29th Sep 2015 09:44
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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Glencore, up 8.3%. The multi-commodities miner and trading house was recovering some of the ground lost on Monday, when broker Investec published a note suggesting it and rival Anglo American could see the equity value all but "evaporate" should commodity prices remain low and if the pair fail to undertake substantial restructuring work. Those concerns meant its shares ended the day down 16% on Monday.
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FTSE 100 - LOSERS
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Wolseley, down 11%. The building materials company's shares were down despite it posting higher trading profit and announcing a GBP300.0 million share buyback in its results for the year to the end of July. Pretax profit for the company was down, to GBP508.0 million from GBP676.0 million, due to one-off charges booked on its Nordic operations, but its trading profit was up to GBP857.0 million from GBP752.0 million. The group said it will pay a final dividend of 60.5 pence per share, up from 55.0 pence a year earlier, bringing its total dividend to 90.75 pence, up from 82.5 pence. This will be supplemented by a GBP300.0 million share buyback programme the company will conduct over the next 12 months.
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FTSE 250 - WINNERS
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Mitie Group, up 3.2%. The outsourcer said it has performed well in the first half of its financial year and said it remains confident of delivering robust organic revenue growth for the year to the end of March. Mitie said its organic revenue has been strong in the first half, ending on Wednesday, with growth driven by new contracts and expansions of existing deals. Mitie said 94% of its target revenue for the full year has been secured and it said its overall performance will be weighted, as normal, to the second half. Mitie also said it is confident that the introduction of the National Living Wage in the UK, an effective minimum wage for over-25s, will not have a material impact on its future earnings.
Euromoney Institutional Investor, up 3.0%. The publishing and events company said it has acquired a 10% stake in private capital placement platform and workflow tools provider Zanbato for USD5.5 million in cash. The US company operates a software platform which helps broker-dealers, placement agents and fund managers to handle share placings and operates a separate software unit which allows institutional investors to access direct private investments. Earlier this year, Zanbato and Institutional Investor, a Euromoney unit, entered into a joint venture to combine Zanbato's technology with the Investor Intelligence Network run by the Euromoney subsidiary.
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MAIN MARKET AND AIM - WINNERS
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Alecto Minerals, up 50%. The miner said it has completed an internal scoping study on an enlarged project following on from its joint venture agreement with Desert Gold Ventures back in March. The pair signed a co-operation agreement to jointly develop their neighbouring gold deposits in Mali. The pair have now completed an internal scoping study on the enlarged project, which joined Alecto's Kossano East project and Desert Gold's Farabantourou project. The internal scoping study has suggested there are "significant cost savings" to be made by jointly developing the two projects.
Premier Technical Services, up 12%. The niche services provider said its pretax profit was lower in the first half due to costs related to its London float, but its underlying profit was higher as revenue increased, while it said it would pay its maiden interim dividend. Premier Technical, which provides access and safety services, said its pretax profit for the half to the end of June was GBP695,546, compared to GBP1.6 million a year earlier, entirely due to costs related to its February initial public offering on AIM. Stripping out those costs, its pretax profit for the half was up to GBP2.3 million from GBP2.0 million. As a result of the good performance so far, the company said it now expects to exceed its pre-IPO targets for 2016 and is confident in its outlook.
Findel, up 15%. The home shopping and education company disclosed that FTSE 100 sports clothing and equipment retailer Sports Direct International has acquired a substantial stake. Sports Direct, the FTSE 100-listed sports clothing and equipment retailer founded by Mike Ashley, has acquired a stake of 18.93% in Findel, which owns home shopping retailer Express Gifts, an education supplies company and the Kitbag sports retailing unit. Findel also said on Tuesday that it has received an approach to acquire its Kitbag business, having recently completed a strategic review of the business. It said there remains no certainty a deal will be done and didn't name the potential bidder.
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MAIN MARKET AND AIM - LOSERS
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Mirada, down 22%. The media technology company issued a profit warning as it said it will take a hit in its current financial year from the deferral of licence fee revenues. Mirada said the roll-out of two networks as part of its deal with Cablevisión Monterrey in Mexico will now be delayed to the final quarter of its financial year to the end of March, meaning it will recognise only minimal licence revenue from the contract. Due to these delays, Mirada said it expects its full-year earnings will miss market expectations, though they will be ahead year-on-year.
Panmure Gordon, down 21%. The stockbroker said it swung to a pretax loss in the first half of 2015 as net commission and fee income declined amid tough market conditions. Panmure said its pretax loss for the six months to the end of June was GBP230,000, compared to a GBP2.0 million profit a year earlier, as its net commission and fee income declined 20% to GBP13.1 million from GBP16.2 million. The company said the first half had been challenging on a number of fronts, given external factors such as the UK General Election in May, disruptive market volatility in China and the economic fallout from Greece's debt negotiations.
Outsourcery, down 13%. The communications outsourcing company said its pretax loss narrowed in the first half thanks to increased revenue, and said it will raise GBP1.0 million via a subscription with a strategic investor. Outsourcery said its pretax loss was GBP3.3 million in the half to the end of June, compared to a GBP3.8 million loss a year earlier, as revenue rose to GBP4.1 million from GBP3.4 million. Additionally, the company said it has agreed a GBP1.0 million subscription fundraising with Lawrence Jones, an individual investor, under which he will buy 5.6 million shares in the company for 18.0 pence per share. The new shares equal 10.52% of Outsourcery's existing total.
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By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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