Last checked at LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.
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FTSE 100 - LOSERS
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BHP Billiton, down 5.9%, Glencore, down 5.6%, Anglo American, down 5.2%, Rio Tinto, down 4.3%, Fresnillo, down 4.3%. Miners were leading the fallers in the blue-chip index following a further sell-off of shares in Asia amid continued concerns about the deteriorating state of the Chinese economy. The Shanghai Composite Stock Index dropped 8.5% Monday on fears of a slowdown in the world's second-largest economy. The plunge in Chinese equities followed last week's losses of 11%. Copper was quoted down 2.5% in London to a six-year low.
Standard Chartered, down 5.2%. In line with the fall suffered by miners, the emerging markets-focused bank was taking a hit from the sentiment in Asian markets, a key region for the company.
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FTSE 250 - LOSERS
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Premier Oil, down 6.5%, Tullow Oil, down 6.2%. The oil and gas company shares were taking a hit from further declines in the Brent oil price in morning trade, down to USD43.78 per barrel. Brent and US crude oil futures hit fresh six-and-a-half year lows in Asian deals.
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AIM ALL-SHARE - WINNERS
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UTV Media, up 9.2%. The Belfast-based television company confirmed it is holding talks on the potential sale of its television assets. In a short statement, UTV said the talks are "ongoing" and there is no certainty they will lead to a transaction being agreed. The Guardian newspaper reported over the weekend that ITV, the FTSE 100-listed broadcaster, is in talks to buy the company.
African Potash, up 57%. The potash producer said it has signed a memorandum of understanding with a Zambian fertiliser supply company which will lead to the company supplying over 50,000 metric tonnes of fertiliser a year. This is the first MOU to be signed since African Potash struck a deal with the Common Market for Eastern and Southern Africa (COMESA) and the Mask Africa Crowd Farm Fund Ltd with a view to creating a production and distribution platform for fertiliser in Eastern and Southern Africa earlier in August.
San Leon Energy, up 14%. The Irish oil and gas company said it has been approached about a potential takeover offer for the company. The company, which has assets in Europe and North Africa, confirmed press speculation about a potential offer, but said there is no guarantee a deal will be completed. No details about the approach were released.
88 Energy, up 14%. The oil and gas company said it has signed a funding agreement with Bank of America for a USD50 million credit facility, meaning it is full funded ahead of the spudding of its Icewine exploration well onshore in Alaska. 88 Energy Managing Director Dave Wall said the company is now fully funded for drilling, a result of the funding deal and a AUD12 million equity raising in July. The Icewine #1 exploration well, onshore in Alaska, is to spud in October, the company said.
Stellar Diamonds, up 5.9%. The miner said it has secured the preliminary economic assessment for the Tongo kimberlite project in Sierra Leone which shows the project can produce almost 1.0 million carats over the next 18 years. Stellar will now submit a mining licence application for the project using the assessment "in the near future".
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AIM ALL-SHARE - LOSERS
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Blinkx, down 32%. The internet media company said it expects to post an operating loss for the half year after weaker-than-expected trading in the second quarter. The company said its performance in the first quarter was in line with expectations, but early indications from the second quarter were below its forecasts, and it now expects to post an operating loss in the first half to the end of September.
Mediazest, down 32%. The media agency said its pretax loss widened in its 2015 financial year due to declining revenue, caused by a project delay. The decline in revenue was driven by the delay of a major project into the current financial year, but the group said it won a number of key contracts in the year, including with car company Hyundai and The Post Office.
Trinity Exploration & Production, down 18%. The oil and gas company said it has received a further extension for the repayment of its USD13 million loan from Citibank. Last Thursday, the company said it was in talks with a number of potential suitors but warned there is no certainty any deal will take place, after Chief Executive Joel Pemberton said the company simply cannot afford to develop and capitalise independently on its portfolio, which is located in Trinidad and Tobago and in South Africa.
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By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 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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