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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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Polymetal International, up 1.3% and Fresnillo, up 1.2%. The gold miners were higher as the price of the precious metal, thought of as a safe haven asset, increased amid Thursday's risk-off mood in markets following a gloomy economic assessment by the US Federal Reserve. Gold was quoted at USD1,733.60 an ounce on Thursday, up from USD1,716.28 late Wednesday.
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FTSE 100 - LOSERS
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Ocado, down 6.2% at 1,950.69 pence. The online grocer raised GBP1.01 billion from its placing, retail offer and bond offer. Ocado placed 33.2 million shares at a price of 1,960p each, with retail investors subscribing via the PrimaryBid platform for another 362,000 shares at the same price. Together, the fundraise comprised 33.5 million shares, generating gross proceeds of GBP657 million. The placing price represents a 5.7% discount to the company's closing price of 2,079p on Wednesday in London, giving it a market capitalisation of GBP14.85 billion. On top of the placing, Ocado has priced a GBP350 million bond offer of guaranteed senior unsecured convertible bonds due 2027 at 0.75% per annum. The online grocer said the bonds will be converted into shares at GBP26.46 each, representing a 35% premium to the placing price. In a statement after the market close on Wednesday, Ocado said the fundraising offers it "financial flexibility to capitalise on opportunities arising from the significant acceleration in online adoption and grow faster over the medium term".
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FTSE 250 - WINNERS
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Hochschild Mining, up 4.0% and Centamin, up 3.8%. The mid-cap gold miners were following the price of the shiny metal higher.
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FTSE 250 - LOSERS
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Moneysupermarket.com, down 7.6%. The price comparison website said lockdown restrictions have had a "significant impact" on its marketplace. The company said its car insurance search volumes declined by 22% year-on-year in April, but recovered gradually in May to "more normal levels" in recent days. The company noted its other key insurance channels were hit by the closure of estate agents and restrictions on home moving. The travel bans continue to mean almost no demand for travel and travel insurance products, Moneysupermarket said. For credit, the company said it has seen a "very significant reduction" in the "attractiveness and availability" of credit and banking products as lending criteria have tightened and interest rates have fallen, and Moneysupermarket does not expect this to change in the immediate future. The company noted, however, it has seen strong growth in energy switching.
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B&M European Value Retail, down 7.1%. The discount shop chain expressed confidence going forward amid a moderate increase in its profit in the most recently ended financial year. B&M said pretax profit for the 52 weeks ended March 28 grew by 3.2% to GBP252.0 million compared to GBP244.3 million reported a year earlier, as revenue increased by 17% to GBP3.81 billion from GBP3.27 billion. B&M said it had made progress in France during the year, with 19 Babou stores out of a total estate of 101 stores now trading under B&M brand, but the controlled testing of the performance of the converted stores was subsequently interrupted by the eight-week Covid-19 closure period until May 11. Looking ahead, the company said its trading since the end of its most recent financial year has been "strong".
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OTHER MAIN MARKET AND AIM - WINNERS
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CMC Markets, up 16%. The online trading firm reported its profit soared, net operating income almost doubled, and the online trading provider boosted its dividend in response. In the year to March 31, total revenue in the year to March 31 rose 80% to GBP298.1 million from GBP166.0 million the year before, with pretax profit surging to GBP98.7 million from just GBP6.3 million. Net operating income - so revenue excluding introducing partners commissions and levies - jumped 93% to GBP252.0 million from GBP130.8 million. CMC will pay a dividend of 15.03p per share, multiplied from 2.03p. It was after it recommended a final dividend of 12.18p, itself a sharp rise from 0.68p, at a time when some investors have been starved of payouts as companies bid to save cash during the Covid-19 pandemic. The market volatility caused by the health crisis has given CMC a boost. Contract for difference gross client income at the start of the new financial year has risen by "around double" annually.
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By Lucy Heming; lucyheming@alliancenews.com
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