12th Mar 2018 10:43
LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.----------FTSE 100 - WINNERS----------
easyJet, up 2.3% at
1,598.50 pence. Credit Suisse raised its price target on the budget airline to 1,836p from 1,803p, and reiterated its Outperform rating. ----------FTSE 100 - LOSERS----------
Just Eat, down 4.0%. Deutsche Bank downgraded the online takeaway platform to Sell from Hold.
Randgold Resources, down 1.6%,
Fresnillo, down 1.7%. The gold miners were tracking spot gold prices lower quoted at
USD1,316.93 an ounce compared to
USD1,322.64 at the London equities close Friday.----------FTSE 250 - WINNERS----------
Cairn Energy, up 3.5%. Morgan Stanley raised the oil and gas explorer to Overweight from Equal Weight.----------FTSE 250 - LOSERS----------
Vectura, down 5.3%,
Hikma Pharmaceuticals, down 3.3%. Vectura and Hikma said they do not expect approval and launch for their US generic version of GlaxoSmithKline's Advair Diskus chronic obstructive pulmonary disease treatment until 2020 after US regulators upheld their objections. In May 2017, the US Food & Drug Administration issued a complete response letter with regard to its abbreviated new drug application for its generic version VR315. Subsequently, Hikma and Vectura managed to resolve all but one issue raised by the FDA. In November 2017, Hikma and Vectura began a dispute resolution process regarding the remaining outstanding issue with the FDA. The issue was related to the FDA requesting the firms complete an additional clinical endpoint study. On Monday, the two firms announced the FDA upheld its original decision.
Melrose Industries, down 3.5%. The industrial turnaround specialist raised its offer to buy engineer
GKN to
GBP8.10 billion in cash and shares from the initial
GBP7.4 million bid in January, saying its new offer is final. Melrose increased its bid to 1.69 Melrose shares for every GKN share held, plus an unchanged 81p in cash, together equivalent to 467p per share based on Melrose's share price at close on Friday. Shareholders also would be entitled to receive the 6.2p final GKN dividend. Melrose noted its new offer represents a 43% premium to the
326.3 pence closing price of GKN on January 5, the day before its initial approach to GKN was announced. GKN advised shareholders to wait after it said it was "evaluating" the improved offer. GKN shares were up 0.7% at 438.13p.
Polymetal International, down 2.9%. The gold miner said higher costs and the absence of foreign exchange gains led to a fall in 2017 earnings, as the company reiterated its annual gold and production guidance for the next two years. The company recorded a profit of
USD354 million for 2017, down 10% from
USD395 million in the year ago period, on a revenue of
USD1.82 billion and
USD1.58 billion, respectively. The 15% year-on-year rise in revenue was primarily driven by growth in gold production and sales. However, net profit attributable to shareholders fell to
USD444 million in 2017 from
USD619 million. Adjusted earnings before interest, taxes, depreciation and amortisation fell 2% year-on-year to
USD745 million due to increased costs. The adjusted Ebitda margin fell to 41% from 48%.
Virgin Money, down 2.9%. Jefferies cut the challenger bank to Hold from Buy.----------
Related Shares:
VEC.LVirgin Money HoldingsHikma PharmaceuticalsJust EatRandgold ResourcesMelroseCapricorn Energy PLCPOLY.LFresnilloGOLD.LeasyJetGKN PLC
