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LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Monday.
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FTSE 100 - WINNERS
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Sports Direct International, up 3.8%. The UK's biggest sports retailer is leading the FTSE 100 gainers after plans were announced for it to launch in Australia and New Zealand by forming an online partnership with ozsale.com.au, part of the Mysale Group. The news was announced by Mysale Group, the AIM listed online retailer, in which Sports Direct bought a 4.8% stake last month. The new partnership will give Sports Direct immediate access to ozsale.com.au's 12 million customers. AIM-listed Mysale shares were up 4.8% Monday.
Shire, up 2.3%. The UK drug maker continues to be the focus of merger and acquisition activity, with the management saying Monday that it is, "willing to recommend" the latest offer from US rival AbbVie to shareholders. AbbVie's most recent proposal comprises GBP24.44 in cash and 0.8960 shares of the new company for each existing Shire share. Based on AbbVie's share price on Friday, the new offer has a value of GBP53.20 per Shire share, or GBP31.33 billion in total. The latest offer is AbbVie's fifth attempt to convince Shire to sell since making its first approach back in May.
Rolls-Royce Holdings, up 1.3%. The engineering group said Monday it has won the contract to supply Airbus with it's new Trent 7000 engine for the new A330neo aircraft. The company said the 68-72,000 pound thrust Trent 7000 will deliver a "step change in performance and economics compared to the current version of the Trent 700." It will improve specific fuel consumption by 10%, have twice the bypass ratio and will halve perceived noise, said Rolls-Royce. The first engine test run for the Trent 7000 is planned for 2015 with certification expected in 2017, supporting an aircraft entry into service in Q4 2017, said the company. The Farnborough Airshow is on all this week and also has produced announcements from easyJet and IAG.
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FTSE 100 LOSERS
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Burberry Group, down 1.5%. Burberry shares have been sliding since the group announced last week its first quarter results, which showed strong demand for its luxury goods but profits impacted by the strong pound. On Friday the fashion retailer also suffered a shareholder revolt over executive pay, with the majority of shareholders voting against a multi-million pound share package for Christopher Bailey, who has just taken over as chief executive officer from Angela Ahrendts. With few other FTSE 100 fallers Monday, Burberry stand out at the bottom of the table.
easyJet, down 0.9%. The airline announced it has appointed CFM International as its engine supplier. Under the terms of the deal, CFM will provide 270 engines to power its firm order of 35 Airbus current generation A320 aircraft and 100 Airbus new generation A320neo aircraft. Separately from that announcement, easyJet suffered another broker price target downgrade as analysts readjust their forecasts following recent profit warnings in the airline industry that have undermined shares across the sector. The latest downgrade is from HSBC, which now targets 1,250 pence instead of 1,600p.
International Consolidated Airlines Group, down 0.8%. British Airways parent company said it has converted 20 of the 100 Airbus 320neo options it announced in August 2013 into firm orders. The company said the aircraft will be delivered in 2018 and 2019 and will provide cost savings and environmental benefits. The remaining options can be used for any of the airlines in the group - British Airways, Iberia or Vueling - for aircraft replacement requirements, IAG said. Despite the confidence shown by the aircraft order, sentiment in the airline sector remains negative, particularly given a rising oil price, with Brent crude up about 0.6% Monday morning, currently quoted at USD107.00 a barrel.
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FTSE 250 WINNERS
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Halfords Group, up 2.5%. Following a strong set of first-quarter results last week, which showed sales in Halfords cycling business up by 21% compared to the previous year, Numis Securities has raised the stock to Add from Hold, with a price target of 545 pence.
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FTSE 250 LOSERS
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AVEVA, down 0.8%. The engineering data and design IT systems provider maintained its expectations for the full year on a constant currency basis, although it highlighted that sterling has continued to strengthen against a number of currencies in territories in which it operates. The strengthening of sterling has been hampering the company's results, it said, and it expects this to mostly hit its performance in the first half of the current year.
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AIM All-Share WINNERS
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Progility, up 41%. The software company said it has acquired Starkstrom Group Ltd for a total of GBP9.7 million, including GBP7.0 million in cash and GBP2.7 million in zero coupon loan notes, from the its owner managers. Starkstrom designs, builds and supplies medical equipment. It posted a pretax profit of GBP1.8 million, from revenues of GBP13.7 million, in the year to end-May 2013. Progility said that the acquisition formally establishes its healthcare division as a provider of project management services to hospitals.
Quindell, up 24%. The software and consultancy company expressed confidence in meeting full-year market expectations for its key performance indicators, with full-year revenue guidance of GBP800 million to GBP900 million. The company said it had seen revenue of around GBP335 million for the half year to end-June, more than double the GBP163.3 million recorded in the previous year.
Boxhill Technologies, up 11%. The gaming company said James Rose will take up the role of chief operating office following the departure of Kevin Dale, and announced that it had launched its payment software on e-commerce site ekmpowershop.com. Dale has opted to step down to pursue other business interest. His successor Rose is currently managing director of Boxhill's lottery management subsidiary.
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AIM All-Share LOSERS
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Sweet Group, down 16%. The construction and property consultancy said the UK's Serious Fraud Office has decided to investigate allegations of deception by a former employee of its subsidiary Cyril Sweett International Ltd. In April, Sweett Group said it was investigating after evidence came to light suggesting that "material instances of deception" may have been perpetrated by one or more former employees between 2009 and 2011.
The Mission Marketing Group, down 9.9%. The shares are lower despite a broadly positive update from the marketing communication and advertising company. Management said that revenue and profit for the first half-year are both expected to come in ahead of the previous year. The group also said that its net debt fell to less than GBP8 million from GBP10.7 million as at the end of last year.
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By Jon Darby; jondarby@alliancenews.com; @jondarby100
Copyright 2014 Alliance News Limited. All Rights Reserved.
Today 14:37
Ryanair leads airline shares lower after warning over summer fares
MILAN, May 7 (Reuters) - Shares in Ryanair fell more than 4% on Tuesday, leading the broader European airline sector lower after CEO Michael O'Leary said ticket prices were likely going rise by less this summer than previously expected.
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