(Correcting the name of Wildhorse Energy.)
LONDON (Alliance News) - The following stocks are amongst the biggest risers and fallers within the main London indices midday Tuesday.
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FTSE 100 WINNERS
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BG Group, up 4.1%, Royal Dutch Shell 'B', up 2.7%, Weir Group, up 2.7% and BP, up 2.5%. Oil-related stocks are amongst the best performers, following a rise in the price of oil on Monday. Brent oil has come off its Monday highs but still trades at USD57.91 a barrel, while West Texas Intermediate trades at USD51.68 a barrel.
Shire, up 2.5%. The Irish drugmaker announced that it has reached an agreement with the US Food and Drug Administration or FDA on a clear regulatory path for SHP465, an investigational oral stimulant medication being evaluated as a potential treatment for Attention-Deficit/Hyperactivity Disorder or ADHD in adults. Shire said it has agreed with the FDA to conduct a short-term efficacy and safety study in pediatric patients with ADHD.
Rio Tinto, up 2.3% at 2,825.5 pence. The Anglo-Australian miner said it has completed the off-market buy-back tender of Rio Tinto Ltd shares, increasing the total buyback to AUD560 million due to strong demand. The company said the buyback, which was increased to AUD560 million from AUD500 million, was made at AUD48.44 per share, a 14% discount to the market price for Rio Tinto Ltd shares based on the volume-weighted average price in the five days of trading up to and including last Thursday.
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FTSE 100 LOSERS
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International Consolidated Airlines Group, down 0.7% at 594.5 pence. JPMorgan has downgraded to Neutral from Overweight the parent company of British Airways and Spanish airlines Iberia and Vueling. However, the bank has lifted its price target for the company to EUR8.50 from EUR5.50. The downgrading comes after JPMorgan realigned its European Airline sector rating, saying it prefers low-cost carriers as they offer superior risk/reward and continued growth potential.
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FTSE 250 WINNERS
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Premier Oil, up 10%, Hunting, up 6.7%, SOCO International, up 6.5%, Tullow Oil, up 6.5%, Ophir Energy, up 5.6%, and Cairn Energy, up 3.9%. Oil-related stocks also lead the mid-cap index on the stronger crude price.
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FTSE 250 LOSERS
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ICAP, down 0.3%. The interdealer broker said that electronic broking average daily volumes fell by 9% year-on-year in March and by 1% month-on-month to USD699.0 billion in February on a single-count basis.
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AIM ALL-SHARE WINNERS
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Wildhorse Energy, up 130%. The company's shares listed in London surged after it said its shares listed on the Australian Stock Exchange have been suspended pending the potential acquisition of a resource project.
Amara Mining, up 11%. The gold miner with operations in Sierra Leone, Burkina Faso and the Ivory Coast said its pretax loss narrowed in 2014 on reduced costs and no impairments, and said it is fully funded until 2016 as it continues to advance its flagship Yaoure gold project in the Ivory Coast. It reported a pretax loss of USD7.9 million for the year ended December 31, compared to a USD11.2 million loss in 2013.
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AIM ALL-SHARE LOSERS
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Frontera Resources Corp, off 15% at 0.930p. Shares in the company are down after it raised funds to reduce its corporate debt through a draw down on the company's standby equity distribution agreement with YA Global Master, its loan provider. The company said it has reduced its corporate debt after repaying USD1.3 million to YA Global, in accordance with the company's loan agreement. Following the repayment, Frontera's outstanding corporate debt under the agreement stands at USD2.3 million. Frontera issued 88.5 million shares to YA Global at a price of GBP0.009606 per share to repay the debt.
By Daniel Ruiz; danielruiz@alliancenews.com
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