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LONDON (Alliance News) - The following stocks are the leading risers and fallers on the main London indices midday Tuesday.
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FTSE 100 - Winners
EasyJet, up 5.3% and International Consolidated Airlines, up 4.7% lead the risers on the blue-chip index. As heavy consumers of fuel, airlines are gaining the most as oil prices continued to soften overnight on hopes that a military strike on Syria will be avoided.
Glencore Xstrata, up 2.8%, said that its merger will result in synergies enabling it to save USD2 billion in 2014, materially exceeding the initial guidance of USD500 million. The company announced a USD3.5 billion reduction in capital expenditure during 2013 to 2015, excluding Las Bambas from 2014, with full optionality being maintained.
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FTSE 100 - Losers
Whitbread, down 2.7%. With strong sales growth seen at Premier Inn, the reported slowdown in sales growth to 2.1% from 3.1% in the first quarter is entirely due to the hot UK weather over the period hitting sales of hot drinks at Costa Coffee, says Greg Johnson, analyst at Shore Capital.
Fresnillo, down 1.7%. The exploration company has seen its share price fall from Tuesdays high. Having been the biggest winner on the blue-chip index on Tuesday, Fresnillo is now one of the biggest losers.
BG Group, down 0.4%. EXCO Resources Inc. has announced that BG Group has elected not to acquire 50% of the recently acquired producing and undeveloped oil and gas assets in the Haynesville shale formation. EXCO's Chief Executive Officer, Douglas Miller, said, "With BG Group's decision not to participate, EXCO will be able to fully benefit from the Haynesville assets' strong base production and additional drilling inventory with upside development opportunities."
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FTSE 250 - Winners
Ashmore Group, up 6.8%. The emerging markets investment manager posted higher full-year pretax profit of GBP257.6 million, compared with GBP243.2 million last year, with strong inflows from new and existing clients. Assets under management increased 22% to GBP77.4 billion for the year ended June 30, compared with USD63.7 billion. It put the increase down to net inflows of USD13.4 billion, along with an investment return of USD0.3 billion.
Fenner, up 6%. The reinforced polymer products maker said it expects its full-year results to be in line with expectations after a successful end to the year, and it still expects to return to growth in the current year. The company said net debt at the end of the year was better than expected at about GBP125 million, thanks to the timing of capital expenditure payments, reduction in working capital and beneficial exchange rate movements.
Thomas Cook Group, up 5%. The heavy fuel utilising company is one of the biggest winners on the FTSE 250 as investors react to softening overnight oil prices.
Lonmin, up 3.4%. The Financial Times has reported that Glencore Xstrata has had two senior executives appointed to the board of the South African miner.
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FTSE 250 - Losers
Oxford Instruments, down 5.8%. The company is the biggest faller on the FTSE 250 after it warned that its growth would be more weighted to the second half of the current financial year than in previous years because research and development markets in western economies are being hit by central government austerity cuts. It said average monthly orders in its nonatechnology tools unit are ahead of last year in Asia, but behind in North America and Europe as government agencies examine R&D spending.
Bumi, down 0.4%. The Indonesian thermal-coal mining company continues to fall following Monday's announcement that its proposed separation from the Bakrie Group and PT Bumi Resources Tbk continues to be delayed.
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AIM - Winners
Avanti Communications Group, up 19%. The satellite data communications company has reported a huge jump in full year revenues, boosted by the launch of its HYLAS 2 satellite, despite launching seven months behind schedule.
Straight, up 14%. The maker of waste and recycling containers has anounced that it has secured a contract worth in excess of GBP550,000 with Bournemouth Borough Council to supply a new food waste caddy that fits inside wheelie bins. The contract with Bournemouth Council also includes the supply of indoor kitchen caddies, a quantity of its 23 litre kerbside caddies for larger households and the supply of its compost-a-bag compostable liners.
Nostra Terra Oil And Gas Company, up 11%. The oil and gas exploration and development company said it expects a 200% net return by year end on its newly producing development well in the Verde Prospect, Colorado. The company also said that two more wells are being developed on the site to further expand the prospect.
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AIM - Losers
Brightside Group, down 15%, has announced that it has broken off talks with Markerstudy and wouldn't give it any more time to make a firm offer for the company after Markerstudy Monday announced an approach that the Brightside board said undervalues the company.
ILX Group is down 14% following the announcement that it will acquire Progility Pty Ltd for GBP15.97 million by issuing 159.7 million new shares, and would change its name to Progility PLC as a result. In said the move would help it reduce reliance on revenues from training, which are still under pressure. However its losses widened as it restructured, although revenues grew.
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By James Kemp; jameskemp@alliancenews.com
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