Skip to main content
The Markets by Proactive
Go to Proactive UK

Pharma & Biotech

Friday's most followed including RBS, Rockhopper Exploration, Hambledon Mining and Magnolia Petroleum

State-backed bank RBS (LON:RBS) had investors all of a spin today as it unveiled quarterly numbers prompting investors to look for more information online.

Shares fell 1.43% in early deals as it confirmed it too had taken a £400 million hit to cover mis-sold insurance.

It comes after yesterday, High Street name, Lloyds (LON:LLOY) revealed it was putting aside £1 billion to cover customer claims for the mis-selling of payment protection insurance (PPI).

Britain's taxpayer-backed lenders are now set to pay out around £7 billion over the scandal with the total bill for the whole banking industry now above a whopping £11 bn.

News from RBS was one of the most popular items on Google Finance UK today and the firm also made it into the top ten most read regulatory statements.

In the quarter to September 30, the bank, which is undergoing a restructuring posted a net loss of £1.38 billion compared to a profit of £1.23bn in the same period in 2011.

The most popular RNS statement today came from Falklands explorer Rockhopper (LON:RKH), whose shares were unchanged today at 167 pence.

It told investors today that the government of the islands had extended to November 18 next year, with no further work commitments, production licences PL023 and PL024, in which the firm has a 40% interest.

Licences PL003 and PL004 were also extended to May 1 , 2016 with a one well work commitment during this period.

Also among the most-read RNS statements was one from Hambledon Mining (LON:HMB).

It has received an offer for 60% of the company from African Resources, the vehicle of a family that already has substantial mining assets in Kazakhstan.

The offer of 2p per share values Hambledon at £19.6 mln and will see African Resources take up to a 60% stake and not less than 50.1%.

African Resources is backed by the Assaubayev family. They founded Kazakhgold and subsequently bought back its mines in Kazakhstan after it was reversed into by Russian gold giant Polyus.

Elsewhere, Magnolia Petroleum (LON:MAGP) was also popular with readers as it revealed it was expanding its exposure to the Bakken play as it agreed a deal to acquire 6,700 acres in Montana.

It is paying a total of US$4 million for the land which is in an area surrounded by Apache’s Corps large lease holding in Daniels County.

Apache has 320,000 acres and it has already drilled two wells there and a further six are planned.

Magnolia shares were up 2.07% today, to 4.93 pence.

Also in oil and gas, Sefton Resources (LON:SER) shares were up 3.23% to stand at 1.60 pence after it said it can now negotiate with gas customers and producers in Kansas because the LAGGS pipeline has been certified by the authorities.

Biome Technologies (LON:BIOM) shares were unchanged today - at 0.08 pence - as it said it will focus its efforts on high-end applications for its intellectual property after the sale of its stake in Biotec.

In a trading update, the firm said it was already working on pre-launch evaluation for a leading manufacturer of high performance single-use foodservice products.

Sales in the nine months to September fell to £10.2 mln from £15.3 mln, while revenues for the three months to September were £2.7mln, down from £2.9mln in the preceding three months due primarily to lower third party revenues from Biotec.