Last checked at 
(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.
----------
FTSE 100 - WINNERS
----------
Flutter Entertainment, up 16% at 8,826.00 pence. The bookmaker said it has agreed on the terms of an all-share acquisition of Canadian online gambling firm The Stars Group. Flutter - which was formerly known as Paddy Power Betfair - said the combined firm's annual revenue would have been GBP3.8 billion in 2018, making it the largest online betting and gaming operator globally. Under the deal, Stars Group shareholders will receive 0.2253 of a new Flutter share in exchange for each Stars Group share. Upon completion of the merger, Flutter shareholders will own 55% and Star Group shareholders 45% of the combined firm. The more-than GBP10 billion merged company will be incorporated, headquartered and domiciled in Dublin, Ireland, with a premium listing on the London Stock Exchange and a secondary listing on Euronext Dublin. "The latest deal in the bookmaking and gambling business may also prompt speculation as to which firms will be next to acquire - and which firms will be their targets," said AJ Bell's Russ Mould. Amid the M&A excitement, midcap peers William Hill and GVC Holdings were up 3.5% and 1.5%, respectively.
----------
Tesco, up 2.0%. The supermarket chain said it has delivered its turnaround goals during the first half of its current financial year and said Chief Executive Dave Lewis will step down. Lewis will leave the company next summer and will be replaced by Ken Murphy, the former commercial chief of retail pharmacy firm Walgreens Boots Alliance. Turning to the grocer's half-year figures, in the six months to August 31, Tesco reported 0.6% year-on-year growth in revenue to GBP31.91 billion from GBP31.73 billion. Pretax profit was up by 6.7% to GBP494 million from GBP463 million. Group sales, excluding fuel, rose slightly to GBP28.30 billion from GBP28.29 billion. "Lewis has overseen a turnaround in the business, fighting back against the discounters, and today's numbers - although somewhat overshadowed by his resignation - confirm that it continues on track," said eToro analyst Adam Vettese.
----------
FTSE 250 - WINNERS
----------
QinetiQ Group, up 5.1%. The defence engineer ramped up its US operations by acquiring a sensing solutions firm for up to USD125 million. QinetiQ said it will pay an initial USD105 million in cash for Manufacturing Techniques, or MTEQ. A further USD20 million will be paid in cash or shares and subject to the unit delivering financial targets over three years. In the year to August 31, MTEQ generated revenue of USD167.4 million and has delivered double-digit revenue growth over the past three financial years, QinetiQ said.
----------
FTSE 250 - LOSERS
----------
Hastings Group, down 5.2%. RBC Capital downgraded the insurer to Underperform from Sector Perform.
----------
OTHER MAIN MARKET AND AIM - WINNERS
----------
Jaywing. Shares in the data and advertising firm more than tripled in morning trade at 6.50 pence each after two of its major shareholders increased its loan facility and agreed to pay off its existing facility owed to Barclays Bank. Jaywing said "entities associated" with two unnamed major shareholders acquired the company's GBP5.2 million existing secured loan facility owed to Barclays. The shareholders also increased Jaywing's credit facility to GBP8.2 million from GBP3.0 million, which Jaywing said will allow it to repay its outstanding overdraft and provide it with additional working capital.
----------
OTHER MAIN MARKET AND AIM - LOSERS
----------
Topps Tiles, down 13%. The tiles retailer said its annual performance was hurt by challenges it faced in the final quarter, resulting in a decline in profit of as much as 3.1%. Topps Tiles said adjusted revenue for the 52 weeks to last Saturday is expected to be about GBP214 million, compared to GBP214.8 million reported a year earlier. On a like-for-like basis, revenue for the year was up by 0.6%. Adjusted revenue excludes the Parkside and Strata businesses which are being treated as an adjusting items during the first two years of ownership. Both businesses now form a part of the company's Commercial segment. Trading over the fourth quarter reflected a more challenging economic backdrop, Topps noted, with uncertainty hurting UK consumer sentiment. Like-for-like sales in the final quarter decreased by 1.9%, the company said.
----------
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
