(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.
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FTSE 100 - WINNERS
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BP, up 4.5%, Royal Dutch Shell 'A', up 3.8%, Shell 'B', up 3.7%. The oil majors were tracking spot oil prices higher quoted at USD29.00 Tuesday morning, up 11% from USD26.12 late Monday. "Investors are expecting the global economy to bounce back relatively quickly and increase oil demand. These changes are unlikely to see the oil price easily rush back to USD50, but should at least keep the prices USD20 to USD30. Of course, a strong second wave of the virus could change the scenario once again, but at this stage, investors are not betting on further lockdowns of economies," said analysts at ActivTrades.
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Carnival, up 4.5%. The cruise line operator said any resumption of cruise line operations will be dependent on government approvals and will include enhanced operational protocols and social distancing guidelines. The Anglo-American firm has been hit hard by the global Covid-19 pandemic, with port restrictions around the world forcing the company to halt cruise operations and offer refunds to customers. It also had to raise around GBP6.5 billion in April to bolster its liquidity position. The statement came following the company's announcement on Monday of the resumption of some North American cruise operations from August 31.
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FTSE 250 - WINNERS
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Brewin Dolphin, up 5.5%. Berenberg started coverage on the investment manager with a Buy rating.
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Cairn Energy, up 4.5%. The oil and gas firm said an exploration project in Mexico has been abandoned after disappointing findings during drilling. Cairn reported that work at the Ehecatl-1 exploration well, operated by Eni Spa and located in the Sureste Basin Offshore Mexico, has been completed. Cairn has a 30% stake in the project. Cairn said: "The exploration target of the well was to prove hydrocarbons in the Lower Miocene. The well did not find reservoired hydrocarbons and it has now been permanently plugged and abandoned."
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John Laing Group, up 1.9%. The infrastructure projects investor said it has sold its 30% interest in Auckland South Corrections Facility to AMP Capital for a price in-line with the asset's latest valuation. John Laing Chief Financial Officer Luciana Germinario said: "We are proud to have worked with the New Zealand government on this flagship project to use public-private partnerships to drive measurable social change. Following recent disposals in the US and France, we are pleased to have made further progress with our divestment programme. The company's projects have been relatively unaffected by the Covid-19 pandemic, with only two of its 16 projects in its primary portfolio experiencing complete site closure, with both of these scheduled to reopen soon.
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FTSE 250 - LOSERS
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Ashmore Group, down 1.5%. JPMorgan downgraded the emerging markets-focused asset manager to Underweight from Neutral.
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OTHER MAIN MARKET AND AIM - WINNERS
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BATM Advanced Communications, up 19%. The bio-medical and cybersecurity solutions provider started shipping a new Covid-19 antibody test to European customers. The company's Adaltis subsidiary has launched a CE-certified enzyme-linked immunosorbent assay serological test that detects antibodies produced against Covid-19 present in a person's blood. The new ELISA Serological test measures the amount of various antibodies present in the blood of a human body when it is responding to a specific infection, like Covid-19. The test detects a human body's immune response to the infection caused by the virus rather than detecting the virus itself. BATM said the new test kit is designed to test for antibodies produced within four to five days of the immune system response - as well as antibodies produced after a few weeks and stay present in the body for at least several months.
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Predator Oil & Gas Holdings, up 14%. The oil and gas firm reported a widened loss in 2019 but made progress with a carbon dioxide pilot project in Trinidad. Predator's pretax loss in 2019 widened to GBP1.3 million from GBP792,461. This was due to administrative expenses which climbed 58% to GBP1.2 million from GBP761,302. Like last year, it reported no revenue, but Predator said it is on course to start generating revenue "in the coming months". Predator is partnered with Columbus Energy Resources in the project. Columbus, through its Fram Exploration Trinidad subsidiary, operates the field. The incremental production service contract will see the two oil & gas companies develop the Inniss-Trinity carbon dioxide enhanced oil recovery pilot project.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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BP (BP.)
Carnival (CCL)
Batm Advanced (BVC)
Capricorn Energy PLC (CNE)
Ashmore (ASHM)