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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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HSBC Holdings, up 6.5%. The Asia-focused bank said it would seek to pay a "conservative" dividend after reporting third-quarter results which beat market forecasts. Earlier this year, HSBC cancelled its dividend for the first time in 74 years following pressure from the Bank of England. In the three months to September 30, pretax profit dropped 37% year-on-year to USD3.07 billion from USD4.84 billion. However, the figure beat the company-supplied consensus estimate of USD2.07 billion. Revenue fell 11% to USD11.93 billion from USD13.36 billion. "A decision on whether to pay a dividend for the 2020 financial year will depend on economic conditions in early 2021, and be subject to regulatory consultation. We will seek to pay a conservative dividend if circumstances allow," said Chief Executive Noel Quinn.
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BP, up 2.0%. The oil major reported a sharp year-on-year drop in third-quarter earnings but an improvement on the previous second quarter in the absence of exploration write-offs and recovering demand. BP said the gradual recovery in oil demand is set to continue, however, the shape and pace of recovery from the Covid-19 pandemic remains uncertain as it depends on the further spread of the virus. Underlying replacement cost profit, the company's preferred measure, was USD86 million for the three months to September 30, compared with a loss of USD6.68 billion in the second quarter, and USD2.25 billion profit for the third quarter of 2019. "BP has delivered the kind of positive quarter few had been expecting, which comes as a welcome relief for embattled investors," Interactive Investor's Richard Hunter said.
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FTSE 100 - LOSERS
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Rio Tinto, down 1.5%. Liberum downgraded the Anglo-Australian miner to Sell from Hold.
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FTSE 250 - WINNERS
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easyJet, up 0.9%. The budget airline said it has inked a sale and leaseback pact for nine aircraft to strengthen the company's financial position, netting USD398.6 million in total. The first transaction was executed with Wilmington Trust SP Services (Dublin) Ltd for the sale and leaseback of five Airbus 320 aircraft. The aircraft will generate cash sales proceeds of USD191.1 million. They are leased back for an average term of 117 months, creating lease obligations of GBP123.7 million. The second agreement was executed with Sky High 112 Leasing Co for the sale and leaseback of four Airbus 320 aircraft. The aircraft will generate cash sales proceeds of USD207.5 million and are leased back for an average of 116 months, creating lease obligations of GBP108.0 million. Following completion of the two agreements, easyJet will retain 152 fully owned and unencumbered aircraft, representing 44% of the fleet.
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FTSE 250 - LOSERS
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Plus500, down 8.5%. The contract-for-difference provider said it is looking to expand through product extensions and acquisitions following a stellar performance in the first nine months of 2020. Plus500 said its revenue in the third quarter ended September 30, almost doubled to USD216.4 million from USD110.6 million a year prior. Earnings before interest, tax, depreciation and amortisation widened to USD134.2 million from USD70.1 million a year before. Active customers increased 78% to 197,976 from 110,939 a year prior. Customer income increased year-on-year to USD240.0 million from USD107.1 million. The stock remains up 68% so far in 2020. "Activity levels have slowed in the fourth quarter and the company expects annual revenue and Ebitda to be in line with consensus, although we view this as highly conservative guidance," analysts at Jefferies said.
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OTHER MAIN MARKET AND AIM - WINNERS
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ECSC Group, up 15%. The cybersecurity services provider said it won two significant contracts in the Managed Response & Response division. The first contract is with a major UK rail company, and the other with a national builder's merchant. ECSC did not disclose the names of either customer. Under the terms of the two deals, ECSC will provide 24/7/365 cyber security monitoring, detection and response support, using its Kepler Artificial Intelligence product. The contracts have an initial period of three years, with a combined revenue value of GBP580,000 and reflecting 20% of the MDR division's order book.
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OTHER MAIN MARKET AND AIM - LOSERS
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St James House, down 26%. The gaming and lottery company said it will be unable to publish its results for the year ended January 31, 2020, within the revised deadline of October 31 due to a "combination of the inevitable impact of the Covid-19 pandemic on staff availability and movements and complexities in relation to fair value adjustments of certain assets". Shares in will be suspended from trading on the AIM market from Monday next week due to the delay in annual report.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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