(RSW.L) Renishaw PLC Buy/Sell

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07:40GMT 29Sep2009-Renishaw rises on positive trading

Renishaw shares rise as much as 4 percent to their highest point in 2009, after reporting positive trading since the end of June and plans to restore salary reductions that were put in place in February.
"Renishaw looks interesting as a recovery 'play', in view of its extreme cyclicality and in spite of the stretched valuation metrics," says Michael Blogg, analyst at Arbuthnot Securities.
"With both the revenue and cost lines moving upwards, we shall reassess our estimates but we expect to revise them upwards," he adds.
To see Renishaw's statement please click on

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07:35GMT 29Sep2009-FTSE Small Caps up 0.3 pct at the open

The FTSE Small Cap Index is 0.3 percent higher in opening trade, outperforming the FTSE 100, which falls 0.2 percent, while the FTSE 250 adds 0.5 percent.
Eco City Vehicles rises 4.6 percent after the supplier of London black cabs says first-half revenue increased 22 percent to 12.4 million, citing strong demand for its new co-developed Mercedes Vito taxi. the company adds it is considering stepping up its production of the Vito.
Independent News & Media falls 6.5 percent after agreeing to a refinancing deal with bondholders that could give them a 47 percent stake in the publishing group and roughly halving the interests of existing equity shareholders.

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