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.
Chancellor Philip Hammond has told Sky News he is considering introducing a special retail tax on online businesses saying he wants a level-playing field for online and high street retailers— Sky News Breaking (@SkyNewsBreak) August 10, 2018
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
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.
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.
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.