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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.----------FTSE 100 - WINNERS----------Antofagasta, up 4.3%. An international tribunal has ordered Pakistan to pay almost USD6 billion to a joint venture partly owned by Antofagasta, the Chilean miner said. The USD5.84 billion award has been made by the World Bank's International Centre for Settlement of Investment Disputes to Tethyan Copper Co, a partnership between Antofagasta and Canada's Barrick Gold. The dispute centred on the alleged "unlawful" denial of a mining lease for the Reko Diq project in Pakistan in 2011. Pakistan, which has "limited" grounds for a challenge, will pay USD4.09 billion based on a market value of the project in 2011, and interest of USD1.75 billion. A feasibility study, Antofagasta said, showed Reko Diq contained one of the world's largest undeveloped copper and gold deposits, with the potential to be mined for over half a century.----------FTSE 100 - LOSERS----------Micro Focus International, down 5.0%. The software firm was extending losses after it said last week its high-profile acquisition of Hewlett Packard's software business was still proving difficult to integrate into existing operations. The stock is down 20% since last Tuesday. In addition, the Newbury-based software firm said on Monday Chair Kevin Loosemore sold 650,000 shares at an average price of 1,777 pence each, in a deal worth around GBP11.6 million in a series of transactions last Wednesday and Thursday. ----------Direct Line Insurance, down 1.1%, Admiral, down 0.9%. The UK government unveiled a recalculation to the rate used to calculate the amount insurers must pay for personal injury claims. The personal discount rate, or Ogden rate, has been raised to minus 0.25% from the minus 0.75% implemented in 2017, Lord Chancellor David Gauke said. The Ogden rate is a calculation used by courts to work out how much insurance companies need to pay out in the event of life-changing injuries to customers, taking into account the likely return from the investment of such awards. The higher the rate, the better the outcome is for insurers. "Essentially a 2017 decision to drastically reduce the assumed returns claimants can earn on a lump sum has been walked back a bit but the industry's disappointment in today's outcome is still palpable. Analysts had certainly pencilled in a more favourable settlement. At the very least recent developments may put the brakes on the generous dividends these firms have paid in the past, particularly when you consider an FCA probe could place further pressure on premiums as the difference between what new and existing customers are charged is challenged," said AJ Bell's Russ Mould. ----------FTSE 250 - LOSERS----------Sports Direct International, down 11%. The sportswear retailer said it would delay the release of its annual results, citing the complexities of the integration of department store chain House of Fraser. The company was originally set to report full-year results on Thursday. Sports Direct said Monday that increased regulatory scrutiny and the complex integration of House of Fraser, alongside uncertainty over the troubled department store's future prospects were the reasons for the delay. The company said accounting firm Grant Thornton has asked for additional time to complete its audit. In addition, Sports Direct said there are some "key areas to conclude" which could further hurt the guidance given in December. The company now expects its audited results to be published between July 26 and August 23.----------Cairn Energy, down 2.5%. The oil and gas explorer was cut to Underperform from Hold. ----------OTHER MAIN MARKET AND AIM - WINNERS----------Kibo Energy, up 15%. The coal exploration and development company said it signed a collaboration deal with power plant operator STEAG in order to help develop its portfolio of energy projects. Kibo signed the deal with STEAG Energy Service - a subsidiary of STEAG - which operates 6,600 megawatts of power through its own power plants and 6,700 megawatts of power for third party clients. The majority of the power plants owned by STEAG are coal fired. No financial details related to the agreement were provided.----------OTHER MAIN MARKET AND AIM - LOSERS----------Thomas Cook, down 9.5%. The tour operator has come under criticism from shareholder group ShareSoc for misleading small shareholders about its cash position, the Daily Mail reported on Sunday. Thomas Cook announced on Friday that Chinese investors Forun Tourism Group provided the troubled company with a GBP750,000 cash injection. ShareSoc's director Cliff Weight said statements made in February and May, which said that the company's cash position was improving and it was taking a "number of prudent steps to de-risk our business" were optimistic. He said: "Thomas Cook's directors need to be held to account for making such positive statements, which may have misled many investors." Individual shareholders together own 20% of the company which has more than GBP1.20 billion worth of debt, the Daily Mail reported.----------
30 Aug 2023 17:15
