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13:35GMT 06Nov2009-Xtract Energy sinks as well testing suspended

Shares in exploration company Xtract Energy sink over 20 percent and to their lowest level since August after the company says that its Turkish joint venture Extrem Energy has suspended testing on its Alasehir-1 well.
The company says in a statement: "Well conditions encountered were worse than expected and several attempts to repair the cement bonds were not successful."
The stock, which had been trading slightly higher on the day at 4.5 pence immediately before the statement, is trading down 24 percent at 3.25 pence by 1351 GMT.
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13:11GMT 06Nov2009-Tribal up; Shore Cap starts as "buy"

Shares in Tribal Group rise 5.7 percent as Shore Capital initiates its coverage on the British public-sector consultant with a "buy" rating, citing strong cash flow and valuation attractions, alongside growing market opportunity. The broker says Tribal has built positions in key public sector markets and expects "acquisitions to continue, but with a greater focus in building a cohesive business targeting growth opportunities in specific vertical markets."
Shore Capital says although the company faces near-term challenges, which include potential cuts in public spending, opportunities offset headwinds, while the 2010 price earnings multiple of 5.6 time offers value with a free cash flow yield of 17.3 percent.

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12:29GMT 06Nov2009-UK small caps gain 0.1 pct midday

The FTSE Small Cap index gain 0.1 percent in midday trade, while the blue chips rise 0.2 percent and the midcaps are 0.7 percent higher.
Hutchison China Meditech climbs more than 5 percent, extending gains made the previous session after positive drug data, with Panmure Gordon raising its target price for the firm to 200 pence from 187 pence and repeating its "buy" rating.

IQE, a supplier of semiconductor wafer products, falls 2.7 percent after Panmure Gordon downgrades its rating to "hold" from "buy" and cuts its earnings forecasts for the firm, citing possible supply chain issues with its biggest customer Triquint. Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
12:11GMT 06Nov2009-IQE down; Panmure cuts to "hold"

Shares in IQE fall 2.7 percent after Panmure Gordon downgrades its rating to "hold" from "buy" and cuts the firm's earnings forecasts, citing possible supply chain issues with its biggest customer Triquint.
"It appears that Triquint may be losing some share to Skyworks," says the broker in a note.
"This is a negative dynamic for IQE (a supplier of wafer products) and means it is unlikely to benefit from smartphone growth and potential for restocking as much as we hoped," it adds.
Panmure lowers its 2009 and 2010 earnings per share forecasts by 35 percent and 26 percent respectively, and lowers its target price to 18 pence from 19 pence.

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11:31GMT 06Nov2009-Desire Petroleum, Rockhopper up on IC tip

Shares in Falklands oil and gas explorer Desire Petroleum and its partner Rockhopper rise by 4.3 and 5.2 percent respectively after comment in the Investors Chronicle sparks investor support for oil companies with assets in the region.
"There's a mention in the Investors Chronicle and Rockhopper, Desire Petroleum and Borders & Southern Petroleum (up 2.4 pct) are all getting pulled up as a sector move," a trader says.
"Access to the area has always been a problem in the past and it looks like they (Desire and its partners Rockhopper) managed to get a rig out there which opens it up a lot," he says.
For more please see

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11:18GMT 06Nov2009-Hutchison Chi-Med up on drug data

Shares in Hutchison China Meditech rise 5 percent, extending the previous session's gains, after Panmure Gordon raises its target price to 200 pence from 187 pence and repeats its "buy" rating after positive drug data.

Panmure Gordon says phase IIb data, announced on Thursday, achieved by the China-focused firm's drug candidate HMPL-004 in the treatment of Ulcerative Colitis is "overwhelmingly positive".
"It also removes a significant downgrade risk of the company not being able to license HMPL-004 ... the data should be compelling enough to attract licensing partners," the broker says in note.
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