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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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Rentokil Initial, up 2.9%. JPMorgan raised the pest control and hygiene services firm to Overweight from Neutral.
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Bunzl, up 2.6%. JPMorgan raised the distribution and outsourcing company to Overweight from Neutral.
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FTSE 250 - WINNERS
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888 Holdings, up 15%. The gambling firm's adjusted earnings before interest, tax, depreciation and amortisation for 2020 will be ahead of previous expectations following a strong year-to-date trading performance. Average daily revenue in the year-to-date has been 34% higher than the prior year, the company said, due to increased levels of customer acquisition during the second half of 2019 and the structural shift towards online gaming accelerated by the Covid-19 pandemic during recent months. Gibraltar-based 888 said that despite the encouraging trading momentum it remains "mindful" of possible headwinds in the second half of the year including the potential for a period of prolonged global economic uncertainty that could impact discretionary spending by consumers.
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Weir Group, up 6.3%. The engineering firm completed the refinancing of its main banking facilities, with a syndicate of 12 global banks. The facilities comprise a new USD950 million revolving credit facility which will mature in June 2023 with the option to extend for up to a further two years and a new GBP200 million term loan, which will mature in March 2022. Weir said its covenant terms remain unchanged and noted it continues to be "highly" cash generative and has a "strong" liquidity position - which includes about GBP500 million of immediately available committed facilities and cash balances. Turning to trading, Weir said Minerals business continues to show "resilience" in the second quarter, with aftermarket orders similar to the first quarter. Its ESCO unit has shown "resilience" but has seen customers run down ore stockpiles. In Oil & Gas, Weir saw a "significant" step-down in North American activity levels in during the quarter.
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easyJet, up 2.3%. The budget airline has signed a sale and leaseback agreement for six Airbus A320neo aircraft for cash proceeds of USD255 million. The aircraft will be sold to leasing company SMBC Aviation Capital and leased back for terms of between 110 and 122 months, the low-cost airline added. The lease obligations is expected to total GBP155 million. Proceeds, which make up part of the expected GBP500 million to GBP650 million in funding from sale and leasebacks announced by the company in May, will be used to maximise liquidity and further strengthen easyJet's financial position.
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FTSE 250 - LOSERS
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Aston Martin Lagonda, down 9.9%. The luxury carmaker plans to sell new shares totalling up to 19.99% of its current issued share capital in an attempt to secure enough cash to "successfully emerge from the extended Covid-19 lock-down". At its current market capitalisation of about GBP900 million, the share offer could raise up to GBP180 million. Aston Martin completed a GBP536 million rights issue back in April. The price at which the shares are to be sold will be determined at the close of the bookbuilding process, the luxury carmaker said. "The directors of the company are confident that this additional flexibility will allow the company to pursue its strategy to realise its full potential to operate as a true luxury company and remain focussed on ensuring the company builds the appropriate capital structure for the longer term," Aston Martin added. Yew Tree Overseas has agreed to subscribe for 25% of the placing and Prestige Motor will buy 7.8%. Separately, Aston Martin said its retail sales in the second quarter were hit by the Covid-19 disruption. Wholesales are expected to be lower in the second quarter than in the first quarter and wholesale average selling price will continue to suffer from its de-stocking process.
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Crest Nicholson, down 3.6%. Jefferies cut the housebuilder to Hold from Buy.
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MAIN MARKET AND AIM - LOSERS
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Marston's, down 4.3%. The pub operator reported a bruising swing to loss in its first half, as it took a GBP40 million sales hit due to Covid-19. Marston's looks to the future with optimism however, hailing a "transformational" joint-venture pact it sealed with Danish lager maker Carlsberg. Revenue in the six months to March 28 fell 7.7% annually to GBP510.5 million from GBP553.1 million, Marston's said. It swung to a pretax loss of GBP33.2 million from a GBP16.3 million profit. Marston's said revenue was in line with the prior year before Covid-19 began to grip the market and force the UK government to impose lockdown measures. Plans are in place for its reopening on Saturday next week, the latest step in the UK lockdown easing. Marston's said the "initial revenue and earnings profile" is uncertain. The pandemic forced Marston's to turn to cost-cutting, at one point it furloughed 93% of its 14,000 strong workforce, with remaining employees taking a 20% salary cut. It also ruled out a dividend for financial 2020. It made a 2.7 pence interim payout last year.
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By Paul McGowan; paulmcgowan@alliancenews.com
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