BUZZ-SIG: returns recent gains after bland FY, outlook concerns

** Building products distributor SIG Plc (LSE: SHI.L - news) -7 pct in strong vols, 3rd top loser on Stoxx small market & heading towards its worst day since its results warning in Oct (HKSE: 3366-OL.HK - news)

** Co says expects to "make progress" in 2016 after in-line results, but analysts show concern that results lack enough to indicate that's possible

** Numis Securities analyst Howard Seymour says upbeat outlook surprises as UK margin pressure concerns remain & European growth trajectory slightly weaker than expected

** Bland results (2015 PBT £87.4 mln vs Oct guidance £85-90 mln) also spur profit taking after recent gains (+c.20 pct in last 1 mnth & outperforming midcap index YTD)

** 3rd top FTSE 250 loser, with >1.8X 30-day avg vol through in c.1.5 hr

** Liberum writes better value elsewhere at lower risk with shares trading at 12.5X 2016 PE (RM (LSE: RM.L - news) : esha.vaish.thomsonreuters.com@reuters.net)