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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.
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FTSE 100 - WINNERS
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Bunzl, up 6.5%. The distribution firm said it expects to report higher revenue for the first half of 2020 despite the ongoing Covid-19 pandemic. Bunzl is forecasting a 6% rise in revenue at actual and constant exchange rates for the six months ending June 30. Adjusting for the different number of trading days year-on-year, revenue is set to increase by around 5% at constant exchange rates due to a 2% rise in underlying revenue and a 3% contribution from recent acquisitions. As a consequence of an altered product mix sold in the period, including an increase in the proportion of imported own-brand product, the overall interim operating margin is set "to be modestly higher" versus the prior year, Bunzl said.
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AstraZeneca, up 3.1%. The Anglo-Swedish drugmaker struck a deal with Europe's Inclusive Vaccines Alliance to supply up to 400 million doses of an experimental Covid-19 vaccine, as efforts to boost manufacturing capacity continue at pace. The alliance, which was forged by Germany, France, Italy and the Netherlands to speed up the production of a vaccine, is set to take delivery of the material being tested by the University of Oxford by the end of 2020. The agreement with AstraZeneca also aims to make the vaccine available to other European countries wishing to take part. The cost is expected to be offset by funding from the governments involved.
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FTSE 100 - LOSERS
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BP, down 3.7%. The oil major said it will record up to USD17.5 billion in exceptional charges for the second quarter of 2020 due to the recent oil price crash and weak demand. BP said it sees the prospect of the coronavirus pandemic having an enduring impact on the global economy, with the potential for weaker demand for energy for a "sustained period". BP has revised its long-term price assumptions, lowering them and extending the period covered to 2050 so that it is now consistent with its long-term target of becoming a net-zero company by 2050. BP said this will lead to non-cash impairment charges and write-offs in the second quarter ending June 30, estimated to be in an aggregate range of USD13 billion to USD17.5 billion post-tax. In addition, BP has revised investment appraisal long-term price assumptions which are now an average of around USD55 a barrel for Brent and USD2.90 per one million British thermal units of Henry Hub gas from 2021 to 2050. Peer Royal Dutch Shell 'A' and 'B' shares were down 0.8% and 0.9%, respectively, in a negative read-across.
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FTSE 250 - WINNERS
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Tritax Big Box REIT, up 1.9%. The warehouse property investor said it has obtained planning consent and exchanged contracts to pre-let its new Mega Box logistics building in Littlebrook, Dartford. The development, consisting of a 2.3 million square foot logistics building on 35.5 acres near London's M25 orbital motorway, has been pre-let to an undisclosed "world-leading on-line retailer" who is already a tenant of other Big Box assets. This pre-let, along with the planning consent, make up phase 2 and part of phase 3 of the development. Dartford Borough Council granted consent, which is subject to expiry of a six-week judicial review period and the meeting of some conditions.
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FTSE 250 - LOSERS
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TUI, down 3.5%. ODDO BHF cut the Anglo-German holiday operator to Reduce from Neutral.
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OTHER MAIN MARKET AND AIM - WINNERS
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Best of the Best, up 39%. The competitions operator upped its final dividend on a strong financial 2020 performance and declared a GBP1.9 million special payout. For financial 2020, the London-based company's pretax profit fell 11% to GBP4.2 million from GBP4.7 million. Administrative costs to GBP6.3 million from GBP6.2 million. As well, in financial 2019, Best of the Best, which runs competitions online to win cars and other prizes, had recorded exceptional income of GBP4.6 million income from a VAT refund, which had been partly offset by an exceptional expense of GBP2.0 million. Revenue increased by 20% to GBP17.8 million from GBP14.8 million. Best of the Best declared a final dividend of 3.0 pence per share for financial 2020, up 50% from 2.0p paid a year ago. In addition, the company said it will return GBP1.9 million via a special payout, returning 20p each share, as company "continues to be profitable, cash generative and benefits from a robust balance sheet".
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OTHER MAIN MARKET AND AIM - LOSERS
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Evgen Pharma, down 15%. The drug developer posted a slightly widened annual loss due to slight increases in operating expenses and share-based compensation. Evgen reported a GBP3.2 million pretax loss for its year ended March 31, widened from GBP3.1 million the year before. This increase in loss resulted from a small rise in operating expenses to GBP3.00 million from GBP2.99 million as well as an increase in share based compensation to GBP168,000 from GBP135,000. Evgen is currently developing drug SFX-01 and has seen positive results from its Stem trial of SFX-01 in metastatic breast cancer, with five patients who participated in the trial treated with the drug for over one year experiencing no tumour progression. Less positively, the After Subarachnoid Haemorrhage trial of SFX-01 did not meet either its primary or secondary endpoints but the drug was well tolerated.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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