LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------
FTSE 100 - LOSERS----------
RSA Insurance, down 8.9%. The general insurer reported its UK business suffered an underwriting loss for the third quarter of 2018. UK premiums are lower, RSA said, as it takes pricing and re-underwriting action, but international business, such as in Scandinavia and Canada, is more positive. The UK made an underwriting loss of around GBP70 million during the third quarter, recording a 110% combined ratio. A ratio over 100% represents underwriting losses. The company blamed increased weather, large losses, and attritional claims for the disappointing UK performance, with its Marine portfolio the worst hit. So far in the year-to-date, weather losses are higher across all regions but are worst in the UK and Canada. Large losses in the UK have improved in full year to date, but have deteriorated in Canada and Scandinavia. Third-quarter group net written premiums are 4% higher year-on-year. In the year-to-date, they are 2% down on a headline basis but up 1% net of reinsurance changes.----------
FTSE 250 - WINNERS----------
Serco, 17% higher. The outsourcer said trading in the first few months of the second half will result in a better outcome for 2018, one which will be "meaningfully ahead" of current market expectations. The company said a strong operating performance along with several non-recurring trading items, such as end-of-contract settlements, and other commercial negotiations will contribute to the better than expected outcome. Serco is predicting underlying trading profit of GBP90 to GBP95 million on revenue of about GBP2.8 billion. Serco's previous guidance for revenue was GBP2.7 billion to GBP2.8 billion with underlying trading profit expected to be about GBP80 million. The FTSE 250-listed company is also expecting its net debt to be towards the lower end of its range, GBP200 million to GBP250 million, from having previously expected it to be at the mid-to-upper end.----------
FTSE 250 - LOSERS----------
Spire Healthcare, down 3.5%. Barclays has cut the firm to an Underweight rating from Equal Weight, and lowered its price target to 130 pence from 190p.----------
Thomas Cook, down 3.8%. HSBC cut the stock to Hold from Buy, and lowered its price target to 70p from 150p.----------
OTHER MAIN MARKET AND AIM - WINNERS----------
Applegreen, up 11%. The petrol forecourt retailer announced it has raised around EUR175 million, or GBP156 million, in a placing. The cash is to go towards the Irish firm's purchase of a 55% stake in motorway service station franchise Welcome Break for EUR361.8 million from NIBC European Infrastructure I CV, which it announced early August. Applegreen has placed 28.8 million new shares at a price of EUR6.08, or approximately 543 pence each, with Goodbody Stockbrokers and Shore Capital acting as joint bookrunners. ----------
OTHER MAIN MARKET AND AIM - LOSERS----------
Numis, down 6.2%. The firm said it expects its profit for the year ending September to be lower than the previous year due staff costs being "materially" higher. The stockbroker and investment bank said it has experienced an "unprecedented" period of senior-level hiring, which has led to a 16% increase in headcount and which will result in lower profits for the year. Numis said its trading performance was "good" but revenue in the second half did not match a "particularly strong" first half, resulting in it expecting revenue to increase by about 3%. Lower average fees and the timing of deals in its Corporate Broking & Advisory division hurt the second half, the firm said. Numis said its Equities division performed "well" and is expected to deliver revenue ahead of the prior year. What's more, the company said it is "encouraged" by the Equities division's performance amid the introduction of MiFID II regulations, which affect how research is paid for. ----------
