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Keyword Studios easier as Berenberg trims target price following last week's acquisition, trading update

A look at some of the main risers and faller in London markets on Christmas Eve
Debenhams sale poster
Debenhams is facing a make-or-break Christmas after a turbulent year saw it post losses of £500mln

Keyword Studios PLC (LON:KWS) shares retreated in late trading, losing 4% at 1,022p as – in one of the few broker changes on Christmas Eve – Berenberg trimmed its target price for the group following last Friday’s latest acquisition news and trading update.

However, the German broker maintained its ‘buy’ rating on Keyword, with its reduced price target of 1,550p, down from 2,150p previously, still well above current levels.

Meanwhile, Chamberlin PLC saw its shares fall 5.5% to 77p after the engineering group posted half-year results showing continued losses.

The AIM-listed firm posted a pre-tax loss of £608,000 for the six months to the end of September, up from £1.1mln loss in the same period a year earlier.

Elsewhere, Vast Resources PLC (LON:VAST) also fell after delivering its interim results, shedding 11% to 0.32p as higher expenses and a foreign exchange loss weighed on overall numbers in spite of a jump in revenues.

For the six months to 30 September 2018, the AIM-listed miner saw its revenue increase by 47%% to US$21.942mln, up from US$14.882mln a year earlier.

11.00am: Nanoco up after completing significant milestone

Nanoco Group PLC (LSE:NANO) was a midsession gainer on Christmas Eve, adding 5.8% at 38.50p after announcing that it completed a significant milestone valued at £1.6mln under the Material Development and Supply Agreement announced in February 2018 with its undisclosed US customer.

The firm, a world leader in the development and manufacture of cadmium-free quantum dots and other specific nanomaterials said the milestone - the third of three - has been completed within with the timetable set out in the agreement.

It added that the total value of all milestones in the programme triggered to date is £4.2mln.

Michael Edelman, Nanoco’s chief executive said: “We continue to discuss other potential services and deliverables and our aim is to deepen and lengthen our relationship with this important collaboration."

Elsewhere, Premier African Minerals Limited (LON:PREM) added 5% at 0.10p after the group said it has been informed that the Zimbabwean Government is willing to inject the funds required to resuscitate the RHA tungsten mine.  

In a statement, the AIM-listed firm said the indication was made in a letter received on the afternoon of 21 December 2018 from the Zimbabwean Minister of Industry, Commerce and Enterprise Development which asked for some further clarification on the history of Premier's involvement and the restructuring of RHA Tungsten Pvt Limited.

And Westminster Group PLC (LON:WSG) rose 7.3% to 9.5p after it revealed that the majority of issues and challenges created by the US sanctions renewal against Iran have now been addressed and the security contract for one of 60 airports in the country, which was signed in May 2018, remains a key focus for the company.

9.00am: Dark days for retail

Debenhams PLC (LON:DEB) was among the top fallers in early Christmas Eve trading, shedding 10.4% to 3.5p after the under pressure department stores operator was among the retailers starting the Boxing Day Sales three days early for online customers.

The under-pressure department stores operator is facing a make-or-break Christmas after a turbulent year saw it post losses of £500mln and it has slashed 50% off prices for thousands of items online, with those cuts to be replicated in store on Wednesday.

Also on the downside early on, Playtech PLC (LON:PTEC) shares dropped 4.7% to 379p after the FTSE 250-listed gaming technology company said it expects a new Italian tax on gambling to reduce its 2019 adjusted underlying earnings (EBITDA) by approximately €20mln-€25mln before any mitigating actions.

But among the minority gainers, AIM-listed Victoria Oil & Gas PLC (LON:VOG) was the London market's top performer, leaping 35.7% higher to 21,50p after it revealed that its wholly-owned subsidiary Gaz du Cameroun SA is to resume gas supply to the Logbaba 30 megawatt (MW) power station after signed a binding term sheet with grid power provider, Eneo Cameroon SA.

Proactive news headlines:

Westminster Group PLC (LON:WSG) has revealed that the majority of issues and challenges created by the US sanctions renewal against Iran have now been addressed and the security contract for one of 60 airports in the country, which was signed in May 2018, remains a key focus for the company.

Victoria Oil & Gas PLC (LON:VOG) has announced that its wholly-owned subsidiary Gaz du Cameroun SA (GDC) is to resume gas supply to the Logbaba 30 megawatt (MW) power station after signed a binding term sheet with grid power provider, Eneo Cameroon SA (ENEO).

Eland Oil & Gas PLC (LON:ELA) said that drilling on the third appraisal well on the Gbetiokun field in Nigeria has successfully encountered hydrocarbon-bearing sands and added that operations will continue down to the remaining target reservoir.

Savannah Resources PLC (LON:SAV) has appointed SP Angel Corporate Finance as its nominated adviser with immediate effect. The group said the appointment comes as a result of the proposed merger between SP Angel and Savannah's previous Nomad, Northland Capital.

Eight Peaks Group PLC (LON:8PG) announced that, further to its previous announcement of 20 December 2018, Zafar Karim, its executive chairman, and Lord Nicholas Monson, a non-executive director of the company, have now subscribed for a total of 1,000,000 and 700,000 new ordinary shares, respectively, at a price of 10p each. Following the subscription, the group added, Karim and Monson, will have beneficial interests representing approximately 7.9% and 4.0%, respectively, of the company’s enlarged ordinary share capital.

Chaarat Gold Holdings Limited (LON:CGH) announced on Friday that it has raised US$350,000 after entering into an agreement with an unnamed investor for the subscription and issue of secured convertible loan notes exercisable in 2021. 


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