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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.
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FTSE 100 - WINNERS
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Auto Trader, up 3.5%. The firm lifted its dividend on the back of a 12% increase in first-half profit and said it remains confident in meeting growth expectations for financial 2020 despite ongoing market uncertainty. For the six months to September 30, Auto Trader recorded a 12% rise in pretax profit to GBP127.7 million, on revenue of GBP186.7 million, up 6%. "We have had a good first half and have seen an even greater number of car retailers opting to partner with Auto Trader to access our growing consumer audience," said Chief Executive Trevor Mather.
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RSA Insurance, up 3.0%. The insurer reported flat premiums in the first nine months of 2019 despite "challenging" market conditions. The London-headquartered company said insurance market conditions were largely unchanged in the third quarter, but financial markets continue to present challenges, particularly from lower bond yields. The company's net written premiums in the year-to-date of GBP4.87 billion were flat year-on-year and broadly in line with expectations. Operating profit for the first nine months of 2019 was up, the insurance company said, both including and excluding exit portfolios, with an improved combined ratio but slightly lower investment income. "RSA's results to end September are strong, and consistent with our plans for the period. Current year underwriting results have sharply improved, with all our regional businesses contributing," said Chief Executive Stephen Hester.
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Persimmon, up 2.7%. The housebuilder said trading over the summer met expectations, with consumer confidence remaining "resilient". A strong housing market, it said, reflects solid employment in the UK and "some" real wage growth, as well as low interest rates and a "competitive but disciplined" mortgage market. Persimmon said trading has been "resilient" in the second half of 2019 and it is now fully sold for the current year. Some GBP950 million of forward sales are secured beyond 2019, compared to GBP987 million this time a year ago. Sales volumes for the first half of 2019 dipped 6% year-on-year to 7,584 homes, but this was due to an approach of selling homes only when they are at an advanced stage of construction. Persimmon expects second half sales to be above the first half.
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AB Foods, up 2.5%. Goldman Sachs has raised the firm to Buy from Neutral.
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FTSE 100 - LOSERS
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Hiscox, down 13%. JPMorgan has cut its rating on the insurer to Neutral from Overweight. Jefferies cut its price target on the stock by 23%, keeping a Hold rating.
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Rolls-Royce, down 1.6%. The aircraft engine maker cautioned on annual profit as it continues to grapple with problems in the Trent 1000 project.Rolls-Royce said Thursday there is only one major design fix remaining on the engine. It has now, however, postponed the introduction of an improved high-pressure turbine blade until 2021. This, Rolls-Royce said, is the final part of the programme to be completed. As a result, Rolls-Royce has added GBP400 million of exceptional costs to the GBP1.6 billion already guided. This means the total cost of the Trent 1000 programme between 2017 to 2023 will be GBP2.4 billion, of which only GBP400 million is within "normal programme contingency". Rolls-Royce will take an exceptional charge of GBP1.4 billion for 2019, which means operating profit and free cash flow for the year will be at the bottom end of guidance. In August, it had said both figures would be around GBP700 million, plus or minus GBP100 million.
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FTSE 250 - WINNERS
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IMI, up 7.1%. The engineering firm has put lower-margin businesses worth 20% to 30% of group revenue under review, and it is targeting a further GBP35 million of annualised savings. The firm has found "significant value creation opportunities" across the business after completing a group-wide review. The company said organic revenue for the three months to September 30 was 2% lower year-on-year and flat on an adjusted basis. Despite the lower sales, IMI achieved higher margins in the third quarter adding units have "acted decisively" to reduce costs and protect margins.
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John Wood, up 6.7%. The energy services firm said ongoing cost-cutting measures are benefiting overall performance in a weak market. John Wood confirmed 2019 earnings before interest, taxes, depreciation, and amortisation performance is tracking market consensus despite a "slowing macro environment". John Wood's Asset Solutions business is performing "strongly" in the Middle East, Caspian, and Asia Pacific regions. Asset Solutions Americas is benefiting from increased downstream and chemicals activity, though shale has slowed. The consultancy business E&IS's activity and margins "remain relatively robust", John Wood said.
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Bank of Georgia, up 6.5%. The firm reported a 1.8% rise in net interest income for the third quarter to GEL188.7 million, with net fee and commission income up 22%. Pretax profit climbed 30% to GEL157.0 million. Bank of Georgia said it was an "excellent" quarter of growth, with improved asset quality and profitability.
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Tate & Lyle, up 5.9%. The foods firm expects to deliver earnings growth in its current financial year following a surge in profit in the first half. It reported a pretax profit for the six months to the end of September of GBP164 million, 45% higher compared to a year ago, as sales grew by 6.7% to GBP1.48 billion. Tate & Lyle increased its interim payout to 8.8 pence a share from 8.6p paid a year prior.
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FTSE 250 - LOSERS
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Senior, down 5.2%. The firm is implementing a restructuring to drive improved results as it deals with challenges in the Flexonics and Aerospace markets. The manufacturer of high-technology components and systems said the restructuring will result in around GBP20 million of savings, "with a significant portion coming from headcount reductions as we match capacity to demand", the company said. Senior said sales grew in Aerospace in the first ten months of 2019 from a year before but revenue in the last four months, July to October, has been lower than expected due to weakened demand in the commercial aircraft engine market. Senior's Flexonics division has been performing in line with expectations with "markets weakening in the last four months as anticipated."
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OTHER MAIN MARKET AND AIM - WINNERS
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KEFI Minerals, up 56%. The firm can go ahead with finalising Tulu Kapi funding, after the Ethiopian government resolved administrative arrangements. The hold up from the government end had prevented KEFI from closing the financing ahead of an October 31 deadline.
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Orosur Mining, up 15%. The company has received USD690,000 from Newmont GoldCorp as part of an earn-in at the Anza gold project in Colombia.
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OTHER MAIN MARKET AND AIM - LOSERS
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TheWorks.co.uk, down 41%. The gifts, arts, crafts, toys, books, and stationary retailer has warned profit will be well below market expectations after sales missed expectations. For the half year to October 27, revenue rose 5.4%, but fell 1.9% like-for-like, reflecting a "difficult" consumer backdrop.
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Base Resources, down 16%. The Madagascan government has halted all work at the Toliara project as financing discussions continue, while Base noted there has been some "illegal" protesting against the proposed mine. It stressed, however, that the feasibility study for Toliara is still on track to be unveiled in December.
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By George Collard; georgecollard@alliancenews.com
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