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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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1 May 2016 18:03

Sunday newspaper round-up: Sports Direct, BHS, Barclays, Smiths, Cobham

(ShareCast News) - Sports Direct boss Mike Ashley has offered to buy collapsed retailer BHS, saving its entire store estate and thousands of jobs. Although the tycoon was unable to agree a deal before administrators were called in last Monday, Ashley confirmed to the Sunday Telegraph: "Any continuin

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29 Apr 2016 18:46

Sector movers: Banks, engineering stocks lead drop

(ShareCast News) - Banks weighed on the Footsie at the end of the week as Royal Bank of Scotland flagged to investors the risk that the sale and separation of its Williams&Glyn retail and business bank could take at least another two years. That operation was one of the conditions set by regulators

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29 Apr 2016 08:23

BROKER RATINGS SUMMARY: HSBC Upgrades Land Securities And British Land

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28 Apr 2016 14:50

FTSE 250 movers: Tullow and Weir limit losses

(ShareCast News) - The FTSE 250 pared earlier losses by Thursday afternoon, as a strong showing from Tullow Oil, Weir and other resources-related groups overcame the effect of ex-dividend day. Stocks going ex-divi on the day included Cobham, Elementis, Tullett Prebon and William Hill. Cobham was a

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28 Apr 2016 11:31

Deutsche Bank upgrades Cobham but caution remains

(ShareCast News) - Deutsche Bank upgraded Cobham to 'hold' from 'sell' after the aerospace and defence group proposed raising £500m from a rights issue in the second quarter. However, while the concern about the company's balance sheet leverage has been eradicated and the shares have falled 40% fall

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28 Apr 2016 11:11

LONDON MARKET MIDDAY: Disappointment In Bank Of Japan Hits Shares

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28 Apr 2016 09:11

WINNERS & LOSERS SUMMARY: Lloyds Sold As Quarterly Profit Halves

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28 Apr 2016 08:28

BROKER RATINGS SUMMARY: Investec And Jefferies Keep Buy On Lloyds

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27 Apr 2016 15:32

Wednesday broker round-up

(ShareCast News) - BP: Barclays reiterates overweight with a 550p target, Credit Suisse keeps at underperform with a target of 330p, Cannacord stays at buy with a 420p target and Exane BNP Paribas reiterates neutral with a target of 350p. Cambian Group: Canaccord downgrades to hold with a 91p target

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27 Apr 2016 08:31

BROKER RATINGS SUMMARY: UBS Upgrades Worldpay To Buy From Neutral

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26 Apr 2016 16:00

LONDON MARKET CLOSE: Standard Chartered Helps FTSE 100 Outperform

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26 Apr 2016 13:04

UPDATE 3-Cobham profit warning forces emergency rights issue, shares sink

* Cobham Q1 profit plunges 70 pct to 15 million pounds * Cobham to raise equity due to covenant breach worries * Shares fall 20 percent following results, rights issue * CEO says problem at Wireless a "one-time" problem (Adds further comments from analyst call) By Sarah

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26 Apr 2016 11:03

LONDON MARKET MIDDAY: BP And Standard Chartered Results Lift FTSE 100

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26 Apr 2016 11:01

EXTRA: Cobham Sinks As It Unveils Rights Issue After Profit Warning (ALLISS)

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26 Apr 2016 09:30

WINNERS & LOSERS SUMMARY: Cobham Crushed On Weak Profit, Rights Issue

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