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LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Friday.
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FTSE 100 - WINNERS
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InterContinental Hotels Group, up 3.0%. IHG said it has agreed to sell its stake in the InterContinental Hong Kong to Supreme Key for USD938 million. Nomura says the value is at the top end of the broker's appraised value of USD783-940 million, and Numis says this looks like a "very acceptable price" and the achieved price is some USD150 million above its expectation. IHG will retain a 37-year management contract for the hotel, with three ten-year extension rights. It expects to be paid management fees of around USD8 million a year, which will increase after the refurbishment is completed.
International Consolidated Airlines Group, up 2.5%. Irish budget carrier Ryanair Holdings said its board has voted unanimously to accept IAG's offer for its stake in Aer Lingus Group, removing the final barrier in the way of the British Airways and Iberia owner's takeover bid and paving the way for the protracted transaction to go through. IAG made a EUR1.4 billion takeover offer for Aer Lingus late in 2014 and has already secured the Irish government's support for the bid, along with that of the Irish flag carrier's board. Ryanair shares are up 3.0% and Aer Lingus is up 2.1%.
BHP Billiton, up 2.5%. Citigroup upgraded the miner to Buy from Neutral, together with Rio Tinto, which is up 1.3%.
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FTSE 250 - WINNERS
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Premier Oil, up 5.6% at 147.30 pence. Barclays reiterates its Overweight rating for Premier with a target price of 250.0 pence. The company is making more cost savings than anticipated and is benefiting from its hedging programme, but its portfolio remains highly sensitive to the oil price outlook, and the development of the UK Solan field remains key to its future, say analysts at Barclays.
Brewin Dolphin, up 3.1% at 299.15p. Panmure lifted the investment management and financial planning firm price target to 350p from 300p, keeping a Buy rating.
Petrofac, up 2.9%. The oil company said it has been awarded a project worth around USD780 million to supply engineering, procurement and construction work to assist Kuwait Oil Co's plans to increase oil production. Petrofac said the EPC project work will be completed toward the end of 2017, and focus on Kuwait Oil's manifold trunkline system, which provides feedstock to Kuwait Oil's gathering centres via a network of independent networks and pipelines, it said in a statement.
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FTSE 250 - LOSERS
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Lonmin, down 3.4%. UBS downgraded the miner to Sell from Neutral.
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AIM ALL-SHARE - WINNERS
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Reneuron Group, up 21% at 5.88p. The stem-cell company posted a widened pretax loss for its 2015 financial year due to rises in research and development and administrative costs, but said it has placed 1.37 billion shares at 5 pence per share to raise GBP68.4 million to back its therapeutic programmes. Shares in the company closed at 4.875 pence on Thursday.
Aurasian Minerals, up 15%. The South-East Asian focused miner said it has appointed Peter Mullens as its new chief executive, and that Mullens has agreed to subscribe to new Aurasian shares alongside a new non-executive director to raise GBP207,500 for the company. The company said Mullens has over 30 years of experience in mining and exploration geology and is currently a director of Royal Road Minerals, which is listed on the Toronto Stock Exchange. Previously, he had held roles at Lydian International and Aquiline Resources.
Altona Energy, up 10%. The miner said its exploration licences for the Arckaringa coal project in southern Australia have been renewed and said it has signed a formal business relationship with Parsons Brinckerhoff, the US-based engineering and design firm. Altona said the South Australian government has granted 12-month extension to the drilling licences held by Altona at Arckaringa.
Daniel Stewart Securities, down 8.5%. The company named the former chief executive of Sportingbet, the online gaming company sold to GVC Holdings and William Hill in 2013, as an independent non-executive director. Andrew McIver, who will sit on Daniel Stewart's audit committee, is part of the AIM-listed investment bank's efforts to strengthen its board, according to Chairman Peter Shea.
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AIM ALL-SHARE - LOSERS
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Sefton Resources, down 9.4%. The company said former Executive Chairman Jim Ellerton, who initiated legal proceedings against the company in May, has filed documentation in an attempt to "force the company into bankruptcy proceedings". Ellerton lodged the original legal claim against the company, two directors and one former director in May, claiming damages related to his resignation from the company's board, the termination of his consulting contract and a deal with Hawker Energy. Sefton on Friday said Ellerton has filed an involuntary petition under Chapter 7 of the US bankruptcy code to try to force the company into bankruptcy.
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By Daniel Ruiz; danielruiz@alliancenews.com
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