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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.
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FTSE 100 - WINNERS
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Croda International, up 2.3%. Liberum upgraded the speciality chemicals company to Buy from Hold.
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Halma, up 2.2%. The hazard detection company said it expects to report improved earnings for the recently completed financial 2020 but warned that the Covid-19 outbreak may hurt results through to the second half of financial 2021. For its financial year that ended in March, Halma said it expects to report revenue of GBP1.33 billion, up from GBP1.21 billion the year prior. Adjusted pretax profit is expected to be between GBP265 million and GBP270 million which, while lower than the previous forecast of GBP275.5 million, is higher than the adjusted pretax profit of GBP245.7 million recorded for financial 2019.
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London Stock Exchange, up 0.7%. The stock exchange operator said it delivered a good first-quarter performance against an "unprecedented market backdrop" and committed to its Refinitiv acquisition. For the quarter ended March 31, total income increased 13% to GBP615 million, driven by increased equity trading in Capital Markets and higher clearing activity across listed and over-the-counter products, leading to higher net treasury income in the Post Trade unit. LSEG said its integration planning for market data and trading technology firm Refinitiv is progressing well and still expects to complete the acquisition in the second half of 2020.
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FTSE 100 - LOSERS
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Associated British Foods, down 5.0%. The Primark clothing chain owner reported a sharp first-half profit fall and skipped paying an interim dividend. Pretax profit plunged 42% to GBP298 million from GBP515 million in the year prior. Exceptional costs multiplied to GBP309 million from GBP79 million. AB Foods said it recognised a GBP248 million inventory charge, a GBP36 million provision for a onerous contract, and a GBP25 million exceptional cost following fire damage at a baked goods factory in Wakefield, West Yorkshire. AB Foods has decided not to declare an interim dividend, saying it was prudent given the focus on managing cash outflow in the second half of the financial year. In the same period last year, it made a 12.05 pence interim payout.
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Royal Dutch Shell 'A', down 3.5%, Shell 'B', down 5.1%, BP down 5.0%. The oil majors were tracking spot oil prices lower. Brent was quoted at USD18.75 a barrel, sharply lower than USD26.22 late Monday. "Brent crude oil dropped [on Tuesday] amid elevated concerns over buyers for oil and storage capacity, essentially negative read-across from yesterday's dramatic scenes involving the WTI oil contracts," noted AJ Bell's Russ Mould. The US crude oil benchmark for May delivery was priced below zero on Monday.
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FTSE 250 - WINNERS
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Petropavlovsk, up 3.1%. The gold miner said it continues to sell gold through Russian commercial banks, after the Central Bank of Russia temporarily suspended gold purchases. The company also has the necessary licences in place to export gold for sale outside of Russia and has shipped gold to the UK and Switzerland in April. Petropavlovsk, which has operations in the Amur region of the Russian Far East, said that its Pioneer flotation plant remains on track for commissioning in the fourth quarter and all key equipment items necessary to complete construction of the plant have now arrived despite lockdown measures in place. The new flotation plant is expected to double the company's capacity to 7.2 million tonnes per annum from 3.6 million tonnes.
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FTSE 250 - LOSERS
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Capita, down 7.1%. Goldman Sachs removed the outsourcer from its Conviction Buy List.
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OTHER MAIN MARKET AND AIM - WINNERS
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Hollywood Bowl, up 3.0%. Shore Capital resumed coverage on the tenpin bowling operator with a Buy rating.
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OTHER MAIN MARKET AND AIM - LOSERS
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Premier Oil, down 15%. Investec downgraded the oil and gas company to Hold from Buy.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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