LONDON (Alliance News) - The following stocks are amongst the biggest risers and fallers within the main London indices midday Friday.
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FTSE 100 WINNERS
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Experian, up 3.1%. Goldman Sachs has upgraded the company to Neutral from Sell, with a price rating hike to 1,078.00 pence from 985.00p. The company currently trades at 1,030.00p.
Intertek Group, up 1.9%. The quality-testing company has been upgraded by Goldman Sachs to Buy from Neutral, with a price target increase to 3,340.00p from 3,240p. Intertek trades at 2,737.90p.
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FTSE 100 LOSERS
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Admiral Group, down 1.8%. The non-life insurer reported a 3% fall in third-quarter revenue, hit by a drop in its UK car insurance business, though its expectations for that main profit driver remain on track for the current financial year, thanks to "positive claims development" on its back years, suggesting the group is optimistic on releasing reserves no longer required to cover claims losses. The company reported revenue of GBP513 million in the quarter ended September 30, compared with GBP528 million in the corresponding quarter last year.
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FTSE 250 WINNERS
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Croda International, up 4.6%. The specialty chemicals producer reported a rise in underlying sales, but said its pretax profit and revenue in the third quarter was hit hard by the strength of sterling. Group sales rose 4% in the period, on the back of solid performances in its Consumer Care and Performance Technologies arms. But reported revenue in the period was down 3.3% to GBP259 million, from GBP267.9 million last year, as currency translation caused a 7.3% impact to its sales figures. The company said its pretax profit for the period was broadly flat on a constant currency basis, but was down to GBP55.1 million from GBP58.7 million on a reported basis.
Infinis Energy, up 32.3%. Barclays has initiated coverage on the company with an Overweight rating, with a 275.00p price target. The company currently trades at 221.03p.
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FTSE 250 LOSERS
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Tullett Prebon, down 5.5%. The interdealer broker reported a drop in revenue for the four months to the end of October, but said that the fall in the final month and in September was less marked as the company saw improved levels of activity due to the recent pick-up in market volatility. Tullett said revenue in the four months to end-October fell 4% to GBP233 million at constant exchange rates, an 8% drop at actual rates. However, revenue over September and October was unchanged at constant exchange rates and 2% lower as reported.
Rentokil Initial, down 4.3%. The company said the strength of sterling was having a major impact on its reported results, with pretax profit and revenue held back by the effect of currency translation in the third quarter. Rentokil said pretax profit in in the three months to the end of September was GBP48.8 million, up 16.7% on a reported basis but up 27% in constant currencies. Revenue for the group in the period was down 3.4% on actual rates, but rose 3.3% on a constant currency basis.
Bovis Homes Group, down 4.1%. The UK housebuilder is down despite reporting higher full-year earnings, with increased volumes on last year and robust sales prices so far in the second half. The company said volumes are expected to be 30% higher than 2013 with average sales prices forecast to be up 10%. Operating margin is forecast by the company at around 17%, up from 14.9%, as strength in the property market continues to be buoyed by low interest rates.
Michael Page International, down 1.7%. Goldman Sachs has downgraded the company to Neutral from Buy, with a price target cut to 467.00p, from 570.00p. The company currently trades at 390.90p.
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AIM ALL-SHARE WINNERS
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Fitbug Holdings, up 31%. The company has launched a digital health coaching platform for wearable technology called 'KiQplan'. The platform will launch in the US stores of retailer Target Corp, and the first four KiQplans will include weight loss programmes for men and women, as well as a pre-natal regime, titled 'Healthy Baby Bump TM' and a post-natal plan, 'Goodbye Baby Bump TM'. KiQplans will be available online and in Target stores starting next Monday, it said.
Frontier Mining, up 17%. The Kazakhstan-focused miner and explorer said production rose in the third quarter and it achieved higher average sales prices, although its cash cost of production also increased. It said it had mined 379,155 tonnes of ore as of September 30, up from 181,326 tonnes at the end of June, with 356,694 tonnes of ore stacked, up from 165,947 tonnes, and 1,130 tonnes of copper cathode sold, up from 511 tonnes at the end of June. The company also said its average sales price stood at USD6,842 a tonne at the end of September, up from USD6,784 a tonne at the end of June.
Rose Petroleum, up 7.4%. The company said it has bought another 4,004.83 gross acres from the State of Utah and private owners within its Mancos development area and 657.83 gross acres in its Gunnison Valley Unit in the Paradox development area, Eastern Utah. The company said it is paying USD188,024.09 in total for the leases, an average cost per acre of USD40.33.
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AIM ALL-SHARE LOSERS
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Noricum Gold, off 37%. The Austria-focused miner warned that progress had been slow at its first diamond drill hole in Weissenbachgraben in the Schonberg gold and precious metals project. The company said ground conditions and equipment problems meant drilling progress has been slower than expected and there had been a deviation of 16 degrees at its first diamond drill hole, WE1. The drill reached a target depth of 328 metres, samples are being analysed and the drill rig will now be moved north to drill a second diamond drill hole at Weissenbachgraben, which is likely to give a better angle, the company said.
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By Neil Thakrar; neilthakrar@alliancenews.com
Copyright 2014 Alliance News Limited. All Rights Reserved.
29 Jul 2014 07:50
