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Philip Hammond’s online tax comments hit ASOS, BooHoo and JustEat

A look at some of the top risers and fallers in London today
Philip Hammond
A new tax could 'save the high street' according to Philip Hammond

The Chancellor of Exchequer Philip Hammond has spooked investors in ASOS plc (LON:AMC) and fellow online retails with comments that a special tax on online businesses is being considered.

Specifics about the tax, already being dubbed the ‘Amazon tax’, are not yet known other than the government see it as a way to “save the high street” from what is being described as unfair competition.

ASOS shares dropped back 1.38%, to 6,136p, as an immediate reaction to the comments, meanwhile BooHoo Group Plc (LON:BOO) lost 2.75% to 198.3p.

Online food delivery firm Just Eat Plc (LON:JE), meanwhile, saw its share loss nearly 1% to trade at 798p.

12:30pm: Pathfinder Minerals and BlueRock Diamonds among Friday’s risers

Pathfinder Minerals PLC (LON:PFP) shares moved on the front foot, rising 19p or 17.86%, changing hands at 1.27p, after the company confirmed the appointment of Simon Farrell as its co-chairman.

BlueRock Diamonds PLC (LON:BRD) advanced 8.5% to 1.11p, as it released another update on claims instigated by the group’s former chief executive.

Scancell Holdings PLC (LON:SCLP), was down 6.5% to 11.13p, as Kate Cornish-Bowden stepped down as non-executive director of the company.

9:50am: Intercede and GBGI advance, while ProPhotonix shares slump

Intercede Group PLC (LON:IGP) shares gained 5.3p or 21.2%, trading at 30.3p, as the company issued a stock market statement detailing a share purchase by an entity with close ties to non-executive director Jacques Tredoux.

The Azalia Trust bought 1.5mln shares at a price of 30p each.

GBGI Ltd (LON:GBGI) shares climbed 7p or 7.11%, to 105.5p, as a trading update highlighted a ‘strong’ first-half performance, ahead of an interim results statement in September.

ProPhotonix Ltd (LON:PPIX) slumped 33% to 7.38p, as an update informed investors that “higher sales to several major customers” had, in fact, come in below the company’s internal expectations, meanwhile, one particular customer had decided to switch to a rival technology.

On top of that, the company also noted that a restricted line of US stock is due to be de-restricted on September 1 – meaning holders will have the facility to sell.

Proactive news headlines:

Arix Bioscience PLC (LON:ARIX) said it had seen a significant uplift in the value of one of its investee companies and updated on the progress of three other drug developers in which it holds interests. The book value of its stake in Artois Pharma was boosted by 26% to £15.3mln, following a Series B financing round that was backed by the venture capital arms of industry giants Pfizer and Novartis.

RM Secured Direct Lending PLC (LON:RMDL) is well positioned to benefit from the recent increase in the Bank of England’s key lending rate. The quarter-point rise in interest rates will see additional income flow through on that part of the portfolio - 55% of the total - that has sterling floating rate loan exposures and which does not have a Libor floor.

Diversified Gas & Oil PLC’s (LON:DGOC) integration of the large batch of oil and gas assets acquired from EQT in the Appalachian Region is on track. The acquisition, in June, cost US$575mln and more than doubled production to around 60,000 barrels a day equivalent. At the time, DGOC estimated the purchase would have boosted 2017 earnings by 289% on a pro-forma basis.

Real Good Food PLC (LON:RGD) announced it has raised gross proceeds of £1.0mln under its recently announced open offer, which it said was heavily oversubscribed. The group added that qualifying shareholders will receive their application in full and those who have validly applied for excess shares will receive approximately 60.78% of their application on a pro rata basis.

Scancell Holdings PLC (LON:SCLP) has announced that Kate Cornish-Bowden will be stepping down as a non-executive director of the company as of 31 August 2018 after seven years on the board.

Premier African Minerals Limited (LON:PREM) announced that Russel Swarts decided not to stand for reappointment and therefore ceased to be a director with effect from the close of the AGM yesterday. The group added that Swarts will continue to act as a consultant to the company and to provide ongoing financial oversight as may be required.

hVIVO PLC (LON:HVO) said it was notified yesterday that on 9 August 2018, its executive chairman Trevor Philips purchased 23,500 ordinary shares in the company at a price of 65.0p each. Following this transaction, the group said, Phillips' total interest in the company has increased to a total of 32,535 ordinary shares, representing approximately 0.04% of the issued share capital.


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