Last checked at LONDON (Alliance News) - The following stocks are amongst the biggest risers and fallers within the main London indices midday Thursday.
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FTSE 100 WINNERS
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London Stock Exchange, up 3.1%. The bourse operator reported a rise in pretax profit to GBP136.8 million in the six months ended September 30, compared with GBP116.0 million last year. Revenue rose to GBP592.6 million from GBP504.2 million.
SABMiller, up 2%. The brewer reported a rise in first-half revenue to USD11.37 billion, driven by sales in Africa and Latin America. Pretax profit rose to USD2.83 billion from USD2.43 billion and it raised its dividend to 26 cents a share.
ITV, up 1.9%. The broadcaster said it remains on track to deliver double-digit profit growth this year and GBP15 million in cost savings as it reported a rise in nine-month external revenue to GBP1.8 billion.
Wolseley, up 1.7%. Berenberg upgraded the stock to Buy and raised its price target for the stock to 3,900 pence, noting strength in the company's US business. Morgan Stanley also raised it price target on the stock to 3,700p and maintained its Hold rating.
IAG, up 1.3%. The airline operator is benefiting from a drop in crude oil prices to new four-year lows.
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FTSE 100 LOSERS
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Tullow Oil, down 1.6%. The oil explorer is suffering further losses as crude prices touch fresh four-year lows.
Roll-Royce, down 0.9%. The aero-engine reiterated that extra restructuring costs will reduce its expected underlying profit in both 2014 and 2015 by about GBP60 million.
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FTSE 250 WINNERS
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Aveva, up 2.4%. Barclays raised its rating on the stock to Overweight with a 1,900p price target.
St. Modwen Properties, up 2.2%. The company's joint venture with Vinci was granted planning permission for the redevelopment of the 57 acre New Covent Garden Market site in Nine Elms, London.
Howden Joinery, up 2%. Berenberg raised its price target on the stock to 445p and reiterated its Buy rating.
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FTSE 250 LOSERS
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Rexam, down 7.2%. The drinks can maker warned of challenging markets and said a recent rise in aluminium prices could add about GBP30 million to its costs next year if they are sustained.
Electrocomponents, down 6.5%. The company reported a fall in pretax profit and revenue for the first half, hit by the strength of sterling, and said its chief executive is stepping down.
Spirent Communications, down 3.3%. The company reiterated is fourth quarter revenue expectations, although it warned it expects weaker market conditions to continue throughout the rest of 2014, as acquisitions helped boost revenue in its third quarter.
Grafton Group, down 1%. Sales growth moderated in the last four months after a very strong first half of 2014, but the company said the outlook remains positive and it's expecting to report a full-year operating profit in line with its expectations.
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AIM ALL-SHARE WINNERS
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CityFibre, up 14%. the company said it has signed a long-term national framework agreement with mobile network operators EE and Hutchison 3G UK.
Coal of Africa, up 12%. The company said it has completed the first stage of its share placement and received the funds from the issue. The company issued 251 million shares on AIM in London and on the Johannesburg Stock Exchange with a total value of GBP13.8 million.
Frontier Resources, up 7.6%. The company appointed Neil Herbert as chairman, replacing Ric Piper who is stepping down from the board.
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AIM ALL-SHARE LOSERS
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San Leon Energy, down 21%. The company said that Genel Energy, operator of the Sidi Moussa licence offshore Morocco, was plugging and abandoning the SM-1 well on the block after failing to produce oil at sustainable rates. San Leon holds a 10% net working interest in the Sidi Moussa block.
Serica Energy, down 16%. Serica has a 5% interest in the Sidi Moussa block
Randall & Quilter, down 14%. The insurer warned pretax profit for the year will be materially lower than market expectations because of higher net provisions to cover asbestos-related claims, disappointing trading in its US insurance services arm, and lower than expected investment income.
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By Ian Edmondson; ianedmondson@alliancenews.com;
Copyright 2014 Alliance News Limited. All Rights Reserved.
IN BRIEF: San Leon Energy extends longstop date for two transactions
San Leon Energy PLC - oil and gas production, development and exploration company focused on Nigeria - Announces further extension to the longstop dates for the proposed transactions with Midwestern Oil & Gas Co Ltd and the company's further conditional investments in Energy Link Infrastructure (Malta) Ltd. All longstop dates have now been extended to September 30. In discussions with Midwestern on whether a potential revision to the transaction can be agreed to allow completion to occur whilst the new eroton debt facilities and the Sahara OML 18 acquisition continue to be delayed for reasons outside of the company's control. There can be no guarantee that any such revised terms will be agreed. Further, remains in talks with a third party in relation to securing an alternative loan facility of USD50.0 million. In addition, remains in talks with ELI regarding making further potential investments of up to USD37.0 million, in ELI, which would be conditional, on completing the alternative loan facility of USD50.0 million.
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