STOCKS NEWS EUROPE-Bisichi Mining higher after results

Shares in Bisichi Mining (BISI.L), the UK miner with direct coal mining operations in South Africa, gains 5.7 percent after the company posts a record set of full-year results, with Numis Securities keeping its "buy" recommendation on the stock.

Numis points out in a note that Bisichi's pretax profit, in excess of 6 million pounds, came in directly in line with its forecast, and says it believes the stock remains undervalued.

"The result was underpinned by a strong second half with the company introducing open-cast mining and having secured term contracts for its export and domestic coal sales, insulating earnings from the deterioration in spot coal prices during Q4," says the broker.

Numis, however, lowers its target price to 300 pence from 395 pence, primarily to account for a write down in the value of the group's property portfolio.

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