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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.
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FTSE 100 - WINNERS
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International Consolidated Airlines Group, up 2.5%. Morgan Stanley double upgraded the airline operator to Overweight from Underweight.
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Centrica, up 1.1%. Jefferies raised the British Gas parent company to Buy from Hold.
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FTSE 100 - LOSERS
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Next, down 4.0%. The clothing and homewares retailer said interim online sales have hit the GBP1 billion mark, and though retail sales declined they were better than expected. Group sales for the six months to July 2 rose 3.7% to GBP2.06 billion, with Online up 13% to GBP1.00 billion and Retail falling 5.5% to GBP874.3 million. However, Next had budgeted for an 8.5% fall in Retail sales, and like-for-like full price sales dipped 4.9%, significantly ahead of the 10% Next had modelled in a 15-year stress test in March. The better retail performance, it said, was due to improvements in stock availability. "The market was clearly underwhelmed by the figures with the shares down in early trading. However, that may be more to do with the fact they have seen a strong run into the results and some investors may now be taking profits. Given the considerable macro-economic and political uncertainty at present Next's solid performance is positive for investors," said the Share Centre.
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JD Sports Fashion, down 2.3%. The UK Competition & Markets Authority said the acquisition of trainers retailer Footasylum by JD may lead to a substantial lessening of competition. The CMA issued an initial enforcement order on the GBP90 million deal in May and subsequently in July it commenced a probe into the deal. An initial enforcement order - also known as a "hold separate" order - stops firms from undertaking any integration of the two businesses. The monopoly regulator is now considering whether to accept an undertaking from the companies. It will refer the merger to an in-depth probe, if no undertakings are offered. JD and Footasylum have five working days after date of decision to offer an undertaking to the CMA that might be accepted by the regulator In response, JD said it remains in talks with the competition regulator and continues to evaluate whether to proceed to Phase 2 probe, or if acceptable remedies can be agreed.
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United Utilities, down 1.6%. Jefferies cut the water company to Underperform from Hold.
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FTSE 250 - WINNERS
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IG Group, up 7.9%. The contract-for-difference provider said first-quarter operating performance was supported by increased client trading activity, growth in active clients, and favourable market conditions in August. IG recorded revenue of GBP129.1 million for the three months to August 31, broadly unchanged from GBP128.9 million in the same period a year ago. Revenue in the core business of over-the-counter derivatives remained flat year-on-year at GBP124.0 million, but was up 13% from average GBP110.1 million revenue generated in the last three quarters of financial 2019. "Today's results give us confidence that IG's revenue model is both sustainable and can continue to grow," said analysts at Peel Hunt.
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Spectris, up 3.5%. The precision instruments maker said it sold off part of its Industrial Solutions unit. BTG Group has been sold for GBP283 million to Germany's Voith & Co, as part of a move to simplify Spectris' portfolio and concentrate on "specific high-growth end markets". BTG makes specialised measuring instruments, footwear, and services to the pulp and paper industry. Voith, Spectris said, has a "notable" presence in the global paper industry. In February, Spectris began a strategic review, saying business divisions with lower profitable growth potential than others could be sold.
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John Wood, up 2.3%. Credit Suisse raised the oilfield services company to Outperform from Neutral.
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OTHER MAIN MARKET AND AIM - WINNERS
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Charles Taylor, up 37% at 322.33p, The insurer agreed to a GBP261 million takeover deal from US private equity firm Lovell Minnick Partners. Lovell Minnick invests in the financial services industry, with over 50 portfolio firms and USD3.3 billion of assets under management. It has offices in Philadelphia, New York and Los Angeles. It has offered 315 pence per Charles Taylor share, which has been accepted, and the board of Charles Taylor has recommended shareholders accept the bid. Shares were 37% higher on Thursday morning at 322.10p. The offer price, Charles Taylor noted, is a 34% premium to its closing price in London on Wednesday, and a 41% premium to its six-month volume-weighted average price. Charles Taylor shareholders also will be entitled to receive the 3.65p dividend declared by the company last week, which will be paid in November.
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OTHER MAIN MARKET AND AIM - LOSERS
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Kier Group, down 1.5%. The construction company reported a "disappointing" financial performance after a tough year, while it has also announced the departure of its chair. For the year to June, Kier's revenue dipped 0.4% to GBP4.49 billion, but it has posted a pretax loss of GBP245 million after a profit of GBP106 million the year before. On an adjusted basis, the construction company's pretax profit slumped 40% to GBP98 million. Profit has been hit by GBP341 million of charges, mainly on preparing businesses for sale, restructuring costs, and "significant" loss-making contracts. Kier, as already announced, has decided not to pay a final dividend, meaning the total for the year is 4.9 pence, well below the 69.0p paid a year prior. It has already confirmed it will not be paying any dividends for the year ending June 2020. In a separate announcement, Kier also said Chair Philip Cox will depart once a successor has been found. He became chair in August 2017.
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