(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 16%, Royal Dutch Shell 'A', up 16%, Shell 'B', up 15%. The oil majors were tracking spot oil prices higher, quoted at USD28.45 a barrel Tuesday morning, up sharply from USD25.30 late Monday. "The rebound in risk appetite this morning is bringing some welcome reprieve for oil prices... This is, of course, coming from some exceptional lows as the impending global recession is compounded by the oil price war to pummel crude prices," said OANDA market analyst Craig Erlam.
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Prudential, up 16%. The 172-year old insurer said it continues to be "resilient" in its operations across all of its geographies. Prudential said its operations in Asia have been providing "outstanding" service to customers in a challenging environment. Prudential said its teams in the US, the UK and Africa are learning from the experience of their colleagues in Asia, with business continuity plans executed smoothly. In light of continued turmoil in public equity markets, Prudential on Tuesday said it is ensuring that, alongside preparations for the proposed IPO of Jackson National Life, it continues to actively evaluate "other options" for Jackson, driven by the focus and objectives that underline its strategic priorities.
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JD Sports Fashion, up 9.0%. The sportswear retailer said it will delay the release of its results for financial 2020 in line with guidance from the UK Financial Conduct Authority. JD Sports noted that while its websites continues to accept and fulfil orders, it believes the closure of its stores in the UK, US and Europe will hurt profit for financial 2021. It added that it is looking into measures to conserve cash across the business, welcoming public sector initiatives to support businesses. The FTSE 100-listed company said that it believes its strong balance sheet, net cash resources and substantial working capital facilities will be adequate to meet any cash deficiencies during the period of disruption.
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FTSE 100 - LOSERS
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ITV, down 3.5%. The broadcaster was extending losses from Monday after it withdrew its guidance for 2020 as well as its 2019 final dividend. The stock closed down 5.0% on Monday.
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FTSE 250 - LOSERS
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Dunelm Group, down 2.5%. The home furnishings retailer cancelled its dividend and closed stores to customers in response to the UK government's declaration of a nationwide lockdown to slow the spread of coronavirus. The retailer said for the first 10 weeks of the third quarter to March 7, total like-for-like sales were up 6.5%. Like-for-like store sales were up 2.4% and Dunelm.com was up 32%. Dunelm, however, said that over the past two weeks, it has seen a "progressively negative impact" on trading as a result of the Covid-19 pandemic, with total LFL sales down 8.8% - driven by reduced footfall in physical stores. The FTSE 250-listed company said it intends to temporarily close all of its customer facing operations from Tuesday, including Click & Collect.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Prudential (PRU)
BP (BP.)
Dunelm (DNLM)
ITV (ITV)
JD Sports (JD.)
