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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.
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FTSE 100 - WINNERS
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Polymetal International, up 6.1%. Fresnillo, up 2.6%. The gold miners were tracking the price of the precious metal higher, quoted at USD1,941.34 Monday morning, up 2.2% from USD1,900.17 on Friday. Gold overnight hit USD1,944.36, a new record high.
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FTSE 100 - LOSERS
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International Consolidated Airlines, down 9.4%. The British Airways owner was lower following the UK's sudden decision to reimpose strict quarantine rules at short notice on travellers returning from Spain. Ministers announced on Saturday that holidaymakers who had not returned from Spain and its islands by midnight would be forced to quarantine for 14 days after Covid-19 second wave fears saw the popular holiday destination struck off the UK's safe list. The Foreign Office guidance advising against all but essential travel to mainland Spain does not include the islands, but ministers opted to apply blanket quarantine arrangements across the Spanish territories.
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Rolls-Royce, down 5.6%. Moody's Investors Service downgraded the long-term senior unsecured rating of the jet engine maker to Ba2 from Baa3, while keeping the outlook on the rating negative. Moody's also assigned a corporate family rating of Ba2 and Ba2-PD probability of default rating. The ratings agency explained that the action reflects its expectations of "substantial" cash outflows in 2020 and 2021, resulting in "materially" increased leverage. Rolls-Royce has incurred a free cash outflow of GBP3 billion in the first half of 2020 and expects an outflow of GBP4 billion for the full year. Moody's highlighted that Rolls-Royce has been hurt by the coronavirus pandemic as a result of reduced flying hours by airlines. This will result in lower aftermarket revenue for Rolls-Royce, and lower demand for new commercial aircraft.
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FTSE 250 - WINNERS
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Kainos, up 18%. The software firm, which focuses on the public, healthcare and financial services sectors, said it will make a special dividend payout as it reported "resilience" in its trading so far this financial year. Kainos, which had opted not to make a final payout for the financial year ended March 31, will release a special dividend of 6.7 pence. It added that it also expects to return to its usual cycle of paying an interim and final payout. "The resilience in our business has been driven by our long-term relationships with our customers, by on-going demand within the NHS, Public Sector and Workday segments and by our diversification of revenues across customers, end markets and geographic regions," Kainos said. Despite Covid-19, it expects annual revenue and adjusted profit to be "well ahead" of current consensus forecasts.
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Cairn Energy, up 7.4%. The oil & gas exploration company said it has agreed to sell its Senegal interests to Russia's Lukoil and pay a special dividend with the cash received. Cairn has entered into an agreement to sell its entire 40% interest in the Rufisque offshore, Sangomar offshore and Sangomar deep offshore contract area for a cash sum of up to USD400 million to Lukoil, expected to be completed in the fourth quarter of 2020. Of the USD400 million, USD300 million is expected in cash on completion, including reimbursement of capital expenditure made by Cairn since January 1. A further USD100 million is contingent on the timing of first oil from the contract area as well as the average Brent oil price during the first six months of production. The transaction will leave Cairn with strong financial flexibility, it said.
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FTSE 250 - LOSERS
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TUI, down 13% and easyJet, down 11%. The mid-cap travel stocks also were lower in the wake of the UK's travel restrictions on Spain.
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OTHER MAIN MARKET AND AIM - WINNERS
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Indivior, up 32%, having risen 38% on Friday. Jefferies raised the pharmaceutical firm to Buy from Hold. On Friday, Indivior said it will part with USD600 million to resolve criminal charges in the US related to its Suboxone film opioid dependence medication.
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OTHER MAIN MARKET AND AIM - LOSERS
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Ryanair, down 6.3%. The budget airline turned to a loss in the first quarter due to travel restrictions put in place because of the Covid-19 pandemic. Ryanair swung to a loss of GBP185 million in the first quarter ended June 30 from a net profit of GBP243 million a year ago. The company saw 99% of its fleet grounded from mid-March to the end of June due to travel restrictions caused by Covid-19. Passengers fell to 500,000 in the quarter from 41.9 million a year ago. "The past quarter was the most challenging in Ryanair's 35 year history. Covid-19 grounded the group's fleet for almost 4 months as EU governments imposed flight or travel bans and widespread population lockdowns," Ryanair said. Ryanair implemented an 85% reduction in costs during the quarter which it said was not enough to offset the heavy revenue losses.
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By Lucy Heming; lucyheming@alliancenews.com
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