Tyman (LSE:TYMN) PLC was a big faller Monday, losing 7.7% to 211p as analysts at Berenberg downgraded the construction firm's rating to 'Hold' from 'Buy' and chopped their target price for the stock to 250p from 420.0p.
In a note to clients, the Berenberg analysts said while Tyman had made "good progress" on its turnaround plan over the last few years, inflationary pressures and "an increasingly bearish end-market outlook" would now make it "difficult" for the group to outperform.
They also noted that although Tyman trades at a 21% discount to its peers, which already appears to have narrowed versus history and, given likely earnings revisions, it believes there are currently limited catalysts to support a re-rating of the stock.
4.10pm: BP and Shell provide prop for FTSE 100 as oil prices jump on OPEC news
Energy giants BP PLC and Shell PLC (LSE:SHEL, NYSE:SHEL) provided a prop for the FTSE 100 index in late afternoon trading as oil prices jumped higher following news that OPEC plus other allied oil-producing countries have agreed to cut oil production by 100,000 barrels per day from next month.
The move, aimed at trying to stabilise global markets, will take supplies back to August levels. The OPEC+ grouping also said it planned to resume discussions on output targets before their next monthly meeting on October 5, 2022.
In late afternoon trade, BP shares were up 2.5% at 465.10p, while Shell added 1.2% at 2,351.50p.
12.20pm: Liberum raises Alpha FX price target
Liberum has increased its price target on Alpha FX following first half results which it described as “impressive.”
Revenue grew 35% year on year and underlying pre-tax profit margins came in at 39% reflecting the increased investment in the period.
Liberum said this strong performance is reflected by management’s expectation to comfortably meet revenue and profit expectations for the full year.
The broker said it has increased its full year 2022 and 2023 revenue forecasts reflecting the strong momentum going into the second half.
Profit forecasts remain unchanged reflecting the increased investment but the broker has lifted its target price to 2425p from 2380p, implying 35% upside from the current share price.
Liberum noted that since March 2021 that full year 2022 earnings per share forecasts have been increased five times and by 36%, prior to this upgrade.
In a depressed maret shars rose 5p today to 1800p.
Shares in Belvoir Group dip as first half profits fall
Shares in Belvoir Group PLC (AIM:BLV) fell 4.4% to 216p on Monday after it said a weaker market and higher costs had hit its first-half profit.
In the first half of 2022, the Lincolnshire based property franchise group said revenue rose 12% year-on-year to £15.4mln from £13.8mln but pre-tax profits dropped 16% to £4.0mln from £4.8mln.
The firm said the profit decline was expected, and due to the lower volume of property sales transactions after an "exceptionally strong market" in the previous year.
Belvoir also noted an increase in costs as operations returned to normal after the Covid lockdowns in the first half of 2021.
Chief executive officer, Dorian Gonsalves, said "given the strong pipelines of agreed house sales and mortgages at the end of [first half], the board is confident of achieving its expectations for the full year."
Aston Martin slumps on discounted rights issue
Shares in Aston Martin Lagonda Global Holdings PLC (LSE:AML) slid 11.35% after announcing a heavily discounted rights issue aiming to raise £575.8mln.
AJ Bell investment director Russ Mould was not impressed.
“For what’s meant to be a premium brand, Aston Martin is behaving like a desperate start-up company, going cap in hand once again to shareholders asking for more money.”
“Its offering of shares at a 78.5% discount to last Friday’s closing price shows how desperate it is to secure new funds.”
The fund raising plans are backed by Saudi Arabia's sovereign wealth fund, the Public Investment Fund, Lawrence Stroll's Yew Tree Consortium, and fellow car maker Mercedes-Benz Group all of which are taking up their full entitlements, amounting to 45% of the total rights issue.
Aston will issue 559mln new shares as part of its rights issue, on a four for one basis, at a price of 103p, reflecting a 79% discount to the company's closing price on Friday last week at 480p.
Mould suggested the fund raising “might simply be Aston Martin finding another piece of frayed rope to keep it afloat and avoid sinking completely into quicksand.”
“The car manufacturer has been a flop since joining the stock market and one has to wonder if it would be better off as a privately-owned company.”