2nd Dec 2019 10:39
(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.
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FTSE 100 - WINNERS
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Glencore, up 1.5%. RBC Capital upgraded the commodities house to Outperform from Sector Perform.
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Rio Tinto, up 1.3%. RBC raised the Anglo-Australian miner to Sector Perform from Underperform.
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FTSE 100 - LOSERS
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Ocado Group, down 5.8%. The online grocer launched an offering of approximately GBP500 million of guaranteed senior unsecured convertible bonds to fund capital expenditure for Ocado Solutions. The bonds, which are due 2025, will help fund the online supermarket's commitments to its Ocado Solutions business, which provides services, technology, and automation to other online grocers. On Friday, Ocado announced the latest such agreement, helping Japanese grocer Aeon to develop its online business using the Ocado Smart Platform. The bond proceeds also will be used for general corporate purposes. Ocado also provided an update on its Ocado Retail business, saying it expects retail revenue growth of between 10% and 11%, with Ocado Zoom orders to slightly exceed retail revenue growth. Ocado shares closed up 9.7% on Friday.
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Fresnillo, down 3.9%. The Mexican gold and silver miner set its 2019 production guidance at the bottom of its previously guidance range. The miner said it expects to produce 885,000 ounces of gold and 55 million ounces of silver. In October, Fresnillo had guided for 880,000 ounces to 910,000 ounces of gold for 2019, and for between 55 million ounces and 58 million ounces of silver. However, it had said at the time that it expected 2019 production to be towards the lower end of each range. Fresnillo said the decrease in gold production guidance was driven by the planned Noche Buena mine closure and lower production from the Herradura site. Looking forward, the FTSE 100-listed company sees 2020 gold production at 857,000 ounces and silver at 54 million ounces.
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TUI, down 3.3%. Bernstein downgraded the Anglo-German travel operator to Market Perform from Outperform.
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Land Securities, down 1.0%. The property company was cut to Neutral from Overweight by Morgan Stanley.
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FTSE 250 - LOSERS
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Trainline, down 4.7%. The recently London-listed train ticket selling platform, faces a direct rival if the Labour Party wins this month's UK general election, the Mail on Sunday reported. As part of Labour's nationalisation plans were it to get into power, the UK government would create a 'one-stop shop' for rail passengers to buy tickets online without booking fees, the Mail reported without citing its sources.
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OTHER MAIN MARKET AND AIM - LOSERS
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Ted Baker, down 8.0%. The fashion retailer said it had overstated its stock by GBP25 million but reassured that any adjustment to inventory would have "no cash impact and will relate to prior years". The London-based company predicts a hit of between GBP20 million to GBP25 million from the inventory overstatement, based upon preliminary analysis. Ted Baker has appointed Freshfields Bruckhaus Deringer and will be appointing independent accountants to undertake a comprehensive review of the inventory overstatement issue.
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By Arvind Bhunjun; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Rio TintoOcadoTED.LFresnilloGlencoreTUI.LTrainline