(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.
----------
FTSE 100 - WINNERS
----------
Housebuilders such as Barratt Developments, up 4.0%, and banks, with Barclays up 2.2%. Domestically-exposed stocks were higher on hopes of a Brexit deal. "It still seems more likely that there will be a deal than not. It would be an enormous failure of statecraft on the part of both sides, if neither party were able to agree a deal, even at this late stage," said Michael Hewson at CMC Markets.
----------
FTSE 100 - LOSERS
----------
Bunzl, down 4.8%. The distribution firm said it expects a "strong performance" for 2020, with continued growth in Covid-19 related orders during the fourth quarter of the year amid pandemic-driven restrictions in some markets. Bunzl said revenue for 2020 is expected to increase by 8% and its operating margin is expected to be higher than the prior year as it has "significantly" benefited from a mix of products being sold. Looking ahead, Bunzl said it expects revenue in 2021 to be lower than the current year, with "minimal benefit" from larger Covid-19 related orders which have strongly supported the performance in 2020.
----------
FTSE 250 - WINNERS
----------
Dixons Carphone, up 13%. The electricals and mobile phone retailer swung to an interim profit on online sales strength. Revenue for the half-year to October 31 rose to GBP4.86 billion from GBP4.71 billion a year ago, with Dixons turning to a pretax profit of GBP45 million from a GBP86 million loss. "We've achieved this performance by doing what we said we'd do. We're winning online, and have triple-digit growth and rapid market share gains to show for it," said Chief Executive Alex Baldock. For UK & Ireland Electricals, revenue was up 15%, or 16% like-for-like, and online sales more than doubled, offsetting a loss of sales from enforced store closures and in Dixons Travel. Trading since the period end has continued strongly, the electricals and mobile phone retailer said. In UK & Ireland Electricals, like-for-like growth was 11% in the six weeks to December 12 despite stores in England, Wales, Scotland and Northern Ireland having been closed for substantial periods.
----------
FTSE 250 - LOSERS
----------
Petrofac, down 3.6%. The oilfield services company said trading has been in line with expectations for 2020 in a "difficult" environment. Petrofac said its performance in the second half of 2020 has continued to be hit by Covid-19, and it expects to report revenue of around USD4.0 billion for 2020 and full-year profitability "materially lower" than in 2019. "Looking forward, it remains unclear how long business activity in our industry will be impacted by market conditions. Low order intake over recent years will result in a decline in revenue next year. The group has therefore announced a further set of measures to right-size the organisation. These will result in total estimated gross savings of USD250 million in 2021, which will seek to protect the business from lower revenues and ongoing pressures on margins," said Petrofac.
----------
OTHER MAIN MARKET AND AIM - WINNERS
----------
Canadian Overseas Petroleum, up 32%. The oil and gas exploration and development company said it has agreed to buy Atomic Oil & Gas for USD54 million in a mix of assumed debt, cash and shares. "This strategic acquisition would represent a step change in the capacity and revenue generating opportunities open to the company," said Canadian Overseas.
----------
By Lucy Heming;Â lucyheming@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
