…and some to sell

BAE Systems The Times

The defence giant's fund manager, Neil Woodford, has disposed of his £160m stake, amid concerns about the impact of the pension deficit (now £6.1bn) on the dividend. Sell. 540.5p.

British Land The Mail on Sunday

Jeffries has concerns about the “whole of the commercial property sector”, arguing that it is heading for a repricing following the referendum vote. The broker has reduced this office and retail-focused REIT’S target price to 550p. Sell. 660p.

Carillion Sharecast

JP Morgan Cazenove has downgraded the support services group from “neutral” to “underweight” after a disappointing first half. Growth and margin expansion was offset by a 38% profit fall in the Middle East. Sell. 283.4p.

Evraz Investors Chronicle

The macro environment for global steel-makers remains unfavourable, despite a “modest” price rally. This Russian producer has reported a 38% profits fall, and is still struggling with its “huge” debt burden. Sell. 139.3p.

The Restaurant Group The Times

Three poor trading updates, and the departure of the CEO and FD, speak volumes for the “tired format” at Frankie and Benny’s, which accounts for almost half the group. The market has already priced in any recovery. Sell. 420.5p.

Tate & Lyle Investors Chronicle

The ingredients producer faces the removal of European sugar quotas, and a potential global supply rise. Directors have been buying shares, but sales are down, targets look ambitious, and dividend cover is tight. Sell. 739p.