Stocks on the fall in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com0900 GMT Canaccord Genuity lowers its fourth quarter sales estimate on Poundland Group in light of recent euro weakness. It now expects the budget retailer to report an 8% rise in sales on a reported basis, down from 10% previously. Poundland updates on trading on April 14. The brokerage maintains its 385p target price and hold rating. Shares down 0.4% at 366p. (jana.simmons@wsj.com)
0805 GMT [Dow Jones]--Liberum cuts Reed Elsevier's target price to 1215p from 1300p, citing its lower than expected share buyback and foreign exchange woes. That said, the company remains its preferred "defensive" pick in the media sector, with its scientific publishing business structurally safe, exposure to faster growing areas such as exhibitions and risk solutions and signs of improvement in the legal publishing market. Reiterates a buy rating. Shares drop 0.6% to 1161p. (tapan.panchal@wsj.com)
0750 GMT [Dow Jones]--The main attraction for Shell is BG's deepwater assets in Brazil and its LNG portfolio, says RBC Capital Markets. "BG's LNG portfolio combined with Shell's would represent about 40mtpa or roughly 16% of the global LNG market, further propelling Shell's position as a leader in this area," RBC says. In addition, Shell will buy significant growth options, including Tanzania and Lake Charles LNG. In Brazil, BG's assets would give Shell a further foothold in one of the lowest cost basins in the world, and could add potential synergies with Shell's Libra assets, RBC adds. Shell's B shares fall 5.2%, BG's shares climb 38%. (ian.walker@wsj.com; @IanWalk40289749)
0706 GMT [Dow Jones]--Royal Dutch Shell has agreed to buy BG Group for GBP47 billion, a deal that will likely prompt further sector consolidation, says Marc Kimsey at Accendo Markets. "The decline in oil price over the past year has battered some stocks which are clearly now looking attractive. In the last year BG shares fell 30%, shares in Tullow Oil have fallen 65%, Premier Oil down 55%, and Petrofac down 20%." Adds that by comparison sector giants BP and Royal Dutch Shell have only shed 10% over the same period leaving them in the position of "predator rather than prey." Shell B shares drop 3.1% at 2140p. (nick.cawley@wsj.com)
0705 GMT [Dow Jones]--Royal Dutch Shell's $70 billion bid for BG Group would likely create the biggest independent natural gas producer in the world. The purchase would give Shell access to BG's significant undeveloped gas resources in East Africa and a huge liquefied natural gas project in Australia that is ramping up this year. Shell currently produces more than 9 billion cubic feet of gas a day. Adding BG Group's assets could vault it ahead of Exxon Mobil, which produces 11 billion cubic feet, the most of any private company in the world. Shell B shares down 2.7% at 2148p. (Michael.amon@wsj.com, @michaelkamon)
(END) Dow Jones Newswires
April 08, 2015 05:00 ET (09:00 GMT)
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