(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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BP, up 2.1% and Royal Dutch Shell 'A' and 'B' shares, both up 1.5%. The oil majors were tracking the price of North Sea benchmark Brent higher, quoted at USD42.29 Friday morning from USD41.52 late Thursday. "Oil prices bounced overnight as investors turned optimistic that Congress may resume stimulus discussions that have been stuck in the swap," said AxiCorp's Stephen Innes.
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FTSE 250 - WINNERS
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Cineworld, up 5.2%. The cinema chain operator was rebounding after shedding 15% on Thursday in the wake of a USD1.6 billion interim loss.
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FTSE 250 - LOSERS
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Wizz Air, down 1.7%. The central and eastern Europe-focused airline said it will operate just 50% of last year's capacity in October in light of ongoing government-led travel restrictions as a result of the Covid-19 pandemic and a subsequent drop in demand for travel during the winter period. The firm also warned that it will not to operate at a higher level of capacity during winter months than its projection for October should the virus restrictions remain at current levels. "The protection of its solid balance sheet and excellent liquidity position as well as minimising cost across all areas of the business remain Wizz Air's top priority. While conditions continue to be challenging, the relentless focus on creating a competitive advantage and strong liquidity will allow Wizz Air to emerge from this crisis as a structural winner," the Budapest, Hungary-based company noted. Earlier in September, rival Ryanair Holdings also cut its capacity for October beyond a reduction already announced in mid-August.
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OTHER MAIN MARKET AND AIM - WINNERS
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Bahamas Petroluem, up 24%. The Caribbean and Atlantic Margin-focused oil and gas company said it hopes to spud the Perseverance No 1 well in the Bahamas before Christmas after securing a drilling rig. The company said Stena Drilling has nominated the Stena IceMAX as the intended drill rig for the Perseverance No 1 well drilling campaign. The rig is expected to arrive on site by December 15, and the well will be spudded after three to four days. The well is targeting recoverable P50 oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels.
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Boohoo, up 9.7%. The online clothing retailer laid out a series of changes it plans to make after an independent review found "significant and clearly unacceptable issues" in its supply chain. The review was launched by Boohoo in July following claims it sold clothes made in factories where staff were paid less than the minimum wage. The review identified "many failings" in the Leicester supply chain and recommended improvements to Boohoo's corporate governance, compliance and monitoring processes. Alison Levitt, who was appointed to run the review, was satisfied that Boohoo did not deliberately allow poor conditions and low pay to exist within its supply chain, however. Following the review and its recommendations, Boohoo said it will enhance corporate governance and oversight, and will appoint two new non-executive directors to strengthen the board. It plans for one of these director roles to be filled by someone experienced in dealing with environmental, social and governance matters.
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OTHER MAIN MARKET AND AIM - LOSERS
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Integumen, down 18% and Modern Water, down 14%. Integumen said it has secured approval to extend the deadline for publication of the offer document in relation to its all-share acquisition of Modern Water. In August, the York-based skin product test services company said it had agreed terms for the acquisition of Modern Water in an all-share deal that values the London-based wastewater firm at around GBP21.3 million. The acquisition deal will see every 10 existing Integumen shares consolidated into 1 new Integumen share. After the consolidation, Modern Water shareholders will receive 1 new Integumen share for each 10 Modern Water shares. The merged company will be renamed DeepVerge. Under Rule 24.1 of the City Code on Takeovers and Mergers, the offer document - which contains further information about the offer and the form of acceptance - are required to be published within 28 days of the firm intention to make an offer, which in this case, sets the deadline to Friday today. However, with the agreement of Modern Water directors, Integumen has sought and been granted approval to extend the date to October 9.
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By Lucy Heming;Â lucyheming@alliancenews.com
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Wizz Air (WIZZ)
BP (BP.)
Boohoo (BOO)