LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.----------
FTSE 100 - WINNERS----------
Centrica, up 0.8%. The British Gas parent said the first four months of 2018 had been "good," despite losing energy customers and expecting lower oil and gas production for the full year than it had previously. For the four months ended April, the group said it expected adjusted operating cash flow between GBP2.10 billion and GBP2.30 billion. Closing net debt is anticipated between GBP2.50 billion and GBP3.00 billion. Centrica expects to pay a full-year dividend per share of 12.0 pence, flat on the year prior. During the first four months of the year, Centrica generated GBP200 million in additional efficiency savings. This is part of its increased GBP1.25 billion per year cost efficiency programme. ----------
FTSE 100 - LOSERS----------
ITV, down 3.1%. Shares in the broadcaster were lower having gained 14% over the past week. Last Thursday, ITV reported first quarter growth in online revenue and its ITV Studios content arm.
BT Group, down 2.8%. Virgin Media and
TalkTalk Telecom Group are discussing a broadband cost sharing agreement in a bid to increase pressure to rival BT, The Daily Telegraph reported Sunday. According to the newspaper, the telecommunications firms are discussing sharing so-called passive infrastructure, which would mean TalkTalk could lay fibre optics in Virgin Media's underground ducts and vice versa. The companies aim to connect 3 million homes with faster connections, but have not yet finalised terms of the agreement, the newspaper reported. TalkTalk shares were up 2.0%. ----------
FTSE 250 - WINNERS----------
IWG, up 21%. The serviced office provider said late Friday that it received an approach from Lone Star Europe Acquisitions as well as two separate indicative cash proposals from private equity firms Starwood Capital European Operations and TDR Capital regarding a potential bid. The company, which was formerly called Regus, said it was evaluating the rival bids and would update investors in due course. It emphasised that there was no certainty an offer would be made. "Shares in IWG hit their highest level since October 2017 on the back of the news. With three companies expressing an interest in IWG, we could see a bidding war start," said CMC Markets analyst David Madden. ----------
FTSE 250 - LOSERS----------
Victrex, down 4.8%. The speciality chemicals company hiked its interim dividend and looked to a further special dividend for the full year after profit and revenue jumped on strong volumes growth. For the six months to March-end, pretax profit increased 26% to GBP63.3 million from GBP50.1 million the year prior. This was after revenue rose 27% to GBP166.6 million from GBP130.9 million the year before. Victrex plans to pay a special dividend of around 50% of net cash, with a 50 pence per share minimum distribution. The company added its threshold for such a special dividend payout stands at net cash GBP85 million. As of the end of March, Victrex had net cash of GBP91.8 million. However the company noted currency pressures could hinder earnings in the second half. "Looking towards the remainder of 2018, currency will be much less of a tailwind compared to the first half and we are also mindful of the currency headwind for 2019," said Chief Executive Officer Jakob Sigurdsson.
Entertainment One, down 3.3%. The Canadian television and film production company said its political drama series 'Designated Survivor' will no longer be broadcast on US television network ABC, as it looks for a new broadcaster for the future. The firm said the ABC - part of Walt Disney Co - would no longer broadcast Designated Survivor past its current series, which began in September. The decision will have "no impact" on E1's results for the financial year ended March. For the next financial year, however, the decision may have a "modest" impact on earnings. This depends on the outcome of the "active discussions" it is having with other parties with regards to future series.
Hill & Smith Holdings, down 1.8%. Investec downgraded the galvanising services firm to Add from Buy.----------
OTHER MAIN MARKET AND AIM - WINNERS----------
Harvest Minerals, up 22%. The potash and phosphate developer said it has received approval to register its KPfertil fertiliser product as a remineraliser. The approval has been granted by Brazil's Ministry of Agriculture. It is conditional on the company submitting additional material, which Harvest has now done, and it said it expects final approval during the current quarter.----------
OTHER MAIN MARKET AND AIM - LOSERS----------
MTI Wireless Edge, down 14%. The antenna manufacturer said first quarter profit fell alongside revenue despite it continuing to expect both to grow for the full year. For the three months ended March, pretax profit fell to USD166,000 from USD233,000 the year prior. This was after revenue fell to USD6.16 million from USD6.21 million the year before. Chief Executive Dov Feiner said the profit fall was "due to us taking a calculated long term view of the business and increasing the investment in development and sales efforts".----------
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