LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Monday.
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FTSE 100 - WINNERS
RSA Insurance Group, up 7.2%. The Sunday Telegraph has reported that the independent investigation into the background to the GBP200 million capital shortfall at RSA?s Irish operations is expected to conclude that it was an isolated incident with no further write-downs needed. Alongside this, in the run-up to the report, which is set to be published on Thursday, UBS has added RSA to its Most Preferred list, increasing its price target to 113.00 pence from 100.00p. UBS believes that, "while there are significant uncertainties ... the balance of risks is to the upside."
IMI, up 1.4%. The company's share price has jumped after Jefferies increased its target price to 1,590.00 pence from 1,405.00p. The disposal of the beverage dispense and merchandising divisions leaves a very high margin business with a robust balance sheet, the investment bank says. Moreover, Jefferies expects to see higher growth in the severe service and fluid power divisions in the company's 2014 fiscal year.
Amec, up 0.6%. The company said it has been appointed by CNOOC Ltd's Nexen Petroleum UK unit to provide services for the Chinese company's North Sea offshore assets. The international engineering and project management company said the reimbursable contract would be for six years, with the option of two extensions, each for a further two years.
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FTSE 250 - WINNERS
Centamin, up 3%. The metals and minerals producer said it had beaten its full-year production guidance after producing more gold than expected in the fourth quarter thanks to high productivity at its Sukari process plant. Its total gold production for the three months ended December 31 was 91,546 ounces, a 7.2% increase on 85,413 ounces in the previous year and an 8.0% increase from 84,757 ounces in the previous quarter. The result brings the company's full-year production to 356,943 ounces of gold, a 36% increase on 2012 and above the company's guidance of 320,000 ounces.
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AIM - WINNERS
Crawshaw Group, up 19%. The meat retailer said it expects its full-year results to be materially higher than current market forecasts after it reported another strong increase in like-for-like sales. The company said like-for-like sales were up 21% in the seven weeks to December 29. Crawshaw added that costs were under control, while it had opened a new retail outlet in the new covered market in Sheffield November 25 which is trading well. It is also close to completing the lease on another retail premises in the same city.
PureCircle, up 4.7%. The food and drinks flavouring company said that it expects to swing to a half-year operating profit after reporting that first-half sales figures are likely to rise by nearly a third. The company said it expects to move to a "positive" operating profit in the six months ended December 31, 2013, as sales in the first-half are expected to increase by 31% to USD34.7 million.
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By James Kemp; jameskemp@alliancenews.com; @jamespkemp
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