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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.
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FTSE 100 - WINNERS
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CRH, up 7.1%. The Irish building materials firm said its year had started well with higher like-for-like sales in the first quarter but a "visible" Covid-19 hit starting mid-March. CRH reported a 3% rise in like-for-like sales for the three months ended March 31 compared to a year before. This included an 8% rise in like-for-like sales for its Americas Materials operations, while Europe Materials was broadly flat year-on-year as a "solid start to the year" was offset by lockdowns in March. In Building Products, like-for-like sales were up 3% from 2019. In a bid to mitigate damage from the virus pandemic, CRH has opted to halt all discretionary and non-essential spending "for the foreseeable future", as well as limiting its capital expenditure to only an essential maintenance level. It also has postponed its share buyback programme but confirmed a final cash dividend of EUR0.63 per share will be proposed at its annual general meeting on Thursday.
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Antofagasta, up 4.0%. The Chilean miner said production increased in its first-quarter despite operating with just roughly two-thirds of its workforce due to Covid-19 related preventative measures. Copper production in the period to March 31 was 2.9% higher year-on-year and climbed 4.6% quarter-on-quarter to 194,000 tonnes. Copper sales climbed 9.2% annually to 195,300 tonnes, a 0.8% rise from the fourth quarter of 2019. Gold production was 4.7% higher year-on-year at 65,100 ounces, which Antofagasta attributed to higher grades at the Centinela mine in Chile. Quarter-on-quarter, gold output jumped 17%. Antofagasta's production of molybdenum, an element often used as an alloying agent for steel, was down 31% annually at 2,400 tonnes.
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FTSE 100 - LOSERS
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Centrica, down 6.0%. Jefferies downgraded the British Gas parent to Hold from Buy.
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Sage Group, down 1.5%. Goldman Sachs cut the accounting software provider to Sell from Neutral.
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FTSE 250 - WINNERS
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Drax Group, up 8.0%. The power generation company backed its full-year guidance after its first quarter of trading but added it is "vigilant" as the Covid-19 pandemic unfolds. Drax says it is in line to meet analyst consensus for adjusted earnings before interest, tax, depreciation, amortisation of GBP398 million. This includes a potential hit of GBP60 million in its Customer segment as a result of reduced demand. Drax added that it will still pay its final dividend of 9.5 pence per share.
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Unite Group, up 4.5%. The student accommodation provider said it expects to forego rent on as much as 65% of all owned and managed beds and is expecting an up to 20% drop in income for the 2020 academic year. In total, Unite is forecasting 16% to 20% cut in income for the 2020 academic year. This represents an improvement over the firm's previous expectations. Unite has maintained its prior guidance for a drop in 2020 cashflow of between GBP90 million and GBP125 million, with the upper end of this including a four-week delay to the beginning of the 2021 academic year. Unite expects to see a GBP12 million to GP15 million cost-saving in 2020 after an operating expense and overhead review, as well as between GBP5 million and GBP6 million of cost synergies from its Liberty Living acquisition.
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OTHER MAIN MARKET AND AIM - WINNERS
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Fevertree Drinks, up 11%. The premium tonic water maker reported a revenue rise in 2019, but added that sales in restaurants and bars have since been hit by the Covid-19 pandemic. Fevertree upped its annual dividend by 4.0% to 15.08 pence per share from 14.50p. Many listed companies have decided to postpone or cancel payouts due to the virus health crisis. In 2019, Fevertree's revenue was 9.7% higher at GBP260.5 million from GBP237.4 million. Pretax profit was 4.1% lower, however, at GBP72.5 million from GBP75.6 million. Depreciation costs more than climbed to GBP2.2 million from GBP700,000 and finance expenses doubled to GBP200,000. Adjusted earnings before interest, tax, depreciation and amortisation were 1.3% lower at GBP77.0 million from GBP78.6 million, "reflecting ongoing investment for future growth". The company reported a "solid start" to 2020 with trading in the first two months in line with expectations but said that since March, bar and restaurant trade has plunged.
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boohoo, up 6.0%. The online fashion retailer reported a bumper annual earnings rise but as focus shifts to the Covid-19 pandemic. Revenue in the year ended February 29 jumped 44% to GBP1.23 billion from GBP856.9 million, with pretax profit up 54% to GBP92.2 million from GBP59.9 million. Revenue in its core boohoo brand was 38% higher at GBP600.7 million. It also rose 38% in PrettyLittleThing where annual revenue climbed to GBP516.3 million. At Nasty Gal, revenue more than doubled to GBP98.8 million. Active customers rose by 28% for the boohoo brand, by 26% at PrettyLittleThing and by 88% at Nasty Gal. The retailer said it benefits from "sufficient financial headroom" and had net cash of GBP241 million at the year-end.
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OTHER MAIN MARKET AND AIM - LOSERS
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Gemfields Group, down 2.5%. The miner said its Mozambique ruby mine has halted operations and it has suspended its share buyback programme. At the Montepuez ruby mine, all but critical operations have been suspended as of Wednesday. Gemfields has suspended all expansionary capital expenditure at the mine for the foreseeable future. Gemfields noted it has access to USD30 million of undrawn overdraft facilities for its ruby mine. Elsewhere, the miner said it is looking to preserve costs. Staff have moved to a four-day workweek and have agreed a 20% pay cut. Gemfields has also suspended its share buyback programme, due to the "considerable level of uncertainty".
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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