nov2008-Plethora rises on funding outlook
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Urological health specialist Plethora Solutions sees shares rise 16.7 percent, making it one of the biggest risers on the Alternative Investment Market, as last week's research update increases its chances of getting a licensing deal.
'It's got a funding requirement and that can be met by a licensing deal most likely. Obviously positive data you could argue increases the chances of signing a deal,' says Jacob Plieth, an analyst at Edison. 'It's continued positive sentiment on the back of the study that they reported last week.'
For the article on the trial result click on
Reuters Messaging rm://ben.deighton.reuters.com@reuters.net
09:44GMT 10Nov2008-Austria Post drops over debate on job cut plans
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Shares in government-controlled Austrian mail service Oesterreichische Post drop as much as 6 percent to 20.07 euros after a debate breaks out over reported company plans to cut 9,000 of its 25,000 jobs.
Senior politicians criticise the mail operator and say management, rather than employees, should go if those plans were real. Post does not comment on the reports.
'The political meddling is certainly not helpful,' says one Vienna-based trader. 'If (politicians) are saying they can't sack those people you can't be surprised if the shares take a beating.'
For more double click on
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09:18GMT 10Nov2008-British Airways surges after RBS ups to 'buy'
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British Airways surges as much as 9.8 percent as Royal Bank of Scotland upgrades its rating on the stock to 'buy' from 'sell'.
The broker also lifts its price target on the airline to 300 pence from 180 pence.
'The stock has been out of favour,' RBS analyst Andrew Lobbenberg says. He adds that he is upbeat on the prospects for a revenue-sharing agreement with American Airlines and that 'the merger with Iberian Airlines will happen' and that 'T5 will be good'.
On Friday, BA reported a sharply-reduced first-half profit, but said it would make a small profit for the year.
The shares, at 158.3 pence, are now more than 50 percent up from the low they reached on October 10.
Reuters Messaging: rm://brian.gorman.thomsonreuters.com@reuters.net
09:18GMT 10Nov2008-British Airways surges after RBS ups to 'buy'
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British Airways surges as much as 9.8 percent as Royal Bank of Scotland upgrades its rating on the stock to 'buy' from 'sell'.
The broker also lifts its price target on the airline to 300 pence from 180 pence.
'The stock has been out of favour,' RBS analyst Andrew Lobbenberg says. He adds that he is upbeat on the prospects for a revenue-sharing agreement with American Airlines and that 'the merger with Iberian Airlines will happen' and that 'T5 will be good'.
On Friday, BA reported a sharply-reduced first-half profit, but said it would make a small profit for the year.
The shares, at 158.3 pence, are now more than 50 percent up from the low they reached on October 10.
Reuters Messaging: rm://brian.gorman.thomsonreuters.com@reuters.net
09:12GMT 10Nov2008-Eckoh higher on move back to profit
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Shares in Eckoh Plc, the hosted speech services company, trade 4.9 percent higher at 5.375 pence as the group moves back into the black at the half-way stage and says it is looking to explore all its strategic options to deliver shareholder value.
Stockbrokers Seymour Pierce says all the group's key metrics are now moving in the right direction.
'Now that the group has moved into profitability and the deal momentum has shown a material pick-up, we expect the shares to be re-rated,' the broker says, reiterating its 10 pence price target and 'buy' recommendation.
For company statement click
Reuters Messaging rm://malcolm.locke.thomsonreuters.com@reuters.net
09:20GMT 10Nov2008-Deutsche Post up; plans to cut back US operations
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Shares in Deutsche Post gain 4.8 percent, one of the top gainers among German largecaps, boosted by news the postal carrier and logistics company will announce cutbacks in its DHL shipping operations in the U.S. today, along with its third-quarter figures.
'It is clear that Deutsche Post struggles heavily in U.S. Express as the negotiations to outsource its air transport to UPS are still pending,' says Jochen Rothenbacher, analyst at Equinet.
'Driven by the weak economy in the U.S., Deutsche Post might not be able to fulfil its restructuring targets (a loss of $1.3 billion in U.S. Express in 2008). Overall, we reckon, it would be positive to significantly downsize the Express business in the U.S. A pullout seems to be a good idea,' Rothenbacher adds.
A Frankfurt-based trader, however, is more sceptical about a positive reaction coming from the news.
'(The news is) slightly positive but, it is more or less expected that Deutsche Post will announce further restructuring measures at its DHL Express unit along with its third-quarter report today,' the trader said.
For more double click on and
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@thomsonreuters.net
09:11GMT 10Nov2008-Blinkx up as losses narrow, Citi says 'buy'
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Shares in Blinkx, the AIM-listed video search company, surge 12.7 percent after reporting narrowing first-half losses, prompting Citi to repeat its 'buy' recommendation and 80 pence target price.
Citi says revenues and gross margin were strong, while cash burn was also encouraging, adding that cash of $32.4 million with free-cash-flow break-even estimated in 2010 leaves the group with plenty of headroom.
As a result of a more focused strategy, the broker marginally reduces its estimated EBITDA loss for 2009 and EBITDA profit for 2010, but says its content and distribution deals continue apace.
For more double click on
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:08GMT 10Nov2008-Cheuvreux upgrade energises Saft stock
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Shares in high-tech industrial battery maker Saft rise as much as 6.2 percent after Cheuvreux analysts raise rating on the stock to 'outperform' from 'underperform' and lift their price target to 29 euros from 24 euros.
The upgrade comes 'following good quarterly results', the analysts write in a note.
Saft said on Nov. 6 that third-quarter sales rose 4.9 percent at constant exchange rates and stuck to its full-year target of 5-6 percent sales growth and earnings before interest, tax, depreciation and amortisation of at least 18 percent of sales.
The stock is 6 percent higher at 23.5 euros. The shares have lost 24 percent so far this year.
Reuters messaging rm://james.regan.reuters.com@reuters.net
08:57GMT 10Nov2008-Santander rights issue hits bank, peers
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Banco Santander's announcement of a deep-discounted rights issue to shore up its capital ratios sends its shares, and those of peers BBVA and Bankinter, lower on fears that other Spanish banks may make similar measures.
Banco Santander is down 3 percent and BBVA falls 0.4 percent and Bankinter is down 0.2 percent.
'The focus will now be on BBVA, and the other Spanish banks, which may now look to hit the benchmark now set by Santander in terms of capital levels,' a Madrid-based analyst says.
Santander says its rights issue is entirely dedicated to reinforcing its core capital level to 7 percent, from the 6.3 percent the bank announced at the end of September.
The bank is offering investors 1.6 million new shares or one for every four they already hold, with the new shares priced at 4.5 euros per share, compared to Santander's closing of 8.34 euros per share on Friday.
For more double click on
Reuters Messaging rm:jonathan.gleave.reuters.com@reuters.net))
08:50GMT 10July2008-Inmarsat rises on confident outlook
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Shares in Inmarsat tick up 0.2 percent to 395.5 pence, after hitting a high of 424.5 pence in early trade, after the British satellite communications company posts a better than expected 16.4 percent rise in third-quarter revenue and says it is on track to deliver revenue growth for the full-year 'well ahead' of its target range of 6-8 percent.
Analysts at Cazenove, who have an 'outperform' rating on the stock, say that while quarterly volatility remains a feature of the company, the numbers represent yet another strong quarter and should further increase confidence.
'Inmarsat should prove resilient through periods of economic weakness, not least given close to 40 percent of revenues from government related areas,' they said in a note.
For more double click on, company statement
Reuters Messaging rm://paul.sandle.reuters.com@reuters.net
08:49GMT 10Nov2008-FTSE Small Cap Index up 0.7 pct early
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The FTSE Small Cap Index rises 0.6 percent, following the trend set by the wider UK markets, as the FTSE 100 Index jumps 2.7 percent.
Fortune Oil surges 7.8 percent on the back of strong growth in its third-quarter natural gas sales. The company says slowing China GDP growth is not expected to affect revenues.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:40GMT 10Nov2008-Dairy Crest shares plunge on profit warning
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Dairy Crest shares drop 21 percent to a 7-1/2 year low of 260 pence after the chilled foods group says full-year profits will be about 10 percent below the previous year due to the consumer downturn, weaker dairy ingredients markets and delays in selling surplus property.
'Given the current low visibility in the UK consumer environment and some of the Dairy Crest specific-issues (namely the Dairies business), we can no longer justify a buy rating,' Citi analysts say in a research note, cutting their rating to 'hold' and their target price to 330 pence from 490 pence.
For more information please click on and
Reuters Messaging: rm://mark.potter.reuters.com@reuters.net
08:41GMT 10Nov2008-DCC rises on strong H1, outlook
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Shares in Irish business services group DCC rise 7 percent in London after it reports a 13-percent rise in first-half earnings and an encouraging start to the second half, reaffirming full-year guidance and focus on bolt-on acquisitions.
'Given the defensive nature of the group's operations, notably in energy, as well as its financial capacity to execute further deals, we re-iterate our 'Buy' rating,' says NCB analyst Paraic Quinn.
Reuters messaging rm://andras.gergely.reuters.com@reuters.net
08:39GMT 10Nov2008-Majestic Wine lower as interim proftis fall
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Shares in Majestic Wine Plc fall 8.8 percent to 135 pence after the wine retailer reports a 25.5 percent fall in half-time pretax profit to 5.6 million pounds and says the key Christmas trading period will be challenging.
Evolution Securities says trading was worse than expected and that estimates for the full year are likely to come back by about 20 percent. It now looks for pretax profits of 13.5 million pounds for 2008/09, compared to 17.2 million previously.
However, the broker is maintaining its 'buy' recommendation for the shares based on fundamental valuations, although it expects the stock to fall in the short-term.
For more click on; company statement
Reuters Messaging rm://malcolm.locke.thomsonreuters.com@reuters.net
08:39GMT 10Nov2008-China stimulus plan boosts UK-listed miners
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UK-listed miners add the most points to the FTSE 100, which is up 3 percent, after China unveils a nearly $600 billion stimulus package to spur economic growth in the face of the global financial turmoil.
The DJ Stoxx European basic resources index is up 10.5 percent, the top performing sector on the DJ Stoxx 600.
'The sector gains on the back of China,' a London-based trader says.
BHP Billiton soars 11.4 percent, Rio Tinto climbed 12.2 percent, Xstrata surges 13.4 percent, Anglo American jumps 10.8 percent and Kazakhmys puts on 12.1 percent.
Reuters Messaging rm://dominic.lau.reuters.com@reuters.net
08:33GMT 10Nov2008-C&C up sharply after new exec team announced
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Shares in Irish drinks group C&C rise 22 percent after it announces the appointment of John Dunsmore as new chief executive and two other new executives, all three former managers at Scottish & Newcastle before S&N's takover by Heineken and Carlsberg.
'The new team is street-wise,' Davy analyst John O'Reilly says. 'While an instant reversal in performance should not be expected, there can now be reasonable expectation of improved performance.'
Goodbody analyst Liam Igoe also says the appointments are a step in the right direction.
Reuters messaging rm://andras.gergely.reuters.com@reuters.net
08:25GMT 10Nov2008-Cable & Wireless up after strong H1, hikes guidance
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Shares in Cable & Wireless (C&W) gain 3.7 percent after the telecoms group's underlying first-half core earnings beat analysts' forecasts and it raises its full-year guidance.
However, C&W says it has postponed plans that could have led to a demerger.
'Results demonstrate further execution and provide a very confident outlook statement. Management stress strongly that they are not yet seeing any effect from the macro picture and are well-positioned to react to any issues in the future,' Cazenove says in a note.
'Only concerns are Thus's H2 EBITDA contribution and international cash flow but should be very much outweighed by positive overall trading, higher Thus synergies and increases to guidance.'
Rival BT Group is up 2 percent.
For more on C&W results, click on
Reuters Messaging rm://dominic.lau.reuters.com@reuters.net
08:14GMT 10Nov2008-Allianz up on Q3 results; loss less than expected
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Shares in Allianz rise 3.7 as investors reward the insurer's significantly better than expected bottom-line in the third-quarter and overlook worse-than-expected operating figures.
'The third-quarter was poor. (But) If you believe markets will recover: buy the stock. All others should stay away or sell in today's strength,' says a Frankfurt-based trader in first reaction to the numbers.
The trader points to Deutsche Bank confirming its 'buy' rating after the preliminary numbers and JPMorgan reiterating its 'overweight' rating.
Allianz posted a 2 billion euro net loss, far better than the 4.365 billion euro loss expected by analysts, but the insurer says it needs a big market recovery to reach its operating profit target for this year and next.
'The loss including discontinued operations from Dresdner Bank was by far lower than we had expected. However, we do not attach much importance to that. We believe the huge difference is due to an accounting treatment of the Dresdner sale different to our expectations,' says Thorsten Wenzel, analyst at DZ Bank.
For more double click on, and
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08:08GMT 10Nov2008-Astra gains on dramatic Crestor data
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Shares in AstraZeneca gain 4.1 percent, boosted by weekend news that its Crestor drug dramatically reduces the risk of deaths, heart attacks and strokes in apparently healthy patients.
Japan's Shionogi, which discovered the drug and receives royalties on sales, jumps 10.4 percent.
Morgan Stanley analysts say the results should underpin Crestor's near-term growth and improve its positioning, particularly against Merck & Co and Schering-Plough's Vytorin.
But analysts may not rush to increase sales forecasts for Crestor, since the positive data was at least partly expected. The Jupiter study was stopped two years early in March after Crestor showed overwhelmingly benefits, leading to sales upgrades then. Deutsche Bank says it will wait to see prescription data before increasing forecasts further.
For more double click on
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07:34GMT 10Nov2008-Centrotec seen up on hiked guidance
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Shares in Centrotec Sustainable, a German supplier of energy-saving technology, is indicated to open 10.2 percent higher as the biggest gainer on Frankfurt's smallcap index, after the company releases strong third-quarter results and hikes its full-year sales guidance.
'The numbers look pretty good, especially in the climate systems segment,' says M.M. Warburg analyst Eggert Kuls.
The company now expects 2008 sales to reach 470 million euros to 475 million euros ($603-609.4 million), up from a previous estimate of 435 million euros to 445 million euros.
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
($1=.7794 Euro)
07:26GMT 10Nov2008-Bilfinger Berger seen up on strong Q3 results
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Shares in German construction company Bilfinger Berger are indicated to open 3.6 percent higher, according to brokerage Lang & Schwarz, boosted by a strong set of third-quarter results and after the company hikes its full-year guidance for earnings before interest, tax and amortisation (EBITA).
'Order intake looks good, so the stock will go up,' says a Frankfurt-based trader.
The company now sees full-year EBITA to surpass the originally projected amount of 260 million euros ($333.6 million) and to come in slightly above 300 million euros.
For more double click on
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($1=.7794 Euro)
07:11GMT 10Nov2008-Index futures rise as China plan buoys equities
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European stock index futures rise sharply, indicating shares will rise at the open and track strong gains in Asia after China's nearly $600 billion economic stimulus plan.
Futures for the DJ Euro Stoxx 50, Germany's DAX and France's CAC 40 rose 3.2-3.6 percent.
China launched a huge stimulus plan on Sunday, kicking off what could be a round of big spending or interest rate cuts by leading economies to stave off a recession in many countries.
In Brazil, finance ministers and central bank governors representing 90 percent of the world's economy said they would take 'all necessary measures' to get financial markets back to normal and counter the backlash of the credit crisis.
Macroeconomic data:
0930 Eurozone sentix
0930 GB PPI
Major companies
Allianz SE
Bilfinger Berger
Deutsche Post
Deutsche Postbank
Cable & Wireless
Reuters Messaging rm://sitaraman.shankar.reuters.com@reuters.net
Keywords: MARKETS EUROPE STOCKSNEWS =4
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