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LONDON (Alliance News) - The following stocks are the leading risers and fallers on the main London indices midday Monday.
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FTSE 100 - Winners
Aberdeen Asset Management is up 13%. The company is set to become the world's largest listed fund manager after it agreed a deal to buy Scottish Widows Investment Partnership Group Ltd. from Lloyds Banking Group for up to GBP660 million. Aberdeen, which had GBP200.4 billion in assets under management at the end of September, will add about GBP136 billion more by buying the business with annual revenues of about GBP234 million. Separately, Aberdeen raised its total dividend for its last financial year after reporting higher earnings, assets under management and revenue. The asset manager said revenues rose to GBP1.08 billion in the year to end-September, from GBP869.2 million a year earlier, while pretax profit rose to GBP390.3 million, from GBP269.7 million. It raised its total dividend to 16.0 pence, from 11.5p, as assets under management totalled GBP200.4 billion at the end of the year, up from GBP187.2 billion a year earlier.
Lloyds Banking Group, up 1.1%, is also benefiting on the back of the deal to sell Scottish Widows Investment Partnership. Lloyds said it expects to book an after-tax gain of GBP190 million on the disposal.
Rolls-Royce Holdings climbs 0.8% after it won a USD5 billion order from Etihad Airways to provide engines and long-term support for 50 Airbus A350 XWB aircraft.
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FTSE 100 - Losers
Petrofac, down 17%, is the biggest faller on the FTSE 100, despite saying that it is on track to deliver modest net profit growth for its full year. "Project slippages have reduced 2014 expectations and increased the risk that the 2015 earnings target will be missed," Liberum Capital says. Toby Morris, senior sales trader at CMC Markets, echoes this sentiment, saying that the statement "all but extinguished strong 2014 growth targets, with the deferral of a major project pointing towards a flat year or modest growth forecast at best."
Capita is down 1.3%. Although the company said that it is on track to post strong growth in the current financial year, the company's share price has fallen after it reported that Chief Executive Paul Pindar will leave at the end of February to pursue private equity opportunities and that it sold a package of financial products businesses at a loss.
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FTSE 250 - Winners
Kentz Corporation is up 1.5% after it reiterated guidance that it will deliver double-digit earnings growth in 2013 on the back of new contracts and strong order intake. The company said it saw a strong order intake of USD1.8 billion in the first ten months of 2013, as it was awarded new contracts in the Middle East, Russia and the Americas. Kentz anticipates a number of awards before year end, and its operations continue to trade in line with expectations, with in excess of 60% of orders for 2014 already under contract.
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FTSE 250 - Losers
Aveva Group is off 8.4%. The software company said its operating expenses increased 12% to GBP73.0 million from GBP65.0 million and there was slower-than-expected growth in its enterprise solutions division, which will lead to lower-than-expected revenue for that division for the full financial year. Panmure Gordan has increased Aveva's price target to 2,386.00p from 2,374.00p.
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AIM - Winners
Mediwatch jumps 38% after Laborie Medical Technologies Europe said it had made a recommended GBP8.48 million offer for the company, and already has irrevocable undertakings from Mediwatch shareholders with about 33% of its share capital. The offer price represents a 118% premium to Mediwatch's closing price October 17.
Armadale Capital climbs 23%. The investment company said its 40% owned Mining Restoration Investments has successfully commenced commercial coal briquetting operations in South Africa. Armadale also said it remains focused on increasing its investment in Netcom Global Inc, which holds a right to an interest in the highly prospective Mpokoto Gold Project in the Democratic Republic of Congo.
Synety Group is up 11% after it said it has been granted a US telecoms licence, meaning it can now start offering its CloudCall telecoms service to businesses and residents in the country.
Redcentric is up 10%. The company will buy the managed service unit of InTechnology for GBP65 million in cash and launched a GBP64 million placing to help pay for the deal. In a statement, Redcentric said the deal will be transformational, doubling total revenues and increasing its recurring revenues to more than 80%.
Ultrasis is up 8.1% after its recently-acquired screening and well-being subsidiary, Screenetics UK won three new contracts with customers in the public and private sectors worth an estimated GBP2 million a year. The contracts are for the provision of flu vaccinations, health screenings for staff at a public sector body and employee screening for a large UK corporate.
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AIM - Losers
Akers Biosciences is off 17% after it announced the conversion of preferred shares and consolidation of its issued share capital ahead of the company's proposed listing on Nasdaq in the US. The biotechnology company said 10 million preferred shares, which are held by Director Thomas Knox, are to be converted into 50 million new common shares with the payment of USD500,000 to the company. Under the share consolidation plan, shareholders will exchange 156 existing shares for 1 new consolidated common share. Following the conversion and consolidation, the company will have 2.1 million shares in issue.
Provexis slips 15%, having jumped 77% since the beginning of November. The company has said that it knows of no reason why its share price has increased during the month.
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By James Kemp; jameskemp@alliancenews.com; @jamespkemp
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