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LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.
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FTSE 100 - WINNERS
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Antofagasta, up 5.3%. The Chilean copper miner received a double upgrade from Citigroup, which hiked its recommendation on the company to Buy from Sell, though kept its target price at 440 pence. Antofagasta shares were trading at 383.5p.
WPP, up 3.0%. The advertising and marketing giant said it has acquired a majority stake in German digital agency Conrad Caine, via its digital agency POSSIBLE Worldwide. Conrad Caine was founded in 1998 and employs 140 people across its headquarters in Munich, Germany, and other offices in Pelotas, Brazil and Buenos Aires, Argentina. It reported revenue of EUR8.5 million in 2014 and had gross assets of EUR3.6 million as at the end of 2015.
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FTSE 100 - LOSERS
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Pearson, down 2.4%. The education and publishing company was giving up some gains made on Thursday, when it closed up 11% after it tabled extensive restructuring plans and pledged to maintain its dividend. Investors welcomed the news with open arms as the group also said it will fall short of its guidance for 2015. Pearson now expects to report adjusted earnings per share of between 69 and 70 pence for 2015, falling short of its previous guidance of the lower end of a range of 70p to 75p. Pearson will slash 4,000 jobs, or around 10% of its workforce. It is moving quickly to implement the restructuring, at an estimated cost of around GBP320 million, in an effort to complete the majority of it by midway through 2016.
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FTSE 250 - WINNERS
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Workspace Group, up 2.9%. The flexible office space provider said its rent roll increased in the third quarter and said its occupancy rate recovered marginally from the end of the first half, though remains down for the first nine months. Workspace said its total rent roll rose 2.3% in the quarter to the end of December to GBP80.8 million, meaning it has increased 16%, or by GBP11.4 million, in the nine months to the end of September.
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FTSE 250 - LOSERS
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Computacenter, down 0.6%. The IT services provider said it expects to meet its upgraded forecasts for 2015, despite a "substantial headwind" throughout the year from the strength of sterling against the euro. Computacenter said its revenue for 2015 was flat at actual exchange rates, but increased 5% at constant currency. In the UK revenue rose 3%, with growth remaining consistent in its Services segment despite a significant reduction in one contract. In Germany revenue rose 14% at constant currency. Computacenter's French business performed ahead of its original expectations for the year as a result of a strong quarter for its supply chain business, and revenue in constant currency fell 6% for the year as a whole.
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MAIN MARKET AND AIM - WINNERS
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Mobile Streams, up 64%. The mobile content company said it expects to report a small loss before interest, tax, depreciation and amortisation for its first half, swung from a small profit in the previous year, hit by further devaluation of the Argentinian peso. Mobile Streams expects to report revenue of GBP8.1 million for the half year to end-December, down from GBP18.5 million a year before. However, it said it has signed two major contracts in India and is focused on continuing to grow in that market.
Petroceltic International, up 35%. The oil and gas explorer rose after Worldview Capital Management, which owns a 29.6% stake in Petroceltic and which has been pushed for the removal of board members and the restructuring of the company, said it was considering making a cash takeover offer for Petroceltic. Worldview has heavily criticised Petroceltic in the past, with a failed attempt to remove the company's chief executive and accusations of corruption levelled against the company.
Condor Gold, up 21%. The miner revealed important financial projections for its La India project in Nicaragua which shows the project is currently worth around 16-times more than the company. Condor received an optimisation study from Whittle Consulting back in October, but was unable to publish some of the financial figures, specifically the net present value and internal rate of return, because it was in an offer period whilst it conducted a strategic review and formal sale process. However, Condor terminated the review and sales process on Monday, conceding it could not see an "acceptable premium" to its current share price being achieved in the short term. Condor said Friday it also terminated the process so it could release the La India project figures.
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MAIN MARKET AND AIM - LOSERS
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Pinnacle Technology Group, down 30%. The IT services company said it plans to raise around GBP4.6 million to help fund its acquisition of Ancar-B Technologies and Weston Communications, as it reported a narrowed pretax loss for its most recently ended financial year. Pinnacle will raise the GBP4.6 million through the placing of up to 108.4 million shares at a price of 4.2 pence, a big discount to its closing share price of 12.31p on Thursday. The stock was quoted at 9.25p on Friday. For the year to end-September the company reported a pretax loss of GBP1.4 million, narrowed from a pretax loss of GBP1.9 million a year before, as a fall in revenue to GBP7.9 million from GBP8.4 million was offset by a reduction in operating expenses and exceptional costs not recurring.
Thor Mining, down 14%. The miner said its AUD3.5 million deal to sell its interests in two gold projects in Australia has progressed, though the Dundas project will no longer be part of the deal. Thor said PC Gold, which agreed to acquire the licences, is now close to securing the necessary financing for the purchase, after the private equity fund which will provide the financing completed its due diligence. The financing offer is expected to become unconditional late next week, Thor said. Thor added, however, that the Dundas gold project will no longer be part of the deal, with PC Gold only acquiring the Spring Hill project. The purchase price, however, remains the same.
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By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
23 Feb 2023 10:34
