Concerns about rising debt levels and project problems in Scotland prompting a £70 million contract provision sees Interserve (IRV) slump by 18.2% to 322.6p. Liberum believes the group may soon sell its equipment arm which would be dilutive to earnings.
Hastings (HSTG) has grabbed a bigger slice of the private car insurance market in the first three months of the year and says it will meet or beat targets set at last October’s stock market flotation. The news drives its share price up 3.3% to 181.8p.
Morgan Advanced Materials (MGAM) rises 3.7% to 233.4p on a better-than-feared trading update following a weak 2015. Investec says it had expected a 7% drop in first-half revenue for 2016 but the FTSE 250 group kept sales steady in the first quarter of the year, implying that the stockbroker’s earnings forecasts may now be too cautious.
Indonesian palm oil producer M.P. Evans (MPE:AIM) cultivates a 3.5% gain at 437.6p on the sale of its 34.37% stake in Australian beef cattle company NAPCo to Queensland Investment Company for US$79 million. Foreshaowed by SHARES recently, the transaction leaves M.P. Evans focused on the expansion of its core palm oil operations and signifiantly strengthens the balance sheet.