(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.
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FTSE 100 - LOSERS
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Aviva, down 3.8%. The insurer said it has decided to retain its Singapore businesses. Aviva said the move follows a "thorough" review of options for the Singapore business, including seeking offers for the business. Earlier on Monday, Bloomberg reported that Japan's MS&AD Insurance Group Holdings and Canada's Manulife Financial Corp were vying to buy Aviva's assets in Singapore and Vietnam, with the sale process entering its final stage. Also on Monday, Aviva confirmed that its joint venture in China will be retained, given the scale of the market, "excellent" relationship with its partner China Oil & Food Corp and the high growth prospects. Looking ahead, Aviva said it is continuing to explore strategic options for its operations in Hong Kong, Vietnam and Indonesia, with its respective partners in each country.
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BT Group, down 1.1%. Barclays downgraded the telecommunications company to Underweight from Equal Weight.
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FTSE 250 - WINNERS
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Diploma, up 3.6%. The technical products supplier upped its final payout for financial 2019 after reporting a "strong double-digit growth in revenues and earnings". The company, which supplies seals, filters, specialised wiring and fastners, said its remains confident of making further progress in the current financial 2020 as moderately lower underlying growth will be offset by a strong contribution from acquisitions. The London-headquartered company posted a 15% rise in pretax profit for the year ended September 30 to GBP83.5 million from GBP72.7 million a year ago. Revenue increased 12% year-on-year to GBP544.7 million from GBP485.1 million, comprising 5% underlying revenue growth, a 5% contribution from acquisitions and a 2% currency benefit. Diploma recommended a 15% increase in its final dividend to 20.5 pence per share, with the total annual payout up 14% to 29.0p from 25.5p last year.
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FTSE 250 - LOSERS
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PureTech Health, down 6.5%. Shares in the healthcare firm continued to decline after its independent affiliate resTORbio on Friday announced disappointing data from a study evaluating the safety and efficacy of a treatment for clinically symptomatic respiratory illness. PureTech Health closed down 9.5% on Friday.
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OTHER MAIN MARKET AND AIM - WINNERS
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Consort Medical, up 43% at 1,040p. The pharmaceutical company said it has agreed to a GBP505 million acquisition offer from Swedish peer Recipharm. Under the offer, a unit of Recipharm will pay 1,010 pence in cash for each Consort share, representing a premium of 39% to Consort's closing stock price of 726p on Friday. The proposed deal implies an enterprise value of GBP627 million for Consort. Recipharm may reduce its acquisition consideration if any dividend or other distribution is made by the Hemel Hempstead-based company, Consort said. Recipharm expects the acquisition to close in the first quarter of 2020. Recipharm has received irrevocable undertakings to accept its offer from each of the Consort directors in respect of their own shareholdings of, in aggregate, 81,172 Consort shares representing 0.2% of the outstanding share capital of Consort.
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Brady, up 41%. The risk management software provider said it has received an approach from a undisclosed potential offeror, which may result in a counterbid to GBP8.3 million offer made by private equity Hanover Investors Management. Brady, however, added there was no certainty that an offer would be made by the potential offeror and that talks with the undisclosed party remain at an early stage. The potential offeror has until December 9 to either make an offer for Brady, or walk away, in accordance with UK takeover rules. The company separately said that the Hanover merger offer has been extended to November 29 as Hanover has not received over 50% valid acceptances for its offer. At the end of Friday, Hanover had received valid acceptances in respect 1.4% of the issued share capital of Brady. In mid-October, Brady agreed to a 10 pence per share cash takeover offer made by a vehicle of Hanover Active Equity Fund, valuing the firm at GBP8.3 million.
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OTHER MAIN MARKET AND AIM - LOSERS
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Inspirit Energy, down 47% at 0.11p. The micro combined heat and power boilers maker said it has raised GBP300,000 through a share placing to repay debt and continue development of its products. The company said it has issued 250.0 million shares at a price of 0.12 pence each. The company explained that the proceeds will allow it to finalise the development of the new enhanced 6.4 kilowatts boiler and seek the associated accreditation with a view to producing a unit for batch trail production. Inspirit also said it plans to repay GBP31,000 debt through the issue of 25.8 million shares. These are in addition to 250.0 million shares being issued in the placing. Upon admission, the company will have 1.70 billion shares overall, it said.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Inspirit Energy (INSP)
Aviva (AV.)
Diploma (DPLM)
PureTech (PRTC)
BT (BT.A)