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Kingfisher avoids stock falls despite UBS note

One of the stocks avoiding today’s market falls has been B&Q owner Kingfisher.

The shares have been about flat most of the day, down just 0.6p at the time of writing (2:30pm) to 252.9p.

The resilience came even as brokers at UBS took the stock off its “Key Calls” list.

We are removing Kingfisher from the European Key Call list. Following strong interim results and good recent share price performance (outperforming the FTSEurofirst 300 by 14% in the past month) we now remove the stock as we see limited near-term catalysts for the shares.
Kingfisher remains Buy rated with a 310p price target.

Other stocks to avoid the steady move down were perhaps more predictable – as investors fled to gold Randgold Resources, the gold miner, was up too, rising 1.5% to £70.65.

The Dow has opened 173 points down, a fall of about 1.5%, adding to the FTSE’s woes – it is now down 2.3%, or by 121 points, to 5,247. © 2011 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds