LONDON (Alliance News) - The following stocks are amongst the biggest risers and fallers within the main London indices midday Monday.
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FTSE 100 WINNERS
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British American Tobacco, up 0.1%. The tobacco company is one of just a handful of blue-chip risers after Berenberg, which has a Buy recommendation on the stock, increased its price target on the company to 4,000 pence from 3,800p. Berenberg says that British American Tobacco has not performed well over the last month, or three months, or in the year-to-date, but believes that this underperformance "presents opportunity". Shares in the company are currently quoted at 3,418.00p pence.
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FTSE 100 LOSERS
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Standard Chartered, down 2.2%. Jefferies has lowered its price target on the bank to 656.00 pence, from 722.00p, significantly below the consensus price target estimate average of 1,029p. Jefferies has an Underperform recommendation on the stock. Shares in Standard Chartered are currently quoted at 1,040.00 pence.
Aberdeen Asset Management, down 1.7%. The company has revealed plans to launch new investment funds after raising additional tier 1 capital by agreeing to issue GBP100 million of non-voting preference shares to top shareholder Mitsubishi UFJ Trust and Banking Corp. It said it is issuing the perpetual redeemable preference shares to Mitsubishi UFJ Trust and Banking Corp, which owns about 17% of the asset manager, with a view to providing seed capital for the new funds. The logic is for the funds to be launched depending on customer demands and to grow those funds over time. The preference shares will convert into ordinary shares if Aberdeen's common equity tier 1 ratio falls below 5.125%, with the instruments counting towards additional tier 1 capital under capital adequacy rules. The preference shares entitle the holders to a fixed dividend of 5% per annum in priority to ordinary shareholders.
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FTSE 250 WINNERS
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SOCO International, up 3.8%. Jefferies, which has a Hold recommendation on the stock, has raised its price target on the company to 190 pence from 180p. Shares in the company are currently quoted at 184.712 pence.
NMC Health, up 1.3%. The company said it has agreed to acquire United Arab Emirates-based long-term medical care provider ProVita International Medical Center LLC for USD160.6 million in cash. It will buy ProVita from TVM Capital Healthcare Partners, the Olayan Group, Al Zarooni Emirates Investments, and other minority shareholders. The acquisition adds 120 beds to NMC's expected 2015 licensed bed capacity of 720, NMC said. ProVita produced earning before interest, tax, depreciation, amortisation and exceptional costs of USD11.1 million in 2014.
Bwin.Party Digital Entertainment, up 0.4%. The bookmaker's shares are rebounding somewhat after falling sharply on Friday. Shares in the company fell 7.1% on Friday after it said it had "become aware" that the independent trustees of both Emerald Bay and Stinson Ridge have decided to sell up to 50 million shares in the company through a placing.
Thomas Cook Group, up 0.1%. The travel operator said it will establish a joint venture with Fosun International Ltd to develop domestic, inbound and outbound tourism activities for the Chinese market under Thomas Cook brands, a move that comes after the two companies in March formed a strategic partnership to look for opportunities in the Chinese market. The joint venture will be 51% owned by Fosun and 49% by Thomas Cook. The two companies will put a total of GBP1.6 million into the venture to support its start-up, roughly half each. Further funding will need the unanimous approval of the board of the joint venture, which will be made up of two from Thomas Cook and two from Fosun.
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FTSE 250 LOSERS
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Tullett Prebon, down 4.2%. Shares in the interdealer broker are amongst the heaviest fallers in the UK's mid-cap index after HSBC downgraded its recommendation on the company to Hold from Buy, increasing its price target to 420 pence from 405p. Tullett's shares are currently quoted at 386.60 pence.
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AIM ALL-SHARE WINNERS
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Eclectic Bar Group, up 32%. The student bar chain said it is implementing a cost reduction programme, as it warned of continued competitive pressures in a number of its locations. It also plans to raise GBP1.65 million in a share subscription and is appointing leisure entrepreneur Luke Johnson as its new executive chairman. Johnson has agreed to subscribe for 3 million new shares in the company at a price of 50 pence each, and the self invested pension plans of its Chief Executive Reuben Harley and Chief Financial Officer John Smith also plan to subscribe for 150,000 new shares each at the same price, raising GBP1.65 million in total. This will be used as working capital. Following the subscription Johnson will have an 18.5% interest in the bar operator, Harley will have a 12.4% interest, and Smith 7.7%. The subscription is subject to approval at a general meeting, which the company plans to convene "as soon as possible." Non-Executive Director Richard Kleiner has stepped down with immediate effect. Shares in the company are quoted at 64.00 pence.
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AIM ALL-SHARE LOSERS
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Sabien Technology Group, off 20%. Shares in the energy-efficient technology manufacturer have fallen sharply after it warned it will post a widened pretax loss for its current financial year to due some substantial orders being delayed. Sabien now expects to report a pretax loss of up to GBP600,000 for the year to end-June, compared with a pretax loss of GBP293,000 the year before, on revenue of GBP1.9 million compared with GBP2.1 million. The company noted that whilst it has seen a shortfall in revenue relative to its expectations, due to tight control of its administrative costs, it has a "satisfactory" net cash position of GBP1.1 million.
Management Resource Solutions, down 16%. The company said its planned acquisition of D&M Group will not go ahead after the target walked away from the deal, a move that comes after Management Resource struggled to get the funding it needed.
Central Rand Gold, down 14%. The gold producer said it has extended the targeted completion date for the sale of its Central Rand Gold (Netherlands Antilles) NV subsidiary by a month to July 15 at the request of the potential buyers, and has narrowed the field of potential acquirers to two, from four. It said both Huili Resources (Group) Ltd and Hiria Group Co Ltd are both in the "final phase of their respective internal processes". Central Rand has a range of assets, all based in South Africa, that are held by the Dutch subsidiary that's up for sale. The company had previously extended the targeted completion date for the deal to June 12 to give parties time to do due diligence.
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By James Kemp; jameskemp@alliancenews.com; @jamespkemp
Copyright 2015 Alliance News Limited. All Rights Reserved.
27 Feb 2015 09:34
