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LONDON (Alliance News) - The following stocks are the leading risers and fallers on the main London indices midday Wednesday.
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FTSE 100 - Winners
BAE Systems is up 2% after it emerged Tuesday that the eurofighter is back in the running to win a USD7.2 billion fighter contract after South Korea restarted the bidding process to replace ageing planes. The British company is part of a consortium with EADS that produces the fighter.
Fresnillo is up 1.8% as gold mining companies are benefiting from the increase and subsequent stabilisation of the price of gold since Tuesday's low of USD1,306.13. The yellow metal is now trading at USD1323.90 per ounce.
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FTSE 100 - Losers
Carnival, down 6.9%. The cruise company's share price continues to fall following Tuesday's announcement that third-quarter profits were down 30%. Despite the drop being in line with expectations, the company also predicted weak earnings for the fourth quarter. Subsequently, Morgan Stanley has cut Carnival to Underweight from Equalweight, and Numis has downgraded the company to Hold from Add.
Reed Elsevier is down 1.1% following the news that its Chief Financial Officer Duncan Palmer has provided notice of his resignation. The company said its nominations committee has begun its search for the successor.
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FTSE 250 - Winners
Greencore Group is up 3.4% after Numis upgraded its recommendation to Add from Hold, increasing its target price to 153p. The brokerage believes that this year's horse meat scandal impact may be neutralised by the company's improvements in cakes and deserts.
Ocado Group, up 2.73%. Having been the biggest loser on the FTSE 250 Tuesday, Ocado is the biggest riser Wednesday as the online retailer regains the losses made. The company had suffered after Waitrose said it will more than double its own online capacity in London.
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FTSE 250 - Losers
ICAP, down 3.5%, is the biggest loser on the FTSE 250 after Numis cut its rating to Sell, from Reduce. The brokerage believes that reports of a potential GBP70 million fine and the arrest of ICAP staff suggests the LIBOR situation may be worse than many had expected.
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AIM - Winners
Camco Clean Energy, up 46%. The company said it had been notified that it will get its first carbon offsets under California's new carbon offset trading program, a move it has being preparing for over the past six years. Under the scheme, electricity and industrial companies across California who release emissions must buy allowances if they exceed annual limits. Camco gets offsets to sell because it has built low-carbon projects since 2007 that are eligible for offsets, including ozone-depleting, forestry protection and agricultural methane projects.
Nationwide Accident Repair Services is up 33% after software and technology expert Quindell Portfolio bought a 22.5% stake. Nationwide Accident says it has been informed Quindell won't make an offer for the whole company and it hasn't yet started talks with its new investor. Separately, the accident repair specialist reported a decline in profits and revenues in the first half after it lost a big Aviva contract, but said it expects an improved performance in the second half and beyond.
Rare Earth Minerals is up another 28% after it reported Tuesday that pretax losses at its joint-venture site in Mexico had narrowed.
Iofina is up 18% after it said its pretax loss significantly narrowed in its first-half as sales increased at the company's chemical processing plants. The iodine exploration and development company said its pretax losses narrowed to USD122,657 from USD969,517 for the six months ended June 30. At the same time, it announced that its sales were up 51%, to USD11.6 million from USD7.7 million.
Oracle Coalfields, up 12%, continues to gain after Tuesdays announcement that it has signed a joint development agreement with China CAMC Engineering Co Ltd for the development of its coal mine and power plant project.
Intercede Group is up 9.9% after it said it expects to report revenues of about GBP4.5 million for the first half of its financial year. This figure is up from GBP3.5 million a year ago, buoyed by contract wins and progress with existing clients.
Clinigen Group, up 6.7%. Numis has increased the pharmaceutical company's price target to 485p from 430p following strong results. Revenue was 3% higher than the broking house's estimates at GBP123 million, whilst EBITDA of GBP22.4 million was 5% ahead of its forecasts. Numis expects an 8% increase in revenue in 2014. The brokerage also anticipates that the use of the drug could still benefit from US and European regulatory approvals that are yet to be granted.
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AIM - Losers
Ferrum Crescent, down 17%. Having been one of the biggest gainers on the AIM index Tuesday, the mine developer has seen share price retreat. However, the company still has a long way to fall before it reaches pre-announcement levels.
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By James Kemp; jameskemp@alliancenews.com
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