LONDON (SHARECAST) - African Barrick Gold took a hammering after Friday's news that the firm had cut full-year production guidance and had suffered a surge in costs. This caused third-quarter profits to fall by more than 70% and marked the third year in a row that the company has been forced to cut production guidance. It seems the investors' knives were out for the firm today.
Another faller was Perform Group. The digital sports content platform group registered impressive revenue growth in the third quarter and said that while there was some weakness in its Technology & Production division, it's still on track to hit targets this year. Technology & Production sales fell 5% year-on-year and was slightly below the company's expectations with some contract slippage into the fourth quarter. This division accounts for around a tenth of group revenues.
Halford's, the automotive and cycling parts retailer, rose strongly on Monday. In the absence of any other news this could be down to the folk Oriel Securities reissuing their buy rating for the group's shares, with a 420p target price on the stock.
Wireless technology firm CSR was also on the up after it confirmed details of a $285m shareholder pay out. The investor windfall - equivalent to £176.69m - will be returned to shareholders via the purchase of up to 52.7m of the firm's shares, representing about a quarter of the issued ordinary share capital of the company.
LONDON (SHARECAST) - African Barrick Gold took a hammering after Friday's news that the firm had cut full-year production guidance and had suffered a surge in costs. This caused third-quarter profits to fall by more than 70% and marked the third year in a row that the company has been forced to cut production guidance. It seems the investors' knives were out for the firm today.
