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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.
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FTSE 250 - WINNERS
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Hyve Group, up 4.3%. The events organiser plans to run all its events scheduled in Shanghai from the end of July, as it also received its first insurance payment for cancelled events. Hyve said that while events in Shanghai are currently set to run as planned, a lack of clarity in other markets outside China regarding restrictions on large gatherings has resulted in it cancelling of events previously just postponed. Hyve Group said that to date, it has submitted insurance claims for 17 events that have been cancelled, saying that it has now received a GBP7.4 million payment to cover some of the claims. It noted that the insurance cover for all events to the end of October is capped at GBP62 million. Hyve's financial year ends on September 30.
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Avast, up 3.0%. Goldman Sachs initiated the software firm with a Buy rating.
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William Hill, up 2.8%. JPMorgan raised the bookmaker to Overweight from Neutral.
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FTSE 250 - LOSERS
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Domino's Pizza, down 3.6%. Berenberg cut the pizza chain to Sell from Hold.
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Ferrexpo, down 2.8%. The Baar, Switzerland-based commodity trader said a district court in Kiev, Ukraine, has prohibited the transfer of the company's 50% stake in Ferrexpo Poltava Mining. The Kiev court has placed the restriction on Ferrexpo AG Switzerland, the sole shareholder in Ferrexpo Poltava Mining. Ferrexpo AG intends to appeal against the court order. Ferrexpo and iron ore mining company clarified that it has no intention, and never has had any intention, to transfer its shareholding in Ferrexpo Poltava Mining, the company's iron ore unit in Ukraine. Ferrexpo's operations remain unaffected as the share freeze does not affect ownership of the shares but prohibits their transfer. The company believes the restriction is in connection with ongoing matters in Ukraine involving former chief executive Kostyantin Zhevago and Bank Finance & Credit, a commercial bank he owned until 2015.
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OTHER MAIN MARKET AND AIM - WINNERS
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SIG, up 11%. The building materials supplier intends to raise GBP165 million in a share issue, as it said it has started to see improvement in its trading and profitability. The issue price of 25 pence each represents an 11% discount to the Thursday closing price of 33.5p each. The stock was trading at 38.08p each on Friday morning in London, giving it a market capitalisation of GBP226.0 million. SIG said the fundraise includes an investment from American private equity firm Clayton, Dubilier & Rice, which has agreed to subscribe for 240 million shares at the issue price for a total of GBP60 million. CD&R has also agreed to subscribe for shares as part of a planned placing and open offer, taking its total investment to GBP94 million. SIG said the equity fundraise will be structured in two, inter-conditional tranches. A tranche of GBP60 million being placed firm to CD&R at a price of 25 pence per share, and a second tranche of GBP105 million comprising a placing and open offer at the same price. The open offer will give qualifying shareholders the opportunity to subscribe for shares also at 25p each on the basis of 1 new share for every 4 existing shares.
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TomCo Energy, up 100%. The London-based oil shale exploration and technology company terminated its previously announced share placing to raise GBP1.5 million and amended its joint venture pact with engineering company Valkor formed to develop a oil sands plant in the US state of Utah. TomCo on Wednesday had said it would place 375.0 million new shares at 0.4 pence per share. Proceeds from the placing were be used by TomCo to form a new joint venture company Greenfield Energy LLC with Valkor to pursue the development of an oil sands plant at Asphalt Ridge, Utah. Greenfield joint venture was formed to upgrade the existing Petroteq oil sands plant in Utah. The upgrade to the plant included the addition of Quadrise Fuels International PLC's MSAR process, which would have processed the oil into a premium heavy fuel oil product for retail sale. TomCo on Friday said it has revised its joint venture agreement with Valkor. Under the amended agreement, Valkor agreed, subject to Valkor being issued a licence by Quadrise to its MSAR technology, to assign to Greenfield the benefit of such licence. Further, TomCo will no longer be required to provide funding to Greenfield of up to USD1.5 million, as previously expected, until such time as TomCo has such funds available. All other material terms of the JV Agreement remain the same.
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HC Slingsby, up 17%. The industrial equipment supplier reported profit growth over the past five months amid tight cost control and improved margin, but warned that Brexit and coronavirus may hurt demand going forward. Ahead of its annual general meeting, the industrial and commercial equipment distributor said sales were 4% lower in the three months to the end of March compared with a year prior. Meanwhile, gross profit margin improved and overheads were lower, leading to operating profit being higher than the prior year. Slingsby said sales in the five months to May 31 were 3% lower year-on-year, but the trends in gross profit margin and overheads experienced in the first quarter of 2020 have continued in the second quarter and, as a result, operating profit in the five months to the end of May has remained higher when compared with the year before. Looking ahead, the company said the market remains competitive and it remains cautious regarding the outlook amid coronavirus.
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Tiziana Life Sciences, up 14%. The biotechnology firm said the US Patent & Trademark Office has granted a patent covering its proprietary platform technology for the oral administration of Foralumab, its proprietary fully human monoclonal antibody, and all other anti-CD3 monoclonal antibodies. The CD3 is a protein complex on T-cells, which is important for regulation of immune system. The patent will be issued by the USPTO on June 23.
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OTHER MAIN MARKET AND AIM - LOSERS
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Staffline, down 20%. The recruitment and training firm said it is not aware of any reason for its share price movement. In late April, Staffline confirmed that "good progress" had been made with regards to agreeing a revised financing structure in respect of its main banking facilities. Progress has continued and the company expects to agree and implement a revised financing structure ahead of the publication of its 2019 results.
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By Paul McGowan; paulmcgowan@alliancenews.com
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