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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.
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FTSE 100 - WINNERS
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Melrose Industries, up 5.6%. The industrial turnaround specialist said its loss narrowed by almost two thirds in the first half of 2019 as revenue doubled, led by its acquisition of engineering firm GKN just over a year ago. Melrose reported a GBP128 million pretax loss for the six months ended June 30, well below its GBP372 million loss the year before. Revenue for the period was twice what it had been, totalling GBP5.70 billion versus GBP2.85 billion. In terms of outlook, Melrose is confident in meeting its annual expectations, although it will be challenged by tariffs and downturn in the automotive sector. The firm is intending to improve business performance though investment, as well as better cash management and cost control - as well as increase accountability.
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FTSE 100 - LOSERS
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Micro Focus International, down 1.8%, Admiral, down 1.7%, Land Securities, down 1.3%. The stocks went ex-dividend meaning new buyers no longer qualify for the latest dividend payout.
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BHP Group, down 2.9%. The Anglo-Australian miner asked shareholders not to force it to cut ties with industry associations at the company's annual general meeting in November. Shareholders are planning a resolution which, if passed, would force BHP to suspend memberships of industry associations that "undertake lobbying, advertising, or advocacy" that goes against the 2016 Paris climate change agreement. BHP said although it agrees the Paris agreement is a "critical" part of fighting climate change, it believes industry associations are important for the development of widespread standards, best practice, and other policy in the industry. In addition, the stock went ex-dividend.
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FTSE 250 - WINNERS
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Future, up 9.6%. The magazine publisher said adjusted annual earnings will be "materially" ahead of current board expectations following stronger-than-expected trading in the final quarter. Future said expects earnings before interest, taxes, depreciation and amortisation for the year ending September 30 to be ahead of current board expectations. In financial 2018, the company recorded adjusted Ebitda of GBP20.7 million, up 88% year-on-year. The company added that it has seen a positive performance from Amazon Prime Day-related activity and strong ongoing trading in the US, as well as some additional benefits from foreign currency translations. Amazon Prime Day is an annual promotional event for Amazon Prime members which this year was held in mid-July.
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John Wood, up 4.5%. Jefferies raised the oilfield services firm to Hold from Underperform.
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FTSE 250 - LOSERS
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CYBG, down 20%. The challenger bank said late Wednesday it expects to increase its legacy payment protection insurance costs for financial 2019 by between GBP300 million and GBP450 million. The bank said it saw a "significant spike" in payment protection insurance claims in the final days before the August 29 deadline. Earlier in the day, the lender said it has received "unprecedented volumes" of information requests from customers since the end of July. In its evening update, however, CYBG said up to GBP450 million could potentially be needed. The lender said about GBP100 million will be needed to cover the additional complaints, with a further GBP100 million needed for information request processing costs. An additional GBP100 million to GBP250 million is estimated to cover the cost of any potential payouts.
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Network International, down 8.5% at 571 pence. Emirates NBD Bank and WP/GA Dubai have sold 100 million shares in Network International through a placing, significantly higher than previously announced, joint bookrunner Citigroup Global Markets said. The investors have sold the shares in the payments solutions business at 580 pence each, raising proceeds of GBP580 million in total. Network International will not receive any proceeds from the placing. Following the sale of 100 million shares, Emirates NBD Bank owns 59.7 million shares, or a 12% stake, in Network International. WP/GA Dubai owns 53.8 million shares, or an 11% stake.
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OTHER MAIN MARKET AND AIM - WINNERS
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boohoo Group, up 17%. The online fashion retailer said sales growth in its current financial year is set to be well ahead of prior guidance. Performance over the first half of boohoo's year ending February 2020 has beaten expectations, the company said, with revenue growth "strong". As a result boohoo, which owns brands such as Nasty Gal and PrettyLittleThing, sees sales growth at 33% to 38% for the year, after prior guidance of 25% to 30%. Earnings before interest, tax, depreciation, and amortisation margins are guided to be around 10%, meaning no change to guidance, as the firm invests into new brands acquired. In August, the firm snapped up the Karen Millen and Coast online businesses, for GBP18.2 million, giving it exposure to a higher-earning, and slightly older, demographic than before. The stock hit a record high of 284.5p in early trade.
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