Tate & Lyle Share News (TATE)

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Thursday.

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FTSE 100 - WINNERS

Imperial Tobacco Group, up 3.4%. The company has maintained its expectation for modest earnings per share growth at constant exchange rates in its current financial year, with an at least 10% increase in dividend, despite starting the year with a decline in reported tobacco net revenue in its first quarter.

AMEC, up 3.2%. The engineering and project management group reported that its pretax profit was largely flat in 2013, coming in at GBP255 million, from GBP254 million in 2012. Operating cash flow increased 9% to GBP341 million, and its adjusted earnings per share from continuing operations were up 11% at 87.2 pence. Furthermore, the company said it expects good underlying revenue growth in 2014 and proposed a final dividend of 28.5 pence, which together with its interim dividend represent a 15% increase on the previous year, with a total dividend of 42 pence compared from 36.5 pence in 2012. AMEC also said it has entered a definitive agreement with regards to its previously announced proposed takeover of Switzerland's Foster Wheeler for roughly GBP2.0 billion through a mix of cash and shares.

British American Tobacco, up 1.1%. The cigarettes and tobacco company is benefiting from a positive read-across from rival Imperial Tobacco.

Royal Dutch Shell, up 1%. The struggling Kashagan oilfield in Kazakhstan is expected to recover production to its original expected level from 2015, according to Italian energy company Eni SpA, one of its operators. First oil from the Kashagan site, which is held by a consortium including Shell, Total SA, Exxon Mobil, and Eni, was produced in September 2013, but production was halted in October due to a technical issue that occurred to the pipeline transporting acid gas from offshore to onshore facilities. Once oil starts to flow at the site, Shell, which owns 16.81% of the development, is expected to take over management of production operations along with Kazakhstani state company KazMunaiGas JSC.

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FTSE 100 - LOSERS

Tate & Lyle, down 15%. The company said adjusted pretax profit for the third quarter came in lower than expectations, and that it now expects profits for the year to March 31 2014 to be broadly in line with last year. This represents a 4% miss to consensus expectations says Jefferies analyst Alex Howson.

Rolls-Royce Holdings, down 13%. The group reported that, despite a 27% growth in underlying revenue in 2013, pretax profit for the year fell to GBP1.8 billion from GBP2.8 billion reported in the prior year. The company also said it expects a "pause" in both revenue and profit growth during 2014, reflecting offsetting trends across the business.

Lloyds Banking Group, down 4.1%. Lloyds is amongst the biggest blue-chip fallers despite saying it swung to a GBP415 million statutory pretax profit for 2013, up from a GBP606 million statutory pretax loss in 2012. The bank may be experiencing some profit-taking Thursday as the group has not announced any change in its cost guidance. Moreover, there are better returns to be had at RBS, says Liberum Capital analyst Cormac Leech.

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FTSE 250 - WINNERS

Entertainment One Ltd, up 2.4%. The media company said its full-year results would beat management expectations, as it saw revenue rise in the ten months ended January 31, 2013. Entertainment One also expects to announce the commencement of a progressive dividend policy at the time of its full-year results.

Keller Group, up 2%. The company has won a USD41 million contract to repair and replace a large section of the seawall along Seattle's downtown waterfront. Keller will begin a test programme in March, after which it will begin work over three years on the project.

Morgan Advance Materials, up 0.8%. The speciality ceramics producer announced its 2013 full-year results, showing revenue of GBP957.8 million, down by 4.9% from the previous year. The company said that demand in its market remained "subdued" due to a slump in global industrial growth. The results have been received well given the difficult market conditions. Jefferies analyst Andy Douglas says there is an "ongoing positive shift" in the company's performance. Jefferies maintains a Buy rating on the stock with a 360p price target.

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FTSE 250 - LOSERS

Lancashire Holdings Ltd, down 5.1%. Despite a 6.8% increase in fourth-quarter pretax profit, the speciality reinsurer and insurer said it made a USD218.1 million pretax profit for 2013, significantly lower than the USD236.8 million reported in the year previously. Coupled with a significant downturn in Lancashire's total investment return, which fell to just 0.3% from 3.1%, Lancashire's falling profitability was compounded by rising operating expenses as a result of an increase in salaries.

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AIM - WINNERS

Omega Diagnostics Group, up 19%. The medical diagnostics company has completed its CD4 technology transfer project, having successfully completed a three-batch validation of its manufacturing protocol.

Sunrise Resources, up 14%. The diamond and gold exploration company said it is moving ahead with drill testing at the Cue Diamond Project in Australia. The group said a preparatory ground geophysical programme was completed in December 2013, and drill testing at the site is now provisionally scheduled for March.

Tern, up 8.3%. The investment company, which is focussed on cloud and mobile technology sectors, has reported that it swung to a modest pretax profit in 2013.

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AIM - LOSERS

Oilex, off 14%. The exploration-and-development oil company has dropped after it said its shares have been placed on a trading halt on the Australian Securities Exchange pending the release of a proposed capital raising announcement. The company said it expects the announcement to be made within the next few days and trading to resume on the ASX at such time. Oilex continues trading on the London market during the trading halt.

All Leisure Group, down 12%. The company said it expects to report a pretax loss of between GBP13 million and GBP14 million for its last financial year as it books a GBP9.9 million impairment charge for items including the relocation of its head office and a writedown on one of its cruise ships. The result for the year to October 31, 2013 will be hit by charges including GBP2.1 million for moving its headquarters to Market Harborough, from Burgess Hill, and closing its Southampton office, and an impairment of about GBP6.7 million for the value of its mv Discovery ship following its annual valuation of the group's fleet. The travel company has also been hit by currency movements, particularly in the second half of its last financial year. It said it will book a non-cash charge of about GBP4.3 million for currency moves and fuel hedging.

Chariot Oil & Gas, down 7.2%. The firm's share price has dropped after it said it expects to to spend USD33 million on further developing its portfolio.

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By James Kemp; jameskemp@alliancenews.com; @jamespkemp

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