STOCKS NEWS Reuters Results diary
Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]
10:09GMT 25Mar2009-Premier Oil jumps on Oilexco acquisition
-----------------------------------------------------------
Shares in Britain's Premier Oil PMO.L jump 12.1 percent after it agrees to buy the North Sea unit of Canada's troubled Oilexco Inc OIL.TO for $505 million, as strong oil companies take advantage of low crude prices and tough debt markets to acquire weaker rivals.
A trader says Premier Oil's launch of a 171 million pound ($250.7 million) rights issue is being well received by the market. "They came out this morning saying they would buy Oilexco and the news about the rights issue has been taken really well by the market."
Premier will pay for the acquisition with bank loans and the rights issue. The oil explorer says record net profits for 2008 are $98.3 million, up from $39.0 million in 2007.
For more double click on [ID:nLP108908]
Reuters Messaging rm://farah.master.reuters.com@reuters.net
09:48GMT 25March2009-Ted Baker up on long-term prospects
--------------------------------------------------------
Shares in Ted Baker TBK.L rise 4.2 percent after the British fashion label says recent trading has been solid despite predicting that 2009 earnings will be lower than in 2008 due to the uncertain economic environment.
Analysts at Investec leave their forecasts unchanged and retain a "Buy" rating on Ted Baker because of its good long-term prospects, which they say merit a premium to the overall sector.
"Trading to date is ahead of expectations, with a better than anticipated start in the UK compared with more difficult trading conditions overseas," Investec says. "We shall await evidence of trading, and the balance of sales progress and gross margin performance, before re-assessing our forecasts."
For more, click on [ID:nLP82717]
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
09:33GMT 25March2009-Solid 2008 numbers, dividend boost GAGFAH
--------------------------------------------------------------
Shares in GAGFAH GFJG.DE rise 11.3 percent, making them the top gainers among German midcaps .MDAXI as investors reward the real estate company's solid 2008 final numbers and its strong dividend policy.
"The company has posted surprisingly strong sales numbers in the fourth quarter, thereby defying the general market trends. Furthermore, the company reported less revaluation losses than we had expected," says UniCredit analyst Mathias Becker.
"The numbers are good. But the dividend policy also makes this an attractive stock at the moment. GAGFAH pays out 0.20 euros per share in a quarterly dividend -- that's over a 20 percent yearly dividend on a stock which trades for under 4 euros a share," says a local trader.
For more double click on [ID:nEQgakiyco]
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net
09:40GMT 25March2009-Conergy rises further on M&A speculation
-------------------------------------------------------------
Shares in German solar systems maker Conergy CGYG.DE rocket for the second consecutive day as traders point to a Bloomberg story in which the chief investment officer of Swiss investment company Good Energies says solar projects are "excellent investments".
Shares in the company are up 37.3. percent at 0.92 euros, after surging 76.3 percent on Tuesday.
Traders say that the report may fuel M&A speculation regarding Conergy.
"It is hard to say what is driving the stock higher. There was M&A speculation buoyed by comments from an interview with Good Energies," says a Frankfurt-based trader.
"With the kind of gains we saw yesterday, penny stakes begin to take-on momentum of their own and as more people buy in because of the hype and because the shares are cheap," he says.
Analysts, however, are sceptical about the credibility of such speculation, with one analyst saying the rally had more to do with investors being squeezed out of short positions.
"The stock may have been attractive for some investors that now find themselves forced to cover their positions," one analyst says.
Conergy declined to comment.
Good Energies was not immediately available for comment.
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
09:36GMT 25March2009-Nichols higher after results, Vimto sales boost
--------------------------------------------------------------------
Shares in Nichols NICL.L, the soft drinks group behind Vimto, jump over 8 percent as the company posts full-year results which Brewin Dolphin says are comfortably ahead of its expectations, with pretax profit before exceptionals up 11.1 percent.
Brewin Dolphin increases its profit forecast for the current year to 10.4 million pounds from 9.8 million pounds, and upgrades its recommendation to "buy" from "add" following recent share price weakness.
The broker highlights that sales of Vimto in the UK grew a "healthy" 16.1 percent, against the soft drinks market which grew by 1 percent last year (excluding the licensed on-trade).
"This branded business with a strong balance sheet is well positioned in the current environment to continue producing growth," Brewin Dolphin says in a note.
"The dividend is growing and the shares currently offer an attractive yield of 5.5 percent," it adds.
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
09:31GMT 25March2008-Melrose Resources up after posting FY profit
-----------------------------------------------------------------
Shares in Melrose Resources MRS.L gain more than 5 percent after the British oil & gas explorer swings to a full year profit and more than doubles its revenue, although it says 2009 production is likely to be slightly lower than in 2008.
Broker Brewin Dolphin describes the results as impressive and says it is continuing to advise investors to buy the shares.
Melrose is well positioned to grow production and has a good geographic spread of operated assets, the broker says.
"From 2009 onwards, we expect steady growth in production through to 2012," it says in a note.
To see related story please click on [ID:nBNG459471]
Reuters Messaging rm://philip.waller.thomsonreuters.com@reuters.net
09:24GMT 25Mar2009-Euronav boosted by dividend payout
-----------------------------------------------------
Shares in Belgian crude oil transporter Euronav EUAV.BR rise for the sixth straight session, boosted by the group's plan to pay a dividend three times higher than a year earlier.
The shares hit a five-week high of 11.00 euros, a session gain of 6.2 percent, nearly 19 percent up from a week ago. Belgium's mid-cap index .BELM is 0.3 percent stronger.
Euronav says it will propose a total 2008 gross dividend of 2.60 euros per share, from 0.80 euros per share in 2007. The figure is higher than analysts had forecast.
"The proposed 2.60 euro dividend is rather generous in the context of the maritime crisis," Bank Degroof writes in a morning note, adding that the decline of very large crude carrier (VLCC) rates towards $30,000 per day is worrying.
For more double click on [ID:nLO506118]
Reuters Messaging rm://philip.blenkinsop.reuters.com@reuters.net
09:18GMT 25Mar2009-TUI Travel rises on strong Q1 update
-------------------------------------------------------
Shares in TUI Travel TT.L rise 2.5 percent as the group says it is well positioned to meet full-year expectations after first-quarter losses are reduced and trading in its key markets strengthens over the last four weeks.
Analysts say Europe's biggest two tour operators, TUI Travel and Thomas Cook TCG.L, have benefited from being able to take capacity out of the market following their creation through mergers in 2007.
"The benefits of two dominant players in the two most important source markets is clear to see. Overall, in spite of signs of weakness in some source markets, we think the investment case remains intact," says RBS analyst Simon Larkin, who describes the first quarter performance as "good".
RBS rates the stock a 'buy' with a 300 pence price target.
For more information please click on [ID:nLO957840] [ID:WLA0659]
Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net