LONDON (Alliance News) - The following stocks are amongst the biggest risers and fallers within the main London indices midday Monday.
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FTSE 100 WINNERS
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Tesco, up 2.4%. The investigation into the company's GBP250 million profit overstatement has found evidence of a cover-up as the commercial team at the company struggled to meet targets in the final months of the tenure of former chief executive Philip Clarke, The Sunday Times reported. The company is expected to say when it posts half-year results on Thursday that the review found patterns of "inappropriate" behaviour by staff, but that it will not have to restate its results for previous years, the paper said. "As further revelations come to light over the inner workings of Tesco, a greater belief that the management now have a firm handle on things has enabled the share price to stage a mild rally on Monday morning," says IG market analyst Alastair McCaig.
London Stock Exchange Group, up 0.2%. Turquoise, the multilateral trading facility majority-owned by London Stock Exchange Group, launched Turquoise Block Discovery, a new service deigned to help investors trade larger block orders by matching block indications. On identifying potential matches, the service requires participants to send firm qualifying block orders to Turquoise Uncross, a series of randomised uncrossings during the trading day designed to increase the likelihood of matching resting buy and sell orders at a fair mid price, with the intention of maximising available liquidity for customers of both services.
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FTSE 100 LOSERS
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Travis Perkins, down 1.6%. Davy Group has cut the building merchant to Neutral from Outperform.
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FTSE 250 WINNERS
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Afren, up 2.4%. Speculation is intensifying that the oil and gas explorer could become the target of a takeover bid after filings revealed a company founded by a former Nigerian general has amassed a significant shareholding in the business, The Daily Telegraph reported on Saturday.
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FTSE 250 LOSERS
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Evraz, down 4.1%. The steel company has been downgraded to Underweight from Neutral by JP Morgan.
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AIM ALL-SHARE WINNERS
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President Energy, up 75%. The company said it has made its first oil discovery at the Lapacho well in Paraguay, finding conventional light oil and condensate which it expects to be commercial following further planned tests and drilling. President has continued drilling the Lapacho well to reach its original target, the 400 metre thick Santa Rosa formation, and the company said that once the QG1 rig has finished drilling the well, it is considering moving it so it can re-enter its suspended Jacaranda well, also in Paraguay.
TXO, up 21%. The company said investee company Oil Tech Royalties Inc has signed a deal in Kuwait to commercialise its technology in the country. Oil Tech, in which TXO holds a 30% stake, has signed a non-binding letter of intent with Abdulaziz Abdulmohsin Al-Rashed Sons WLL for the commercialisation of its proprietary acoustic flow reactor valve.
TomCo Energy, up 18%. The oil shale explorer said it has received tentative approval from the Utah Division of Oil, Gas and Mining to start large mining operations to bring its Holliday Project into production. TomCo said a 30-day public consultation has begun, before the Utah Division of Oil, Gas and Mining can grant final approval.
AfriAg, up 16%. The company said its AfriAg Marketing Pty Ltd division has secured its first import order of more than 18 tonnes of frozen prawns from India to South Africa. The company said the order book for its agri-marketing arm is at USD350,000 on the back of recently-secured orders for 18 tonnes of South African-sourced Angel fish for China and another nine tonnes of Mozambiquan Langoustines to be airfreighted to the Chinese and Swiss markets.
Daisy Group, up 13%. The company said it has recommended the lower cash offer made by a consortium led by its chief executive, in a deal that values the company at around GBP494 million. Daisy on Friday said the bidding consortium, which comprises its Chief Executive Officer Matthew Riley, Toscafund Asset Management LLP and Penta Capital LLP, was considering lowering its bid for the company to 185 pence per share, from 190 pence per share. The lower offer has now been made and Daisy said it would recommend the deal to shareholders.
Mwana Africa, up 11%. The miner said gold production increased in the second quarter to the end of September, along with a rise in nickel production and progress on its wider nickel operations. It said its gold production from the Freda Rebecca site in Zimbabwe increased 23% to 16,555 ounces in the quarter to September 30, up from 13,503 ounces in the previous quarter on the back of improvements in feed grade, recovery and milled tonnes.
Range Resources, up 11%. The company said Sam Jonah is to step down as the non-executive chairman of the company after its annual general meeting next month, and will be replaced by Graham Lyon, who joined the board in February as a non-executive director.
Orogen Gold, up 9.5%. The company said it has issued shares under its equity agreement with DEM Geosciences SAL for the provision of diamond drilling services. Orogen has issued 76.6 million shares at 0.2 pence per share under the agreement.
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AIM ALL-SHARE LOSERS
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ScotGold Resources, off 17%. The company said it is expecting its costs to increase during the fourth quarter, as it continues to try and lower the capital expenditure needed to bring its Cononish gold and silver project in Scotland into production. In order to reduce the capital expenditure and funding needed, ScotGold said it is reviewing a number of options to try and reduce costs, including how to mine and construct the project. It is also reviewing the processing rates of its proposed processing plant at the project.
Acta S.P.A, down 17%. The Italian-based clean energy product developer and manufacturer said its appeal to suspend the provisional executive authority of the 2010 arbitration award of EUR1.2 million plus costs, together about EUR1.4 million, obtained by a minority shareholder of a group subsidiary company against Acta in July 2013, has been rejected. Although the claim is fully provided for in the company's accounts, the rejection of the appeal means the hydrogen energy company is now either required to pay the ruled amount, negotiate a settlement or could be subject to enforced actions.
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By Neil Thakrar; neilthakrar@alliancenews.com
Copyright 2014 Alliance News Limited. All Rights Reserved.
9 Oct 2020 13:39
Star Phoenix further reduces costs in oilfield services business
(Sharecast News) - Oil, gas and oilfield services company Star Phoenix updated the market on its oilfield services operations on Friday, reporting that it had further cut the ongoing costs of its RRDSL division in light of the Covid-19 pandemic.
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