(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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BP, down 18%, Royal Dutch Shell, 'A' down 14%, Shell 'B' down 15%. The oil majors were tracking spot oil prices lower quoted at USD36.94 a barrel Monday morning, down from USD46.00 late Friday. Brent touched an intraday low of USD31.26 overnight - its lowest level since early 2016 and was the biggest percentage drop since the Gulf War in 1991. Saudi Arabia launched an all-out oil war Sunday with the biggest cut in its prices in the past 20 years, Bloomberg News reported, after OPEC and its allies failed to clinch a deal to reduce output. Last week, a meeting of main oil producers was expected to agree to deeper cuts to counter the impact of the coronavirus - but Moscow refused to tighten supply. In response, Riyadh slashed its price for April delivery by USD4 to USD6 a barrel to Asia and USD7 to the US.
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Anglo American, down 9.3%. RBC Capital cut the miner to Outperform from Top Pick.
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Informa, down 9.0%. Deutsche Bank cut the events and publishing company to Hold from Buy.
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FTSE 250 - LOSERS
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Premier Oil, down 53%. Tullow Oil, down 33%, Hunting, down 22%, Cairn Energy, down 20%, Petrofac, down 16%, Energean Oil & Gas, down 10%. The oil stocks were down amid the fall in oil prices."This is an oil price collapse on a scale not seen since the Gulf War. Unless there is a fresh agreement between the Saudis, who can manage with oil at this level, and Russia, which can't, we can expect the price to remain under pressure. The knock on effect on the UK's oil majors has been brutal this morning, with investors in full panic mode and it is hard to see sentiment turning in the near term," said eToro analyst Adam Vettese.
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OTHER MAIN MARKET AND AIM - WINNERS
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Ryanair Holdings, up 1.4%. Credit Suisse doubled upgraded the Irish carrier to Outperform from Underperform.
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OTHER MAIN MARKET AND AIM - LOSERS
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ABCAM, down 7.2%. The protein research tools producer reported double-digit revenue growth in the first half of its current financial year, but warned that coronavirus has hurt its performance. ABCAM reported pretax profit of GBP26.0 million for the six months to the end of 2019, down from GBP33.7 million reported a year ago, despite revenue growing by 11% to GBP138.2 million from GBP124.7 million. On a constant currency basis, revenue increased by 8.3%. ABCAM maintained its interim dividend at 3.55 pence per share. Looking ahead, the company said it is "pleased" with the progress made in the first half and remains confident in its future prospects. However, ABCAM warned that it has seen a reduction in revenue and impact on its supply chain since the coronavirus outbreak began. To date, the estimated revenue impact has been about GBP3 million, the company said, with around 10 days out of work across the supply chain due to site closures.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Tullow Oil (TLW)
Hunting (HTG)
Petrofac (PFC)
Anglo American (AAL)
BP (BP.)
Capricorn Energy PLC (CNE)
Informa (INF)
Energean Oil & Gas (ENOG)