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(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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Fresnillo, down 4.0%. The Mexican gold miner was tracking lower spot gold prices, quoted at USD1,473.47 an ounce, down from USD1,480.64 late Tuesday.
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SEGRO, down 0.9%. RBC Capital cut the warehouse property investor to Underperform from Sector Perform.
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FTSE 250 - WINNERS
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Cineworld Group, up 7.0%. Shares in the cinema chain were rebounding after closing down 3.3% on Tuesday, Cineworld on Tuesday warned 2019 trading would be "slightly" below management expectations due to a weak box office performance.
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FTSE 250 - LOSERS
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Moneysupermarket.com, down 1.5%. RBC Capital downgraded the price comparison website to Underperform from Sector Perform.
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Centamin, down 0.9%. The board of the gold miner said it unanimously rejected the "unsolicited" offer from Canadian peer Endeavour Mining Corp. Centamin said the offer "materially undervalues" the company and it is "better positioned" to deliver shareholder returns on its own rather than teaming up with Endeavour. Centamin became the latest London-listed gold miner to be an M&A target following a hostile GBP1.47 billion all-share combination proposal by Endeavour on Tuesday. However, Centamin said the proposal is "skewed in favour" of Endeavour, and "fundamentally undervalues" Centamin, which operates the Sukari gold mine in Egypt.
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OTHER MAIN MARKET AND AIM - WINNERS
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Stock Spirits Group, up 6.5%. The spirits and liqueurs producer said it delivered a year of good growth as its successful strategy of premiumisation continues to make progress. Stock Spirits said for the financial year ended September 30 its revenue rose 9.2% to EUR312.4 million from EUR282.4 million in a comparative period a year ago. The distiller said its pretax profit rose 24% to EUR38.2 million from EUR30.7 million a year prior. Stock Spirits said revenue growth reflected its successful growth strategy, with strong performance in Poland and Czech Republic. Also, the company said it delivered its premiumisation target a year ahead of plan. This was to develop a more premium portfolio and have 30% of revenue coming from premium product. The company increased dividend for the year by 5.1% to 8.94 euro cents from 8.51 cents a year ago.
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OTHER MAIN MARKET AND AIM - LOSERS
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M&C Saatchi, down 42%. The advertising firm warned annual profit is set to be well below the prior year. M&C Saatchi also is to record a GBP11.6 million negative adjustment to 2019 results following an internal accounting review. On the trading front, the company said the last quarter of the year is always its most significant in terms of profitability, but M&C Saatchi said due to "weaker than expected trading", and higher central costs, underlying pretax profit is set to fall 22% to 27% from 2018's figure. The broad guidance range reflects the importance of December to trading. In 2018, M&C Saatchi posted a pretax profit of GBP17.6 million, with no underlying figure given. Turning to accounting, in August the firm announced finding various accounting errors, which led to an internal review and a strengthening of its finance team. It will now be booking a GBP11.6 million charge following the review, having said in August it would be taking a GBP4.9 million impact. Some GBP9.6 million relates to 2018's accounts, and the rest will fall in 2019.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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