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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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Persimmon up 5.4%, Taylor Wimpey up 5.0%, Barratt Developments up 5.2%, Berkeley Group up 4.7%. Shares in the housebuiders were higher amid a perceived lower risk of a no-deal Brexit deal following positive comments from UK Prime Minister Boris Johnson's talks with Irish counterpart Leo Varadkar on Thursday. "Investors clearly think there is a much greater chance of a deal, however how on earth do we get there in time - Parliament has to agree to one that the EU (Ireland) is happy with next Saturday at the latest or we have to extend, which we know Boris and co simply refuse to do. If they extend now they face electoral carnage at the next General Election," said Markets.com analyst Neil Wilson. Midcap peers Galliford Try, Crest Nicholson and Bellway were up 7.7%, 5.5% and 4.5% respectively.
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FTSE 100 - LOSERS
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WPP, down 4.5%. Shares in the advertising company were suffering a negative read-across from French peer Publicis. Late on Thursday, Publicis guided for a fall in organic revenue growth in 2019 due to "very cautious" spending approaches by some clients. Publicis shares were down 13% in Paris. "WPP shares have slid sharply after sector counterpart Publicis warned on its 2019 revenue guidance, the second such warning in three months. Publicis appears to have been caught out by the move towards digital marketing, away from the more traditional TV and billboard advertising, with Europe a particular source of concern," said CMC Markets analyst Michael Hewson.
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FTSE 250 - LOSERS
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Man Group, down 3.0%. The fund manager said the outlook for flows remains mixed following a decrease in funds under management in the third quarter of 2019. Man Group, which focuses on private markets, said funds under management stood at USD112.7 billion at the end of September, down 1.5% from USD114.4 billion on June 30. The decline was driven by net outflows of USD1.1 billion, comprising sales of USD6.6 billion and redemptions of USD7.7 billion, and negative foreign exchange and other movements of USD1.3 billion, Man Group explained. Negative forex and other movements were driven by the US dollar strengthening against the Australian dollar, sterling and the euro, the company said. Man Group also highlighted its management fee margin continues to decline due to the ongoing mix shift towards institutional assets, which are at a lower margin.
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OTHER MAIN MARKET AND AIM - WINNERS
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Dart Group, up 15%. The aviation services and distribution group said it expects to beat the market's annual profit expectations, in part due to the demise of travel company Thomas Cook Group. Debt-ridden Thomas Cook folded in September after failing to secure an extra GBP200 million needed to keep it afloat. As such, Dart - which owns budget airline Jet2 - said it received increased demand and will continue to assess this over the coming months, it added. The company's Leisure Travel unit has continued to receive "encouraging" levels of later season bookings, and demand for both flights and package holidays are continuing to strengthen. "Given the strengthening booking trend, the board now believes current market expectations for group profit before foreign exchange revaluations and taxation for the year ending March 2020 will be exceeded. The board will provide a further update on publication of its interim results on November 21," said Dart.
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OTHER MAIN MARKET AND AIM - LOSERS
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Nostrum Oil & Gas, down 35%. The oil and gas company said it does not expect production from Well 14 in Kazakhstan due to operational difficulties. Well 41 in the Frasnian reservoir, which is based in the pre-Caspian basin, was "unable to sustain a commercial flow of hydrocarbons", the oil and gas firm said after conducting extensive testing at the site. Nostrum added: "The company will now consider whether there are alternative approaches it can take to perforate other reservoirs. The company does not forecast any production from this well in 2019." The company is also undergoing a strategic review, where it will address is weak share and bond price, Nostrum said. Nostrum Oil explained: "The company has engaged Goldman Sachs Group Inc to carry out a review of all strategic options available to it in order to maximise value for all stakeholders." The strategic review, announced in June, could also result in the sale of the company.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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