Sept 19 (Reuters) - STOCKS NEWS Reuters
Results diary
Stocks on the move Real-time Equity News
08:22GMT 19Sept2008-UK property stocks rally after FSA plan
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The FTSE 350 Real Estate Index jumps 6.1 percent after UK financial
services watchdog the FSA announced a crackdown on short-selling in a bid to
restore calm to Britain's battered stock market.
After hitting its highest point since May in early trading, the index is
now trading at 3,000 points versus a 12-month high of 3,866 points on January
24.
Land Securities, the UK's biggest quoted property company, rises 6.5
percent to 1,296 pence while nearest rival British Land adds 4.3 percent to
757.5 pence.
Central London development specialist Quintain Estates & Development and
regeneration specialist St. Modwen see double-digit boosts to their shares,
rising 12.3 and 11.5 percent, respectively.
The FSA ban will remain in force until Jan. 16 and has been designed
primarily to protect financial stocks seen as particularly vulnerable to
short-selling by hedge funds.
But analysts say investors in real estate equities are relieved
authorities are taking steps to promote stability in the market.
Reuters Messaging rm://sinead.cruise.reuters.com@reuters.net
08:15GMT 19Sept2008-Hansen Transmissions rises; Investec starts as "hold"
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Shares Hansen Transmissions surge 8 percent as Investec Securities
initiates its coverage on the manufacturer of gearboxes for wind turbines with a
"hold" recommendation and 270 pence target price.
Investec Securities says Hansen's expansion in India and China is well
advanced, giving Hansen a clear path to exploit this industry growth.
The broker says the company enjoys a rating a little beyond that enjoyed
by its parent and its customers but this premium can be justified.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
07:51GMT 19Sept2008-FTSE Small Cap index rises 1.9 pct early
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The FTSE Small Cap index surges 1.9 percent in early trade, as London's
markets react positively to the Financial Services Authority's ban on short
selling and on hopes of a comprehensive U.S. government solution for the
financial crisis.
The blue chip FTSE 100 index soaring 6.4 percent,
Anglo Irish Bank leaps 71 percent on the back of the ban. Its share had
plunged from 10 euros at the start of May to 4.10 euros before the FSA
announcement on Thursday.
Consort Medical falls 7.6 percent as the inhaler manufacturer's announces
that its full year numbers will be in-line with its previous expectations. In
its interim statement it says its net debt position at end-August increased
marginally from the 13.7 million pounds at the end of last year.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
07:21GMT 19Sept2008-Aveva rise as Altium ups to "buy"; tp 1,450p
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Shares in Aveva rise 1.5 percent as Altium Securities upgrades its core
recommendation on the provider of engineering data and design IT systems to
"buy" from "hold", and retaining its 1,450 pence target price, citing valuation
grounds.
In a note, Altium Securities says Aveva's share price has dropped by more
than a quarter since the beginning of the month as part of the general turmoil
in the public markets and ongoing declines in the oil price.
Altium believes this fall has been excessive given Aveva's exposure to
the relative resilience of the Asian economies and the comparatively defensive
vertical markets.
It says Aveva is a world class asset and core sector holding which should
quickly recapture its premium rating.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
07:32GMT 19Sept2008-Banks soar on U.S. hopes, shorting rules
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Europe's banks soar after as a radical U.S. taxpayer-funded plan to
restore confidence in its banks and a dramatic block on the short-selling of UK
and Irish banks sparked furious buying.
Shares in Royal Bank of Scotland, Barclays, Lloyds TSB and in Britain all
jumped more than 25 percent after Britain's financial watchdog imposed a
four-month ban on short-selling financial stocks.
Bank of Ireland leapt 52 percent after reports Spain's Santander is
eyeing it and Irish regulators also stopped short-selling in its banks. Allied
Irish Banks was up 32 percent.
The big names across the continent all surged, with HSBC up 11 percent
after it scrapped a big deal in Korea, UBS up 20 percent and UniCredit, BNP
Paribas, Credit Suisse and Deutsche Bank all up over 10 percent after U.S. bank
stocks rallied on hopes of a U.S. rescue plan.
The DJ Stoxx Banks index was up 4 percent at 263.5 points.
Reuters Messaging rm://steve.slater.reuters.com@reuters.net
06:22GMT 19Sept2008-Futures point to sharp gains in Europe stocks
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European shares are set to jump on hopes for a comprehensive U.S.
government solution for a financial crisis that has roiled markets over the past
year.
DJ Euro Stoxx 50 December futures are up 4.9 percent, while December
futures for Germany's DAX are up 4 percent and October futures for France's CAC
are up 4.8 percent.
The three major U.S. indexes jumped 3.9-4.8 percent on Thursday and
Japan's Nikkei is up 3.8 percent.
A congressional aide said that U.S. Treasury Secretary Henry Paulson has
been shopping around a proposal to congressional lawmakers that would create an
entity to deal with the billions of dollars of bad debt still clogging the
financial system.
Reuters Messaging: rm://atul.prakash.reuters.com@reuters.net
Keywords: MARKETS EUROPE STOCKSNEWS
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