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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 - LOSERS
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BP, down 3.0%. A combination of lower prices, bad weather, and maintenance work has sent BP to a quarterly loss. BP posted a replacement cost loss for the third quarter of 2019 of USD351 million, after a USD1.78 billion profit in the second quarter and USD3.09 billion in the third quarter last year. On an underlying basis, BP's RC profit fell to USD2.25 billion, down 20% on a quarterly basis and 41% year-on-year, though this did beat market consensus of USD1.8 billion. The company was hit by "significantly" lower earnings in the Upstream division due to lower commodity prices, maintenance work, and the impact of poor weather in the Gulf of Mexico. Downstream, BP said, had a "strong" quarter operationally.
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Royal Bank of Scotland, down 2.2%. UBS has cut the lender's rating to Neutral from Buy.
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FTSE 250 - WINNERS
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Plus500, up 5.9%. The firm said performance improved in the third quarter of 2019, including "good revenue growth" and an earnings increase. For the three months ended September 30, the online contracts-for-difference trading service reported revenue of USD110.6 million, 10% higher than the USD100.1 million figure posted a year before and 18% higher than the second quarter revenue figure of USD94.1 million. Earnings before interest, depreciation, taxation, and amortisation in the third quarter climbed an impressive 39% year-on-year to USD70.1 million and the Ebitda margin widened to 63% from 50% the year before and 57% in the second quarter. According to Plus500, trading in the nine months to September 30 was in line with expectations for 2019 as a whole.
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FTSE 250 - LOSERS
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Hunting, down 5.1%. The oil field services firm expects full-year earnings to be at the lower end of market expectations due to challenging trading conditions and a slowdown in US onshore completions. Hunting said profit declined in the third quarter compared to both the first and second quarters of 2019. As a result, earnings before interest, tax, depreciation and amortisation for 2019 is expected at the lower end of market expectations. "As anticipated, challenging markets continue to be a feature of our industry, negatively impacting trading conditions and results in September," said Hunting.
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Royal Mail, down 4.2%. JPMorgan has lowered its rating to Underweight from Neutral.
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OTHER MAIN MARKET AND AIM - WINNERS
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i3 Energy, up 53%. The firm has made an oil discovery at the Serenity prospect in the UK North Sea, which it said is a "potentially very large oil resource". The find is transformational, i3 continued, and results will now be integrated into models as i3 develops a plan for developing the Serenity prospect.
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OTHER MAIN MARKET AND AIM - LOSERS
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Cabot Energy, down 51%. The firm it is to cancel its listing on London's AIM market and become a private company, blaming a lack of investor interest, high costs, and low liquidity. The oil and gas exploration firm said the decision was made "following a careful review of the benefits and drawbacks of being an AIM quoted company". The board concluded the cancellation of admission "is in the best interests of both shareholders and the company."
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Galantas Gold, down 39%. The miner has halted blasting operations at the Omagh gold mine in Northern Ireland, as all blasting must be supervised by the police, with current arrangements "not sufficient". This, Galantas said, is causing a drain on finances. As a result, Galantas is looking at cutting jobs and looking at other strategies, such as bringing in partners and alternative financing. It expects to have to raise funding within the next six months.
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By George Collard; georgecollard@alliancenews.com
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