Asos, IFG Group, Tullow Oil, Hornby: U.K., Irish Equity Preview
The following is a list of companies that may have unusual share-price changes in U.K. and Irish markets. Stock symbols are in parentheses and prices are from the last market close.
The FTSE 100 Index fell 80.69 points, or 1.4 percent, to 5,847.92 yesterday. The FTSE All-Share Index dropped 1.2 percent, while Ireland’s ISEQ declined 0.3 percent.
Asos Plc (ASC) : Britain’s second-largest online clothing retailer was downgraded to “sell” from “neutral” at UBS AG. The shares sank 8.3 percent to 2,144 pence.
Hornby Plc (HRN) : The maker of model train sets said net income in the fiscal year to March 31 fell 52 percent to 2.2 million pounds ($3.6 million) on revenue that was little changed at 63.4 million pounds. The shares slid 1.9 percent to 119 pence.
IFG Group Plc (IFP) : The financial-services company said Peter Priestley, who is the appointed IFG board representative of major stakeholder Fiordland Investment Ltd., has temporarily absented himself from all board decisions. The Sunday Times reported May 22 that Fiordland had made a takeover approach for the company. IFG shares fell 1.4 percent to 1.83 euros in Dublin.
National Express Group Plc (NEX) : The U.K. transport company facing pressure to switch strategy from No. 1 investor Elliott Advisors was rated “underweight” in new coverage at JPMorgan Chase & co. The shares slipped 0.2 percent to 255.6 pence.
Stagecoach Group Plc (SGC) was rated “overweight” in new coverage at the broker. The stock added 0.9 percent to 240.1 pence.
Tullow Oil Plc (TLW) : The U.K. oil and gas explorer with the most licenses in Africa will be able to sell shares early next year in Uganda after it has completed the necessary paperwork, Elly Karuhanga, the president of Tullow’s unit in the country, told reporters. The shares declined 1.1 percent to 1,302 pence.