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LONDON (Alliance News) - The following stocks are the leading risers and fallers on the main London indices early afternoon Tuesday.
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FTSE 100 - Winners
Sports Direct International climbs 1.5% and Coca-Cola HBC is up 2.6%. After disappointing debuts, the new members of the blue-chip index have bounced back to be two of the biggest winner on the FTSE 100. The companies were two of the biggest losers Monday.
Rolls-Royce, up 1.3%, is one of the biggest gainers on the blue-chip index. The company's share price is gaining on the back of Jefferies increasing its target price to 1,400 pence from 1,250p. Jefferies believes that the delivery of Trent engines will double by 2016. The broking house expects this to cause Rolls-Royce's TotalCare-related cash flows to remain positive in 2013/2014 before strengthening in 2015/2016, and to remain strong in the long term.
EasyJet, up 1%, and International Consolidated Airlines, up 0.5% have benefited from a softening in the price of oil. The heavy fuel consumers have jumped with oil prices have slipping to USD107.70 per barrel. Alongside this, EADS NV owned Airbus has released its latest global market forecast. The company predicts an annual air traffic growth of 4% in the next 20 years.
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FTSE 100 - Losers
Fresnillo, down 3.2%, Randgold Resources, down 2.6%, and Anglo American, down 0.9%, were three of the biggest fallers on the FTSE 100. The gold miners continue to see share price decline as a result of the weak price of gold. Gold is currently trading down 0.5% at USD1314.00 per ounce.
AMEC is down 2% after UBS cut the consultancy, engineering and project management provider to Neutral from Buy, lowering its target price to 1,450p to 1,200p.
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FTSE 250 - Winners
Euromoney Institutional Investor, up 7.1%, leads the winners on the FTSE 250, as it said that revenues were higher in the fourth quarter of its financial year. The company announced that advertising revenues had returned to growth for the first time in two years. It also said that underlying superscription revenues, excluding acquisitions rose by 4%. The group said it expects an adjusted pretax profit of no less than GBP114 million for the year, including a contribution from acquisitions and financing costs of almost GBP2 million
Close Brothers, up 2.6%. The specialist finance company said its pretax operating profit climbed after reaping the benefits of increased interest income, as well as making more on commission and fees. It announced that it made a GBP163.1 million operating profit for the year to July 31, compared with GBP134.9 million the previous year.
Jardine Lloyd Thompson Group has jumped 2.3% after Numis increased its target price to 995p from 945p. The brokerage believes that the company's acquisition of Towers Watson's broking company has provided a strong platform. Further, Numis believes that the purchase price of GBP156 million for the brokerage business is good value given the stable nature of broking earnings and possibility for potential synergies.
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FTSE 250 - Losers
Ocado Group, down 4%, is the biggest loser on the FTSE 250 after Waitrose announced that it will more than double online capacity in London. The grocer will add a second dotcom fulfilment centre to its existing centre in Acton. By increasing its online delivery capacity, Waitrose diminishes the necessity for Ocado to deliver Waitrose own-label products.
Centamin, down 2.5%, continues to fall after last Friday's high from the announcement that it had entered into a joint venture with Alecto Minerals for operations in Ethiopia.
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AIM - Winners
Ferrum Crescent has jumped 66% after it said Monday, post market close, that it had signed an investment agreement worth USD13.5 million with Anvwar Asian Investment over its Moonlight Deposit. Under the deal, Anvwar will acquire a 35% shareholding in Ferrum Iron Ore Limited for USD10 million. A further USD3.5 million will go towards its bankable feasibility study costs at the Moonlight project.
Phytopharm shares have leaped 47% after the AIM-listed stock resumed trading. The company's shares were suspended September 4 pending an announcement. Monday it said it will merge with medical technology and diagnostics company IXICO Ltd and change its name to IXICO PLC.
Oracle Coalfields is up 33%. The company said it has signed a joint development agreement with China CAMC Engineering Co Ltd for the development of its coal mine and power plant project. The agreement is for two years and includes the Chinese company assisting with seeking debt financing for construction of the mine and power plant.
Pure Wafer, up 27%. The company has announced that its full-year pretax profits will be significantly ahead of market expectations as it continued to experience high demand for wafer recycling at its plants in both Wales and Arizona.
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AIM - Losers
Rethink Group, down 19%. The recruitment talent management and technology services provider is one of the biggest fallers on the AIM All-Share index despite reporting a 27% spike in revenues to GBP56.2 million. The company reduced its operating costs by GBP200,000 to GBP9.8 million, whilst it also saw a rise in profit before tax of GBP0.53 million for the half-year, up from GBP0.3 million. The company had recorded a fairly large increase in share price running up to the report, however, the stock is now firmly below levels pre-report.
DDD Group falls 17% after it reported that it had swung to a loss in the first half. The 3D solutions firm posted pretax losses of USD1.1 million for the period ended 30 June, after recording a USD663,000 profit a year earlier. Revenue declined to USD2.4 million from USD4.0 million, which DDD blamed on continued contraction in the PC market.
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By James Kemp; jameskemp@alliancenews.com
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