Cookson Group Plc (CKSN) fell the most in more than four months in London trading after the world’s biggest maker of ceramic linings for metal smelters declined to give a fourth upgrade of its outlook this year.
Cookson fell 5.8 percent, the most since June 29. Trading has been “consistent” with the outlook given in the interim results in August, the London-based company said a statement today. “Management’s expectation for the full-year therefore remains unchanged,” with second-half performance “somewhat” ahead of the first, the company said.
“There’s a lack of an upgrade,” Altium Capital analyst Steve Medlicott said by telephone. “The sector wants upgrades to justify the recent strong performance and in the absence of any upgrade the shares have continued to roll over.”
This year, Cookson upgraded its outlook in March, April and August, according to company spokesman John Olsen.
“Some people were hoping, in vain, that there would be a further update,” Olsen said in a telephone interview. “It would have been lovely to see an upgrade but three so far this year ain’t too bad.”
Cookson fell 32.5 pence to 530.5 pence at the 4:30 p.m. close, giving the company a market value of 1.47 billion pounds ($2.36 billion). Still, the stock has gained 26 percent this year.
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