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Scapa Group: Numis upgrades to buy, maintaing a target price of 77p.

Sanderson Group: WH Ireland moves target price from 55p to 57p, buy rating remains unchanged.

Renew Holdings: Numis initiates with a target price of 110p and a buy recommendation. WH Ireland raises target price from 125p to 130p, buy recommendation kept.

Optos: Investec moves target price from 202p to 157p and downgrades from hold to sell.

National Express: Nomura reduces target price from 285p to 189p and downgrades from buy to neutral.

Kryso Resources: Investec cuts target price from 42p to 41p, buy recommendation reiterated.

Informa: Morgan Stanley raises target price from 415p to 485p and upgrades to overweight.

Greencore: Investec raises target price from 90p to 100p, buy recommendation maintained.

Chemring: Investec reduces target price from 500p to 280p, buy recommendation maintained.

Carrs Milling: Investec raises target price from 1000p to 1125p, buy rating kept.

Britvic: Canaccord Genuity downgrades to hold, target price of 410p kept. Numis upgrades to add, maintaining a target price of 451p.

Bovis Homes Group: UBS raises target price from 465p to 500p, neutral rating reiterated.

Good luck my friend...

Big Yellow Group: Espirito Santo raises target price from 308p to 322p, natural rating maintained.

Aveva: Seymour Pierce initiates with a target price of 1780p and a sell recommendation.

Aberdeen Asset Management: Citigroup raises target price from 320p to 345p and downgrades to neutral. JP Morgan raises target price from 330p to 414p, overweight rating unchanged. Credit Suisse moves target price from 323p to 380p, outperform rating kept. Exane BNP Paribas raises target price from 350p to 370p, outperform rating maintained.

The U.S. increased oil production by 832,000 barrels a day from August 2011 to August 2012—a direct consequence of The Shale Revolution.

Positive Points: Accompanying management outlook comments highlighted trading which was in line with current full year expectations. Consumption across its measured income base is anticipated to return to normal seasonal levels in the second half. The board highlighted that an additional £150 million investment programme was already delivering operational improvements to the benefit of customers. Leakage, pollution incidents and service incentive mechanism scoring had improved. The group's net finance costs were £109.8 million, compared to £119.4 million in the prior period. Lower inflation had led to lower finance costs on index linked debt which had offset an increase due to higher borrowings and a higher net pension finance cost. The group's dividend yield (currently over 4%: 27November12) remains attractive in a low interest rate environment. A progressive policy continues to be pursued. Severn Trent is subject to occasional takeover speculation

Negative Points: Wet weather over the summer impacted the group's revenues. Customer measured consumption was lower by 2.8% in the period compared to the same period last year. Commercial consumption, in particular agricultural, was lower than expected, and household measured consumption was weaker than anticipated. The group remains in negotiations with the water industry regulator. Profitability from Severn Trent's core water business is dependent on the group’s ability to meet tough regulatory efficiency targets. During the period, there were a number of changes made to its Services business. The sale of the metering business was completed, and the planned sale of the Analytical Services business was announced and is progressing. Group net debt as of 30 September 2012 was £4.05 billion, up from £3.96 billion as of 31 March 2012. Balance sheet gearing (net debt/net debt plus equity) at the half year was 82.6% (31 March 2012 80.2%). Net debt, expressed as a percentage of estimated Regulatory Capital Value at 30 September 2012 was 56.4% (56.0%). Customer bad debts rose by 1.3% to £15.7 million during the period, although remained stable when expressed as a percentage of group turnover - 2.2%, unchanged from the previous year.

Financial Highlights: Group revenue rose by 3.6% to £917.7 million. Underlying or adjusted profit before tax increased by 1.6% to £157.5 million. Half year dividend increased by 8.2% to 30.34 pence per share.