Below are some of the main news-driven share price changes among FTSE 350 stocks at 1.00pm.
RISERS
Land Securities (LON:LAND), up 2.5%. UBS has upgraded the property group’s shares from ‘neutral’ to ‘buy’.
Lloyds Banking (LON:LLOY), up 1.0%. Canaccord Genuity has moved from a neutral position on the state-controlled lender to ‘buy’.
Cineworld (LON:CINE), up 0.8%. The cinemas operator saw revenues rise 11.2% year-on-year in the first half of the year.
FALLERS
Rolls-Royce Holdings (LON:RR.), down 4.6%. The power systems developer was the worst performing blue-chip yesterday after its third profit warning in recent memory, and it is bottom of the pile today as well as brokers line up to put the boot in. JP Morgan Cazenove moves from a neutral position to ‘underweight’ and slashes the target price to 640p from 900p; RBC Capital Markets sticks with its ‘sector performer’ rating but cuts the target price from 1,60p to 850p.
Weir Group (LON:WEIR), down 2.6%. The engineering group has acquired Delta Industrial Valves for an enterprise value of up to US$47mln. With underlying earnings of around US$6.2mln last year, that suggests a purchase multiple of around 7.5 times earnings.
Fidelity China Special Situations (LON:FCSS), down 2.4%. The investment fund’s shares are on the slide again, as the rally in Chinese stock prices proved very short-lived.
Below are some of the main news-driven share price changes at 9.30am.
RISERS
Servision (LON:SEV), up 9.4. The company has been chosen by Gatwick Airport to supply the airport’s live mobile closed circuit TV systems.
Jaywing (LON:JWNG), up 9.3%.The data driven, insight and creative agency made a loss before tax of £1.36mln last year, versus a loss the year before of £380,000 on revenue that rose to £33.8mln from £26.7mln. Adjusted EBITDA, however, rose to £4.06mln from £2.32mln the year before.
Cyan (LON:CYAN), up 8.1%. The trading update covering the first half of the year was in line with expectations, while the wireless metering specialist said it is hopeful a number of commercial pilot schemes will come to fruition in the second half.
FALLERS
Omega Diagnostics Group (LON:ODX), down 20.8%. Full-year results from the diagnostics specialist contained worrying news about further delays to its HIV-indicator, Visitect CD4.
Solid State (LON:SOLI), down 7.8%. The supplier of rugged computers failed to cheer the market with a 40% increase in profit before tax in the year to the end of March.
Smiths Group (LON:SMIN), down 2.3%. Perennial takeover target Smiths has appointed the appropriately named Andrew Reynolds Smith, currently chief executive (CEO) of GKN Automotive, as its new CEO.