WINNERS & LOSERS SUMMARY: Intermediate Capital And Polypipe Surge

LONDON (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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Wm Morrison Supermarkets, up 3.9%, Tesco, up 3.7%, J Sainsbury, up 2.6%. Tesco continued to grow market share thanks to its fastest sales growth in three years, according to the latest grocery sales figures released by Kantar Worldpanel. In the 12 weeks ended November 6, Tesco's sales and market share increased for the second consecutive period, as sales rose by 2.2% year-on-year, and its market share improved to 28.2% from 27.9%. Sainsbury's sales slipped by 0.7% in the 12 weeks, as its market share also fell to 16.3% from 16.6%. Morrisons sales were down 2.4% as its market share declined to 10.5% from 10.8%.

Land Securities Group, up 2.9%. The property developer said occupational demand dropped below the ten-year average in London in its first half, as it swung to a pretax loss. The group said its total business return for the half-year to the end of September was negative 0.5%, with an ungeared total property return of positive 0.5%, slightly ahead of the benchmark IPD Quarterly Universe return of 0.2%. Land Securities swung to a pretax loss of GBP95.0 million for the period, compared to the GBP707.9 million pretax profit generated a year earlier. This was largely due to the group recording a valuation deficit of GBP259.6 million, having seen a valuation surplus of GBP519.3 million the prior year. Land Securities proposed an interim dividend of 17.90 pence per share, up from 16.30p per share a year earlier.

easyJet, up 2.7%. The budget carrier reported a drop in profit in its recently ended financial year and trimmed its dividend as a result, having taken a big hit to demand from the multiple terrorist attacks which have plagued the European travel industry of late and the weak pound following the UK's decision to leave the EU. easyJet said pretax profit in the year ended September 30 fell to GBP495 million from GBP686 million the year before, as revenue slipped very slightly by 0.4% to GBP4.67 million from GBP4.69 million and pretax margin declined by 4.0 percentage points to 10.6% from 14.6%. As a result, easyJet cut its total dividend for the year to 53.8 pence from 55.2p. However, easyJet confirmed it will continue to expand next year and will keep its headquarters in the UK following Brexit.
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FTSE 100 - LOSERS
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Antofagasta, down 5.6%, BHP Billiton, down 4.1%, Rio Tinto, down 3.9%, Anglo American, down 3.9%, Glencore, down 2.6%. Miners dominated a small number of blue-chip fallers, having spent the days since Donald Trump won the US presidency trading higher amid suggestions the infrastructure spending he has tabled will boost commodities demand. IG Chief Market Analyst Chris Beauchamp said the "momentum-driven surge in copper and other metals" has come to an "ugly halt", but said some investors will consider this a buying opportunity, particularly if Trump's spending plans do come to pass.
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FTSE 250 - WINNERS
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Intermediate Capital Group, up 8.8%. The asset manager said it received strong inflows of new money to funds in the first half of its financial year, and it is preparing to implement a progressive dividend policy. Intermediate Capital reported a pretax profit for the six months to September 30 of GBP126.2 million, increased from GBP93.9 million the year before. The company declared an interim dividend of 7.5 pence per share, hiked from 7.2p in 2015, and the company said that following a series of special dividends, it has started a review to determine a progressive dividend policy. Intermediate Capital's total assets under management at the end of the first half of its financial year stood at GBP22.0 billion, up 2.0% over the period.

Polypipe Group, up 7.7%. The plastic piping systems manufacturer said it is on track to meet management expectations for the full year thanks to strong organic growth and a "pleasing performance" from its Nuaire ventilation business. Polypipe said its revenue for the ten months ended October 31 was 24% ahead of the same period the prior year at GBP370.3 million from GBP299.3 million. Revenue from Polypipe's UK operations increased 25% to GBP322.7 million from GBP257.8 million, whilst its Commercial & Infrastructure Mainland Europe division generated GBP49.0 million in revenue for the period, up 14% from GBP42.9 million.

Meggitt, up 4.4%. The aerospace and defence components engineer said trading in the second half of 2016 has been in line with its expectations, as it appointed a former Rolls-Royce Holdings executive as its new chief operating officer. Meggitt said its constant currency, organic revenue growth in the third quarter to the end of September was 6.0%, ahead of its expectations. Including translation benefits from the weak pound and contributions from acquisitions, revenue in the quarter rose 28% year-on-year. Meggitt said it has hired Tony Wood as its COO, effective from December 1. Wood previously had been president of the Aerospace business at Rolls-Royce.
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FTSE 250 - LOSERS
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TalkTalk Telecom Group, down 5.4%. The mobile and broadband provider said it turned to profit in the first half of its financial year, despite a decline in revenue. The broadband provider said it made a pretax profit of GBP30.0 million in the six months to September 30, compared to a GBP8.0 million loss a year prior, primarily due to lower one-off charges and cost savings achieved the year before. TalkTalk declared a flat interim dividend of 5.29 pence per share. TalkTalk said it has seen a good start to the roll-out of its new fixed low-price plans, but the success of this will result in earnings before interest, tax, depreciation and amortisation for the full year coming in at the low end of its GBP320.0 million to GBP360.0 million guidance.

BTG, down 4.3%. The healthcare and pharmaceutical company said its first half profit took a hit from by legal costs and foreign exchange movements but its revenue grew strongly. BTG reported a pretax profit of GBP11.1 million for the six months to September 30, down sharply from GBP52.9 million in the prior financial year. However, the company said that, stripping out one-time costs, its adjusted operating profit for the period was GBP78.8 million, up from GBP62.9 million year-on-year. BTG's revenue for the first half was GBP285.4 million, increased by 24% from GBP229.6 million a year prior.
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MAIN MARKET AND AIM - WINNERS
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Carclo, up 14%. The plastics supplier reported growth in profit and revenue in the first half of its financial year and said it remains on track for the full year to March 2017. Carclo reported a pretax profit of GBP4.8 million for the six months to September 30, up from GBP4.1 million a year before. Revenue rose to GBP63.3 million from GBP57.2 million. Sales for the group were boosted by robust performances in its Technical Plastics and Aerospace units, which offset lower sales in its LED Technologies arm and the impact to revenue from the sale of its smaller CIT Technology arm.
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MAIN MARKET AND AIM - LOSERS
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PipeHawk, down 11%. The electronic systems developer reported a wider pretax loss for the financial year to the end of June despite revenue growth, as it was hit by weaker margins. PipeHawk said it made a GBP1.0 million pretax loss in the 12 months to June 30, compared to a GBP753,000 loss a year before. Revenue rose to GBP4.8 million from GBP4.6 million but challenging conditions in its markets weighed on margins, hitting the bottom line. Pipehawk said its QM Systems automation engineering services division was hit by order delays in the third and fourth quarters of the year, which it attributed to uncertainty around the Brexit referendum in the UK. Order flows have been robust so far in its current financial year, however.

President Energy, down 11%. The oil and gas explorer intends to raise approximately USD20.0 million via a discounted share placing and subscription. Approximately USD10.0 million of the funding will be used for the initial 10 well workover programme of shut-in wells in Argentina, with the remaining USD10.0 million used to strengthen the company's balance sheet. President will issue the shares at a price of 6.00 pence per share, a discount of 14% to its closing mid-market price of 7.005p on Monday. Shares in President Energy were trading at 6.25p Tuesday morning.
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By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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