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
Aviva, up 4.2%. After closing as the blue-chip index's biggest riser on Thursday, Aviva is again the stand out performer Friday. It jumped 8.1% on Thursday after it reported a rise in annual operating profit and it swung to a net profit compared with 2012's loss. The company is now benefiting from a series of positive price target revisions. Canaccord has raised its price target to 570p from 460p, Barclays has lifted it to 415p, from 380p, S&P IQ Capital has lifted it to 485p, from 420p, and JPMorgan has increased it to 528p, from 491p.
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FTSE 250 - LOSERS
Imagination Technologies Group, down 2.6%. Berenberg has lowered its price target for the company to 160p from 210p, saying that, given the competitive environment in graphic processors, it expects the company's margins will remain under pressure. The bank also expects ARM Holdings to gain more traction in the Android smartphone space. Additionally, JPMorgan has cut the company's price target to 210p, down from 425p, while Canaccord has downgraded the group to Sell from Hold, lowering its price target to 135p from 185p. Imagination Technologies Thursday lowered its guidance for its royalty units and licensing revenue for the full year, blaming a slower rate of smartphone market growth and a lower market share in the entry-level segment of the smartphone market.
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AIM - WINNERS
Independent Oil & Gas, up 25%. The oil and gas company said it has received approval to get a USD50 million reserve-based debt facility from a "substantial" US lender, money it needs to develop its Blythe field in the North Sea. The company, which is a 50% co-owner of the Blythe field, said the debt provider is an established specialist lender to several oil and gas businesses, including companies operating in the North Sea.
Verdes Management, up 19%. The institutional shareholder that invested GBP750,000 into Verdes, which was rescued earlier this week by Coms Chief Executive David Breith, has been revealed as Helium Rising Stars Fund, a hedge fund registered in the Cayman Islands. Helium Rising Stars was launched in January by ISPartners Investment Solutions AG, a Zurich-based investment manager. ISPartners' Christian Benz told Alliance News the investment in Verdes was a result of "very good experience with David Breith".
Iofina, up 8.1%. The firm said it had extended the redemption date of its USD15 million convertible bond with Stena Investment Sàrl by two years to May 15, 2017, while the coupon on the bond has been reduced to 6.0% a year from 6.5%. Terms of the conversion have been modified so Stena may convert the bond at any time upon 28 days notice to Iofina at a conversion price of USD1.67, Iofina said.
Redhall Group, up 7.1%. The specialist engineering support services group said it intends to raise GBP7.5 million before expenses through a placing of 19.2 million shares at 39 pence each with new and existing institutional investors, money it will use to recapitalise its balance sheet and for general working capital. The 19.3 million shares represent roughly 39.2% of its existing share capital. Redhall shares are quoted at 45.00p
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AIM - LOSERS
Verona Pharma, off 18%. After the UK equity market close on Thursday, the company said it intends to raise up to GBP14 million before expenses in a share placing, subscription, and open offer, which it said it will use to fund further development of its RPL554 drug.
Sula Iron & Gold, down 8%. The iron ore and gold exploration company said that losses widened in 2013 and that it has raised a further GBP2.1 million in a new placing. The company, which is yet to generate any revenue, said that losses for the year ended September 30, 2013 widened to GBP2.0 million, compared with a GBP0.6 million loss the prior year. Separately, it said raised the GBP2.1 million in an oversubscribed placing of 93.3 million shares at 2.25 pence each. Every four placing shares also include a warrant to subscribe for one further new ordinary share at 4 pence a share. It said it will use the funds to conduct further infill drilling at Ferensola to enable it to define a JORC Direct Shipping Ore Mineral Resource estimate by the end of 2014. Sula's shares are quoted at 2.74p.
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By James Kemp; jameskemp@alliancenews.com; @jamespkemp
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