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Sector movers: Meggitt, Cobham lift defence stocks

Wed, 23rd Nov 2016 16:00

(ShareCast News) - Price gains for some key steel-making ingredients such as iron ore and thermal coal as well as in Chinese rebar futures kept pushing shares in Evraz and many of the main mining groups higher.Overnight, spot iron ore prices at Tianjin advanced from $69.0 a tonne to $71.5 a tonne, alongside a gain in steel rebar from $446.6 a tonne to $452.2.However, a spike in US Treasury yields lifted the US Dollar index, leaving a big dent in gold futures and punishing shares in precious metals miners such as Fresnillo, Randgold Resources and Polymetal.As of 1627 GMT gold futures for delivery in December were down by 1.93% to $1,187.90 on COMEX.Rotork was the standout gainer among Industrial Engineering stocks a day after the company said it expected full-year revenue to be towards the top end of expectations due to a currency tailwind and a good performance from acquisitions.Shares in the valve specialist were making a run at technical resistance near 229p and to break above its 200-day moving average in a convincing manner.Aerospace and Defence was also near the top of the leaderboard, with shares in Meggitt and Cobham pacing gains.Meggitt got a boost on Wednesday from speculation it may have received a bid approach.In parallel, Cobham got a leg up from Sandy Morris at Jefferies who nudged higher his target price on the manufacturer."We find that some significant drivers should work in Cobham's favour - defence spending, digitalisation (the "Cloud"), new air traffic management systems and more efficient shipping," Morris said in a research note sent to clients.Going the other way, supermarket Tesco was the main drag on its sector, with traders pointing to the fact they will be hit by the increase in the National Living Wage to £7.50 from £7.20 in April next year.Top performing sectors so far todayIndustrial Metals & Mining 2,669.00 +3.12%Industrial Engineering 9,941.34 +1.66%Aerospace and Defence 4,671.84 +1.30%Technology Hardware & Equipment 957.69 +1.19%Automobiles & Parts 7,290.09 +0.71%Bottom performing sectors so far todayFixed Line Telecommunications 4,109.89 -1.51%Construction & Materials 6,446.74 -1.42%Electronic & Electrical Equipment 4,830.21 -1.35%Food & Drug Retailers 3,089.37 -1.35%Household Goods & Home Construction 15,710.41 -1.23%
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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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