Last checked at LONDON (Alliance News) - The following stocks are amongst the biggest risers and fallers within the main London indices midday Wednesday.
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FTSE 100 WINNERS
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CRH, up 2.3%. The Irish building materials company late Tuesday said Lafarge and Holcim have accepted its offer to buy assets from them for EUR6.5 billion including debt and are now legally bound to the terms of the acquisition. "The acquisition remains conditional upon successful completion of the merger of Lafarge and Holcim as well as the completion of local asset reorganisations. The acquisition is expected to complete in the second half of 2015," CRH said in a statement.
Imperial Tobacco Group, 2.2%. Shares in the tobacco company are higher after the US Federal Trade Commission approved the acquisition of Lorillard by Reynolds American. As part of that US merger, Imperial Tobacco previously had agreed to acquire from the pair a portfolio of US cigarette brands, e-cigarette brand blu, and Lorillard's cigarette factory and national sales force.
International Consolidated Airlines Group, up 1.2%. Irish flag carrier Aer Lingus Group late Tuesday said it has moved a step closer to being taken over by British Airways owner International Consolidated Airlines Group in a EUR1.4 billion deal, after the Irish government gave its backing to the deal. Along with it securing regulatory approval in Europe and the UK, the offer remains conditional on securing the approval of both the Irish government - the Irish Parliament, the Dáil, still has to vote on the approval - and budget carrier Ryanair Holdings, both of which hold substantial stakes in Aer Lingus, whose shares are up 1.9%. Ryanair shares are up 1.1%.
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FTSE 100 LOSERS
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Weir Group, down 1.1%. Deutsche Bank downgraded the oil and gas support service company to Hold from Buy, saying a recovery in US rig count will not see an immediate surge in pressure pumping demand due to incomplete wells.
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FTSE 250 WINNERS
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Beazley, up 5.5% to 298.70p, Hiscox, up 3.1% to 858.00p. JP Morgan raised the Lloyds of London insurers to Overweight from Neutral, lifting Beazley's price target to 308 pence from 255p and Hiscox's to 950p from 801p.
Spectris, up 1.7% at 2,371p. HSBC initiated the instrumentation and controls company with Buy at 2,600p.
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FTSE 250 LOSERS
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De La Rue, down 8.9%. The banknote printer reported a drop in pretax profit in its recently completed financial year, as margins were squeezed by pricing pressure and the company achieved lowers levels of new business than expected in its identity systems and security products. Weakness in the euro has put further pressure on its profitability in the new financial year, the company said.
Brewin Dolphin Holdings, down 7.2%. Shares in the wealth manager are down even though it reported higher first-half pretax profit and discretionary funds under management. However, some analysts said they will be cautious as the company enters the final stages of its transformation programme launched in 2012, with Panmure Gordon retaining a Sell stance, and Numis downgrading the company to Hold from Add.
AG Barr, down 2.7%. The soft drinks company said its sales declined in the first 15 weeks of its financial year, in line with its expectations, as sales stabilise following a strong first half performance a year earlier. AG Barr said total group sales in the fifteen weeks from January 26 to May 9 were down by 1.1% year-on-year. It said the sales decline reflects a return to a more normal sales performance following a strong first half a year earlier, related to marketing and promotional activity around the Glasgow 2014 Commonwealth Games.
PZ Cussons, down 2.3%. Panmure Gordon downgraded the consumer products group to Sell from Hold.
SSP Group, down 1.8%. Swedish private equity fund EQT IV confirmed it has sold just under 95 million shares in the airport and train station concessions operator, a 20% stake, to raise GBP275 million. The sale of the shares at 290 pence per share means EQT no longer holds any stake in SSP.
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AIM ALL-SHARE WINNERS
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RapidCloud International, up 10%. The IT services company said its Emerge Systems subsidiary has won two contracts for the PortalWEB product worth a total of GBP180,000 in the first year. The first of the contracts is with a leading printing company, while the second is with a major Southeast Asian airline. Neither company was named by RapidCloud.
Edenville Energy, up 9.3%. The company, which is focused on developing the Rukwa coal-to-power project in Tanzania, said discussions with a potential partner for its flagship project are continuing and said it will examine "all possible avenues" to create shareholder value out of the project. Edenville said Shandong Electric Power Construction No 2 Co, a potential partner for the project, will carry out a site visit in July to further evaluate partnership opportunities. Edenville also reported a pretax loss of GBP2.3 million in 2014, slightly narrower from the GBP2.4 million loss in 2013.
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AIM ALL-SHARE LOSERS
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Providence Resources, off 10%. The Irish based oil and gas exploration company said it is seeking to clarify the position of a potential partner for the Barryroe project offshore Ireland, as it reported a pretax loss of EUR11.5 million in 2014 which is widened from the EUR7.8 million loss in 2013. Lansdowne Oil & Gas shares are down 16% as it has a 20% interest in the project.
Trinity Exploration and Production, down 12%. The oil & gas company said it swung to a substantial pretax loss in 2014 after making significant impairments against its assets due to the fall in oil prices as it continues its strategic review which may lead to the sale of the company. Trinity reported a USD128.8 million pretax loss in 2014, swinging from a pretax profit of USD48.0 million a year earlier, as revenue dipped to USD113.5 million from USD123.8 million.
By Daniel Ruiz; danielruiz@alliancenews.com
Copyright 2015 Alliance News Limited. All Rights Reserved.
IN BRIEF: Lansdowne Oil & Gas shares up on ECT claim update
Lansdowne Oil & Gas - Exploration company with licences in the Irish offshore shelf areas - Says that shareholder will receive an economic benefit relating to their shareholder if the company is successful in its ongoing claim against the Irish government, following its refusal to grant the company a lease undertaking for the Barryoe gas field. In May, the company was informed by the Irish environmental department that the Barryroe lease undertaking would not be granted, after the company had invested USD20 million in the project. Lansdowne is pursuing a claim against the country through the Energy Charter Treaty, an international agreement permitting companies to sue national governments. Lansdowne says that the benefit will be taken from the net proceeds of the ECT claim, after legal and ancillary cost deductions, but notes that there is no guarantee of success.
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