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LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Thursday.
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FTSE 100 - WINNERS
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RSA Insurance Group, up 2.3%. The insurer said it has sold its operations in the Baltics and Poland for GBP300 million in cash, part of its effort to shore up its balance sheet in the wake of its recent problems in Ireland. The insurer was forced to launch a GBP773.0 million rights issue as part of a package of measures to shore up its balance sheet in the wake of the Irish losses. The measures included the scrapping of its dividend, a cover policy underwritten by Berkshire Hathaway, and plans to raise GBP300 million from business disposals in 2014.
St. James's Place, up 2%, Resolution, up 1.8%, Legal & General Group, up 1.1%, and Aviva, up 0.9%. The life insurers' shares have risen after Berenberg revised its stance on each of the companies. Berenberg has upgraded Resolution to Hold from Sell, dropping its target price to 310.00 pence from 320.00p, it has increased St James's Place's target price to 860.00 pence from 715.00p, and raised Aviva's to 450.00p from 415.00p. Meanwhile, the bank has fractionally lowered Legal & General's target to 250.00p from 255.00p.
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FTSE 100 - LOSERS
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Babcock International, down 12%. The engineering support provider's shares are down due to the technical adjustment of the addition of more than 140 million new shares following its March 27 rights issue.
Diageo, down 4%. The spirits and alcoholic beverage giant reported another dip in sales in the third quarter, hit by weaker demand for its beverages and a hefty slowdown in Asia and other emerging markets. It said that organic net sales were down 1.3% in the third quarter ended March 31, while volume fell by 1%. It also said current exchange rates would wipe around GBP330 million off of its operating profit for the year ending June 30.
William Hill, down 1.3%. Jefferies has downgraded the betting company to Hold from Buy, and lowered its price target to 350.00 pence from 500.00 pence, saying that trying to second guess the UK government's intentions regarding tax and regulation "is not the basis for a rational investment decision."
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FTSE 250 - WINNERS
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Thomas Cook Group, up 2.8%. Standard & Poor's Rating Services has lifted its outlook on the tour operator to Positive from Stable, the company said Thursday, following a detailed financial review of the group's progress in implementing its transformation strategy. According to S&P, the group's operating performance has improved thanks to the ongoing implementation of its turnaround strategy. S&P anticipates that its credit metrics would continue to strengthen as cost-saving initiatives as part of its turnaround strategy lead to earnings before interest, taxes, depreciation, and amortisation growth and debt reduction. The positive outlook reflects the likelihood of an upgrade within the next year, provided the positive operating trends continue to enhance the Group's profitability and credit measures. S&P's rating of the Group remains unchanged at "B" for the moment.
Taylor Wimpey, up 1.7%. The housebuilder said it had experienced a strong first few months of the year, with the market improving in all regions of the UK thanks to the government's mortgage financing scheme as well as a general improvement in availability of affordable mortgages. Taylor Wimpey said it had experienced higher sales rates, a jump in its order book and higher selling prices in recent months. It also gave a bullish outlook, predicting margin improvements this year and next.
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FTSE 250 - LOSERS
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Synergy Health, down 1.4%. The company, which provides a range of outsourced health services such as medical device sterilisation, infection control, laboratory services and hospital linen, said exchange rate movements and the postponement of surgical procedures due to bad winter weather in Europe and the US meant its revenue was lower than expected in the last quarter.
Ferrexpo, down 1.1%. Shares in the iron ore producer are among the biggest fallers in the mid-cap index, after jumping earlier in the session. Shares are down despite the group saying that its sales volumes increased 10.8% to 2.8 million tonnes of pellets in the three months ended March 31, up from 2.6 million tonnes for previous year as production saw a positive increase during the period despite the ongoing crisis in the country. It did say that, while the market for its iron pellets remained strong in the first quarter, the average price of 62% iron fell 11% to USD120 per tonne compared with USD135 per tonne in the fourth quarter 2013.
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AIM ALL-SHARE - WINNERS
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Leni Gas & Oil, up 17%. The oil and gas exploration and development company said that it has received approval to start drilling at the Goudron Field in Trinidad and its drilling rig is being moved to the field in preparation. It said the Ministry of Energy and Energy Affairs gave the approval and access roads have now been upgraded, meaning all facilities are in place for the site to receive the drill rig. The first new well on the field since 1981, H-18E J-7 is targeting known productive sandstone intervals at a depth of 2,800 feet sub-sea and will then be deepened to ensure all potentially productive horizons are intersected.
Havelock Europa, up 8.6%. The interiors company has reported that it swung to a pretax profit in 2013 for the first time since 2008 and cut its debt, and said it would try and achieve more cost savings. It posted a net profit of GBP283,000 for 2013, compared with a loss of GBP345,000 from continuing operations in 2012, even though revenue declined to GBP89.6 million, from GBP94.5 million. Its cost of sales, administrative expenses and finance costs all declined in 2013. Its pretax profit was GBP632,000, compared with a GBP515,000 pretax loss in 2012. Looking ahead, Havelock was more confident about its outlook, saying it hoped to benefit from the UK economic recovery this year, and an expected pickup in its educational business from 2015.
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AIM ALL-SHARE - LOSERS
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Blur, off 36%. The technology company has revised its full-year revenue expectations lower due to delayed revenue recognition on a number of project bookings in 2013, which it said will now be recognised in the current financial year and beyond. The company, which will announce its full-year results for 2013 on May 20, said that it is expecting recognised revenue in the region of USD5.3 million to USD5.6 million, compared with USD2.8 million in 2012, with total project bookings for the same period of USD22.2 million, compared with only USD2.4 million the prior year.
Anglo Asian Mining, down 15%. The miner revised down expected production from its new agitation leaching plant at Gedabek in Azerbaijan and dropped its 2014 gold production target despite significantly increasing production in its first quarter. It revised down its full-year 2014 gold production target to between 62,000 and 67,000 ounces from between 80,000 to 90.000 ounces previously, as the company revised its expectations from the new leaching plant and its heap leach operations due to lower grade ore recoveries.
Public Service Properties Investment, down 9.8%. The company said it was looking into the implications of European Care & Lifestyles (UK) Ltd falling into administration. The company let nine care facilities in Merseyside and one in Scotland to European Care & Lifestyle companies in 2004 on 35 year leases. It also holds the license for the domiciliary care business operated by European Care & Lifestyles, and became a minority shareholder in it, as well as providing it with a subordinated loan note, after selling it some properties in 2012.
Sefton Resources, down 9.2%. The oil and gas explorer said it has issued 4.0 million shares in order to convert USD10,000 of a previously announced loan note at the equivalent of 0.153 pence per share with Hanover Holding I, LLC, an affiliate of US-based investment fund Magna Group. It said application has been made for the new shares to be admitted to trading on AIM and the outstanding balance of the loan note is now USD155,000.
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By James Kemp; jameskemp@alliancenews.com; @jamespkemp
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