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STOCKS NEWS UK-Aquarius Platinum retreats on bond launch
Tue, 24th Nov 2009 10:57
STOCKS NEWS Reuters Results diary
Europe Real-time Equity News
UK Stocks on the move
UK smallcaps UK smallcaps news
10:39GMT 24Nov2009-Aquarius Platinum retreats on bond launch
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Shares in Aquarius Platinum fall 9 percent after the miner says it plans to launch a $250 million convertible bond and as investors take profits following the group's recent share rally.
'It's a combination of people taking profits and not seeing this as a prudent refinancing but seeing this as a new issue of equity which would lead to dilution,' says Dominic O'Kane, analyst at Liberum Capital. 'I think there has been a bit of an overreaction.'
The proceeds of new convertible bond will be partly used to fund the early redemption of the group's existing 650 million rand convertible bonds.
To see the company's statement please click on
Reuters messaging rm://julie.crust.reuters.com@reuters.net
09:59GMT 24Nov2009-BSS higher after results
-------------------------------------------
Shares in BSS Group gain 1.9 percent after the plumbing and heating company posts first-half results, with Panmure Gordon repeating its 'buy' rating on the stock.
'BSS has delivered another resilient performance in what remain difficult markets,' says Panmure in a note.
The broker points out that margins have held up in Industrial while revenues have been maintained in Domestic, and notes that market share gains have been achieved with recent growth initiatives working well.
It adds that the balance sheet remains sound and valuation is attractive.
BSS says adjusted pretax profit fell 23 percent to 23.3 million pounds ($38.60 million) in the six months to end-September, while total revenue dropped 5.1 percent to 650.6 million pounds.
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
09:29GMT 24Nov2009-Informa falls on Springer bid concern
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Shares in Informa fall 5.9 percent after the British media and events group says it is in talks to buy academic publisher Springer Science and Business Media (SSBM), with analysts questioning the impact of the German company's debt pile on the structure of a deal.
'The issue here is the significant amount of debt that Informa would have to take on from Springer,' say analysts at Citi, who estimate that Informa would need to raise 1 billion to 1.5 billion pounds
in equity, which is 55 percent to 85 percent of its current market capitalisation.
Brokerage Singer says that while a tie-up could generate savings of about 60 million pounds - with the possibility of significantly more, depending on how much SSBM's private equity owners, Cinven and Candover, have already extracted - questions are raised about financing.
'While the upside on cost savings is mouth-watering in a low growth environment, such a deal would take some significant work on structure and pose questions for the vendors and Informa shareholders,' it says in a note.
For more, click on
Reuters messaging rm://paul.sandle.reuters.com@reuters.net
09:28GMT 24Nov2009-Condom maker SSL higher after results
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Shares in SSL International gain 3.2 percent, having touched an all-time high earlier in the session, after the condom maker posts first-half results, with Evolution Securities repeating its 'buy' rating on the stock.
Evolution says in a note SSL beat estimates on gross margin driven by supply chain benefits and the strong first time contribution from its Russian acquisition BLBV.
It says the Russian EBIT margin of 23 percent also was surprisingly strong.
'These results give us confidence that SSL can hit its 50 percent EPS growth target one year early,' says Evolution.
For more see
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
09:19GMT 24Nov2009-Rio slips; Chinalco sale talk cited
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Shares in Rio Tinto lose 1.9 percent, the heaviest fallers among a broadly softer mining sector, with traders citing talk that Chinese state-owned Chinalco is poised to sell its stake in the world's second largest iron ore miner.
'Speculation (is) doing the rounds Chinalco (is) selling (its) Rio stake. We think (it is) unlikely,' says a London-based trader.
Rio Tinto declined to comment on the speculation, and Chinalco was unavailable for comment.
Chinalco bought 12 percent of Rio's London-listed shares and around 9 percent of the combined group, which is also listed in Australia, in February 2008.
Overall the FTSE 350 mining index is down 1.1 percent and the sector is the second biggest drag on Britain's blue-chip index as investors retreat from the sector after sharp gains in the previous session, with Monday's strength in metal prices reversing.
Fresnillo, Vedanta Resources, Kazakhmys, and Xstrata are all down around 1.5 percent.
Reuters Messaging rm://simon.falush@reuters.com@reuters.net
Reuters Messaging rm://eric.onstad.reuters.com@reuters.net
Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net
Reuters Messaging rm://julie.crust@reuters.com@reuters.net
08:00GMT 24Nov2009-UK smallcaps flat early
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The FTSE Small Cap index is flat in early trade, while the blue chips fall 0.6 percent and the midcaps are 0.5 percent lower.
KCOM Group adds 2.2 percent after the telecommunications service provider unveils a 71.2 percent increase in profit before tax and exceptional items to 16.2 million pounds.
Topps Tiles falls 4.5 percent after the tile and wood flooring retailer posts full-year results and says it plans to place up to 17.1 million new shares, with Seymour Pierce repeating its 'sell' rating on the stock.
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
Keywords: MARKETS UK STOCKSNEWS/
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Europe Real-time Equity News
UK Stocks on the move
UK smallcaps UK smallcaps news
10:39GMT 24Nov2009-Aquarius Platinum retreats on bond launch
-----------------------------------------------------------
Shares in Aquarius Platinum fall 9 percent after the miner says it plans to launch a $250 million convertible bond and as investors take profits following the group's recent share rally.
'It's a combination of people taking profits and not seeing this as a prudent refinancing but seeing this as a new issue of equity which would lead to dilution,' says Dominic O'Kane, analyst at Liberum Capital. 'I think there has been a bit of an overreaction.'
The proceeds of new convertible bond will be partly used to fund the early redemption of the group's existing 650 million rand convertible bonds.
To see the company's statement please click on
Reuters messaging rm://julie.crust.reuters.com@reuters.net
09:59GMT 24Nov2009-BSS higher after results
-------------------------------------------
Shares in BSS Group gain 1.9 percent after the plumbing and heating company posts first-half results, with Panmure Gordon repeating its 'buy' rating on the stock.
'BSS has delivered another resilient performance in what remain difficult markets,' says Panmure in a note.
The broker points out that margins have held up in Industrial while revenues have been maintained in Domestic, and notes that market share gains have been achieved with recent growth initiatives working well.
It adds that the balance sheet remains sound and valuation is attractive.
BSS says adjusted pretax profit fell 23 percent to 23.3 million pounds ($38.60 million) in the six months to end-September, while total revenue dropped 5.1 percent to 650.6 million pounds.
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
09:29GMT 24Nov2009-Informa falls on Springer bid concern
--------------------------------------------------------
Shares in Informa fall 5.9 percent after the British media and events group says it is in talks to buy academic publisher Springer Science and Business Media (SSBM), with analysts questioning the impact of the German company's debt pile on the structure of a deal.
'The issue here is the significant amount of debt that Informa would have to take on from Springer,' say analysts at Citi, who estimate that Informa would need to raise 1 billion to 1.5 billion pounds
Brokerage Singer says that while a tie-up could generate savings of about 60 million pounds - with the possibility of significantly more, depending on how much SSBM's private equity owners, Cinven and Candover, have already extracted - questions are raised about financing.
'While the upside on cost savings is mouth-watering in a low growth environment, such a deal would take some significant work on structure and pose questions for the vendors and Informa shareholders,' it says in a note.
For more, click on
Reuters messaging rm://paul.sandle.reuters.com@reuters.net
09:28GMT 24Nov2009-Condom maker SSL higher after results
--------------------------------------------------------
Shares in SSL International gain 3.2 percent, having touched an all-time high earlier in the session, after the condom maker posts first-half results, with Evolution Securities repeating its 'buy' rating on the stock.
Evolution says in a note SSL beat estimates on gross margin driven by supply chain benefits and the strong first time contribution from its Russian acquisition BLBV.
It says the Russian EBIT margin of 23 percent also was surprisingly strong.
'These results give us confidence that SSL can hit its 50 percent EPS growth target one year early,' says Evolution.
For more see
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
09:19GMT 24Nov2009-Rio slips; Chinalco sale talk cited
------------------------------------------------------
Shares in Rio Tinto lose 1.9 percent, the heaviest fallers among a broadly softer mining sector, with traders citing talk that Chinese state-owned Chinalco is poised to sell its stake in the world's second largest iron ore miner.
'Speculation (is) doing the rounds Chinalco (is) selling (its) Rio stake. We think (it is) unlikely,' says a London-based trader.
Rio Tinto declined to comment on the speculation, and Chinalco was unavailable for comment.
Chinalco bought 12 percent of Rio's London-listed shares and around 9 percent of the combined group, which is also listed in Australia, in February 2008.
Overall the FTSE 350 mining index is down 1.1 percent and the sector is the second biggest drag on Britain's blue-chip index as investors retreat from the sector after sharp gains in the previous session, with Monday's strength in metal prices reversing.
Fresnillo, Vedanta Resources, Kazakhmys, and Xstrata are all down around 1.5 percent.
Reuters Messaging rm://simon.falush@reuters.com@reuters.net
Reuters Messaging rm://eric.onstad.reuters.com@reuters.net
Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net
Reuters Messaging rm://julie.crust@reuters.com@reuters.net
08:00GMT 24Nov2009-UK smallcaps flat early
------------------------------------------
The FTSE Small Cap index is flat in early trade, while the blue chips fall 0.6 percent and the midcaps are 0.5 percent lower.
KCOM Group adds 2.2 percent after the telecommunications service provider unveils a 71.2 percent increase in profit before tax and exceptional items to 16.2 million pounds.
Topps Tiles falls 4.5 percent after the tile and wood flooring retailer posts full-year results and says it plans to place up to 17.1 million new shares, with Seymour Pierce repeating its 'sell' rating on the stock.
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
Keywords: MARKETS UK STOCKSNEWS/
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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