STOCKS NEWS UK-Mouchel down after covenant ease

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08:41GMT 1Feb2010
Mouchel down after covenant ease

Shares in Mouchel drop 2 percent after the business services company says its banks had temporarily eased one of its covenants for the next 12 months, which would help it fight off a takeover approach from rival VT Group .

Altium Securities analyst Nick Spoliar says: 'While the quantum may not seem enormous, from 2.0 to 1.875, we find this unsettling, particularly given that Mouchel reassured on its covenants as recently as December.'

He keeps his 'hold' rating and price target of 255 pence on the stock.

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08:28GMT 01Feb2010
Cranswick rises as Q3 sales grow

Shares in Cranswick Plc rise 4.6 percent after the pork supplier posts a better-than-expected 31 percent increase in third-quarter revenue.

'Cranswick's Q3 IMS reveals sales growth better than we had expected, and underlying margins remaining in line with the first half,' says analyst Damian McNeela of Panmure Gordon.

The brokerage raises its price target on the stock to 820 pence from 770 pence, maintaining its 'buy' rating.

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08:24GMT 01Feb2010
UK small caps slip 0.1 pct early on

The FTSE Small Cap index falls 0.1 percent in early trade, just underperforming flat showings by both the blue chips and the mid caps .

Shares in Phoenix IT fall 3.6 percent as its latest trading update fails to excite, although the technology firm is confident of achieving full-year results in-line with consensus.

But shares in ToLuna gain 2.6 percent after the online market research provider, in a trading update, forecasts much higher full-year results due to strong performance across all territories, significantly North America and Europe, and said it expected further growth in 2010.

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Shares in Mouchel shed 1.4 percent after the business services company says its banks have temporarily eased one of its covenants for the next 12 months, a move which should help it fight off a takeover approach from rival VT Group.

Altium Securities analyst Nick Spoliar says: 'While the quantum may not seem enormous, from 2.0 to 1.875, we find this unsettling, particularly given that Mouchel reassured on its covenants as recently as December.'

The analyst maintains his 'hold' rating and price target of 255 pence on the stock.

For more please click on

Reuters messaging rm://[e-mail]



Keywords: MARKETS EUROPE STOCKSNEWS

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