LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Tuesday.
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FTSE 100 - WINNERS
Carnival, up 3.1%. Numis has upgraded Carnival to Buy from Hold, increasing its target price to 3,000.00 pence from 2,250.00p, after rival cruise company Royal Caribbean reported that its full-year 2013 earnings per share came in at USD3.17, 4% ahead of consensus estimates, with a positive guidance for 2014.
AMEC, up 2.8%. The company said its AMEC Tekfen Azfen consortium has been awarded a USD974 million contract for the BP PLC-operated stage 2 development of the Shah Deniz gas field in the Caspian Sea.
Royal Bank of Scotland, up 1.9%. Although Jefferies has cut RBS's price target to 414.00p from 441.00p, to reflect the further GBP3.07 billion of litigation and conduct charges revealed late on Monday, this does not affect the overall Buy case for stock, says analyst Joseph Dickerson. Jefferies had already flagged a worst-case scenario of GBP4 billion of litigation risk back in November 2013
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FTSE 100 - LOSERS
Fresnillo, down 3%. The precious metals miner said its full-year 2013 gold production ended slightly below its revised guidance due to a court-order explosives suspension in Mexico. Fresnillo said it made attributable gold production of 425,831 ounces in the full year 2013, a 10% fall when compared to its 473,034 ounces of gold produced in 2012 and lower than its revised gold production guidance of 425,900 ounces.
ARM Holdings, down 1.9%. The company, as a supplier of processors to smart phone maker such as Apple, will suffer from the slowdown in the market for smart phones, says Liberum Capital analyst Janardan Menon.
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FTSE 250 - WINNERS
Afren, up 4.7%. The oil and gas exploration and development company said it achieved the upper end of its full-year 2013 production guidance and improved revenues following a major oil find offshore Nigeria in November. The company said its full-year production averaged 47,112 barrels of oil equivalent per day, up on its 42,830 barrels of oil equivalent per day in 2012 and at the upper end of its 40,000 to 47,000 barrels guidance. Revenues increased 4.8% to USD1.65 billion for the twelve months, from USD1.57 billion the previous year.
F&C Asset Management, up 4.5%. The company has reached an agreed GBP708 million deal to be acquired by Bank of Montreal, just a day after it had announced that it had been approached by the Canadian bank. The asset manager said each of its shareholders will receive 120 pence a share in cash, as well as a 2 pence a share dividend for 2013.
Greencore Group, up 3.1%. The Irish convenience-foods manufacturer said it has had a good start to the year, having recorded revenue growth of 7.2% for the 13 weeks to December 27, 2013, and remains confident in meeting full-year market expectations. Revenue for the period came in at GBP320.5 million. On a like-for-like basis, excluding the desserts business which was sold to Müller Dairy UK Group in January 2013, and in constant currency, revenues increased by 9%.
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AIM - WINNERS
Globo, up 15%. The firm said it expects its profits for 2013 to be in line with expectations, as it saw revenues rise more than 50%. The telecom software products and services company said revenues were EUR72 million, up 57% from EUR46 million in the previous year, boosted by growing sales of its GO!Enterprise development platform.
Ilika, up 12%. The company said the electrochemical testing of its stacked solid-state batteries, manufactured using its recently discovered process, had shown the battery to produce twice the voltage and power of a single cell battery. Ilika said it is continuing further development work to increase the number of cells in each stacked battery it produces, and expects the result to be batteries that can be commercialised for network sensor applications. A solid-state battery is a battery in which both the electrodes and electrolyte are solid-state materials.
Evocutis, up 9.1%. Evocutis said it expects discussions over the sale of its technology and assets to be concluded within three months, as it continues its efforts to negotiate a sale for its intellectual property.
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AIM - LOSERS
Infrastrata, off 24%. The petroleum exploration and gas storage company said BP Gas Marketing Ltd, a subsidiary of UK oil major BP PLC, has decided to relinquish its option to acquire 50.495% of the shares of Islandmagee Storage Ltd. Infrastrata said that the funding from BP Gas Marketing over the past two years has enabled the site to progress significantly, including securing land rights, planning permission, and capital investment, along with sub-surface and pipeline leases with the Crown Estate. Infrastrata has a 65% holding in the Islandmagee site through its shareholding in Islandmagee Storage Ltd.
Mariana Resources, down 18%. Despite announcing that it will continue its Condor de Oro option in Peru after achieving further positive results from its scout drilling programme, the company is a big faller. Shore Capital analyst Yuen Low said that he is "entirely unimpressed" with the company's latest scout hole. "Results to date do not suggest to us potential for a significant, economic project," he adds.
ACTA SpA, down 16%. The clean energy company said it expects to report revenues of more than EUR400,000 for 2013, up on the EUR233,000 it reported for 2012, but it said sales conversions had been slower that it had forecast. The company said it now expects to report an operating loss of about EUR1.2 million, including the share option cost reversal of EUR2.4 million that it had already flagged.
Sylvania Platinum, down 12%. The company said revenues fell in its second quarter following lower platinum group metal prices. Sylvania's revenue fell 6% to USD9.8 million in the three months ended December 31, 2013, compared with the previous quarter. The company said platinum group metal prices have fallen by an average of 7% to USD891 per ounce on the previous quarter, and the cash cost of production increased by 7% to USD696 per ounce during the period.
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By James Kemp; jameskemp@alliancenews.com; @jamespkemp
Copyright 2014 Alliance News Limited. All Rights Reserved.
3 Dec 2015 12:03
