LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.
----------
FTSE 100 - WINNERS
----------
Shire, up 3.2%. The Irish drugmaker got a double boost. It said it received approval from the European Commission for Intuniv for the treatment of attention deficit hyperactivity disorder in children and adolescents from six-to-17 years old for whom stimulants are not suitable, not tolerated or ineffective. "The approval of INTUNIV marks a significant advance in the treatment of ADHD in children and adolescents in Europe. Previously, physicians had only one licensed non-stimulant option for these patients," said Senior Vice President of Shire's Neuroscience Business Unit Perry Sternberg in a statement. In addition, Barclays upgraded the company to Overweight from Equal Weight and hiked its target price to 5,700 pence from 5,564p.
Wolseley, up 2.2%. Credit Suisse hiked its price target on the building materials, plumbing and heating supplies company to 4,900 pence from 4,400p and kept an Outperform rating on the stock, which was quoted at 4,227.00p.
Inmarsat, up 2.1%. The satellite communications company struck a deal with German telecommunications group Deutsche Telekom to develop a new combined satellite and a high-speed ground network, to be dubbed the 'European Aviation Network.' The network is designed to provider in-flight high-speed internet access in Europe. The network will combine coverage from Inmarsat's new S-band satellite with a ground network operating in the same frequency band developed and run by Deutsche Telekom.
----------
FTSE 100 - LOSERS
----------
RSA Insurance Group, down 21%. The insurer confirmed that Switzerland's Zurich Insurance Group has withdrawn from talks to buy the UK-listed company. RSA said that as a result of the recent deterioration of trading conditions in Zurich's general insurance arm, it had decided to pull out of the talks. RSA said Zurich had confirmed its due diligence findings were in line with its expectations and it had not found anything related to RSA that would have prevented it from going ahead with the talks.
----------
FTSE 250 - LOSERS
----------
Rotork, down 6.8%. JPMorgan Cazenove and Exane BNP Paribas both cut their target prices on the actuators and flow control products manufacturer, adding to the slew of ratings and price target downgrades at the end of last week and following a profit warning issued on Thursday. Rotork's profit warning resulted from the company's revenue taking a heavy hit from project deferrals and cancellations in the third quarter.
----------
MAIN MARKET AND AIM - WINNERS
----------
Sable Mining Africa, up 69%. The miner said it has entered into a memorandum of understanding with China-based construction and services provider CITIC Group to develop a coal-fired power plant in Zimbabwe. The pair will develop a 600 megawatt coal-fired power plant at Sable's Lubu coal project using coal mined from Sable's Lubu project, which in the Mid Karoo Zambezi coal basin in the Hwange mining district. The MoU is supported by the Republic of Zimbabwe and the Ministry of Energy and Power Development, which is the administration in charge of power development, in line with its mandate to promote the development of energy and power generation in Zimbabwe.
Digital Globe Services, up 11%. The online advertising company said its pretax profit fell in the year to the end of June but the group said its revenue was in line with expectations and saw an acceleration in the second half. The company said its pretax profit for the year to June 30 was USD662,570,down from USD3.8 million a year earlier, primarily as a result of the company lead generation costs nearly doubling, as the majority of its other costs remained broadly flat. Digital Globe said its revenue for the year was up to USD40.3 million from USD38.9 million, in line with market expectations, and it said its revenue in the second half improved to hit a record level for a six-month period. It added the second half also saw an improvement in its gross margin.
----------
MAIN MARKET AND AIM - LOSERS
----------
JQW, down 38%. The Chinese e-commerce company said it has been fined CNY18,000, about GBP1,800, and given a penalty of a one-month suspension of operations for violations of Chinese advertisement law, advertisement management regulations and the prohibition of pyramid selling regulations. JQW said the violations of advertising regulation arise from client websites that it hosts on www.jqw.com, and as a result, the website has been suspended for a month.
21st Century Technology, down 22%. The CCTV and monitoring systems provider posted a significantly wider pretax loss for the first half as the group was hit by a delay to a key contract in the rail sector. The company said its pretax loss for the half to the end of June was GBP350,000, compared to a GBP8,000 loss a year earlier, as its revenue declined to GBP4.7 million from GBP5.5 million. 21st Century said the fall in revenue was driven by delays to the award of contracts in the UK rail sector, while its bus business performed slightly ahead of expectations.
Belgravium Technologies, down 16%. The mobile data products and services provider reported a swing to a pretax loss for the first half of 2015 as it undertakes restructuring, which it said will benefit it next year and in subsequent years. Belgravium said it also expects to make a loss for its full year, as a result of "substantial exceptional costs" related to this restructuring. Newly-appointed Chairman Ian Martin said the company is planning to reduce its cost base by around GBP500,000 on an annualised basis, saying the company needs to improve its commercial capability and accelerate the development of a newer generation of products and services in order to be able to drive organic revenue growth.
----------
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
30 Sep 2016 10:25
