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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.
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FTSE 100 - WINNERS
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BP, up 4.1%, Royal Dutch Shell 'A', up 2.9%, Shell 'B', up 2.38%. The oil majors were tracking spot oil prices higher, quoted at USD65.48 a barrel, up 8.5% from USD60.32 late Friday. In addition, midcap oil stocks Premier Oil, Hunting and Cairn Energy were up 7.0%, 5.0% and 4.9%, respectively. The price of oil increased significantly following drone attacks on Saudi Arabian oil production facilities on Saturday. The drone attacks on Saturday, which caused fires at two facilities operated by Saudi state oil giant Aramco in the eastern province of Buqyaq, was claimed by Yemen's Houthi rebels, but the US has blamed Iran for the attacks. "We don't really know the extent of the damage Saudi Arabia has downplayed the impact, but we hear sources are saying that it may take some weeks to get operations back to maximum capacity. Energy minister Prince Abdulaziz bin Salman said 5.7 million barrels a day of production was suspended initially," said Markets.com analyst Neil Wilson.
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Next, up 1.3%. Credit Suisse raised the clothing and homewares retailer to Neutral from Underperform.
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FTSE 100 - LOSERS
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International Consolidated Airlines Group, down 1.5%. Shares in the British Airways parent were lower amid the spike in oil prices. Higher crude oil prices hurt airlines as jet fuel prices are linked to international oil prices. Midcap peer easyJet was down 1.3%, while Irish carrier Ryanair Holdings was down 2.0%.
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FTSE 250 - WINNERS
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Tullow Oil, up 8.8%. The oil and gas explorer said it made a second oil discovery on the Orinduik block in Guyana. Drilling at the Joe-1 exploration well confirmed 14 metres of net oil pay in the Upper Tertiary age. This is the first discovery in the Upper Tertiary, Tullow said. Tullow and partners will now look at the Joe-1 data alongside that from the Jethro-1 discovery made in August. The "significant" discovery at Jethro found 55 metres of net oil pay in the Lower Tertiary. Tullow owns 60% of Orinduik, with oil major Total holding 25% and smaller peer Eco Atlantic Oil & Gas owning 15%. Eco Atlantic shares were up 6.3%.
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FTSE 250 - LOSERS
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International Public Partnerships, down 2.7% at 158.80 pence. The public and social infrastructure assets investor said it is looks to raise around GBP75 million through the issue of shares. The placing will be conducted at a price of 154 pence per share, reflecting a discount of 5.6% to INPP's closing price on Friday of 163.20p. Proceeds from the fundraise will go towards paying down IPP's GBP400 million corporate debt facility, against which the company has drawn GBP143 million. IPP said, depending on shareholder demand for the new shares, it may raise additional funds to pay down the facility further. The company added that it has a strong pipeline of investment opportunities in the UK and overseas currently under consideration.
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Go-Ahead, down 2.2%. Jefferies downgraded the transport company to Hold from Buy.
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OTHER MAIN MARKET AND AIM - WINNERS
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Oilex, up 14%. The oil and gas explorer said it signed an exclusivity agreement with Koru Energy for the potential acquisition of a 50% interest in the Knox, Lowry, and Whitbeck gas discoveries in the East Irish Sea. The three gas discoveries are shallow-water gas accumulations, with Knox and Lowry already drill stem tested with raw gas flows of 12.3 million and 22 million cubic feet per day, respectively. Koru currently holds the exclusive right to acquire a 100% interest in the UK seaward production licence P2459, containing the three licences, from Reach Coal Seam Gas. Under the proposed agreement, Oilex will acquire a 50% interest in the licences for GBP500,000, with Koru holding the remaining 50% under a joint venture. So far, Oilex has paid a non-refundable GBP50,000 exclusivity fee to Koru and has been granted exclusivity until the end of September.
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OTHER MAIN MARKET AND AIM - LOSERS
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Savannah Resources, down 31% at 2.1p. The resource development company said it raised GBP5 million cash through a share placing, subscription, and investment from its major shareholder. Savannah said it has issued 161.4 million shares through a placing and 26.5 million shares via subscription, both at a price of 2 pence each, raising GBP3.8 million. finnCap and Whitman Howard acted as joint bookrunners in respect of the placing. Savannah also said Al Marjan, one of its major shareholders, has invested a further GBP1.2 million, subscribing for 62.1 million shares. In aggregate, the placing, subscription and investment shares will, when issued, represent 19% of Savannah's enlarged share capital. The company explained that the funds will be used for the definitive feasibility study at the Mina do Barroso project in northern Portugal.
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