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STOCKS NEWS EUROPE-Nyrstar sets new low after KBC cuts target

Reuters - Friday, July 4

STOCKS NEWS Reuters Results diary

Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]

08:14GMT 03July2008-Nyrstar sets new low after KBC cuts target

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Shares in Belgium-based Nyrstar <NYR.BR>, the world's largest zinc producer, hit a new low after broker KBC Securities cuts its 2008 and 2009 earnings estimates for the company and reduces its target price to 15 euros from 19.5 euros.

Nyrstar, which floated at 20 euros in October, slides as much as 8.9 percent to 8.93 euros, following falls of 6.8 percent on Wednesday and 6.9 percent on Tuesday. DJ Stoxx European basic resources index is off 2.7 percent.

KBC cuts its forecast for treatment charges, central to Nyrstar's business, and increases its estimate for operatings costs for 2008, but maintains its "Buy" recommendation.

"Also on the revised numbers, Nyrstar continues to trade at a substantial discount to the peer group," it says.

Reuters Messaging rm://philip.blenkinsop.reuters.com@reuters.net

08:06GMT 03July2008-Syngenta down as investors lock-in profits

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Syngenta <SYNN.VX> shares fall 6.5 percent to 294.00 Swiss francs as investors take profit on the agrochemical group's recent sharp gains.

"In a sell-off phase like this, even a comparatively safe haven like Syngenta is coming under pressure," a Zurich-based trader says.

"The stock has constantly been among the Swiss market's outperformers in recent weeks, but investors gradually realise that even Syngenta is not immune to a potential recession," the trader adds.

Syngenta shares had gained 9 percent in 2008 before Thursday's session, compared to a 19 percent drop in the Swiss blue-chip index <.SSMI>.

Reuters Messaging rm://andrew.thompson.reuters.com@reuters.net

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