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LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.
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FTSE 100 - LOSERS
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Standard Chartered, down 1.7%, Burberry Group, down 1.6%. The emerging markets-focused bank and the luxury goods company, both heavily exposed to the Chinese and Hong Kong markets, were trading lower amid concerns that China's central bank is guiding the yuan lower through fixings. The yuan fell to a four-and-a-half-year low against the US dollar on Wednesday. Also troubling for Standard Chartered, Reuters reported the Chinese central bank has suspended at least three foreign banks from conducting some foreign exchange business until the end of March. Fellow China-focused bank HSBC Holdings was down 1.4%.
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MAIN MARKET AND AIM - WINNERS
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Mirada, up 34%. The media technology company said its pretax loss narrowed slightly as its revenue edged higher in the financial half year to the end of September. The group said it made a pretax loss of GBP812,000 in the half, compared to a GBP887,000 loss a year earlier, as revenue rose to GBP2.3 million from GBP2.2 million, boosted by the roll-out of its Iris Inspire product over the Televisa cable network in Mexico. Mirada said the roll-out of the Televisa project was ahead of schedule, with two further networks in Mexico also due to roll-out its products by the end of the current financial year to the end of March. Mirada said its results for the half were ahead year-on-year and leave it on track to meet market expectations for the full year.
Crimson Tide, up 21%. The mobile data products company said it has started the process of seeking approval from its shareholders for a capital reconstruction. The group said the purpose of seeking the reconstruction is to "create positive retained earnings" on its balance sheet which would allow it to pay dividends in the future. Crimson Tide also will seek approval for share buy backs and will eliminate its deferred shares, it said.
Minoan Group, up 12%. The travel company said it has been advised the presidential decree approval process for its resort project in Crete is close to completing and said the terms of its joint venture agreement have been amended. Minoan said the joint venture agreement has been altered so that its joint venture partners will have the right to increase their stake in the project by 25% for GBP12.5 million after the presidential decree is issued. The partners, which include Candia Investment and others, currently hold 10%. Minoan said this will bring forward the date at which the partners will have to decide whether to buy an additional stake in the project, providing more visibility in its talks with other potential partners.
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MAIN MARKET AND AIM - LOSERS
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Environmental Recycling Technologies, down 14%. The recycling technology company said its former chairman, Ken Brooks, does not intend to ask for repayment of the loan that he provided the company earlier this year and instead will convert the outstanding balance into shares. The recycling technology company secured a GBP200,000 loan from then-chairman Brooks in July, which has now been fully drawn down. Though the loan is technically repayable on demand, Environmental Recycling said Brooks has no intention of calling in the loan at present and will convert the balance into shares in the company in due course.
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By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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