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(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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Flutter Entertainment, up 11%. The gambling firm reported a rise in revenue in its most recently ended quarter before betting shops were closed and sports events cancelled to combat the spread of Covid-19. For the three months to the end of March, the FTSE 100 gambling firm saw revenue rise 16% year-on-year to GBP547 million from GBP478 million. Flutter said performance has deteriorated significantly since the introduction of restrictions on movement to fight the spread of Covid-19 but not as badly was first feared. In the four weeks from March 16 to April 12, revenue for PBB Online fell by 32% year-on-year. Sports revenue declined by 57% and by 65% since the suspension of Irish racing from March 25. However, Gaming revenue increased by 15%.
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Rio Tinto, up 5.0%. The miner saw a "robust" production performance in the first quarter, with iron ore output up on a year ago. For the first three months of 2020, Pilbara iron ore production rose 2% on a year before to 77.8 million tonnes, with shipments up 5% at 72.9 million. Bauxite production was up 8% at 13.8 million tonnes. However, aluminium production fell 2% to 783,000 tonnes and mined copper was down 8% at 133,000 tonnes in the quarter. Titanium dioxide slag output was down 1% to 293,000 tonnes, while the production of pellets and concentrate at the Iron Ore Co of Canada rose 3% to 2.6 million tonnes. For 2020, Rio Tinto now expects capital expenditure to be around USD5 billion to USD6 billion, down from previous guidance of USD7 billion. The miner largely held its production guidance for the year, though copper was nudged down to between 475,000 tonnes to 520,000 tonnes, from a range of 530,000 tonnes to 570,000 tonnes previously. Titanium dioxide slag is now guided to be at the lower end of the firm's previous 1.2 million to 1.4 million tonne range.
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FTSE 250 - WINNERS
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Brewin Dolphin, up 12%. The asset manager reported a sharp drop in funds under management during the first half, but was able to secure net inflows in an "encouraging" performance. At March 31, funds under management stood at GBP41.4 billion, down 15% from GBP48.5 billion at the end of 2019, and 8.0% lower than the GBP45.0 billion seen at the end of September. In the first half, Brewin recorded GBP600 million in net inflows, but this was more than offset by market movements, slicing GBP6.9 billion off total funds. Most of this damage occurred in the second quarter, as the Covid-19 pandemic disrupted global financial markets. The three months to March 31, market performance lopped GBP7.5 billion off total funds. More promisingly, however, Brewin was able to record GBP400 million in net inflows in the period - which represents 3.8% year on year growth. Brewin's total income in the first half was up 8.3% year on year to GBP175.8 million from GBP162.3 million.
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Future PLC, up 11%. The publisher's acquisition of TI Media will complete shortly, following the announcement by the UK competition watchdog that it has accepted Future's undertakings and will end its investigation of the merger. Future had announced the GBP140 million purchase of fellow magazine publisher TI Media last October. The UK Competition & Markets Authority, however, raised concerns in January but later said it would pass the acquisition if Future agreed to sell three competing titles. In late March, Future confirmed it has agreed to sell WorldSoccer, Amateur Photographer, and Trustedreviews.com. All are in an advanced stage of talks with potential buyers. After which, the CMA said those remedies meant the regulator now believes there are reasonable grounds to approve the acquisition.
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Man Group, up 4.6%. The asset manager saw its assets under management fall amid the market decline caused by the virus pandemic. Despite the fall in funds, Man Group said its balance sheet and liquidity remains "robust". As a result, it intends to proceed with its dividend distribution and continue with its share buyback as planned. At March 31, Man Group's FuM stood at USD104.2 billion, down 11% from USD117.7 billion at the end of 2019. While Man Group was able to record USD500 million in net inflows in the quarter, market movements shaved USD10.7 billion off funds. Foreign exchange movements subtracted a further GBP3.3 billion.
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FTSE 250 - LOSERS
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Mediclininc International, down 2.5%. The company's trading for its recently-ended financial year was in line with expectations, though it has suspended its dividend in order to support liquidity in the face of Covid-19. On a reported basis, revenue for the financial year ended March is expected to grow 5.5%, while pre-IFRS 16 Ebitda is set to fall 2.5%. At constant currency, revenue was up 4.0% and Ebitda down 3.5%. As at the end of March, Mediclinic had "material" headroom to covenants in its existing debt facilities as well as a strong liquidity position. Cash and available facilities at the year-end stood around GBP515 million. To further support the group's liquidity position, all non-urgent and non-committed capital programmes have been postponed - including suspending its dividend.
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OTHER MAIN MARKET AND AIM - WINNERS
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Foxtons, up 12%. The estate agent will raise GBP22.0 million in new capital to avert a liquidity crisis in the event the UK government-imposed lockdown lasts until the end of August and is followed by a slow recovery in London housing market. Foxtons plans to issue up to 54.9 million new shares at 40p per share to raise GBP22 million. The placing price represents a premium of 4.2% to 38.4p share price on Thursday. Foxtons recorded a dip in first-quarter revenue as the UK government lockdown measures impacted trading for the final two weeks of March. The company, however, saw strong and steady growth in sales commission pipeline during the first two months of 2020. Revenue for the three months to March-end fell 3% to GBP23.0 million from GBP23.8 million a year ago. Lettings revenue fell 5% to GBP13.9 million, sales revenue was flat at GBP7.1 million and mortgage broking revenue was down 5% to GBP1.9 million.
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OTHER MAIN MARKET AND AIM - LOSERS
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NetScientific, down 26%. The firm's portfolio company PDS Biotechnology Corp has initiated a vaccine development program for Covid-19 and universal influenza. Shares in NetScientific more than doubled following the news on Thursday but have pulled back on Friday. The company owns around a 7% stake in PDS Biotechnology. The UK-listed healthcare intellectual property commercialisation company also said that PDS Biotechnology has delayed its phase 2 trial for PDS0101 in advanced metastatic head and neck cancer due to the impact on clinical trial operations from the Covid-19 pandemic.
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By Paul McGowan; paulmcgowan@alliancenews.com
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