February 3, 2009 / 3:29 PM / 10 years ago

STOCKS NEWS EUROPE-RCG Holdings up on bullish update

STOCKS NEWS Reuters Results diary

Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]

15:23GMT 03Feb2009-RCG Holdings up RCG Holdings up on bullish update

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Shares in RCG Holdings RCG.L jump 26.5 percent after the Hong Kong-based recognition software company issues a bullish trading update and says it has been given approval in principle for a listing in Hong Kong.

The company reports that 2008 attributable profit is estimated to be not less than HK$610 million (45.3 million pounds), with EPS at about HK$2.6 (19.5 pence)

Investec Securities, which keeps its “buy” rating, says in a note that the figures beat its estimates, adding that “we view this as a positive trading update and think the HK listing could increase interest in the stock.” For more double click on [ID:nRnsC6861M]

Reuters Messaging rm://tricia.wright.reuters.com@reuters.net

13:52GMT 03Feb2009-Petroplus falls on margin concerns

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Petroplus PPHN.VX shares lose nearly 7 percent, just two days ahead of the independent oil refiner’s fourth-quarter results, with traders citing concerns that lower oil prices could hurt margins.

“In the face of the rapid fall in crude oil prices, market players are concerned about new writedowns on the inventory, as we already say in the third quarter,” a trader says. “Besides that, the margins could contract further and so Petroplus could surprise negatively with its results.”

Reuters Messaging rm://sam.cage.reuters.com@reuters.net

14:29GMT 03Feb2009-Turkish Aksa jumps on tax report

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Shares in Aksa (AKSA.IS) jump 13.9 percent after the 2008 profit figure the company reports to the tax office in a filing is sharply above expectations.

“Aksa’s 12-month profit was sent to the tax office at 67.4 million lira ($41 million). Because of the surprising figure, Aksa is now among the biggest gainers on the bourse,” says Tuncay Tursucu, head of research at Meksa Invest.

In its tax filing, Aksa reported its profit at 67.4 million lira, more than double the nine-month profit figure of 31.2 million which it submitted to the tax office.

In 2007 the company announced a net loss of 8.07 million lira.

Reuters Messaging rm://thomas.grove.reuters.com@reuters.net

14:45GMT 03Feb2009-Hardy Underwriting up after trading statement

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Shares in Hardy Underwriting Bermuda HDU.L gain 3.5 percent after the insurer says it expects its 2008 results to be ahead of market expectations, thanks in part to the weak British pound.

“Hardy’s trading update this morning confirms our view that the group remains the best quality ‘small cap’ underwriter amongst the specialist underwriters,” says Shore Capital in a note.

Shore Capital, which reiterates its “buy” rating, points out that the group’s likely pretax profit for 2008 of “not less than 22 million pounds” represents an upgrade of about 24 percent to the broker’s previous forecast of 17.7 million pounds.

Shore Capital upgrades its net tangible asset value (NTAV) forecasts for both 2008 and 2009 by 11 pence per share, to 234 pence and 264 pence, respectively.

For more double click on [ID:nL3619612]

Reuters Messaging rm://tricia.wright.reuters.com@reuters.net

14:27GMT 03Feb2009-BT Group falls; JP Morgan cuts sector

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Shares in BT Group (BT.L) fall as much as 1.5 percent after JP Morgan strategists cut their outlook for the European telecoms sector to “neutral” from “overweight”, citing a general rotation into more cyclical stocks.

Analysts say an expected slowdown in the rate of macro deterioration, stabilising credit backdrop and aggressive fiscal and monetary policy action are making defensive stocks less appealing, but stress the sector continues to offer attractive value at current levels.

“It is important to emphasise our strategists’ call is motivated by positive calls on other cyclicals, not by concerns over the value or resilience of the European telecoms sector,” JP Morgan say in a note.

For more double click on [ID:nBNG387677]

Reuters Messaging rm://kylie.maclellan.thomsonreuters.com@reuters.net

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