UK MARKET TALK ROUNDUP: SHARES GAINING

1st Jul 2010 08:11

Stocks on the rise in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 0711 GMT [Dow Jones] Tate & Lyle'S (TATE.LN) decision to sell its EU sugar refining operations is not a surprise with the sugar business becoming increasingly non core says Shore Capital. Thinks the deal makes sense for Tate, increasing focus within the group, while reducing debt/EBITDA to about 1.2x. Says this will therefore provide fire power for acquisitions. But, trading on a '11 PER of 11x, an EV/EBITDA of 6x and with dividend yield support of 5.1%, thinks Tate is fairly valued, particularly given the ongoing lack of visibility within the group's operations. Keeps at hold. Shares +0.7% at 453p. ([email protected]) Contact us in London. +44-20-7842-9288 [email protected] (END) Dow Jones Newswires July 01, 2010 03:11 ET (07:11 GMT)