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(AFX UK Focus)
2008-11-24 16:35
Glance-STOCKS NEWS EUROPE-Premiere up; Fininvest raises stake |
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16.13GMT 24Nov2008-Premiere up; Fininvest raises its stake ---------------------------------------------------------- Shares in Premiere rise 31.8 percent to top Frankfurt's mid-cap index after Silvio Berlusconi's Fininvest hikes its stake in the German pay-TV provider to 3.134 percent. Analysts say the news lends weight to ongoing speculation that Rupert Murdoch's News Corp may soon bid for the German pay-TV provider, in turn boosting the share price. "The move raises the likelihood of a Premiere takeover," says Sal Oppenheim Sonia Rabussier. "Berlusconi knows that Murdoch is interested in raising his stake and either he is interested in raising the likely takeover price or he agrees with Murdoch to help him raise his stake." A Frankfurt-based trader says: "The share price had been so battered that such news simply provided the impetus for it to bounce back again." For more double click on or Reuters Messaging rm://sarah.marsh.reuters.com@reuters.net 15:50GMT 24Nov2008-Severn Trent, German Gfk to feature on Tue ------------------------------------------------------------- European companies: Topdanmark Alpha Bank S.A. Intermediate Capital Severn Trent Imperial Tobacco Group U.S. Companies: D.R. Horton Macro (GMT)
0700 DE GDP 0700 DE Gfk index 0745 FR Business claim 1330 US Core PCE 1330 US GDP Prelim Reuters Messaging rm://atul.prakash.reuters.com@reuters.net 15:45GMT 24Nov2008-Volkswagen sinks 13 pct, swimming against sector tide ------------------------------------------------------------------------ Shares in German carmaker Volkswagen fall 13 percent, making them the top losers on Frankfurt's top-30 DAX index and yet again performing contrary to European sector peers. Traders say there is no company specific news driving the stock lower. Volkswagen has decoupled from industry trends this year on the back of German sports car maker Porsche's takeover bid -- an approach which has relied partly on equity derivatives transactions. Analysts say such derivatives and the increased use of algorithmic trading programmes can lead to a stock performing against its sector trend. "There is no market-moving news," a trader says, referring to Volkswagen. "The share continues to live a life of its own. It's nearly impossible to form an intelligent opinion about the swings in the share." Reuters Messaging rm://peter.starck.reuters.com@reuters.net Reuters Messaging rm://hakan.ersen.reuters.com@reuters.net 15:12GMT 24Nov2008-Housbuilders up Panmure raises ratings --------------------------------------------------------- Shares in Redrow and Barratt Development rise 11 percent and 3.2 percent respectively, as Panmure Gordon raises its ratings for the two battered British housebuilders to "hold" from "sell", citing valuation grounds. Panmure says Redrow, which released a gloomy update on Nov 5, 2008, has seen 70.6 percent wiped off its share value since its peak in Dec 2006. The broker says Redrow's re-financing package, announced with its Sept, 2008 final results, which saw its interest rate on debt rise to 8.5 percent from 6.25 percent, now looks like a sensible deal. Commenting on Barratt, Panmure says its share price fall has been even more dramatic, tumbling 95.7 percent since its peak in Jan 2007. The broker says that it has taken heart from the company's recent comments that its cash generation and debt position has continued to improve. Reuters Messaging rm://david.brett.reuters.com@reuters.net 14:44GMT 24Nov2008-C&C up on better than expected cider data ------------------------------------------------------------ Shares in Irish drinks group C&C, maker of Magners cider, rise over 20 percent after data from market research company AC Nielsen shows overall cider sales in Britain fell less than other drinks, with better demand for the beverage than some analysts had expected. On-trade cider sales during August and September in Britain, C&C's principle cider market, were 6 percent lower than a year ago, while beer sales were down 9 percent in the same period, an AC Nielsen spokeswoman said. "It (the data) was not as bad as expected given what they (C&C) said in their first-half results," a Dublin-based analyst says. In October C&C said cider sales fell by 12 percent in the six months to end-August. Reuters messaging rm://laurence.fletcher.reuters.com@reuters.net 13:58GMT 24Nov2008-Koc jumps; perceived as oversold --------------------------------------------------- Turkey's biggest company, conglomerate Koc Holding rises 15.6 percent, nearly twice the advance seen from Istanbul's main share index, as institutional investors move in to the oversold stock. Koc and its subsidiaries, Tupras and Arcelik, have been punished in recent weeks because of foreign exchange denominated debt which is seen as vulnerable given the swiftly weakening lira. "It was hit very hard as well as its subsidiaries. It's now making a comeback due to institutional buying. Arcelik's foreign exchange denominated debts made it seem risky, but it looks like overall it has its cash issues sorted out," said trader Can Oksun, at Ekspres Invest in Istanbul. Reuters Messaging rm://thomas.grove.reuters.com@reuters.net 13:06GMT 24Nov2008-Alcatel up 4.1 pct after Estonia deal -------------------------------------------------------- Shares in Alcatel-Lucent gain 4.1 percent after it says it is joining Estonia's largest telecoms firm to provide support for a triple-play (voice, data, video) digital service venture. Alcatel-Lucent will provide home network management and customer support for Elion Enterprises, which is owned by the Tallin-listed Eesti Telekom Group , the French telecoms equipment firm says in a statement. Citigroup also reiterates its "outperform" rating on Alcatel-Lucent stock and says in a research note: "We believe concerns around the company's liquidity position are overdone." Alcatel-Lucent expects its 2008 sales to fall 2-5 percent and last Thursday declined to provide forecasts for 2009, citing the need to cut costs amid tighter market conditions. For more double click on. Reuters Messaging rm://nicholas.vinocur.reuters.com@reuters.net 13:08GMT 24Nov2008-Wellstream up as HSBC reiterates stance ---------------------------------------------------------- Shares in underwater piping expert Wellstream rise 15 percent reflecting sector rally and as HSBC reiterates its "overweight" stance on the stock, and says it sees long-term opportunities in the subsea market. "While generic near-term concerns are hard to avoid, we believe Wellstream's market valuation is materially out of line with its long-term potential," HSBC analyst David Phillips says. The broker reduces its target price for Wellstream to 950 pence from 1,325. Reuters messaging rm://ben.deighton.reuters.com@reuters.net 13:05GMT 24Nov2008-Woolworths drops; Panmure sets zero target ------------------------------------------------------------- Shares in Woolworths drop 8.4 percent, extending recent falls on uncertainties over the retailer's future, with Panmure Gordon cutting its target price to zero from 3 pence as it says it does "not see a happy outcome". The broker says basically, the worst case scenario is unfolding and given deteriorating high street conditions and Woolworth's obvious distress, it thinks that there is now little or no chance of the equity retaining any value. Panmure Gordon notes that following last week's announcement that Woolworths was in discussions regarding a possible offer for the retail business, there has been plenty of detail in the press about the alleged terms and the revision of the terms that are being offered. The broker says, in its view, Woolworth's remaining businesses, which are collected under the heading of Entertainment Wholesale & Publishing, are not stand alone, so, if Woolworths Retail business is in trouble, this has implications for the bit that the company would hang on to and its ability to service its debt. Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net Keywords: MARKETS EUROPE STOCKSNEWS 12:53GMT 24Nov2008-UK Small Caps gains nearly 1 percent ------------------------------------------------------- The FTSE Small Cap index gains nearly 1 percent, while the blue chips add 4.6 percent, and the mid caps are 3.6 percent higher. The FTSE Developed European Small Cap index climbs 4.2 percent, and the FTSEurofirst 300 is 3.4 percent stronger. Exploration and development company Horizonte Minerals jumps 17.4 percent after saying work at its Lontra nickel project is progressing well, as it reveals its exploration activities over the next 12 to 18 months will primarily be focusing on gold. Pennant International tumbles 41.2 percent as the logistics services company warns its full-year results will be significantly below expectations. For more, double click on Reuters Messaging rm://tricia.wright.reuters.com@reuters.net 12:39GMT24Nov2008-Bank of Ireland up on continued bid talk ---------------------------------------------------------- Shares in Bank of Ireland up 15.2 percent on continued Irish media reports of private equity interest, while Irish Life & Permanent rises over 9 percent amid continued speculation over consolidation in the banking sector. "It's retail buying on the back of press speculation ... and (the perception) that there's value in the two share prices at current levels," says a Dublin based trader. Irish media reports say a consortium that includes U.S. private equity groups is interested in taking a stake in Bank of Ireland or in a possible merged group comprising the bank and IL&P. Bank of Ireland said on Friday it had received unsolicited approaches from a number of unnamed parties seeking to invest in the group, while Finance Minister Brian Lenihan said on Sunday the government would welcome capital injections from private investors on appropriate terms. Reuters messaging rm://laurence.fletcher.reuters.com@reuters.net 12:31GMT 24Nov2008-WH Smith gains; Merrill Lynch ups to "buy" ------------------------------------------------------------- Shares in WH Smith gain 9 percent as Merrill Lynch lifts its recommendation to "buy" from "neutral", saying it believes the shares look oversold. Trading on 8.3 times 12-month rolling price earnings, WH Smith's valuation now looks attractive, says Merrill Lynch in a note. "We do not think our forecasts are aggressive and we think the market is overestimating the downside risk from falling airport passenger numbers," says the broker. Merrill Lynch points out that passenger numbers in airports, where the retailer traditionally has many outlets, are falling, but despite the fall in the last three months of 2008 - down 5 percent - like-for-like sales in the airport stores went up by 3 percent. "With pricing power, we expect WH Smith to continue to outperform passenger numbers," says the broker, which has a 405 pence price objective on the company. Reuters Messaging rm://tricia.wright.reuters.com@reuters.net 12:22GMT 24Nov2008-Nyrstar jumps along with sector -------------------------------------------------- Shares in Belgian zinc producer Nyrstar jump 8.0 percent in line with other basic resources players, though analysts say the rise does little to make up for the beating the stock has taken in the last year. Nyrstar has fallen some 88 percent in the last year, from a close of 18.60 euros on Nov. 4 2007 to 2.20 euros as of 1221 GMT Monday. "A rebound of 10 cents is not so very impressive - the actual share price is, in numbers, still really low," says ING analyst Filip De Pauw, adding that a recovery in zinc prices in the near future is unlikely given the macroeconomic conditions. Nyrstar's gains are largely in line with gains on the DJ Stoxx Basic Resources index, up 8.6 percent as of 1221 GMT, due mostly to the Dow Jones Industrial Average's Friday rise, according to De Pauw. Reuters messaging rm://anne.jolis.reuters.com@reuters.net 12:18GMT 24Nov2008-Minera higher on positive drill -------------------------------------------------- Shares in Minera IRL Ltd, the Peruvian gold producer, rise 2.9 percent to 52.5 pence after a positive drilling result in southern Peru. Research house Fox-Davies Capital says this is "an excellent start" to the Ollachea exploration programme that indicates the potential for a multi-million ounce ore body. "With the company having around $11 million in the bank and being cashflow positive, Minera is in a strong position to complete the exploration," it says. The broker is maintaining its "buy" recommendation on the shares with a 70 pence price target. For more click; company statement malcolm.locke@thomsonreuters.com; +44 207 542 0964 12:12GMT 24Nov2008-Venture rises; Kittiwake field back online ------------------------------------------------------------- Shares in Venture Production climb 7 percent as it says production has now resumed at its Kittiwake platform, after the oil field was shut-down on Nov 6, 2008. However, Venture has decreased its estimated annual average production for the field to between 43,500-45,000 barrels of oil equivalent per day (boepd), which Credit Suisse notes is the third such reduction already this year. The broker, which has an "underperform" rating on the stock and a target price of 400 pence, says: "Gas price remains the only real potential catalyst... There are very little exploration catalysts given that the business model focuses on near-field exploration around existing production hubs rather than high impact exploration." For more double click on Reuters Messaging rm://david.brett.reuters.com@reuters.net 12:05GMT 24Nov2008-British Land gains 5.4 pct on Citi upgrade ------------------------------------------------------------- Shares in British Land gain 5.4 percent after Citigroup raises its recommendation to "buy" from "hold", citing attractive growth potential for the property developer. "With some of the most resilient cash flows in the sector...we are increasingly attracted by British Land's near-and medium-term potential," Citigroup writes in a research note. The value of British Land's property portfolio has dropped by 1.4 billion pounds in the past six months, but the company has managed to secure tenants for one of its high profile City office blocks, the Times reported last week. Stock in British Land is down 45.75 percent on the year, but has outperformed peers in the beleaguered UK real estate sector by 10.75 percent over the same period, according to Reuters data. Reuters Messaging rm://nicholas.vinocur.reuters.com@reuters.net 11:51GMT 24Nov2008-Pennant tumbles on profits warning ----------------------------------------------------- Shares in Pennant International Group Plc tumble 41.2 percent to 5.0 pence as the AIM-listed logistics services company warns its full year results will be significantly below expectations. Stockbroker WH Ireland is cutting its 2008 pre-exceptional pretax forecast from 300,000 pounds to just 10,000 pounds. While calling the announcement "disappointing" it said the stock's forward multiple more than prices this in. "Recognising the uncertainty regarding the timing of contract awards while acknowledging the strength of the balance sheet, we move to a speculative 'buy' recommendation", the broker says. For more click; company statement malcolm.locke@thomsonreuters.com; +44 207 542 0964 11:42GMT 24Nov2008-Phoenix IT weak after H1; Panmure downgrades --------------------------------------------------------------- Shares in Phoenix IT down 1 percent following first half results and news of a change of chief executive, with Panmure Gordon cutting its rating to "hold" from "buy" in response. Panmure Gordon notes that Phoenix IT's interims are in-line with the group's October trading update, with its operating environment having not deteriorated further and the firm gives an upbeat assessment of the full year outlook. However, the broker says that the departure of Phoenix IT's CEO Jeremy Stafford augurs ill, as while his replacement, Nick Robinson, is well-regarded, he had previously left the group due to ill-health, so Panmure thinks the revolving door suggests deeper problems at the firm. The broker says it will reduce its current year EPS forecast for Phoenix IT to 21.7 pence from 24.4 and, as a result, reduces its target price for the stock to 173 pence from 268 and cuts its rating to "hold". For more double click on Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net 10:46GMT 24Nov2008-Seadrill jumps 16 pct ahead of results --------------------------------------------------------- Shares in Seadrill surge 16 percent as the Norwegian oil driller is expected to report a near tripling in pretax profit for the third quarter due to new rigs coming into operation, a Reuters analyst poll shows. Analysts estimate that third-quarter profits, due for release after the close on Monday, will have risen to $120 million from $42 million a year earlier. "With some of the best visibility in the sector, Seadrill remains one of our top picks," Credit Suisse wrote in a research note last Thursday, issuing an "outperform" recommendation for the stock." Reuters Messaging rm://nicholas.vinocur.reuters.com@reuters.net 10:42GMT 24Nov2008-Alexon lower as sales slide ---------------------------------------------- Shares in fashion retailer Alexon Plc fall 6.7 percent to 14 pence after sales during October and November fall slightly below the board's expectations. Stockbrokers Panmure Gordon, which recently lowered its target price for the stock to 10 pence, says sales are poor and that it expects losses for this year and the foreseeable future. "We also expect no dividends, which leaves cash as the prime support for the shares and conservation will be the key to the share price," it adds. For more click; company statement malcolm.locke@thomsonreuters.com; +44 207 542 0964 10:36GMT 24Nov2008-Byotrol down after H1 results -------------------------------------------------- Shares in Byotrol fall 2.9 percent as the anti-microbial technology company says it is disappointed with sales, totalling 387,852 pounds, for the six months ended 30 September 2008. "Notably, the group indicated that supply to the NHS is frustratingly difficult and progress has been slower than anticipated," says Daniel Stewart in a note. "We continue to prefer Tristel, a profitable, dividend-paying sterilant manufacturer, experiencing double digit sales growth," the broker says. Tristel is Byotrol's AIM-listed peer. For more double click on Reuters Messaging rm://tricia.wright.reuters.com@reuters.net 10:36GMT 24Nov2008-e2v up after H1 results; RBS repeats "buy" ------------------------------------------------------------- Shares in e2v Technologies rise 6.1 percent after the electronic components maker delivers first half results in line with expectations and provides a reassuring outlook statement, says RBS. The company, which supplies the medical, science and defence sectors saw pretax profit for the six months to end-Sept fall to 3.1 million pounds, from 3.6 million in 2007, while sales rose 12 percent to 107 million pounds on favourable currency effects. e2v's order book at the end of the first half stood at 118 million pounds, broadly flat versus the 122 million pounds seen as at the end of March. RBS says this order book underpins its expectations for the second half and it has left its full year pretax forecast unchanged at 28.3 million pounds, while increasing its EPS estimate to 37.2 pence from 33.1 to reflect a reduction in the group's tax rate. Similarly for full year 2009/10, the broker leaves its pretax profit forecast unchanged at 34.7 million pounds while increasing its EPS estimate to 42.7 pence from 40.2. RBS says whilst the commercial and industrial markets remain a concern, it feels e2v's current share price does not appear to reflect the resilience present in the firm's other markets. The broker repeats its "buy" rting on e2v stock. For more double click on Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net 10:24GMT 24Nov2008-Chloride gains; Investec repeats "buy" --------------------------------------------------------- Shares in Chloride rise 4 percent after Investec Securities repeats its forecasts and "buy" rating for the supplier of uninterrupted power systems, and as peer e2v Technologies posts a bullish update. Investec says that the short-term outlook for trading remains unclear, but in the medium-term prospects are as strong as ever for Chloride's critical power equipment. Investec analyst Chris Dyett says: "This is a well-managed, cash-generative, lowly-geared, market-leading business which for us remains a strategic asset." The broker, which has a target price of 175 pence on the stock, estimates 2009 pretax profit at 44.6 million pounds, with an EPS 11.7 pence. Reuters Messaging rm://david.brett.reuters.com@reuters.net 09:49GMT 24Nov2008-PZ Cussons up; Numis starts as "add" ------------------------------------------------------- Shares in PZ Cussons gain 1.5 percent as Numis Securities starts coverage on the household products group with an "add" recommendation and a target price of 125 pence. Numis says PZ Cussons' strategy, based on strong local brands in selected markets is, in its view, entirely consistent with the strategy of large fast- moving consumer goods groups which focus on a limited number of key global brands. The broker notes that the Imperial Leather soap manufacturer has developed a balanced portfolio between mature and fast growing markets with key competitive advantages notably in both the UK and the fast growing Nigerian market. Messaging rm://jon.hopkins.reuters.com@reuters.net 09:45GMT 24Nov2008-SocGen, BNP drop on cap hike, div cut fears -------------------------------------------------------------- Shares in French banks Societe Generale and BNP Paribas lose 1.7 percent and 2.4 percent respectively -- the only two falling stocks on France's bluechip index CAC 40, and falling behind a 3 percent rise in the DJ Stoxx bank index-- as traders cite renewed worries over potential capital increases and dividend cuts. "There is still this idea that these two banks will need need fresh cash soon. So it's better not to touch their stocks until something is announced," one trader says. So far this year, SocGen is down about 70 percent, BNP Paribas down about 50 percent, and the DJ Stoxx bank index is down 66 percent. Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net 09:43GMT 24Nov2008-Hypo Real top DAX-gainer on 20bn euro liquidity guarantee ---------------------------------------------------------------------------- Shares in German property financier Hypo Real Estate rise 11.6 percent, topping the DAX leaderboard, after the company secures a 20 billion euro liquidity guarantee from the German Financial Markets Stabilisation Fund. "Securing this guarantee Hypo makes sure that it will not run into any liquidity problems towards the end of the year," Equinet says in a note. Traders also point to a broad-based rally in financial sector shares across Europe in response to the U.S. government's bailout package for Citigroup. For more double click on Reuters Messaging rm://peter.starck.reuters.com@reuters.net 09:36GMT 24Nov2008-Insurers bounce as Citi plan eases anxiety ------------------------------------------------------------- Insurers are among the biggest gainers on the FTSE 100 as the sector recovers slightly from a mauling last week on growing jitters on the state of the financial sector. The U.S. government plan to prop up Citigroup with more than $300 billion has eased anxiety that had dragged the sector lower last week, traders say. "It's something of relief rally," a trader says. "The sector had been dragged lower by U.S. peers on concerns over their commercial backed securities holdings, the same securities that were behind probelems at Citi, so a solution there should also help." Old Mutual jumps 9.8 percent while Legal & General adds 5.8 percent and Prudential climbs 7.9 percent. Reuters Messaging://simon.falush.reuters.com@reuters.net 09:16GMT 24Nov2008-Powerleague surges on rising revenues -------------------------------------------------------- Shares in Powerleague, the 5-a-side football centre operator, climb 6.8 percent, after it reports a significant increase in revenues for the first 21 weeks of this financial year, prompting Altium Securities to repeat its "buy" recommendation. Altium says Powerleague benefits from the upgrading of 80 pitches last year and an autumn marketing campaign which is yielding good results. Wayne Brown, an analyst at Altium, says in a note: "The reduction in interest rates is another positive with a substantial portion of the company's debts linked to the base rate." For more double click on
Reuters Messaging rm://david.brett.reuters.com@reuters.net
------------------------------------------------------------ Sanofi-Aventis shares gain 8.1 percent, outperforming a firmer European market, as Morgan Stanley upgrades the stock to "overweight" from "equal-weight", arguing significant negative issues at the group are now discounted. "The appointment of an external candidate as chief executive -- Chris Viehbacher, formerly of GlaxoSmithKline -- on December 1, following the removal of his predecessor by the board, at least opens the door for operational improvements, higher R&D hurdles, and an accelerated shift in strategy," they wrote in a research note. Morgan Stanley sees two sources of near-term upside -- further near-term cost reduction and potential delays to generic versions of Sanofi's top-sellers Lovenox and Plavix. Reuters Messaging rm://ben.hirschler.reuters.com@reuters.net 09:11GMT 24Nov2008-China Eastsea falls after H1 results ------------------------------------------------------- Shares in China Eastsea Business Software fall 12.5 percent as the IT outsourcing provider says revenue in the six months ended 31 August 2008 falls 5.95 percent compared with the same period last year, as EBITDA drops 90 percent. "In our view, unless the general trading environment improves, the company will find the second half to be equally challenging," says Seymour Pierce in a note. Seymour Pierce cuts its full-year 2009 revenue forecast to 8.0 million pounds from 9.3 million pounds, and net profit to 0.6 million pounds from 2.3 million pounds. The broker has a "hold" recommendation on the company. For more, double click on Reuters Messaging rm://tricia.wright.reuters.com@reuters.net 09:10GMT 24Nov2008-MITIE higher on in-line interim figures ---------------------------------------------------------- Shares in MITIE Group Plc move up 3 percent to 174 pence after an in-line set of interim figures and a confident statement on prospects. Altium Securities says the interim results are "solid" and that the group is well placed to withstand the current economic downturn. "Although the outlook is a little more cautious, the group is emphasising expectations of increased outsourcing," the broker says. It puts its core "buy" recommendation under review on valuation concerns. For more click; company statement Email: malcolm.locke@thomsonreuters.com 08:57GMT 24Nov2008-Homeserve dives after profits warning -------------------------------------------------------- Shares in Homeserve fall 21 percent after the company says it expects profits to be hit by between 2 and 3 million pounds if the current retail slowdown continues. "In the seven weeks since the pre-close statement retention rates in the UK have slipped from 84 percent to 83 percent and with the important selling season in H2 this does not bode well," says Panmure analyst Mike Murphy. To see the full article please click on Reuters messaging rm://ben.deighton.reuters.com@reuters.net 08:50GMT 24Nov2008-Standard Chartered lower after rights issue -------------------------------------------------------------- Shares in Asia-focused bank Standard Chartered fall 3.4 percent in early trade after the lender announces a surprise 1.8 bilion pound ($2.68 billion) rights issue, and says that while its second-half performance is strong, the global financial crisis is increasingly affecting its markets. "The surprise factor in this announcement is unlikely to be taken well, and the further slowdown in H2 08 will require a rethink on 2009 forecasts," says Oriel Securities analyst Mike Trippitt. "Investors are likely to ask is the capital being strengthened because the market expected it, or because the operational circumstances for Standard Chartered have changed?" Standard Chartered says the rights issue is fully underwritten, and is priced at 390 pence per share, a 48.7 percent discount to the stock's closing price on Nov. 21. The bank's shares are down 3.4 percent at 733.5 pence at 0840 GMT, making them the biggest faller in the FTSE 100 share index, which is 1.6 percent higher. To read more, please click on Reuters messaging rm://myles.neligan.reuters.com@reuters.net ($1=.6706 Pound) 08:45GMT 24Nov2008-Cost cut report lifts ThyssenKrupp ----------------------------------------------------- Shares in steelmaker ThyssenKrupp rise 4.2 percent, putting them among the top three gainers on Frankfurt's blue-chip DAX index as analysts cite a newspaper report about plans for about 1 billion euros in cost cuts. "Reacting to the change in market conditions with lower steel prices and reduced volumes is the right thing to do," LBBW says in a note. "In the light of 5.1 billion euros EBITDA in 07/08, a 1 billion euro reduction would be a considerable target," Merck Finck says in a note. Reuters Messaging rm://peter.starck.reuters.com@reuters.net 08:22GMT 24Nov2008-FTSE Small Cap Index up 0.3 pct early -------------------------------------------------------- The FTSE Small Cap Index rises 0.3 percent in early trade, taking its cue from the wider market, which rallies following Wall Street's strong close on Friday, with the FTSE 100 Index up 2.3 percent and the FTSE Mid Cap up 1.4 percent. Woolworths, the embattled sweets-to-DVD retailer, rises 11.9 percent following reports in the Times newspaper that Hilco, the distressed-business specialist, is to "sweeten" the terms of its one pound offer for the company's retail division. RM, the British educational services firm, falls 2 percent after reporting interims. Altium Securities terms the figures broadly in-line. It has a "buy" recommendation on the stock. Reuters Messaging rm://david.brett.reuters.com@reuters.net 08:21GMT 24Nov2008-European stocks surge early after Citi rescue ---------------------------------------------------------------- European shares rise sharply in early trade, with banks leading the surge following a rescue plan for U.S. ailing bank Citigroup. The FTSEurofirst 300 index of top European shares is up 2.3 percent at 778.40 points. The index lost 12 percent last week, hurt by fears of a deep economic slowdown as well as banks' balance sheets. Banco Santander, Barclays, Deutsche Bank, HSBC , Lloyds and UBS are up between 1.8 and 5.6 percent. For the latest on European stock markets, click on Reuters Messaging rm://brian.gorman.reuters.com@reuters.net 07:17GMT 24Nov2008-Futures point to bounce after Citigroup rescue ----------------------------------------------------------------- European stock index futures point to a sharp bounce, with the market tracking a late rally in New York on Friday, and as investors cheered a rescue plan for embattled Citigroup. Futures for the DJ Eurostoxx 50, Germany's DAX and the French CAC 40 are up between 2.8 and 3.8 percent. The U.S. government late on Sunday unveiled a $306 billion rescue package for Citigroup in the latest attempt to restore confidence in the ailing financial system. MAJOR MACROECONOMIC DATA: (GMT) 0900 DE Ifo index Nov 1000 EZ Ind new orders Sep 1530 UK Pre Budget Report 1500 US Home sales Oct MAJOR EUROPEAN COMPANIES REPORTING: Q3 NKT Hldg
Q3 OPAP/R EGM Barclays shareholder vote on cash raising MAJOR U.S. COMPANIES REPORTING: Q1 Campbell Soup Q4 Analog Devices Inc. Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net Reuters Messaging rm://brian.gorman.thomsonreuters.com@reuters.net Keywords: MARKETS EUROPE STOCKSNEWS =4
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