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(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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Barratt Developments, up 6.5%. The housebuilder said since the UK government's restrictions on housing market activity were lifted in mid-May, there has been a welcome recovery in activity across both the industry and its business. However, its completion volumes in financial 2020 were "significantly" lower due to the lockdown restrictions put in place by the UK government to halt the spread of Covid-19. Barratt's forward order book ended June at 14,326 homes at a value of GBP3.25 billion, up from GBP2.60 billion at the same point the year before. "Any kind of optimism is welcome in the current climate, cautious or otherwise, so the tenor of today's trading update from Barratt Developments struck a chord with the market. This optimism is not founded on thin air. The company has a growing order book, has seen high customer interest levels since the reopening of its sales centres, and it now has all its sites up and running," said AJ Bell's Russ Mould. Sentiment in the sector was also lifted following a Times newspaper report that UK Chancellor of the Exchequer Rishi Sunak has drawn up plans to exempt most homebuyers from paying any stamp duty. Peers, Taylor Wimpey, Persimmon and Berkeley were up 4.5%, 5.7% and 4.0% respectively.
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Aviva, up 3.5%. The insurer said it has promoted Independent Non-Executive Director Amanda Blanc as chief executive officer with immediate effect. Blanc joined Aviva's board in January and currently chairs its Customer, Conduct & Reputation board committee. She was formerly CEO of EMEA & Global Banking Partnerships at Zurich Insurance Group. Maurice Tulloch has stepped down as CEO with immediate effect "for family health reasons" and has left the board, Aviva said. Tulloch joined Aviva in 1992 and its board in 2017 before becoming CEO in March 2019.
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FTSE 100 - LOSERS
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DS Smith, down 3.9%. Jefferies downgraded the paper and packaging firm to Hold from Buy.
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FTSE 250 - WINNERS
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Vistry Group, up 7.2%, Redrow, up 6.5%, Crest Nicholson, up 5.5%. The housebuilders were higher amid sector optimism. "UK housebuilders are on the up on reports at the weekend that the UK Chancellor of the Exchequer might consider raising the stamp duty threshold from GBP125k to GBP500k this week in an attempt to kick start a recovery in the housing market," said CMC Markets analyst Michael Hewson.
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FTSE 250 - LOSERS
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Cineworld Group, down 3.0%. The UK cinema chain was down after it said Canada-based Cineplex has initiated legal proceedings against it on the grounds that Cineworld breached its obligations over the proposed CAD2.8 billion, or GBP1.6 billion merger. Cineplex is seeking damages of up to CAD2.18 billion less the value of Cineplex shares retained by shareholders. In mid-June, Cineworld said it had dropped the merger with Cineplex after the latter breached a number of its covenants under the acquisition deal, and did not remedy these breaches when asked to do so. Cineworld said it intends to counter-claim against Cineplex for all its damages and losses.
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OTHER MAIN MARKET AND AIM - LOSERS
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Boohoo Group, down 11%. The online fashion retailer pledged to investigate how its products came to be made by a Leicester garment factory where workers were paid just 350 pence an hour in conditions that allegedly put them at greater risk of catching Covid-19. Boohoo distanced itself from a purported supplier after an undercover reporter from the Sunday Times newspaper observed working practices at a Leicester factory which violated government-required social distancing measures and minimum wage requirements. Boohoo responded to findings by saying that its early investigations revealed that Jaswal Fashions is not a declared supplier and is also no longer trading as a garment manufacturer. It stated it believes a different company is using Jaswal's former premises, adding that its currently trying to establish the identity of this company. Boohoo, which owns brands such as Pretty Little Thing and Nasty Gal, said conditions at the Jaswal Fashions factory in Leicester were "totally unacceptable and fall woefully short of any standards acceptable in any workplace". In addition, Liberum cut the stock to Hold from Buy.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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