Ashtead Group PLC (LON:AHT) was a FTSE 100 gainer at lunchtime, up 2.4% to 1,918p with the equipment rentals firm benefiting from a positive read across from third quarter results from US peer United Rentals Inc. (NYSE:URI).
The US firm raised its full-year guidance as it reported a rise in third quarter total revenue to US$1.76bn, up from US$1.5bn a year earlier.
Ashtead has high exposure to the US non-residential construction market through its Sunbelt business.
But a negative read-across impacted blue chip advertising giant WPP Group PLC (LON:WPP), shares, which shed 3% at 1,365p after French peer Publicis Groupe reported a 2.2% fall in its third-quarter consolidated revenue to €2.26bn, raising concerns of a slowdown in the sector.
Broker comment mixed
Broker comment was also a mixed focus, with Hammerson PLC adding 0.4% at 544.5p as French broker Exane BNP Paribas raised its rating for the retail property investor to ‘neutral’ from ‘underperform’.
But real estate peer Segro PLC (LON:SGRO) was flat at 554p as the same broker cut its stance to ‘neutral’ from ‘outperform’, with the firm also issuing a trading update today.
Plus-sized online catalogue clothing retailer N Brown Group PLC (LON:BWNG) was strong, jumping 6.4% higher to 329p after HSBC raised its rating to ‘buy’ from ‘hold’.
And oil services firm John Wood Group PLC (LON:WG.) lost 3.13% at 691.5p as Barclays Capital restarted coverage on the company with an ‘underweight’ rating following the recent completion of its takeover of Amec Foster Wheeler.
11.05am: Nostra Terra O&G leaps as margin requirement waived
Nostra Terra Oil & Gas PLC (LON:NTOG) was a strong gainer in late morning trading, leaping 43% higher to 2.23p after the small cap producer said its hedging facility arranged with BP Energy Co has had its margin requirement waived.
The group said that as a result of its ability to "demonstrate a track record of stable and secure oil production", BP Energy has agreed to waive the requirement, consequently, improving the company’s working capital position because it no longer needs to hold cash on margin.
Nostra Terra announced the hedging facility with the subsidiary of oil major BP PLC (LON:BP.) late last month.
Also on the up, Symphony Environmental Technologies PLC (LON:SYM) jumped 14% higher to 14p after the plastic maker said it intends to transfer funds from its share premium account to its profit-and-loss account thereby facilitating future dividend payments and strengthening its balance sheet.
Following a number of share issues, Symphony said it has credit of £3.6mln in its share premium account £3.6mln which is an undistributable reserve, and thus the company is "extremely restricted" in the ways in which it could use the funds.
And Horizonte Minerals PLC (LON:HZM) (TSE:HZM) gained a more modest 6% at 4.25p after it told investors that it has completed and filed a mine construction licence for the Araguaia nickel project.
The AIM-listed firm noted that the licence was submitted to the relevant authority responsible for environmental licensing, for the construction of the Project, including mine, associated infrastructure and pyro-metallurgical processing plant.
9.20am: IWG and Interserve see profit warning plunges
IWG PLC (LON:IWG) lost a third of its value in early trading today, the market’s biggest casualty, with its share price dropping by over 33% to 211.9p, after the serviced offices company - formerly known as Regus - issued a profit warning.
The small cap firm said the anticipated sales improvement in the third quarter "was weaker than expected", and this has resulted in a "pause" in the recovery of its mature business.
Consequently, it added, the reduction in mature revenue in the nine months to September 30 remained similar to that of the first half, with a decline of 1.9% at constant currency.
Also a hefty faller after a profit warning, Interserve PLC (LON:IRV) saw its shares plunge by 38% to 55 after it said it expects its second half operating profit to be around half the level of that recorded last year.
The small cap support services and construction group said third quarter trading has seen a slowdown from that reported in the first half of the financial year.
And blue chip consumer products giant Unilever PLC (LON:ULVR) was the top FTSE 100 faller, down 3% at 4,409.5p after it said disruption from natural disasters in the Americas and the impact of poorer weather in Europe adversely affected its third quarter.
The Marmite spread to Dove soap maker - which earlier this year fought off a US$143bn takeover bid from US firm Kraft Heinz Co (NYSE:KHC) - reported a 1.6% decline in turnover to €13.2bn in the third quarter, including a currency impact of 5.1% as a result of a stronger euro.
Proactive news headlines:
Shares in MySQUAR Limited (LON:MYSQ) jumped at the opening bell on Thursday after the Myanmar-language social media, entertainment and payment platform signed a deal that will see it provide Wi-Fi and digital content services in Myanmar Railways trains.
Plexus Holdings PLC (LON:POS) was in demand this morning after the oil and gas engineering services group sold off its Jack-up business for up to £42.5mln. A subsidiary of TechnipFMC PLC (NYSE:FTI) is the buying party and will pay £15mln in cash upfront for the jack-up wellhead exploration equipment and services business, plus up to an additional £27.5mln over the next three years.
Landore Resources Limited (LON:LND) has raised gross proceeds of £1mln through a subscription of 50,000,000 new ordinary shares at a price of 2.0p each. In a brief statement, the Canada-focused miner said the monies raised will be used by the company to finance working capital and exploration expenditure.
Stobart Group Ltd (LON:STOB) saw profits jump by more than 650% in the first half its financial year, largely thanks to the partial disposal of its stake in Eddie Stobart Logistics PLC (LON:ESL).
Sareum Holdings PLC (LON:SAM) expects to receive first news in February of the clinical progress of its cancer treatment licensed to US firm Sierra Oncology.
Dosing has started in the Phase II study of Allergy Therapeutics PLC’s (LON:AGL) injected, aluminium-free, hay fever vaccine. Results are expected in the second half of 2018, following which Allergy expects to start work on the parameters for the Phase III trial.
Emerging markets investor APQ Global Limited (LON:APQ) sees the current stand–off between North Korea and the US as the biggest threat to financial markets.
Keywords Studios PLC (LON:KWS) has completed a bolt-on acquisition, buying video game software development company d3t for £3mln, of which £2.4mln is in cash.
The percentage of StatPro Group PLC's (LON:SOG) annualised revenue that is recurring had risen to 83% by the end of September from 75% a year earlier, the company said in a trading statement that confirmed it is trading in line with the board's expectations.
The ramp-up of production continued in the third quarter at Shanta Gold Limited’s (LON:AHG) New Luika gold mine in Tanzania, with total ore mined underground almost doubling quarter-on-quarter.
Stripping out the profit made last year from the disposal of a stake in a portfolio company, Braveheart Investment Group PLC (LON:BRH) saw profit improve to £191,000 in the first half of the current financial year from £172,000 the year before.
Tertiary Minerals PLC (LON:TYM) has revealed it is in advanced discussions regarding acquisition opportunities in the fluorspar and industrial minerals sector in a corporate and operational update today.
Europa Oil & Gas (Holdings) PLC (LON:EOG) has noted the latest decisions related to the planning application for its proposed Holmwood well, in southern England. Surrey County Council on Wednesday approved an application to install a security fence for Holmwood drill site, though the planning committee also decided to defer a decision over the traffic management scheme attached to the project.
Capital Drilling Ltd (LON:CAPD) told investors that revenue for the third quarter amounted to US$30mln, up 26% from the same period of last year. The company noted that the revenue tally was similar to the preceding quarter, but, said it was the group’s strongest third quarter for five years. It added that fleet utilisation for the quarter was 52%, with 48 rigs in use.
Galantas Gold Corp (LON:GAL) has highlighted the accelerated development work at the Omagh Gold Mine, in Northern Ireland. The acceleration of mine development follows the resolution of issues related to blasting operations, and it said that the underground development totals more than 90 metres.