STOCKS NEWS EUROPE-DAX volatility index hits all-time high

Mon, Oct 6 2008, 09:51 GMT
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Oct 6 (Reuters) - STOCKS NEWS Reuters Results diary

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09:30GMT 06Oct2008-Equity risk aversion gauge hits all-time high

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The VDAX-NEW volatility index, a measure of investor risk appetite, rises 10 percent to an all-time high as European shares tumble on intensifying financial industry and economic growth worries.

The higher the volatility index, which is based on sell- and buy-options for Frankfurt's top-30 stocks, the more risk averse are equity investors.

The index rises to 40.23 points, exceeding its previous life-high of 40.07 points set on Jan. 22.

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09:27GMT 06Oct2008-Qiagen rises on molecular diagnostics hopes

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Shares in German biotechnology supplier Qiagen rose as much as 2 percent and were the only gainer in Frankfurt's technology index, as the molecular diagnostics market, in which the company operates, might be seen as a relatively safe investment.

"Given the current uncertainty in the markets, investors may indeed see a safe haven in the molecular diagnostics segment, where Qiagen has strengthened its foothold," says WestLB analyst Cornelia Thomas.

In 2007, Qiagen had taken over Digene for $1.6 billion, making it the world's second-largest molecular diagnostics company after Roche.

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09:00GMT 06Oct2008-ThyssenKrupp slumps as UBS cuts target price

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Shares in ThyssenKrupp fall more than 9 percent, making them the third-biggest decliner on the German DAX as UBS slashs its price target for the steelmaker to 35 euros per share from 60 euros, while maintaining its "buy" rating, saying steel prices are likely to fall.

"We had forecast the third quarter to be the peak in steel prices, but... a further deterioration in global demand, recent steel price falls, and the likelihood of increased Chinese exports cause us to now allow for a more rapid steel price decline," the brokerage says in a note to clients.

"As a worst case we assume steel prices to fall to and stay at the marginal cash cost support level ($700 a ton for HRC rated steel) with no change in raw material inputs," UBS analyst Andrew Snowdowne says.

Thyssen's rival ArcelorMittal ranks among the top French losers, down 11 percent. Smaller German group Salzgitter is down 9.4 percent.

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08:37GMT 06Oct2008-Tristel gains after FY results

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Shares in Tristel gain 1.3 percent after the specialist infection and contamination control company says full-year gross margin increased to 67.3 percent from 63.3 percent the previous year.

"Tristel's FY08 results were ahead of our expectations," says Daniel Stewart in a note.

"Despite delays in the launch of a flagship product, growth in the group's hospital supplies business was stronger than ever," it says.

"With constant revenue expansion, driven by growing demand from an acyclical defensive sector, Tristel offers investors a safe haven from turmoil in the markets," says the broker, which has a "buy" recommendation and 73 pence target price on the company.

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08:35GMT 06Oct2008-Premiere extend drop, UBS and Goldman cut price targets

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Shares in Premiere fall 13.7 percent to 3.97 euros, extending their slide from the previous session triggered by the German pay-TV broadcaster's announcement that it was talking to its banks about a debt restructuring.

Goldman Sachs cuts its price target to 5.10 euros from 12.82, keeping its "neutral" rating, while UBS reduces its target price to 7.10 euros from 15.50, maintaining its "buy" rating.

Shares in Premiere plummeted by over 50 percent on Friday, after the firm said it expected to make a core loss this year and its finance chief was resigning. Premiere also reclassified the way it counted its subscribers, resulting in a total 940,00 lower than it would have been.

"The outlook remains rather bad," says Iris Schaefer, an analyst at LBBW.

"We expect the weakness in the growth of the number of subscribers to continue, in particular as, from our point of view, the German consumer is unlikely to spend money on pay-TV during an economic downturn."

Premiere is one of the top losers on Germany's mid-cap index.

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