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13:19GMT 25Jan2010-Oakley Capital up on rise in full
year NAV, outlook

Shares in Oakley Capital Investments Ltd rise more than 7 percent after the company says its full-year net asset value (NAV) per share rose over 26 percent, helped by the performance of its limited partnership business.

'Oakley is a venture capital vehicle that is very well managed. Unlike a lot of competitors, it's kept gearing historically quite low. Oakley is now in a very strong position and I think that has got reflected in the share price,' Edison Investment Research analyst Matthew Read says.

'I think its outlook over the next 12 months could be very good,' he adds.

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12:56GMT 25Jan2010
Kewill gains on interim update

Shares in Software firm Kewill Plc rise 4 percent after the company reports an inline interim update, prompting bullish comment from Investec Securities and Piper Jaffray.

Kewill, which supplies software to the global logistics sector, says trading since Sept. 30, 2009, has continued in line with the board's expectations.

The firm says recurring revenues remain a significant part of the Group's underlying performance, while cash generation has been good and its cash position remains strong.

'There has been no material change in the trading backdrop, which has stabilised during full-year 2010. This supports our forecasts and, with the stock trading at a material discount to the sector, we re-iterate our Buy stance' says Investec.

Piper Jaffray, which retains its 'overweight' rating, says: 'We continue to view Kewill as an attractive small-cap play. We see future acquisitions and major contract wins as triggers for the stock'.

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11:58GMT 25Jan2010-Eaga gains ahead of first
half results

Shares in Eaga are 2.1 percent higher ahead of first-half results due on Thursday, with Panmure Gordon repeating its 'buy' rating.

'With the ongoing drive to improve energy efficiency, fuel poverty, environment and carbon-reduction issues, backed up by government funded schemes, we have a positive stance,' the broker says in a note.

Panmure forecasts first-half pretax profit of 24 million pounds, compared to 21.7 million pounds a year ago, with earnings per share rising to 6.8 pence from 6.1 pence last year.

However, the broker says the share price 'seems to trade within a 120 pence to 150 pence range, which may limit immediate upside from here'.

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11:52GMT 25Jan2010
UK small caps gain 0.3 pct midday

The FTSE Small Cap index gains 0.3 percent in midday trade, while the blue chips add 0.2 percent and the midcaps are 0.6 percent firmer.

MBL Group puts on more than 2 percent after the distributor of home entertainment products issues a trading update, which prompts Seymour Pierce to repeat its 'buy' rating on the stock.

Healthcare Locums rises by nearly 2 percent after the medical staffing firm says it sees full-year results in line with market expectations, which Fairfax calls an 'incredible achievement' given how demanding the forecasts were for the second half.

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11:39GMT 25Jan2010
Carillion up; broker starts as 'buy'

Shares in Carillion rise 1.3 percent to 306 pence, after Seymour Pierce begins coverage of the mid-cap supports services firm with an 'outperform' recommendation, citing valuation grounds.

The broker says Carillion trades at a 50 percent discount to its support services peers on a price earnings of 8.3 times full year 2009 estimates, compared with the peer group average of 15.7 times.

Seymour Pierce says 'market conditions will remain challenging in the medium term and high exposure to the public sector is unnerving', but 'even given the uncertain outlook for public sector spending and Carillion's exposure to construction markets, we believe a fair valuation is 350 pence'.

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11:29 GMT 25Jan2010
Aveva gains on update; brokers upbeat

Shares in Aveva rise 1.8 percent after the engineering software firm reports an in line update, prompting Panmure Gordon to raise its 2010 earnings estimates and keep its 'buy' rating.

The company, whose software is used to design ships, oil and gas projects and nuclear power stations, said its performance since its half-year results in November had been 'satisfactory', and it was 'confident in the outturn for the year.

'Pleasingly, Aveva continues to invest in its product and building out its operational footprint,' says Panmure in a note.

The broker says it sees an acquisition 'in the product lifecycle management arena although technology acquisitions in plant should not be ruled out either'.

Panmure ups its full-year pretax profit estimate by 1.5 million pounds to 49.4 million pounds, which moves its 2010 earnings per share forecast up to 50.9 pence from 49.3 pence.

Altium Securities also repeats its 'buy' rating, noting some uncertainty remains in the company's underlying markets 'but Aveva has continued to make progress in each of its target sectors ... Cash generation remains strong as usual'.

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