Risers and fallers

Risers:

AZ Electronic Materials +51.64%

AZ Electronic Materials has today announced that German drug maker Merck has entered an agreement regarding a recommended £1.6bln cash offer for the entire share capital of the firm. The purchase of AZ is to further expand Merck’s materials and chemicals business through adding a premium supplier of high-tech materials. Merck is offering 403.5p per AZ share which has sent the shares price up 51.64% which values the company at around £1.52bln. 

Drax Group +6.56%

Drax Group has had its “buy” rating restated by analysts at Deutsche Bank in a report released today with a price target of £7.70 on the stock. Analysts from other firms have also commented on Drax Group with JP Morgan upgrading shares to an “overweight” rating and Credit Suisse reiterating a “neutral” rating. 

Ultra Electronics +3.90%

The stock rating of Ultra Electronics Holdings was upgraded today to a “hold” rating by equities researchers at Deutsche Bank. Other analysts have commented on Ultra Electronics with Investec upgrading the shares to a “buy” rating. 

DS Smith +5.33%

DS Smith’s H1 pretax profit has risen to 55% to £85.5m compared to £55.8m. Revenue was also up 25% to £2.08bln for the period. DS Smith has said market share gains have spurred volume growth in their corrugated packaging in Germany and Central & Eastern Europe. The results for H1 are in line with their medium-term targets, the firm has said. 

Jubilee Platinum +10.74%

Jubilee Platinum has today announced an 89% rise in Q3 gross profit and has also said it has decided not to extend its sales agreement with Global Renewable Energy due to the growing returns that have been made available by recently smelting contract wins. 

Sarantel Group (U.K. Oil & Gas Investments) +75.00%

Sarantel Group, which is now to be known as U.K. Oil & Gas Investments, has said today that it has conditionally placed 66.67m new “A” ordinary shares at 0.3p each in order to raise £200,000. The name change is to reflect the new direction that the board wants to peruse. 

Fallers: 

Phoenix Group -4.15%

Phoenix Group has today plummeted to the bottom of the FTSE 250 index today after private equity firm TDR Capital has said it has raised £145.2m from the sale of 22 million shares in the firm. TDR now holds 14 million shares in Phoenix Group, approx. 6% of the issued share capital. 

Ensor Holdings -17.61%

Company expectations have today been missed at Ensor Holdings after they announced a bigger than expected drop in H1 profits caused by higher financing costs and restructuring costs. The company is still confident however with benefits from its recent acquisition of Technocover expected to positively affect profits next year. The firm has reported a H1 pretax profit of £702,000 for the month ending 30 Sept. 

Kofax -98.39%

Kofax’s 94,819,418 common shares have today been admitted to trading on the London Stock Exchange’s main market from 8am under the ticker “FKX”. Shares are down 98.93% as one of the biggest fallers. 

Carnival PLC -2.03%

The world’s largest cruise company has today announced that Vice Admiral William Burke has been newly appointed to the position of Chief Maritime Officer which is effective from December 9 2013. Burke will have oversight of the company’s maritime operations around the world.