Petrel Resources Share News (PET)

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.----------FTSE 100 - WINNERS----------Ashtead, up 1.6%. The equipment rental firm was extending gains after closing up 6.1% on Tuesday on the back of a strong set of annual results.----------FTSE 100 - LOSERS----------International Consolidated Airlines, down 3.9%, easyJet, down 2.5%. HSBC cut its ratings on both the airlines to Reduce from Hold.----------Just Eat, down 3.9%. UBS cut the takeaway delivery platform to Neutral from Buy.----------FTSE 250 - WINNERS----------CYBG, up 4.5%. The lender affirmed guidance for 2019, with its rebrand as Virgin Money UK to be completed by the end of the year. UK lender CYBG, which owns Clydesdale Bank and Yorkshire Bank, bought Virgin Money in a GBP1.7 billion deal in 2018. CYBG's name will change by the end of 2019, it said, with the Virgin Money brand to be relaunched and rebranded late in the year. CYBG has unveiled a range of new targets, reaffirming guidance for its year ending September 2019 of a net interest margin of 165 basis points to 170 basis points, with the margin at 172 basis points at December 31, the end of CYBG's first quarter. By the end of financial 2022, CYBG is targeting GBP200 million of net cost savings, operating costs of less than GBP780 million, and a cost to income ratio in the mid 40%s. ----------FTSE 250 - LOSERS----------Saga, down 13%. The over-50s insurer and holiday firm said trading has been broadly in line with expectations but its Tour Operations unit has been hurt by "current political uncertainties". Saga said travel market conditions are "very competitive" and have suffered from "current political uncertainties". As a result, Tour Operations booked revenue for Saga's financial year to January 31 were down 4% as at June 15 versus the year before. Moreover, Tour Operations margins have been hit by competitive discounting. The over-50s insurance and travel company did note that Cruise bookings have been "more resilient" and are expected to align with target booking levels for its year. Moreover, forward bookings for its year to January 2021 are "broadly on track".----------Ted Baker, down 5.8%. HSBC cut the fashion retailer to Hold from Buy.----------OTHER MAIN MARKET AND AIM - WINNERS----------Nu-Oil & Gas, up 20%. The development and production firm's joint venture company is to work with Petrofac to find "stranded" gas recovery projects. Marginal Field Development Co, or MFDevCo, is 50%-owned by Nu-Oil with RMRI owning the rest. MFDevCo and oilfield services firm Petrofac, which is also London-listed, will work together to make, deliver, and operate gas-to-wire facilities at marginal gas field. ----------Blackbird, up 18%. The cloud video platform operator said it said it has signed a "significant six-figure, multi-year deal" with broadcasting company A+E Networks. A+E Networks in a joint venture between Hearst Communications and Disney Media Networks, a unit of The Walt Disney Co. Under the agreement, A+E Networks will incorporate Blackbird's cloud platform into its media infrastructure to manage a range of key video workflows. The company said the agreement with A+E Networks will foster Blackbird's international growth, particularly in North America.----------OTHER MAIN MARKET AND AIM - LOSERS----------Bagir, down 30%. The Israeli tailor agreed with Shandong Ruyi Technology Group on a further extension of the completion date of its USD16.5 million investment. In addition, Bagir said trading conditions have remained challenging, however it has seen a strong start to 2019 with a rise in sales. Following discussions with the Chinese textile manufacturer Shandong Ruyi, Bagir has extended the unconditional completion date to the end of March 2020. In November 2017, Bagir announced a strategic partnership with Shandong, in which Shandong would invest USD16.5 million for 359.6 million Bagir shares at a price of 3.5 pence each. This would give Shandong a 54% stake in Bagir. Over the last 18 months, Bagir has received USD3.3 million in non-refundable payments from Shandong. Concerning Bagir's current trading, sales for the five months to the end of May rose to USD27.0 million from USD21.8 million for the same period a year before.----------Petrel Resources, down 26%. The oil explorer said its loss was many times smaller in 2018 after a substantial impairment the year before which did not repeat but expressed a great deal of pessimism, calling Irish offshore oil "a sorry scene". The oil explorer incurred a EUR4.1 million impairment charge in 2017 after writing off its 20% investment in Amira Hydrocarbons Wasit. As no such impairment was made in 2018, Petrel's annual pretax loss was EUR239,042, attributable entirely to expenses and only a small fraction of its EUR4.4 million 2017 loss. Nonetheless, Chair John Teeling's statement expressed clear frustration with changes to taxation laws, a push to outlaw offshore exploration, and difficulty obtaining drill permits. Petrel has struggled to gain approval to take total ownership of Frontier Exploration licence 3/14 and extend the first phase, with almost a year needed to obtain consent.----------