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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.
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FTSE 100 - WINNERS
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Carnival, up 3.2%. Shares in the cruise line operator were staging a slight rebound after sinking on Thursday. Carnival on Thursday said it had raised new equity at a higher cost than expected, as the firm covers itself against coronavirus disruption. The stock closed down 22% on Thursday.
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FTSE 100 - LOSERS
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Next, down 2.8%. Societe Generale downgraded the clothing retailer to Hold from Buy.
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FTSE 250 - WINNERS
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Go-Ahead Group up 5.0%, National Express up 4.7%, FirstGroup up 3.8%, Stagecoach up 2.5%. The transport operators were higher, welcoming financial support from the UK government for the bus sector amid the collapse in demand caused by Covid-19. Bus companies in England will receive almost GBP170 million in new government funding to ensure services continue to operate during the coronavirus pandemic. UK Transport Secretary Grant Shapps said on Friday the investment will protect crucial local transport links across England for those unable to work from home. FirstGroup Chief Executive said he was "pleased" with the help, while his counterpart at Go-Ahead Group David Brown said he was "very pleased". Stagecoach said the aid was "welcome".
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FTSE 250 - LOSERS
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Ascential, down 8.2%. The events and data analytics firm said it has taken the "difficult" decision to cancel the Cannes Lions festival this year, having already postponed it due to Covid-19. Revenue from the Cannes Lions Festival & Awards, and its associated regional events, comprised just over half the total revenue earned in the Marketing division in 2019. Ascential is working with partners and suppliers to minimise costs associated with the 2020 festival. Ascential has also decided to withdraw the 4.0 pence per share final payout for 2019 declared earlier this year, which will save it GBP15 million. Salary increases, including for some executive and non-executive directors, have also been halted.
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OTHER MAIN MARKET AND AIM - WINNERS
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CMC Markets, up 2.8%. The contract for difference provider said revenue in financial 2020 has been "strong" with a particularly impressive final quarter. CMC said its CFD unit recorded gross client income of about GBP241 million in the year ended on March 31, up 12% from GBP216.0 million the year before. The firm noted client income retention was "considerably" stronger than the 75% to 80% guided in interim results. CMC expects annual CFD net trading revenue to be about GBP214 million, more than double the GBP110.2 million seen the year before. CMC said its balance sheet and liquidity remain in "strong" positions and reaffirmed its dividend policy of paying 50% of profit after tax.
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OTHER MAIN MARKET AND AIM - LOSERS
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Tyman, down 1.5%. The engineering components supplier said it has cancelled its final dividend of 8.35 pence per share and withdrawn all guidance on its future performance due to the growing Covid-19 pandemic. Tyman said its trading performance in 2020 was in line with management expectations until the middle of March, when lockdown measures made a material hit on markets. In response, Tyman has closed its facilities in the UK and Italy, and is continuing operations in North America but with a marked reduced in order intake. The group has implemented other measures to cut costs and preserve cash, including the board and senior management taking a base salary reduction of 25% and 20% respectively, as well as cancel the 2020 management bonus scheme.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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