VEC.L Share News (VEC)

Banks and insurers lead the way as London continues its steady advance.Lloyds Banking tops the list of risers after Goldman Sachs raised its rating on the shares from "neutral" to "buy" and added them to its "Conviction Buy" list. Goldman Sachs has also lifted its target price from 61p to 107p, after arguing that the market has overdone the doom and gloom for the sector. Barclays, for which Goldman's has a "neutral" rating, and Royal Bank of Scotland, move higher, holding on to Lloyds' coat-tails.Elsewhere in the financial sector, the generally upward trend of European stock markets today gives a lift to insurers such as Legal & General, Old Mutual and Prudential. Inter-dealer brokers ICAP and Tullett Prebon also get a boost from renewed market optimism. Car insurer Admiral is wanted after Credit Suisse upgraded its rating on the stock from "neutral" to "outperform", with an unchanged price target of 1097p.Miners are weak, however, with bid stock Anglo American shifting into reverse, as does its potential merger partner Xstrata Outsource giant Serco climbs after it said it remains on track to deliver on its 2009 guidance and continues to see significant opportunities in the current challenging economic environment. Aero-engine developer Rolls-Royce has bought a 33% holding in ODIM, a provider of specialist marine handling systems to the offshore oil and gas industry. Rolls-Royce is paying NOK 700 (£66m) cash to Aker Solutions for 15.5m ordinary shares in ODIM, equivalent to NOK 45 per share.Vodafone edges higher after reports it is poised to buy the T-Mobile business in the UK if it can get it past the regulatory authorities. National Express is another on the up after confirming this morning it has received a bid from rival FirstGroup, which slips back. Hovis to Branston Pickle maker Premier Foods's trading this year has continued on track, with sales of bread especially described as excellent. The heavily indebted group, which raised £379m through a cash call in March, said sales in May and June were in line with the trends in the first four months of 2009. Informa warned that half-year organic revenues at its Events and Training unit will be 'considerably' lower as the group continued to reduce volume to protect profitability in the face of weak demand. Despite this, the high variable cost base will mean that the impact on adjusted operating profit margin will be limited. The share is the best performer among FTSE 350 constituents after Royal Bank of Scotland issued a "buy" recommendation.The stock market recovery since March has boosted the fourth quarter performance of investment management firm Hargreaves Lansdown, which now expects full-year results to be ahead of market expectations. Sector peer Brewin Dolphin moves up in sympathy.Defence group Cobham has landed a big contract to provide communication systems to the US Army. A Cobham-Northrop Grumman team (NGCI) has been selected to provide the VIS-X Vehicular Intercommunication System Expanded for the US Army's Communications and Electronics Command (CECOM). Online fashion retailer Asos produced another year of eye-popping growth, with sales doubling and profits up 93%, though it cautioned its rate of growth could be starting to slow.Sofa and mattress maker Airsprung Furniture is sitting pretty after it returned to profit in the second half of its financial year despite revenues showing little sign of recovery. Titan Europe, which designs and makes undercarriage components for industrial vehicles, said its markets have weakened some more in the second quarter of the company's financial year. The company, which expects to make a loss at the interim stage, said revenue for the first half of 2009 is expected to be around 35% lower than the first half of 2008.Drug developer Alizyme said it is likely to cut a 'significant' number of jobs and may even face going bust if it fails to secure sufficient funding. The group said it does not now expect to have sufficient funding to last beyond the end of August and will be unable to continue as a going concern without the raising of additional funds.Swiss drugs giant Novartis has started a Phase III clinical study of NVA, the treatment it licensed from joint-developers Vectura Group and Sosei Group, triggering milestone payments for both companies.Automated warehousing systems firm SDI is feeling optimistic on the back of an increasing number of contract wins, despite tumbling into the red.