STOCKS NEWS EUROPE-Cineworld up

Shares in Cineworld tick 1.2 percent higher, as UK cineplexes continue to see the benefits of recession after data released by the Film Distributors Association (FDA) shows run rate of admissions for the 2 months ended February 2009 to the UK Box Office now 11.9 percent ahead of last year. In times of pressure on consumer spending, Cineworld is well placed, the shares are not expensive and have a significant (and, we believe, secure) yield, Altium Securities, which rates the company as a buy, says in a note. FDA figures show underlying strength of admissions in the UK box office has strengthened from the 6.6 percent growth in fourth quarter 2008, to +7.7 percent in January 2009 to +16.4 percent in February. What is even more encouraging is that this performance has been achieved with no major Hollywood blockbuster yet released, the broker says.