Last checked at LONDON (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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J Sainsbury, up 2.5%. The supermarket chain late Friday decided to follow through on its decision to acquire Home Retail Group, the owner of Argos, after a rival bidder exited the race, despite stating the deal was not a "must-do" for the supermarket chain earlier in the week. Sainsbury's became the sole runner in the race to purchase Home Retail after Steinhoff International Holdings, the other bidder which had placed a higher offer, said it would not be making a firm offer for the company after striking a deal to acquire Darty instead. Home Retail shares were up 2.4%. Darty shares were down 1.0%.
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FTSE 100 - LOSERS
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Randgold Resources, down 1.5%. Barclays removed the gold miner from its 'Top Picks' list. Gold was trading lower at USD1,244.90 an ounce compared to USD1,253.20, at the London equities close on Friday. Fellow gold miner Fresnillo was down 0.9%.
Aviva, down 0.7%. Bernstein downgraded the insurer to Marketperform from Outperform.
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FTSE 250 - WINNERS
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Synthomer, up 6.9%. The specialty chemicals company said it has struck a deal to acquire US-based chemicals company Hexion Performance Adhesives & Coatings and has sold a business in South Africa. Synthomer will pay USD226.0 million in cash to acquire Hexion, which manufacturers a range of dispersions, additives, powder coatings and speciality monomers, with a focus on a range of industries, including the building and construction market. Separately, Synthomer said it has sold its dispersions unit in South Africa to Ferro SA for GBP13.0 million.
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FTSE 250 - LOSERS
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Halfords Group, down 6.4%. UBS downgraded the car parts and bicycle retailer to Sell from Neutral.
N Brown Group, down 4.8%. The home shopping company also was cut by UBS to Neutral from Buy.
Tullow Oil, down 2.7%. The oil and gas company was downgraded by Jefferies to Underperform from Hold.
Ocado Group, down 2.5%. Founder and Chief Executive Tim Steiner might be forced to sell part of his multimillion-pound stake in the online grocery delivery company amid a bitter divorce battle, according to a report by the Times. The Times reported that Steiner is facing a legal fight with his wife after he moved in with a Polish model who is almost 20 years his junior. Court documents reveal that Steiner is seeking a divorce on the ground of his wife's "unreasonable behaviour", the Times said, adding that a court battle and expensive settlement could force a sale of part of his 5% stake in Ocado.
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MAIN MARKET AND AIM - WINNERS
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Tavistock Investments, up 25%. The financial services company said it has entered into an agreement to buy Abacus Associates Financial Services for GBP5.2 million in a cash and shares deal. Tavistock will pay GBP4.2 million at completion, GBP2.5 million of which will be in cash, GBP0.1 million through the adoption of a debt obligation, and GBP1.5 million through the issue of 20 million Tavistock shares at 7.5 pence each. A further GBP1 million will be settled in cash on the first anniversary of completion.
Falanx Group, up 19%. The cybersecurity company said it has secured a new contract with the UK government. Falanx will provide managed cyber defence services to a series of UK government departments, generating GBP370,000 in revenue over the first three years. "The market for cyber defence managed services continues to grow. This latest contract win is further endorsement of our decision to change the strategic focus of the company," said John Blamire, Falanx's chief executive.
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MAIN MARKET AND AIM - LOSERS
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Quadrise Fuels International, down 10%. The alternative fuel developer said it believes it has sufficient funding to keep going until it begins generating revenue in 2017 as the company continues to advance its two major projects. reported a pretax loss of GBP2.4 million in the six months to the end of 2015 compared to the GBP2.2 million loss booked a year earlier. That was the result of administration expenses rising to GBP1.1 million in the period from GBP700,000 the year before and its production and development costs increasing to GBP834,000 from GBP552,000. Those were partly offset by its share option charge falling to GBP460,000 in the half from GBP1.1 million.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
Copyright 2016 Alliance News Limited. All Rights Reserved.
21 Sep 2023 16:56
LONDON MARKET CLOSE: Hawkish Fed hits risk appetite as BoE hurts pound
(Alliance News) - Stock prices in Europe closed lower on Thursday as hawkish words from the Federal Reserve hit equities, while the FTSE 100 ended off morning lows but failed to cling onto the gains it made after the Bank of England stood pat on interest rates.
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