(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.
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FTSE 100 - WINNERS
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Glencore, up 4.0%. Societe Generale raised the commodities house to Buy from Hold late Friday.
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NMC Health, up 3.5%. The UAE-focused healthcare firm said its subsidiary NMC Health Jersey will buyback up to USD90 million in its 1.875% senior unsecured guaranteed convertible bonds due 2025. NMC said within the 2025 convertible notes, USD450 million of the aggregate principal amount remains outstanding. Barclays and JP Morgan Cazenove are acting as dealer managers, and the offer will be structured as a reverse bookbuilding modified Dutch auction process. NMC said it will announce the final buyback price as soon as possible after the invitation deadline, which is set at 1645 GMT on Monday. The settlement date for the offer is expected to be Friday.
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FTSE 250 - WINNERS
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Sports Direct International, up 20%. The sportswear retailer said its earnings increased in the first half of its current financial year despite a "very tough and challenging" retail environment. The company said pretax profit in the 26 weeks to October 27 grew 21% to GBP90.2 million from GBP74.4 million reported a year earlier, as revenue rose by 14% to GBP2.04 billion from GBP1.79 billion. Sports Direct said its revenue growth was largely boosted by acquisitions, growth in Premium Lifestyle and Wholesale & Licensing divisions and the full period of revenue contribution from House of Fraser versus 11 weeks last year. In addition, Sports Direct said first-half results include the GBP84.9 million gain from the sale and leaseback of the Shirebrook distribution centre in July. "Today's first half results at least offer some encouraging signs amid 'green shoots of recovery' in the once upmarket department store House of Fraser and a strong contribution from new Flannels designer clothing stores," said AJ Bell's Russ Mould.
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Aston Martin Lagonda, up 6.5%. The luxury carmaker late Friday confirmed it was evaluating various funding options and is in talks with potential investors which may result in an equity investment. Earlier in December, Autocar magazine reported that billionaire Lawrence Stroll was preparing a bid to buy a major stake in the DBX sports utility vehicle maker.
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FTSE 250 - LOSERS
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Tullow Oil, down 12%. HSBC downgraded the oil and gas company to Reduce from Hold. On Monday last week, Tullow shares hit a record low of 38.05 pence after it suspended its dividend, cut its future production guidance, and said Chief Executive Officer Paul McDade had resigned. Since then the stock has risen 56%.
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Mitchells & Butlers, down 7.2%. HSBC cut the pub and restaurant operator to Hold from Buy.
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Cineworld Group, down 2.9%. The cinema chain announced plans to buy Cineplex, the largest cinema operator in Canada, for CAD2.8 billion, or about USD2.1 billion. Cineworld said it will pay CAD34 in cash for each Cineplex share. Cineplex shares closed in Toronto on Friday at CAD24.01, giving it a market capitalisation of CAD1.52 billion. Cineworld said the acquisition was unanimously supported by its board, but remains subject to Cineworld and Cineplex shareholder approvals and various regulatory consents. Cineworld's largest shareholder, Global City Theatres, which holds a 28% stake, has agreed to vote in favour of the acquisition. Cineworld expects the deal to complete in the second half of 2020, subject to regulatory and shareholder approval.
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OTHER MAIN MARKET AND AIM - WINNERS
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Touchstone Exploration, up 57%. The oil and gas explorer said it has made a "significant" crude oil discovery at the Cascadura-1ST1 well, onshore Trinidad & Tobago. Touchstone encountered 1,037 feet of total net oil pay at the well with the largest find, measuring 600 feet, found in the Middle Herrera member. Other finds were made in the Lower Cruse as well as Upper and Lower Herrera members of the mid-Miocene Cipero formation. The Canadian company said the well was originally targeted to be drilled to 8,150 feet but while drilling the well the company encountered several high-pressure hydrocarbon kicks. For safety reasons, Touchstone has decided to cease drilling and case the well to preserve the oil-saturated sand reservoirs. The company expects to complete and test the Cascadura-1ST1 well in the first quarter of 2020.
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OTHER MAIN MARKET AND AIM - LOSERS
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Nostrum Oil & Gas, down 4.2%. The oil and gas company announced the resignation of Kai-Uwe Kessel as chief executive officer with immediate effect, amid a strategic review of the company's future. Independent Non-Executive Director Kaat Van Hecke will takeover as CEO from Monday. Back in June, Nostrum began a strategic review, which could include a sale of the firm. Last month, it reported a decline in both profit and revenue in a tough 2019 so far.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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