Africa and Middle East focused oil firm Afren (AFR) gains 4.6% to 151.5p after flagging potential for record revenues of £1.65 billion for 2013 as output comes in at the top end of expectations at 47,112 barrels of oil equivalent per day (boepd). This total represents a 13% year-on-year increase and is largely thanks to building output from its Nigerian fields – though production is expected to drop to 40,000 boepd in 2014.
Carpetright (CPR) thins out 16p to 552p as the carpet and floorcoverings retailer disappoints again. It warns full-year profits will come in 'below the lower end of current market expectations', driving downgrades to the £9.6 million consensus estimate. Although UK like-for-like sales grew 1.9% in the third quarter to 25 January and profits met expectations, a downturn in Holland, where Carpetright will lose money this year, is behind a 7.7% same-store decrease in the 'Rest of Europe' division. Read our view on the stock here.
Southern England-focused housebuilder Crest Nicholson (CRST) adds 1.7% to 358p after full-year results reveal a 29% jump in revenues which reads across to 40% surge in profit before tax at the £883.5 million cap. We'll look at the numbers in more detail later today in a web story.
Royal Bank of Scotland (RBS) drops 0.9% to 329p after yesterday's warning that it will make an £8 billion loss when it reports full-year results on 27 February, the largest amount since it was bailed out in 2008. This is the result of £4.5 billion of bad loans and investments while paying a further £3 billion compensation for PPI mis-selling and various other fines.
Investors like the full-year trading update from mobile enterprise software supplier Globo (GBO:AIM), driving a 12% share price jump to 63.75p. A rapidly-building US presence helped €72 million revenues beat expectations in 2013. Shares flagged Globo in January last year at 21p.
First Quantum Minerals (FQM) rises 3.2% to £11.05 after saying it will produce 20% more copper each year at the Cobre Panama mine than previously planned by former owner Inmet, the business it acquired in April 2013 for $5 billion. The cost of building the mine has been cut from $6.8 billion to $6.4 billion with first production in 2017.
Central and Eastern European branded spirits producer Stock Spirits (STCK) falls 7.5p to 277.5p after clarity on tax changes. While its trading update flags a strong fourth quarter and full-year results in line with expectations, news the Polish government's 15% increase in excise duty on strong booze will hit 2014 earnings dampens sentiment towards the stock.
The service sector continues to feel pain as miners tighten their belts. Capital expenditure cutbacks are the key reason behind a drop in utilisation rates and average revenue per operating rig for Capital Drilling (CAPD) during the second half of 2014. The shares fall 13.2% to 23p. We explored the problems stemming from reduced spending by miners in this article from November, including a chat with Capital Drilling's chairman.
Gas storage and oil exploration play InfraStrata (INFA:AIM) dives 24.4% to 10.4p as it reveals partner BP (BP.) is exiting its Islandmagee project in Northern Ireland. The gas marketing arm of the oil major has relinquished its option to acquire a 50.5% interest in the gas storage development. InfraStrata says it has the funds to fulfil existing commitments and will commence discussions with new investors shortly.