LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.
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FTSE 100 - LOSERS
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Weir Group, down 1.4% at 1,466 pence. Liberum reiterated its Sell rating on Weir Group and cut its price target, saying it believes that consensus estimates are too high for the engineering services company amid concerns about the minerals and oil and gas markets. The broker cut the company's price target to 1,330p from 1,450p.
Royal Dutch Shell 'A', down 1.2%, BG Group down 0.5%. Oil related companies are lower after oil prices fell to a six-year low. West Texas Intermediate fell to a new six and a half year low on Thursday at USD41.65 a barrel, while Brent oil hit a low of USD48.82 a barrel.
BP, down 1.1%. The oil giant faces the prospect of fresh regulatory fines after a US judge ruled that its energy traders rigged the natural gas market in Texas in the aftermath of a 2008 hurricane, the Financial Times reported late Thursday. The FT said the fine could run into the "tens of millions of dollars" and comes after the company recently concluded a USD18.70 billion settlement with the US government over the 2010 Deepwater Horizon oil spill in the Gulf of Mexico.
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FTSE 250 - WINNERS
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Zoopla Property Group up 1.9% at 281.40p. Panmure Gordon upgraded Zoopla to Buy from Sell, as the broker said the property portal's results for the months from April 1 to July 31 were "significantly" stronger than Panmure expected. The broker also lifted Zoopla's price target to 360p from 195p. The stock touched an all-time high in earlier trade at 286.15p.
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FTSE 250 - LOSERS
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John Wood Group, down 1.9%, Petrofac, down 1.8% and Hunting down 1.8%. The FTSE 250-listed oil-related companies also are taking a hit following the fall in oil prices.
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AIM ALL-SHARE - WINNERS
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Safeland up 13%. The property company reported a rise in profit in its recently ended financial year, despite a slip in revenue, as it profited from the sale of the Chandos Tennis Club in November. It reported a rise in pretax profit in the year ended March 31 to GBP6.7 million, a huge improvement on the GBP903,000 profit it made the prior year, even though revenue fell slightly to GBP10.3 million from GBP10.4 million. Safeland will pay a final dividend of 1.75 pence per share.
Tekcapital up 9.3% at 46.98p. The technology and intellectual property services company said it has acquired, via a share issue, the exclusive worldwide licensing rights to a portfolio of nine patents for the improvement of air conditioning efficiency from the University of Central Florida. Tekcapital said it will issue 69,800 new shares to the University of Central Florida for the acquisition of the exclusive license to the portfolio of nine patents.
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AIM ALL-SHARE - LOSERS
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Stellar Diamonds off 17% at 0.474p. The miner said it has raised USD330,000 after issuing a new loan note to German private equity firm Deutsche Balaton. The note matures on August 7, 2017 with an interest rate of 6% per year. The note may be converted into 37.5 existing shares at an effective price of 0.56 pence per share. If exercised, Deutsche Batalon would hold a 4.4% stake in the company. Separately, Stellar also has granted Deutsche Batalon a warrant to subscribe to just under 60.0 million existing shares for a total of USD330,000, equivalent to an exercise price of 0.35 pence per share. If both the loan note and warrant are converted, Deutsche Batalon will hold a 10.7% stake in Stellar Diamonds.
Churchill Mining, down 9.9%. The miner said that the Singapore hearing in its ongoing legal dispute with the Republic of Indonesia government has been completed, although it said a decision is unlikely to be handed down for "some months". The company is currently in dispute with Indonesia about getting compensation for the revocation of mining licenses relating to the East Kutai coal project in East Kalimantan, in which it has a 75% interest.
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By Preten Patel; pretenpatel@alliancenews.com
Copyright 2015 Alliance News Limited. All Rights Reserved.
10 Dec 2021 12:17
LONDON MARKET MIDDAY: Stocks lower ahead of key US inflation report
LONDON MARKET MIDDAY: Stocks lower ahead of key US inflation report
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