LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.
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FTSE 100 - WINNERS
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Anglo American, up 2.2%, BHP Billiton, up 1.6%, Glencore up 0.6%, and Rio Tinto, up 0.5%. Miners were recovering from heavy share price falls seen on Thursday. Thursday's sell-off stemmed from a combination of weak Chinese economic data, hawkish remarks by US Federal Reserve Board members, and a fall in the price of copper and oil, with mining and oil-related stocks among the heaviest fallers.
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FTSE 100 - LOSERS
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Rolls-Royce Holdings, down 3.1%. The engineer's price target was downgraded by both Societe Generale and S&P Capital IQ following its profit warning on Thursday. On Thursday, the group delivered a comprehensively gloom-trodden outlook for 2016, while tabling plans for a massive restructuring and saying it will be reviewing its dividend policy as it foresees further headwinds its marine and aerospace businesses in 2016.
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FTSE 250 - WINNERS
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Auto Trader Group, up 3.2%. The digital automotive marketplace operator proposed a maiden interim dividend and reiterated confidence in meeting its expectations for its full financial year, as it reported a sharp jump in pretax profit in the first half due to a significant reduction in finance costs. It proposed a maiden interim dividend of 0.5 pence following its listing on the London Stock Exchange in March. For the half year to end-September, Auto Trader reported a pretax profit of GBP74.7 million, multiplying from GBP13.1 million a year before, as revenue rose to GBP138.2 million from GBP127.5 million. The leap in profit was primarily the result of a GBP46.2 million reduction in finance costs as Auto Trader benefited from a lower level of debt than under its previous private ownership, and with that debt less expensive.
Galliford Try, up 2.4%. The housebuilding and construction company said market conditions remain strong for all of its business, and it remains confident on its outlook for the current financial year. Galliford Executive Chairman Greg Fitzgerald, in a statement to be given to the company's annual general meeting, said trading in the current financial year to the end of June 2016 has been good, and it remains confident on meeting its expectations for this year and on delivering its strategy out to 2018.
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FTSE 250 - LOSERS
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IMI, down 3.5%. The valve maker following a number of negative broker ratings changes. JP Morgan has downgraded the engineer to Neutral from Overweight, cutting its price target to 930 pence from 1,100p, while Societe Generale has lowered its recommendation on the company to Hold from Buy, slashing its price target to 975 pence from 1,350p. Deutsche Bank, meanwhile, has retained its Hold recommendation, but cut its price target to 1,170p from 1,250p. On Thursday, IMI said, based on trading in the year to date, organic revenue and margins will improved in the second half of 2015 against the first but will be lower year-on-year, leaving the group's adjusted earnings per share set to come in at the low end of market expectations.
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MAIN MARKET AND AIM - WINNERS
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Japan Residential Investment Co, up 32%. The Japanese residential real estate investor said it has reached an agreement to be acquired by a unit of real estate and private equity investor Blackstone for GBP152.6 million. Blackstone, which will acquire the Japanese-focused residential property investor through Nikko II, a newly-incorporated bidding vehicle, will pay 72.00 pence per share for the company. Japan Residential also said it has received another approach valuing the company at the same amount which may or may not lead to an offer. Discussions with this potential rival suitors are at an early stage and the possible bidder is carrying out due diligence.
Fusionex International, 8.0%. The software provider has inked a strategic partnership deal with technology giant Dell Inc to offer Big Data Analytics services in the Asia region. The deal will combine Fusionex's advanced Big Data Analytics software, GIANT, with Dell's enterprise stack of infrastructure products.
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MAIN MARKET AND AIM - LOSERS
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DCD Media, down 31%. The television distribution and production company warned challenging trading conditions will likely hit earnings for its production division in 2016, as ITV PLC has opted not to commission a third season of game show 'Celebrity Squares'. Whilst 'Celebrity Squares' might be re-commissioned in the future, DCD noted, the loss of revenue from this production will hit its performance in 2016. However the company stressed that it is "encouraged by its strong pipeline of opportunities in the production division".
Akers Biosciences, down 13%. The firm warned that it expects to post a larger loss for 2015 and a lower cash balance, as its overall outlook for the year is "wholly dependant" on the company obtaining and fulfilling a number of "substantial orders" for its PIFA Heparin/PF4 Rapid Assay test products. Akers noted that this approval will be a catalyst for further orders, and this combined with a resurgence of demand in the EU for alcohol breathalysers will drive a "significantly stronger fourth quarter" than all three quarters of 2015 so far.
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By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
9 Jun 2014 10:21
Japan Residential And Quindell Seek To Move To London Main Market
LONDON (Alliance News) - Japan Residential Investment Co Ltd Monday said it wants to move from AIM to a premium listing on the London Stock Exchange's main market, as it looks to raise its profile and become more appealing to a broader range of investors. "The company aims to grow its capit
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