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09:09GMT 10Dec2009
Afren rises on oil estimates upgrade
Shares in Afren rise as much as 5 percent after it announces an upgrade to its volume estimates for the Ebok complex, offshore Nigeria, after better-than-expected results at the Ebok-5 well.
The oil and gas explorer says the positive news has also increased its confidence for remaining exploration and appraisal at the complex.
'We believe this morning's positive drilling results have the potential to add between 0.03-0.08 stg per share to our risked valuation of 0.99 per share with the key variable relating to potential changes to the proposed development plan for this part of the Ebok reservoir,' analysts at Citi say.
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09:08GMT 10Dec2009
BSkyB gains as Cazenove upgrades
Shares in BSkyB gain 2.1 pct after Cazenove upgrades its rating for the satellite broadcaster to 'outperform' from 'in-line' to reflect its strong growth prospects together with the potential for margin improvement.
The broker says, despite reporting three sets of excellent results that have demonstrated accelerated revenue growth, BSkyB's shares have struggled to perform which it says reflects the threat of increased regulation together with the investment made in volume growth.
However, Cazenove says the publication of regulator Ofcom's pay-TV review has been delayed from December/January to the end of March 2010, and given a UK general election is due by May, it speculates as to whether a change in government might be considered a reduction in the regulatory risks facing the firm.
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08:51GMT 10Dec2009
Segro rises on UBS upgrade
Shares in Segro rise 1.2 percent, gaining for the second straight session, after UBS upgrades the industrial property landlord to 'buy' from 'neutral' and adds the firm to its European Real Estate most preferred list.
UBS says it views the firm's acquisition of Brixton in August favourably, and sees potential earnings per share upside from the group's combined 14 percent vacancy. The broker expects 12 million pounds in earnings for every 2 percent leased.
'While the occupational market remains challenging, management has focused on short-term lettings to increase income and minimise empty rates tax. The group is on track to deliver targeted cost savings of 12 million pounds,' UBS analysts say in a note.
The upgrade follows a move by JPMorgan on Wednesday to raise its recommendation on Segro to 'neutral' from 'underweight'.
UBS also raises its stance on Sweden-based real estate firm Kungsleden to 'neutral' from 'sell'. The stock gains 0.9 percent.
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08:45GMT 10Dec2009
Premier Farnell up on sales growth
Shares in Premier Farnell rise 7.2 percent after the electronic components distributor says sales have returned to positive growth in the last two months and that its full-year performance may beat market expectations.
The company says year-on-year sales grew 1.3 percent in November and that it is well positioned for the upturn.
'Having shocked the market in September with an unexpectedly large fall in both revenue and profits, third-quarter results were better than we or the market had expected,' says Seymour Pierce analyst Kevin Lapwood.
'Sales per day were up on the second quarter even in the North American business. Elsewhere, business is tough but looks to be picking up.'
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08:33GMT 10Dec2009
UK small caps up 0.1 pct early on
The FTSE Small Cap index gains 0.1 pct in early trade, mirroring similar modest gains by the mid caps, up 0.1 percent, while the blue chips lost 0.1 percent.
Low & Bonar adds 7.8 percent after the performance materials group says, in a trading update, that its second-half profit would be materially better than the first-half, in line with its expectations.
Consort Medical falls 1.7 percent as the inhaled drug specialist reports a 33 drop in first-half profit, hurt by special costs.
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