30th Aug 2019 10:32
(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.
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FTSE 250 - WINNERS
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Grafton, up 6.5%. The Irish builders merchant reported interim profit and revenue growth, despite a tough environment in the UK. Revenue for the six months to June rose 2% to GBP1.44 billion, with pretax profit climbing 5% to GBP88.2 million. Adjusted pretax profit also was 5% higher, at GBP90.9 million. Grafton increased its interim dividend by 8% to 6.5 pence per share. The UK business was held back by uncertainty over the UK's near-term economic prospects, but operations elsewhere did well, especially in Ireland and the Netherlands. Despite the UK issues, Dublin-based Grafton "looks to the future with confidence".
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Pennon Group, up 3.3%. Goldman Sachs has upgraded the utility firm to Buy from Neutral
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OTHER MAIN MARKET AND AIM - WINNERS
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Zanaga Iron Ore, up 23%. The board has approved an incentivisation scheme for management due to work on the Zanaga iron ore project in the Republic of Congo. Zanaga introduced a 'one-off' incentivisation scheme back in 2014 but this was curtailed by "a very significant downturn in the global iron ore market" which necessitated cost cuts. The firm has decided to grant 13.6 million share option to management team members, excluding directors, as an incentive for new performance targets.
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Cadence Minerals, up 24%. The miner said its restructuring plan to recover and restart operations at the Amapa iron ore project in Brazil has been approved. The plan was submitted to the commercial court of Sao Paulo and was approved on Thursday. There are preconditions and bank creditor agreements which must be met, after which Cadence's USD2.5 million investment, placed into a trust, will be released and Cadence will own 20% of the Amapa project.
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OTHER MAIN MARKET AND AIM - LOSERS
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Shoe Zone, down 33%. The retailer said trading conditions have been challenging since the end of its first half and, as a result, financial 2019 performance will be below expectations. The footwear retailer also said Chief Executive Nick Davis has resigned with immediate effect to pursue other business interests. Executive Chair Anthony Smith will resume his role as CEO on a permanent basis. Turning to trading, Shoe Zone reviewed freehold property valuations concluded it will write down the value of its 17 freehold properties by GBP3.1 million to GBP5.3 million. This will result in a non-cash exceptional charge in its full year results for the year to October 5. This property write down will have no effect on Shoe Zone's dividend, it said, which will be calculated on the basis of the underlying trading performance. The company, however, added that it does not anticipate a special dividend to be awarded for the current financial year.
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Jaywing, down 33%. The firm is in talks with lenders and investors to secure new funding and has decided to delay the publication of financial 2019 results until September. The advertising agency said conditions "remain challenging" but trading has improved since July, when the company said its financial 2020 first quarter was "very weak". Jaywing said client activity continues to be hurt by the "uncertain and political outlook". As a result of the ongoing muted trade , Jaywing said it has begun negotiations with its bank and "two major" shareholders in an attempt to "strengthen" its balance sheet.
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Related Shares:
Cadence MineralPennonShoe ZoneZanaga Iron