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Pochin trading update disappoints investors By Michael Millar Date: Wednesday 26 Oct 2011 LONDON (ShareCast) - Cheshire-based construction firm Pochin upset investors today by announcing there had been "no discernible improvement" in the regional property and construction markets in which the group operates. Shares in the firm fell 5% in morning trading following the interim management statement. The firm said its construction division continued to perform "creditably in a difficult market" and had maintained a healthy forward order book. It also said that the firm's property division was seeing steady levels of occupancy in its investment portfolio and its previously announced programme of non-core property disposals was ongoing. Porchin also reiterated that negotiations with a prospective purchaser of its concrete pumping division were continuing.

Interim Management Statement This Interim Management Statement covers the period from 1 June 2011 to date. The Chairman's Statement and the Business Review included in the announcement dated 30 September 2011 of the annual results for the year to 31 May 2011 ("the Preliminary Announcement") set out the trading and financial position of the Group at that time. This statement provides an update on the Group's current position. The Construction division continues to perform creditably in a difficult market and a healthy forward order book is being maintained. The Property division is maintaining steady levels of occupancy in its investment portfolio and the previously announced programme of non-core property disposals continues. As previously outlined in the Preliminary Announcement, negotiations with a prospective purchaser of the Concrete Pumping division are continuing. There is no discernable improvement in the regional property and construction markets in which the Group operates.

http://www.investegate.co.uk/Article.aspx?id=201110260700138337Q

Societe Generale upgrades Shire from hold to buy, target price raised from 2000p to 2310p

Ambrian initiates speculative buy on Uranium Resources.

Liberum Capital downgrades Reckitt Benckiser from hold to sell, target price 2900p.

ING downgrades Reckitt Benckiser from buy to hold, target price cut from 4055p to 3750p

Citigroup initiates neutral on Domino Printing Sciences, target price 577p

gkn: Investec cuts target from 250p to 240p, buy rating maintained.

BG Group Chief Executive Sir Frank Chapman said: "This is a ground-breaking agreement for BG Group, giving us first-mover advantage in securing LNG export volumes from the US Gulf Coast. It is the first agreement of its kind in this region and it secures us early access to the rapidly emerging commercial opportunities driven by the recent material increases in US gas reserves. "We are delighted to have signed this landmark deal for BG Group in a market and a country where we have been intimately involved, throughout the gas chain, for a decade. It adds further diversity to our global LNG supply portfolio and builds upon our proven track record in capturing and developing new opportunities that continue to drive the global growth of our LNG business". BG Group is continuing to pursue an expansion of the Lake Charles LNG terminal, located in Louisiana, USA, to provide natural gas liquefaction services. Authorisation has been received from the US Department of Energy (DOE) to export up to 730 Bcf of natural gas per year (approximately 15 mtpa) from the Lake Charles LNG terminal to countries that have a free trade agreement in place with the US. The DOE is currently reviewing an application to export natural gas from the Lake Charles LNG terminal to countries that do not have a free trade agreement with the US.

BG Group signs long-term US LNG purchase agreement BG Group announced today that it has signed a fully-termed sale and purchase agreement with Sabine Pass Liquefaction, LLC, a subsidiary of Cheniere Energy Partners, L.P., for the purchase of 3.5 million tonnes per annum (mtpa) of liquefied natural gas (LNG) over a 20-year period from the Sabine Pass LNG terminal located in Louisiana, USA. The agreement, which is subject to certain conditions and approvals, is the first long-term LNG purchase agreement from a project on the US Gulf Coast, allowing BG Group to secure LNG volumes for export from the US to international gas markets. LNG exports are expected to commence as early as 2015. Construction of the liquefaction facilities at Sabine Pass is expected to commence in 2012, with the initial phase to consist of two trains capable of producing up to 9 mtpa of LNG. BG Group is not an investor in the proposed liquefaction facilities.

http://www.investegate.co.uk/Article.aspx?id=201110261300078882Q

Richard King, Chairman of The Character Group said: "Each year the TRA announces its predictions for the Dream Dozen toys and, once again, it is a privilege to appear in such a prestigious list. The list is chosen from all toys in the marketplace and takes into account factors such as sales predictions, innovative marketing and pure entertainment value. We are understandably delighted to have received such recognition in the only official prediction of Christmas best-sellers." Jon Diver, Joint Managing Director of The Character Group commented: "Each year, we strive to develop the quality and play value of the toys we produce and, each year, the TRA acknowledges this development by including Character in its best-of-the-year lists. We believe Character's annual appearance on the Dream Toys list further justifies our long-term strategy of building and nurturing brands."

Fireman Sam Helps Character into Dream Toys 2011 List The Toy Retailers Association ("TRA") has once again placed a Character product in its 'Dream Dozen' for Christmas 2011. Character is represented in the list by the Fireman Sam Pontypandy Multi-Rescue Set. There is so much in this Multi-Rescue Set because Fireman Sam needs some rescue help to cope with all the disaster scenarios. Kids must help put out the building fires with the hose, save naughty Norman when he traps his head in the railings and help Sam get the cat down from the tree! There's never a dull moment - there's even a collapsing roof and floor! In addition to the Fireman Sam set (which also features in the TRA Pre-School Top Ten List for Christmas), two further toys with Character's Doctor Who brand were represented in the TRA's lists. In the Boys Top Ten, the Doctor Who Personalise Your Own Sonic Screwdriver Set features, and making the Construction Top Ten is the Doctor Who Dalek Factory Set. Also commended in the Pre-School Top Ten list is Peppa's World of Playsets.

http://www.investegate.co.uk/Article.aspx?id=201110261333548929Q

Investec has cut its target price for FTSE 250 transport logistics group Stobart but kept its buy rating on the stock, saying that despite near-term challenges, the outlook remains encouraging. The broker highlights the board’s “broadly unchanged” outlook, saying that the word ‘broadly’ leaves some ambiguity. As such, Investec feels its prudent to lower its profit forecasts for the current year, meaning that the target price comes down from 176p to 165p.

Next was one of the worst performing stocks on the FTSE 100 on Wednesday after Deutsche Bank downgraded the high street giant from buy to hold, saying that it expects share price upside to remain muted now until after Christmas. “The stock has closed its historic price-to-earnings ratio discount to both the sector and UK market (14%/ 9% respectively over the last five years) and now trades at a modest premium (of 7%/14%),” analysts said. The broker expects the firm to report weaker-than-expected third quarter sales due to the unseasonably warm weather to date.

SP - yes for the time being but a 'reasonable' drop today and it doesn't take much to cause jitters these days ! I like this one for 5 - 10% moves. GL 'cos we all need that!

Reckitt Benckiser, the household consumer goods giant, said it was on track to achieve "another year of above industry-average growth" after delivering barnstorming profit and revenue growth at its emerging market division, writes the Investment Column in the Independent. Still, the group – which last year acquired the Durex condoms to Scholl shoes group SSL International for £2.54bn – did not totally clean up yesterday, as its adjusted operating margin fell by 40 basis points to 26.3 per cent, dragged down, in part, by Reckitt Benckiser Pharmaceuticals (RBP). Indeed, Reckitt warned that its total growth will slow as it laps the SSL acquisition and the buy back of the distribution rights at RBP's Europe and its rest of the world business. The forward earning multiple of more than 13 also makes us cautious. Hold, suggests the paper.

sain@vision - absolutely agree - however it does make for a roller coaster ride though as the we are in, we are out spirals on - nice steady rise in last couple of weeks.