UK Market Talk Roundup: Shares Losing

Stocks on the fall in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com 

        1028 GMT Egyptian stocks trade lower Tuesday, extending sharp losses from the previous session, amid concerns about the country's economy and security. The benchmark stocks index is down 1.1% at 7785.36, after falling more than 4% Monday. The negative sentiment stems from multiple concerns, including energy shortages, clashes in the Sinai, and the central bank's decision to let the Egyptian pound depreciate gradually, notes Al Masah Capital. The market is now down almost 13% this year to date. (nikhil.lohade@wsj.com; Twitter: @lohadenikhil)
        1007 GMT [Dow Jones]--Weir Group has agreed to buy Delta Industrial Valves for up to $47 million. This comes just weeks after reporting that declines in the oil and gas sector would weigh on its full year earnings. Weir drops 1.9% to 1634p, and is now heading towards the lows last seen in early January. "The 1600p mark has provided a good buying opportunity in the past but with oil prices back under pressure, it remains to be seen if the support will hold," says Brenda Kelly at London Capital. (nick.cawley@wsj.com)
        0953 GMT Northland Capital Partners raises AdEPT Telecom price target to 230p from 210p, after the business telecommunications services provider reported slightly better than expected fiscal 2015 earnings. The company reported a 14% rise in underlying Ebitda for the year ended March 31 to GBP4.6M, compared with Northland's forecast of GBP4.5M, its 12th consecutive yearly increase. The brokerage has already recently increased forecasts and therefore keeps expectations for fiscal 2016 unchanged. Northland has a buy rating on the stock. Shares down 0.7% at 210p. (ian.walker@wsj.com; @IanWalk40289749)
        0926 GMT Edison Investment Research says Andrew Reynolds Smith's appointment as CEO of Smiths Group PLC is a positive step given that he's successfully shown his ability to drive performance at GKN PLC. "His experience across a broad range of engineering companies, allied with managing within the cost conscious automotive market, positions him well to further improve efficiency at Smiths and points to the further drive for improved margins at the group," Edison analyst Roger Johnston says. "We believe the appointment will be well received, with Andrew a well-respected leader who arrives with plenty of energy to drive the evolution of Smiths," Mr. Johnston adds. Shares down 2.7% at 1110p. (ian.walker@wsj.com; @IanWalk40289749)
        0924 GMT The UK recruitment firm is the biggest gainer on the FTSE Small Cap index after the firm says it expects full year profit to be ahead of current market consensus. The company says growth remains strong in the UK with financial services and commerce finance performing particularly well. Shares +6.4% at 439p. (jana.simmons@wsj.com)
        0852 GMT Cantor Fitzgerald starts logistics company Wincanton PLC at buy with 220p target price. "The stock has outperformed but we think that this was something of a recovery rally and WIN is now entering a new phase of growth, unimpeded by legacy issues," the brokerage says. Adds that Wincanton is currently trading at 17% discount versus its U.K. peers. Wincanton shares trade flat at 186p. (tapan.panchal@wsj.com)
        0830 GMT [Dow Jones]--Numis lowers its stance on Asos to add from buy following a strong run in the company's share price--it's up over 50% year-to-date. That said, the brokerage remains positive, saying it's confident Asos has a unique proposition. Upgrades its fiscal 2015 pretax profit forecast to GBP46.5M from GBP45.8M after a strong trading update. The brokerage also lifts its 2016 profit estimate to GBP57M from GBP55.1M. Maintains its 4250p target price. Shares drop 2% to 3773p. (jana.simmons@wsj.com)
        0816 GMT [Dow Jones]--Marks & Spencer has not been able to sustain the positive like-for-like sales momentum in U.K. general merchandise seen in 4Q 2015 into the new financial year, says Shore Capital. Shares drop 0.9% to 542p. That said, "whilst today's update has taken us back to familiar territory for M&S, with one step forward and one step back, we remain positive on the short-medium term potential." Keeps a buy recommendation. (nick.cawley@wsj.com)
        0739 GMT Investec downgrades Rolls Royce to sell from hold and slashes the target price to 650p from 960p. It says the medium term headwinds to profitability are more substantial than expected, with increasing pricing pressure across the business, defence budget uncertainty, margin pressures and industrial end market weakness which could lead to further downgrades. Adds the mismatch between underlying profit and free cash flow over coming years will continue to raise questions on the quality of earnings. On the plus side, Investec says Rolls' long-term prospects remain attractive but even this view has been deferred to the end of the decade and investors should wait until consensus and valuation better reflect both long-term upside and medium-term risks. Rolls' shares down 2.5% at 783p. (gary.stride@wsj.com
        (END) Dow Jones Newswires

        July 07, 2015 06:28 ET (10:28 GMT)

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