May 28, 2012 / 10:17 AM / 8 years ago

STOCKS NEWS EUROPE-Aveva boosted by oil and gas sectors

Shares in Aveva Group rise more than 10 percent after the maker of software used to design ships, oil rigs and nuclear power stations, posts a 14 percent rise in full-year profit and says its confidence is underlined by strong demand from the oil and gas industries.

Aveva shares top the FTSE 250 midcap sector’s leaderboard, with the stock up 11.6 percent at 1,652 pence by 1011 GMT.

Analyst Milan Radia at Jefferies says Aveva continues to benefit from strong demand in the oil and gas vertical, supporting his double-digit organic growth forecast for 2013.

“Global investment levels in ultra deepwater rigs are high, especially in Brazil, where Aveva has a particularly strong position,” he says. “Premium growth is becoming scarce and Aveva accordingly deserves an emphatic premium rating.”

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