Aberdeen Asset Management, +1.99%
Topping the list of risers within the FTSE 100, shares in Aberdeen Asset Management have soared after the firm revealed that underlying pre-tax profit for the year to 30 September 2013 is now expected to be towards the upper end of market forecasts. This comes despite assets under management dipping slightly, with £201.7bn at 31 August 2013 against 30 June 2013’s count of £209.6bn. The Group announced that clients pulled £1.2bn from funds spread across asset classes in those two months. Gross new business flows for the two-month period totalled £7bn, bringing the year-to-date total to £41.3b, compared to last year’s 11-month figure of £33.1bn.
Croda International, +0.93%
Croda International was upgraded by stock analysts at Credit Suisse from a “neutral” rating to an “outperform” rating in a report issued today. The firm currently has a 3,000p price target on the stock, up from their previous price target of 2,600p. Credit Suisse’s price objective points to a potential upside of 11.94% from the company’s current price.
Dechra Pharmaceuticals, +3.46%
Dechra Pharmaceuticals was upgraded by Investec to a “buy” rating in a research note issued today. The firm currently has a 788p price objective on the stock, up from their previous price objective of 708p. Investec’s price objective suggests a potential upside of 13.46% from the stock’s previous close.
Dairy Crest, +1.36%
Dairy Crest said that it continues to focus on the profitability of its key brands and its dairies business and cost reduction remains an important part of its strategy. Sales of the company’s four key brands are together likely to be broadly the same as they were in the corresponding period last year when they grew by 11% compared to the six months ended 30 September 2011. The cheese business performed well in the first half, said Dairy Crest, and it expects sales of Cathedral City to have outperformed the market and increased in the first half compared to the same period last year.
Ariana Resources, +50 %
Shares in the gold exploration and development company have added over 50 percent to their value after the company reported on “exceptional” results. from exploration work carried on the Kiziltepe Sector of the Red Rabbit Gold Project in western Turkey. It has uncovered four highly mineralised gold-silver zones within the Kepez and Karakavak prospect areas alongside a “substantially increased” number of gold-silver bearing veins mapped in the region. The exploration targets were generated from a “comprehensive data review”, Ariana said.
Centrica shares have taken a hit after the company decided not to proceed with its new-build gas storage project at Baird in the UK southern North Sea and to put its project at Caythorpe in East Yorkshire on hold indefinitely. Centrica will write off all costs incurred and committed on these projects and expects to recognise impairments and provisions totalling approximately £240m as an exceptional cost in the group’s 2013 preliminary financial results.
Stock analysts at Citigroup Inc. cut their target price on shares of Ferrexpo from 230p to 220p in a report issued today. The firm currently has a “buy” rating on the stock. Citigroup Inc.’s price objective indicates a potential upside of 20.75% from the stock’s previous close.
Shares in Petrofac have slid despite winning huge Kazak contract in conjunction with Linde AG of Germany. The eventual scope for the IPCI petrochemical project will include the engineering, procurement, construction and commissioning of a gas plant, ethane cracker, gas pipelines, polyethylene plants and associated utilities and off-site in the Tengiz and Karabatan areas.
Dunelm Group, -1.25%
Dunelm Group’s stock had its “underperform” rating restated by Bank of America Corp. in a research note issued today. They currently have a 800p price target on the stock. Bank of America Corp.’s price target indicates a potential downside of 16.49% from the company’s current price.
Savile Group said it was seeking new funding and moving immediately to cut costs as its main business was hit by a big downturn in demand over the summer that hasn’t improved much this month .It said it had traded profitably in the second half of its last financial year after trading improved, but the first quarter of the current financial year has seen a significant downturn in expected activity in Fairplace, its corporate transition business which represents around 70% of sales.