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Sector movers: Construction and aerospace lead advance

Tue, 04th Oct 2016 15:36

(ShareCast News) - Construction and industrial engineering stocks led the way higher, with shares in aerospace and defence close behind thanks to the favourable tailwind from the pound's depreciation. Activity in the UK construction sector bounced back in September, with Markit's purchasing managers' index for activity rising to 52.3 from 49.2 in the month before and after hitting a seven-year low in July.Also giving a boost to sentiment, analysts at Canaccord Genuity and Deutsche Bank cheered CALA Group's record fiscal year 2016 results published on 3 October."While the group has a higher average selling price than many of the volume housebuilders (reflecting its geographic mix and size of product), we nonetheless see it's trends as further positive reinforcement of trading conditions in the sector. Since Brexit, Cala reports it has seen a robust market," analysts at Deutsche Bank told clients.For its part, Canaccord pointed out the "noises" coming from the government suggesting the Autumn statement was likely to be positive in relation to its support for the house-building sector.On a more skeptical note, Samuel Tombs, chief UK economist at Pantheon Macroeconomics, noted that given long lead times for construction projects it was unlikely that the funds earmarked by the Chancellor on the day before for building on public land would provide any support to GDP growth over coming quarters.In parallel, following meetings with the company and some top management analysts at Credit Suisse retained Weir Group as their 'top pick' among the capital goods names with exposure to resources."Weir is trading on 12.7x 2018E EV/EBITA, a 5% premium to UK peers. Our SOTP valuation is £18 but in a blue sky scenario where O&G EBIT recovers to the 2008-15 average our valuation would be £21," analyst at the Swiss broker said in a research note sent to clients.Lastly, aerospace names got a boost from the pound's drop during the session to a fresh 31-year low at 1.2735.UBS estimated that for every ten cent depreciation in the pound's value versus the US dollar Cobham, GKN and Meggitt should see the highest benefit.Top performing sectors so far todayConstruction & Materials 6,540.35 +3.18%Industrial Engineering 10,370.26 +3.08%Aerospace and Defence 4,677.03 +2.92%Industrial Metals & Mining 1,830.88 +2.88%Electronic & Electrical Equipment 5,293.67 +2.48%
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17 Aug 2016 08:28

UPDATE 2-Cobham CEO to be replaced by Laird boss by end of year

(Adds analyst comment, share price) LONDON, Aug 17 (Reuters) - Struggling British aerospace and defence company Cobham said on Wednesday that Chief Executive Bob Murphy would step down by the end of the year and be succeeded by David Lockwood, current boss of technology company Laird. Read more

17 Aug 2016 07:43

Cobham CEO to step down, to be replaced by Laird boss

(ShareCast News) - Aerospace and defence group Cobham said chief executive officer Bob Murphy will step down from his role by the end of 2016 to pursue other opportunities and will be succeeded by David Lockwood no later than 1 January 2017. Lockwood is currently CEO of FTSE 250 technology company L

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17 Aug 2016 06:15

Cobham CEO to be replaced by Laird boss by end of year

LONDON, Aug 17 (Reuters) - British aerospace and defence company Cobham said on Wednesday its chief executive Bob Murphy will step down by the end of the year and be succeeded by David Lockwood, the current boss of technology company Laird . Cobham said Murphy was leaving "to pursue other o

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17 Aug 2016 06:13

TOP NEWS: Cobham Replaces Chief Executive With Laird Boss

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16 Aug 2016 11:38

Tuesday broker round-up

(ShareCast News) - Investec: UBS reiterates buy with a target price of 550p. Hastings: Berenberg maintains buy with a 234p target. Auto Trader: Goldman Sachs reiterates buy with a 445p target. Smiths Group: HSBC stays at hold with a 1300p target. Rightmove: Goldman Sachs keeps at neutral with a t

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15 Aug 2016 10:25

Broker tips: Persimmon, Restaurant Group, Cobham

(ShareCast News) - UK housebuilding shares have fallen 25% since Britain voted to leave the European Union and the sector has priced in a 5% drop in house prices, J.P. Morgan Cazenove said on Monday "However, while we think it's prudent to assume that transaction numbers will fall during 2017 (altho

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15 Aug 2016 09:10

Barclays downgrades Cobham to 'equalweight'

(ShareCast News) - Barclays downgraded Cobham to 'equalweight' from 'overweight' saying it expects several unquantifiable bumps along the way in the next six months and sees cleaner yet equally compelling value to be had elsewhere in its coverage. The bank said that while the logic behind rebalancin

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15 Aug 2016 07:11

LONDON BRIEFING: William Hill Rejects Another Rank-888 Takeover Bid

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10 Aug 2016 11:00

Broker tips: Cobham, Worldpay, Rolls-Royce

(ShareCast News) - Exane BNP Paribas downgraded Cobham to 'underperform' from 'neutral' and cut the price target to 140p from 143p, highlighting lingering doubts following the company's first-half results last week. The bank said sales and trading profit in H1 were broadly in line with consensus. "

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10 Aug 2016 09:11

Exane downgrades Cobham after H1 results

(ShareCast News) - Exane BNP Paribas downgraded Cobham to 'underperform' from 'neutral' and cut the price target to 140p from 143p, highlighting lingering doubts following the company's first-half results last week. The bank said sales and trading profit in H1 were broadly in line with consensus. "

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10 Aug 2016 08:35

BROKER RATINGS SUMMARY: Panmure Raises RSA Insurance To Buy From Hold

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5 Aug 2016 08:31

BROKER RATINGS SUMMARY: S&P And Shore Upgrade Aviva After Strong Half

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4 Aug 2016 09:57

UPDATE 1-Cobham seen facing battle to hit full-year targets

* H1 trading profit sinks 36 pct, as expected * Says on track to meet FY expectations * Counting on H2 to deliver 70 pct of annual trading profit * Shares fall as much as 9 pct (Adds CEO comments, analyst comments, share price) By Sarah Young LONDON, Aug 4 (Reuters

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4 Aug 2016 08:36

Cobham slumps as it swings to first-half loss

(ShareCast News) - Shares in Cobham tumbled on Thursday after the FTSE 250 aerospace and defence group said it swung to a loss in the first half and cut its interim dividend. For the six months to the end of June, the company posted a pre-tax loss of £38m from a profit of £4m the year before as reve

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4 Aug 2016 07:40

BUZZ-Cobham: H1 profit drop hurts stock

** Aerospace and defence company Cobham's shares down 7.6 pct, near the bottom of the Stoxx, after saying H1 trading profit fell ** Co says H1 trading profit fell 36 pct to 102 mln stg, reiterates FY outlook ** Worst day for shares since April, when co launched an emergency rights is

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