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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 - LOSERS
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Hargreaves Lansdown, down 6.8%. The fund supermarket reported a rise in assets under administration over the first half of financial 2020, but saw a decline in new business. At December 31, the company had GBP105.2 billion in total assets under administration, up 5.9% from the GBP99.3 billion recorded at the end of June and 22% higher than at the same point last year. Hargreaves recorded GBP2.31 billion in net new business in the six-month period, down sharply from the GBP7.3 billion seen in the most previous six-month period, ending June 30, and down 8.7% compared to the final six months of 2018. New business in the period, particularly in the second quarter, was hurt by weak investor sentiment, the company said. The stockbroker attributed the decline in new business on fragile investor confidence caused by Brexit, the UK general election in December and the US-China trade war.
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FTSE 250 - WINNERS
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Aston Martin Lagonda, up 18% at 475.20p. The Valkyrie hypercar maker agreed to sell a GBP182 million stake to a consortium led by Canadian billionaire Lawrence Stroll. The company, known for making fictional spy James Bond's preferred mode of transport, said it will raise a total of GBP500 million through the group's investment as well as a GBP318 million rights issue supported by major shareholders. Aston Martin said a consortium led by Stroll, owner of Formula One team Racing Point, has purchased a 20% stake in the business. Aston Martin will place 45.6 million new ordinary shares at a price of 400 pence per share, which will be acquired by the consortium. Stroll is set to join the company's board as executive chair, replacing Penny Hughes, as part of the deal. "The company itself acknowledges it will not be fully compliant with the UK Corporate Governance Code due to the composition of its board in the wake of today’s developments and it may come under increasing pressure on this issue over time," AJ Bell's Russ Mould said.
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Britvic, up 3.5%. The soft drinks maker said trading in the first quarter was "robust" and the company remains confident of achieving market expectations for the year ending September 30. For the three months to December 31, the drinks producer said revenue was up 5.0% at GBP369.8 million. In comparison, for the three months to December 23, 2018, the company reported revenue of GBP352.4 million. Britvic also said discussions with Refresco over the sale of assets in France are ongoing and it remains confident that the transaction will be completed later in the year. In November, the company - which owns the Fruit Shoot, Robinsons, and J2O brands - announced its intention to sell its three juice manufacturing sites in France, its private label juice business, and its Fruite brand to Refresco for an undisclosed sum.
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FTSE 250 - LOSERS
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Senior, down 3.7%. The aerospace and defence engineer said its Aerospace unit's revenue will be down 20% in 2020 due to the ongoing suspension of production of Boeing Co's 737 MAX. Senior noted it has exposure to the 737 MAX programme through several of its customers. "While the 737 MAX return to service and Boeing's production restart dates are not yet clear, the group has been having ongoing dialogue with its customers, Senior added. The company continued: "It is now evident that the 737 MAX build-rate and pace of production ramp up will be below the board's assumptions." Senior has previously said its Aerospace unit will generate less revenue in 2020 compared to 2019, but then expects a return to growth in 2021. The company noted the drop in sales will be partially offset from savings from the ongoing restructuring of the unit.
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Ferrexpo, down 2.5%. The iron pellet producer said a court in Ukraine has placed a restriction on its Swiss division's stake in Ferrexpo Poltava Mining. Ferrexpo has appealed the court order. The FTSE 250 firm explained it is the sole shareholder in FPM, the subsidiary which operates in Poltava, a city in the central part Ukraine. Ferrexpo added that its operations have been unaffected. The firm said: "The restriction does not affect ownership of the shares but prohibits their transfer. The group believes this restriction is temporary." Ferrexpo said the order is in relation to "ongoing matters" involving Chief Executive Kostyantin Zhevago, specifically Bank Finance and Credit, a commercial bank he owned until 2015.
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OTHER MAIN MARKET AND AIM - LOSERS
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French Connection, down 32%. The fashion retailer said it is no longer up for sale more than a year after it first put itself on the market for a buyer. The company said it has completed a "strategic review" and will focus on cutting costs, "right sizing" its store portfolio and boosting investment in its online offering. In October 2018, FCUK first said it "reviewing all strategic options in order to deliver maximum value for its shareholders, which includes the potential sale of the company". Turning to its trading, FCUK said it expects to trim its losses in the year to January 31, but reported "continued challenging trading conditions in the UK". FCUK said trading was particularly difficult in the fourth quarter, a period which included the pivotal Christmas trading period. It forecasts a pretax loss between GBP1 million and GBP2 million, narrowed from GBP9.3 million the year prior.
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M&C Saatchi, down 8.6%. The advertising firm confirmed a regulatory investigation into its accounting. The UK Financial Conduct Authority has begun an investigation into M&C Saatchi following previously announced accounting issues, which led to a forensic review commissioned by the firm. M&C Saatchi confirmed it will "cooperate fully" with the FCA investigation. The company in August warned of accounting errors which led to the internal review. In December, it said it would be booking a GBP11.6 million charge based on the findings of the review. At the same time, M&C Saatchi warned on profit for 2019 after trading at the end of the year was weaker than expected. It saw underlying pretax profit falling 22% to 27% on 2018 - no underlying figure was reported in 2018, but pretax profit was GBP17.6 million.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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