3rd Jul 2019 10:58
(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.----------FTSE 100 - WINNERS----------JD Sports Fashion, up 3.0%. The sportswear retailer expressed confidence in delivering a pretax profit for its current financial year at least equal to market expectations, as its sales grew across all regions. JD Sports said it has continued to achieve "encouraging" like-for-like sales growth in the year-to-date, both in the UK and internationally. The company said there has been further expansion in the global JD store estate with a net increase of 29 new stores. Some 18 new stores to-date were added across Europe and a net five new stores in the Asia Pacific region. "It would appear that despite a tough retail environment management have stumbled on a formula that is expected to more than triple revenues from the GBP1.8 billion in 2016, to an expectation of GBP5.6 billion in the upcoming financial year," said CMC Markets analyst Michael Hewson. ----------FTSE 100 - LOSERS----------
J Sainsbury, down 1.4%. The supermarket chain said it intends to reduce costs after sales in the first quarter of its current financial year were hurt by a poor performance from the general merchandise and clothing units. The FTSE 100-listed grocer said like-for-like sales, excluding fuel, declined by 1.6% in the 16 weeks to last Saturday. Including fuel, like-for-like sales in the first quarter fell by 1.0%. Total sales excluding fuel, meanwhile, reduced by 1.2%, with total sales including fuel falling by 0.6%. By comparison, like-for-like sales excluding fuel in the first quarter of Sainsbury's financial 2018 rose by 0.2%, and like-for-like sales including fuel were up by 2.6%. Total sales last year were up 0.8% excluding fuel and up 3.2% including fuel. Sainsbury's said retail markets remain highly competitive, and promotional, and the consumer outlook continues to be uncertain.
----------Royal Dutch Shell 'A', down 0.2%. Exane BNP downgraded the oil major to Neutral from Underperform.----------FTSE 250 - WINNERS----------Sophos Group, up 10%. JPMorgan raised the cybersecurity firm to Overweight from Neutral. ----------Unite Group, up 2.3%. The student accommodation provider is to appoint Thomas Jackson as a non-executive director following a major acquisition announced earlier in the day. Jackson has been the head of Canada Pension Plan Investment Board's UK real estate business since 2015. Unite also said it has agreed to buy a portfolio of student accommodation worth over GBP2 billion from CPPIB, and Jackson will join once this completes. Liberty Living Holdings, fully-owned by the pension plan, has a portfolio comprising of 24,021 student beds, valued at GBP2.2 billion as of May 31. Unite is to pay GBP1.4 billion on a net asset value-for-net asset value basis, in a combination of cash and shares. The cash element will be worth GBP800 million, with the remaining GBP600 million in 72.6 million new Unite shares, which will represent 20% of the enlarged company. Unite is also to place a further 26.4 million new shares to raise GBP240 million to help fund the cash element.----------FTSE 250 - LOSERS----------Petrofac, down 2.5%. Morgan Stanley cut the oilfield services company to Equal Weight from Overweight.----------OTHER MAIN MARKET AND AIM - WINNERS----------Topps Tiles, up 3.0%. The kitchen and bathroom tile specialist reported an improved performance in the third quarter of its current financial year, helped by new product launches and store openings. The tile company said its trading over the 13 week period, ended June 29, has improved, with like-for-like sales increasing by 3.8%. In comparison, like-for-like sales growth in the first half of its financial 2019 was 0.2%. Topps said it has launched 25 new product ranges this year, with those launched in the last 12 months accounting for 20% of sales in the period, and the company's core suppliers accounting for in excess of 70% of purchases. The company ended the period with 365 retail stores trading, slightly lower than 374 stores a year prior, having opened three sites during the quarter. ----------OTHER MAIN MARKET AND AIM - LOSERS----------Filtronic, down 14%. The electronic communications manufacturer will suffer an annual loss following a decline in sales in its recently ended financial year, the company said. Filtronic, which in January released figures showing a loss of GBP941,000 for the first half of its year, forecasts a GBP1.7 million operating loss for its year ended May after admitting in December there was low demand for its Massive MIMO antenna product in the US. The operating loss is a reverse from the GBP1.8 million profit from 12 months ago and its revenue has also suffered, going down 14% to GBP20.6 million. The company may also be forced to issue liabilities to clients who purchased some of their antenna products in its financial year ending 2017, after being notified of faults.----------Related Shares:
PetrofacRDSA.LRDSB.LFiltronicSophos GroupUniteSainsbury'sJD SportsTopps Tiles