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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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4 Aug 2016 06:14

Cobham H1 profit drops, on track to meet FY forecasts

LONDON, Aug 4 (Reuters) - British aerospace and defence company Cobham reported a plunge in first-half profit, as expected, after difficulties in its communications unit, and said it was on track to meet full-year expectations as earnings improve over the period. Cobham on Thursday posted t

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18 Jul 2016 07:00

RPT-AIRSHOW-UK aerospace puts brave face on Brexit

(Repeats JULY 15 story. No change to text.) * UK aerospace industry is No.2 in world behind U.S. * Brexit poses risks to investment, access to skills * But long production cycles, weaker pound help By Sarah Young FARNBOROUGH, England, July 15 (Reuters) - With UK fact

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15 Jul 2016 15:32

AIRSHOW-UK aerospace puts brave face on Brexit

* UK aerospace industry is No.2 in world behind U.S. * Brexit poses risks to investment, access to skills * But long production cycles, weaker pound help By Sarah Young FARNBOROUGH, England, July 15 (Reuters) - With UK factories working at full tilt to meet bumper demand f

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11 Jul 2016 18:55

CORRECTED-AIRSHOW-Boeing sees positive results in testing of KC-46A tanker boom

(In July 10 story, corrects paragraph 2 to show Boeing makes boom, not Cobham) FARNBOROUGH, England, July 10 (Reuters) - Boeing Co is well into testing of a modification to the refueling boom on its troubled KC-46A tanker program and is seeing "positive results," the head of the company's

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10 Jul 2016 12:58

AIRSHOW-Boeing defense CEO says always looking at M&A opportunities

FARNBOROUGH, England, July 10 (Reuters) - Boeing Co's defense division is continuing to look at bolt-on acquisitions across its various business areas, and particularly in the services business, Leanne Caret, chief executive of Boeing Defense, Space & Security, said on Sunday. Caret did no

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4 Jul 2016 07:32

Cobham secures QantasLink contract extension

(ShareCast News) - FTSE 250 aerospace and defence group Cobham has signed a contract to extend its current QantasLink contract for the provision of airline services to the end of 2026. The company has secured a 10-year, AUD1.2bn contract to continue provision of airline services to QantasLink, suppo

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4 Jul 2016 06:10

TOP NEWS: Cobham Wins AUD1.2 Billion Deal Extension With QantasLink

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29 Jun 2016 15:59

LONDON MARKET CLOSE: FTSE 100 Recoups All Post-Referendum Losses

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29 Jun 2016 11:16

LONDON MARKET MIDDAY: Political Stalling Creates Stability For Markets

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29 Jun 2016 07:47

Cobham appoints Qinetiq's David Mellors as CFO

(ShareCast News) - Aerospace and defence group Cobham announced the appointment of David Mellors as chief financial officer. Mellors, who is currently CFO at FTSE 250 science and engineering company Qinetiq, will take up the role no later than 1 January 2017. Simon Nicholls, whose resignation was a

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29 Jun 2016 06:49

TOP NEWS: Cobham Poaches New Finance Chief From QinetiQ

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27 Jun 2016 15:25

BROKER RATINGS SUMMARY UPDATE: Deutsche Lifts ITV To Hold From Sell

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23 Jun 2016 09:58

WINNERS & LOSERS SUMMARY: Tesco Cheers With Like-For-Like Sales Growth

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23 Jun 2016 07:50

Cobham wins $200m Airbus contract

(ShareCast News) - Cobham Aerospace Communications said it had won a contract worth up to $200m from Airbus to supply a new safety system with the potential for extra revenue. The system aims at providing voice and data air-ground communication and connects air traffic control applications to high-p

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23 Jun 2016 07:35

LONDON MARKET OPEN: Stocks Up Led By Tesco; Pound Holds Onto Gains

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