Shares in Bango lose 8 percent following disappointing first half results from the mobile web technology company, prompting Panmure Gordon to cut its forecasts.
'Impacted by first-quarter weakness in the UK, the interim results are short of our expectations and drive downgrades to full-year estimates,' says analyst Nick James who cuts his full year 2009 EPS forecast by 0.49 percent to 2.01 pence, and reiterates his 'hold' stance.
Shares in JJB Sports, the sports fashion retailer, jump 8.5 percent as JD Sports Fashion acquires a 10 percent stake in the company, prompting Altium Securities to upgrade its 12-month core rating to 'hold' from 'sell' and its 6-month trading rating to 'neutral' from 'sell'.
JD Sports, which bought just over 25 million shares at 32.25 pence, says it has 'made this strategic investment in JJB because of its important place in the performance sports retail market.'
Altium says it moves its target price to 32 pence to reflect JD Sports' purchase price but it currently leaves its estimates unchanged.
Shares in Topps Tiles Plc slide 9.5 percent to 19 pence after the British tile retailer reports a 27 percent fall in full-year profit, scraps its dividend and says current trading is dire.
'With like-for-like sales falling by 18.3 percent over the first seven weeks of the first half, we have revised our forecast assumptions, resulting in our 2009 pretax profit falling from 22 million pounds to 16.1 million,' says John Stevenson, an analyst at house broker KBC Peel Hunt.
'However, we believe that Topps is well placed to trade through the current environment and generate consistently robust levels of cash; a feat few retailers will be able to match, we believe.'
The FTSE Small Cap Index falls 0.2 percent, outperforming the wider UK market, as miners lead the fall following news that BHP Billiton has called off its bid for Rio Tinto, with the FTSE 100 Index down 1.4 percent and the FTSE 250 Index down 1 percent.
Clinton Cards slips 17.7 percent, the top small cap decliner, on news that the greetings cards retailer's sales were down 6 percent in the 16 weeks to Nov. 16, 2008. Altium Securities retains its 'sell' rating and cuts its target price to 2 pence from 9 pence.
JJB Sports climbs 10.8 percent as JD Sports Fashion buys over 10 percent of the issued share capital in the company, prompting Altium Securities to raise its rating to 'hold' from 'sell'.
The FTSE 100 index is seen opening 4 points lower to 3 points higher on Tuesday, financial bookmakers said, pausing for breath following Monday's record gain in spite of further advances overnight on Wall Street and in Asia.
The UK benchmark posted its biggest-ever one day percentage rise on Monday, up 9.8 percent, or 372 points, to 4,152.96 led by rallies in commodities and banks, and helped by a tax give-away British pre-budget report.
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