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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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NMC Health, up 6.5%. The UAE-focused private healthcare company has called upon a firm founded by a former US Federal Judge and FBI director to review allegations made by short-selling firm Muddy Waters Capital. NMC said it appointed Freeh Group International Solutions, founded by Louis Freeh, to "provide a completely independent, unbiased, comprehensive and transparent report that will address all of these allegations". Freeh was head of the FBI, the US's intelligence and security arm, between 1993 and 2001 and had a stint as the assistant US attorney in the country's department of justice. In December, Carson Block's Muddy Waters launched a scathing attack on NMC over "serious doubts" regarding financial statements. NMC hit back called the allegations "unfounded, baseless and misleading".
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International Consolidated Airlines Group, up 5.7%. The British Airways parent said it will remove a policy which meant the company would need a limit on the maximum number non-European Union shareholders. As of Friday, IAG said just short of 40% of its shareholders were non-EU, though the percentage was as high at 48% in February 11, 2019. Last February, IAG decided it was "necessary to specify a maximum aggregate number" of stock attributed to non-EU shareholders. It was policy added to its bylaws. IAG said that although the policy has been withdrawn, it will continue to "monitor its number of relevant non-EU shareholders".
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Ashtead Group, up 4.5%. Morgan Stanley raised the equipment rental firm to Overweight from Equal Weight.
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FTSE 100 - LOSERS
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Whitbread, down 1.1%. Berenberg downgraded the Premier Inn hotel chain owner to Hold from Buy. Whitbread on Thursday said it continues to suffer from economic uncertainty and higher costs in the UK.
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TUI, down 1.0%. Goldman Sachs started coverage on the Anglo-German tour operator with a Sell rating. The US bank thinks TUI has a number of issues to contend with, not least the continued grounding of Boeing's 737 MAX aircraft.
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FTSE 250 - WINNERS
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Cranswick, up 6.5%. The pork products producer said it expects profit for its current financial year to beat market expectations, buoyed by exceptionally high export sales. For the year ending March 31, Cranswick expects adjusted pretax profit to be higher than current market forecasts, driven by positive revenue growth across Cranswick's operations despite a competitive market environment. In the prior year, Cranswick reported adjusted pretax profit of GBP92.0 million. The group said export sales remained exceptionally strong as the African Swine Fever outbreak in China created opportunities to increase sales in the region, so long as the UK remained free of the outbreak.
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FTSE 250 - LOSERS
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Hastings Group, down 7.2%. The insurer warned of a steep drop in annual profit, with claims in the last-quarter of 2019 rising. The firm has also warned of a lower dividend for 2019 than the prior year. Hastings reported "elevated" claims in the fourth-quarter, meaning its annual loss ratio, before a change in the Ogden rate last July, will be between 81% and 82% and adjusted operating profit will be GBP110 million, suggesting a 42% fall from 2018. This compares to a loss ratio in 2018 of 75%. "Taking in to account the operating performance in 2019, the board expects the 2019 total dividend to be lower than 2018," Chief Executive Toby van der Meer said. AJ Bell's Russ Mould said: "Hastings arguably has greater sensitivity to rising premiums than some of its rivals as it wants to expand and use price comparison sites as its main method of distribution. People tend to make more use of these sites and do more switching of policies when their bills are increasing."
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Restaurant Group, down 6.5%. UBS downgraded the Frankie & Benny's, Wagamama and Garfunkel's dining chains owner to Sell from Neutral.
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OTHER MAIN MARKET AND AIM - LOSERS
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Live Co, down 20%. The operator of the Bricklive shows, which are aimed at children and incorporate Lego bricks, said earnings will be below market expectations. The company said it has been hurt by "lower than expected" license and content fees in China. Live Company explained: "The board believes that the lower fees from China are due to the general macro-economic environment and slowdown in the region." Revenue for the year ended December 31 is expected to rise 12% to GBP5.5 million from GBP4.9 million in 2018. Live Co expects to swing to earnings before interest, tax, depreciation and amortisation of GBP700,000, from a GBP400,000 loss the year before. Also hurting 2019 numbers was a delay in some revenue that will now arrive during the first quarter of 2020, the company added.
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Character Group, down 18%. The toy maker warned full-year profit will be below market expectations following an "extremely challenging" Christmas period. Character said the toy market in the UK contracted for the second year in-a-row, hurting both Christmas sales and half-year numbers. For the year ending August 31, Character expects pretax profit to be roughly GBP10 million, not only below market expectations but potentially 9.9% lower at GBP11.1 million than last year. The company does however expect a stronger last six months of financial 2020, anticipating one if its "strongest second half performances to date".
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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