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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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Croda International, up 2.2%. Berenberg raised the speciality chemicals firm to Buy from Hold.
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Aveva Group, up 1.6% at 3,335.00 pence. The information technology firm said its rights issue closed with valid acceptances for almost all of the total rights issue shares. The 7 for 9 rights issue of 125.7 million rights issue shares at 1,255p per rights issue share was announced November 6 and closed on Wednesday this week with valid acceptances in respect of 124.6 million rights issue shares. This represents around 99% of the total number of shares to be issued under the fully committed and underwritten rights issue. The rights issues shares started trading, fully paid, on the Main Market of the London Stock Exchange at 0800 GMT.
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DS Smith, up 1.5%. The packaging firm reported a steep profit decline in the first half of its financial year, though resumed dividends given the resilience of its performance in a challenging environment. For the six months ended October 31, the FTSE 100 packaging firm's pretax profit plunged 54% to GBP97 million from GBP213 million with revenue down 9.4% at GBP2.89 billion from GBP3.19 billion a year before. DS Smith said that, over the half-year period, there was an initial further reduction in paper prices as European corrugated demand fell during lockdowns and a temporary but sharp peak in old corrugated cases prices. This combined with other Covid-19 costs to hurt margins in the first quarter. However, old corrugated cases prices mostly normalised toward the end of the second quarter and European paper prices are higher amid strong domestic demand. DS resumed dividend payments, declaring an interim payout of 4.0 pence after nothing the year before.
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FTSE 100 - LOSERS
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Ocado Group, down 5.5%. The online grocer said that joint venture Ocado Retail Ltd saw "exceptional" demand in the fourth quarter of its financial year, leading to a 35% rise in revenue. Ocado Retail is an equal joint venture between Hatfield, Hertfordshire-based Ocado Group and London-based food, clothing and homewares retailer Marks & Spencer Group. In the 13 weeks to November 29, Ocado Retail reported revenue of GBP579.6 million, up 35% from the prior year's GBP429.7 million. Average orders per week increased 3.0% to 360,000 from 350,000. Of this, 130,000 orders per week were filled by the relatively new Erith customer fulfilment centre. Average order size was GBP133. For the financial year that ended November 30, Ocado Group now expects to report earnings before interest, tax, depreciation and amortisation of over GBP70 million, up from GBP43.3 million a year prior. Still, the stock remains 72% higher in 2020. "Indeed, there may have been investors choosing to bank some profits of late, with the market consensus of the shares recently having slipped to a sell. This may prove to be temporary, but nonetheless underlines the great expectations now following the stock," said Interactive Investor's Richard Hunter. M&S was down 4.8%.
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Lloyds Banking, down 4.0%, Barclays, down 3.2%, NatWest Group, down 2.2%. The UK banks were lower amid no-deal Brexit fears, weak UK gross domestic product figures and a fall in sterling. UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen gave themselves until Sunday to decide on the future of post-Brexit negotiations, after a three-hour dinner left the two sides "far apart". In addition, UK economic growth lost momentum in October against a backdrop of rising coronavirus cases, the Office for National Statistics said. On a monthly basis, the UK gross domestic product grew 0.4% in October, easing from 1.1% growth in September. The pound was quoted at USD1.3350 Thursday morning, down from USD1.3382 late Wednesday. "The combination of a weak pound and disappointing UK GDP figures weighed on banking stocks with Lloyds down 4.0%. The UK economy only grew by 0.4% in October with the economic recovery slowing before the second lockdown gripped England. It doesn't bode well for November's figures which may show a decline in GDP," said AJ Bell's Russ Mould.
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FTSE 250 - WINNERS
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Frasers Group, up 7.0%. The House of Fraser and Sports Direct owner posted interim profit growth despite the retailer seeing revenue fall as it was forced to temporarily close its stores throughout the period. For the 26 weeks to October 25, Frasers recorded pretax profit of GBP106.1 million, up 18% from GBP90.2 million the year before. Selling, distribution & administrative expenses dropped 12% to GBP728.3 million from GBP825.1 million. Group revenue slipped 7.4% year on year to GBP1.89 billion from GBP2.04 billion. Frasers blamed the drop in revenue on the pandemic forcing national lockdowns across the globe, resulting in the temporary closure of its stores. The retailer did not declare an interim dividend, unchanged on the year before.
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FTSE 250 - LOSERS
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Workspace Group, down 5.5%. Berenberg downgraded the office provider to Sell from Hold.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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