CTP.L Share News (CTP)

LONDON (Alliance News) - The following stocks are amongst the biggest risers and fallers within the main London indices midday Monday.
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FTSE 100 WINNERS
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Intertek Group, up 4.7%. The shares of the quality and safety testing company are up even though it reported lower profits for 2014, as the strength of the pound and weakness in its oil and gas business that's expected to continue into this year offset growth in its consumer products business. Berenberg and Shore Capital say the group's full-year earnings have come in slightly below their expectations, but say it remains a quality business and they see encouraging signs for the future.

British Land Co, up 1.8%. The property developer said it has bought the Surrey Quays Leisure Park in Canada Water for GBP135 million, completing its strategy of snapping up assets in the area as part of a regeneration plan. The group has now spent GBP250 million on property in Canada Water over the last five years, and is adding the leisure park to the Surrey Quays Shopping Centre and Harmsworth Quays, the former Daily Mail General Trust printing works, it already owns. The land it owns covers nearly 50 acres.

Marks And Spencer Group, up 1.4%. The retailer outlined Monday its investment plans for Asia this year, including modernising its stores in Hong Kong, and entering key cities in China including Beijing and Guangzhou this year. Marks and Spencer said it will continue to invest in its existing flagship store portfolio, including the complete modernisation of its flagship store on West Nanjing Road in Shanghai during the autumn.
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FTSE 100 LOSERS
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Tullow Oil, down 7.6%. The company has warned that it could be hit by a racheting up of tensions in a maritime border dispute between Ivory Coast and Ghana. Tullow said it has been advised by the government of Ghana that the Ivory Coast has requested that provisional measures be put in place until the Special Chamber of the International Tribunal of the Law of the Sea has given a full verdict on the boundary dispute, which is expected towards the end of 2017. The provisional measures include suspending all ongoing exploration and exploitation operations in the disputed area, where Tullow's TEN project is situated. The company said it expects a decision on whether the provisional measures will be enforced to be made before the end of April.
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FTSE 250 WINNERS
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Afren, up 19.2%. The embattled oil explorer said it has secured a further deferral of the USD50 million amortisation payment due on the USD300 million Ebok lending facility to March 31. The payment had been due on January 31. Afren also said it remains in talks with its bondholders and potential third party financiers to secure its financial position.

Oxford Instruments, up 4.7%. The maker of tools and systems for industry and research said it has agreed with its bank lenders to increase its existing GBP100 million revolving credit facility by about GBP25 million, extending the tenor for two years to February 2020, while increasing the net debt to earnings ratio covenant on the facility for a year.

Rentokil Initial, up 2.8% at 138.9 pence. Jefferies has raised the services group recommendation to Buy from Hold, raising its price target to 155p from 125p.

Rightmove, up 1.9% at 3,085.2 pence. Several brokers have raised their price target for the online property portal. Barclays has raised its price target to 3,350 pence from 2,600p, keeping its Overweight recommendation, while UBS has raised its price target to 3,170p from 2,980p, reiterating its Buy rating. Nomura raised its price target for the company to 3,300p from 2,900p, keeping its Buy recommendation, while Exane BNP raised its target to 3,300p from 2,900p, retaining its Outperform rating. Rightmove shares have risen by about 24% in the last 180 days, and more than doubled in the last three years.
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FTSE 250 LOSERS
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Amlin, down 4.2%. The insurer reported a drop in pretax profit in 2014, down to GBP258.7 million from GBP325.7 million in 2013, amid pressure on investment returns and a lower underwriting result. Amlin also said it would increase its ordinary dividend for the year by 3.8% to 27.0 pence per share, while also moving to declare a special dividend of 15.0 pence per share, citing confidence in its capital position.

Ultra Electronics Holdings, down 3.3%. The group, which provides electronic and software technology to the defence, security, transport and energy industries, posted a massive fall in pretax profit for 2014, hit by the early termination of a contract in Oman, though the group said that excluding the impact of the Oman contract, its results were broadly in line with its expectations. The company's statutory pretax profit fell to GBP21.5 million from GBP49.3 million in 2013. Excluding the termination of its Oman Airport IT contract, pretax profit rose to GBP68.4 million against GBP45.1 million.

Cairn Energy, down 2.1%. The oil explorer said the CB-1 exploration well in the Cap Boujdour permit area offshore Western Sahara will be plugged and abandoned after it found non-commercial hydrocarbons. Cairn Energy, citing a report from US-based Kosmos Energy, the operator of the permit, said the well encountered hydrocarbons but that the discovery is non-commercial and will be plugged and abandoned.

Senior, down 1.2%. The manufacturing and engineering company reported a fall in pretax profit in 2014 despite a rise in revenue, dragged back by the strength of sterling against the euro and the dollar over the year. The group said its pretax profit for the year was GBP80.6 million, down from GBP83.8 million in 2013, although profit would have risen 2% if exchange rates had remained the same.
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AIM ALL-SHARE WINNERS
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Rurelec, up 36%. The power generator in South and Latin America said it will pay off its short term loan agreement with Radix Investment UK, and would now work towards the resumption of dividend payments. Rurelec said its combined loans with Radix are now GBP550,000 and will be repaid on March 31 from the USD6.5 million proceeds Rurelec expects to get for the contracted sale of a controlling equity stake in its Canchayllo hydroelectric plant in Peru.

Red Emperor Resources, up 27%. The oil and gas exploration company said its has signed a farm-in agreement with the subsidiary of Australia's Otto Energy, Otto Energy Philippines Inc, for the SC55 block, offshore the Philippines, while a drillship has been secured with Maersk to drill the Hawkeye-1 exploration well.

Manx Financial Group, up 14%. The financial services group reported a jump in pretax profit in 2014, after strong growth in net interest income and net trading income helped to bolster the company's operating performance. Manx Financial, which is comprised of Conister Bank, Conister Card Services and Edgewater Associates, said it made a GBP1.7 million pretax profit in 2014, compared with GBP1.1 million in 2013.

Castleton Technology, up 8.6%. The software and managed services provider announced that it has acquired social housing managed services provider Keylogic and software provider Opus Information Technology, for a total consideration of GBP5.5 million, while saying it has sold its Montal consultancy business to management for GBP600,000.
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AIM ALL-SHARE LOSERS
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RTC Group, off 9%. The recruitment company's shares are down even though it posted higher 2014 pretax profit on the back of an improvement in revenue and said it would pay a maiden final dividend. RTC said its pretax profit for the year was up 38% to GBP1 million, from GBP0.7 million in 2013, as revenue rose to GBP51 million from GBP49 million. Net fee income for the company increased to GBP10.2 million from GBP9.2 million in 2013.

By Daniel Ruiz; danielruiz@alliancenews.com

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