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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.
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FTSE 100 - WINNERS
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Rio Tinto, up 1.1%, Anglo American, up 1.0%, Glencore, up 0.8%, BHP, up 0.5%. The internationally-exposed miners were higher on hopes a fresh round of tariffs on Chinese goods set to come into effect on Sunday will be postponed. On Tuesday a report in the Wall Street Journal said US and Chinese officials were working on a deal to postpone a round of tariffs set to hit Chinese imports. However, US President Donald Trump's top economics adviser Larry Kudlow warned the measures remained in play for now, although he did say that Trump had struck a "constructive and optimistic tone" on China. "We expect the tariffs will be postponed, as Trump cannot risk another period of escalation hurting the US economy ahead of the upcoming presidential election next year," said Danske Bank.
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FTSE 100 - LOSERS
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JD Sports Fashion, down 8.5% at 735.20 pence. Pentland Group said it has cut its stake in the sportswear retailer, though will remain its majority shareholder. Brand management firm Pentland sold 24.0 million shares in the retailer, representing a 2.5% stake, at 740 pence each - a 7.8% discount to Tuesday's closing price of 803.40p. The shares were offered by way of an accelerated bookbuild to international institutional investors. Following the sale, Pentland will continue to be JD's major shareholder, with a stake of 55%. Pentland bought a 57.5% stake in JD Sports in 2005. Pentland's brand management division owns sports and fashion brands such as Berghaus, Speedo and Canterbury.
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FTSE 250 - WINNERS
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Tullow Oil, up 5.0%. Shares in the oil and gas company continued to stage a partial rebound following a catastrophic fall on Monday, which saw the stock drop to a record low and finish the session slumped 72%. Tullow on Monday was knocked after the suspension of its dividend, a "reset" of future production guidance, and the resignation of Chief Executive Officer Paul McDade.
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Stagecoach, up 4.8%. The transport company reported a mixed performance in the first half of its current financial year amid changes in markets in which the Perth-based company operates. It reported pretax profit of GBP65.9 million for the six months to October 26, up 35% compared to GBP48.9 million it delivered a year ago, despite revenue falling to GBP800.2 million from GBP1.01 billion. By division, Stagecoach's UK Bus business - excluding London - delivered a "solid" performance during the first half of the year, with like-for-like sales growth of 1.6%, though this was lower than anticipated at the start of the financial year. Looking ahead, the transport operator said its expectations for adjusted earnings per share for the full year remain unchanged, having fallen to 10.0p in the half year from 12.9p a year ago.
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John Wood, up 3.9%. Citigroup raised the oilfield services company to Buy from Neutral.
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SSP Group, up 3.5%. Morgan Stanley upgraded the Millie's Cookies and Upper Crust food outlet operator to Overweight from Equal Weight.
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FTSE 250 - LOSERS
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Riverstone Energy, down 6.5%. The oil and gas company sold all of its offshore Gulf of Mexico assets owned by subsidiary Castex Energy 2014 to Talos Energy. Riverstone also is offloading the undrilled primary term acreage and prospects of ILX Holdings III to Talos. Riverstone owns 25% of Castex and 33% of ILX - having invested USD52 million and USD155 million in the two companies, respectively. Riverstone didn't provide the price that Talos is paying. The deal is expected to be funded by the issuance of new Talos shares and existing Talos cash. The disposal is subject to purchase price adjustments between the July 1, 2019 effective date and the closing date of the transaction, which is expected in the first quarter of 2020.
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OTHER MAIN MARKET AND AIM - WINNERS
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Kromek, up 8.7%. The detection technology firm reported a "record" revenue figure for the interim period. Revenue in the six months to October 31 was GBP5.3 million, 43% higher than a year before. The pretax loss widened to GBP2.7 million from GBP2.1 million, however, due to increased finance and operation costs. Sedgefield, County Durham-based Kromek said revenue growth came due to multi-year contracts signed with commercial and government customers across the world, in nuclear detection, medical imaging, and security screening. Looking forward, Kromek has "increasing commercial momentum", with revenue and earnings before interest, tax, depreciation and amortisation for its financial year to April on track to meet the market's expectations.
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OTHER MAIN MARKET AND AIM - LOSERS
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Rosslyn Data Technologies, down 14%. The data technology company said it expects annual results to be in line with forecasts despite a slow start to the year. Rosslyn said it had a slower than hoped start to sales in the first few months of its current financial year, which started in May, with professional service revenue hurt by some clients deferring contracted projects. In addition, Rosslyn said it has decided not to renew client contracts with a high element of resale revenue, as these were unsustainable due to low levels of gross margin.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
