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UK shares finish to the good as Ferrum Crescent Ltd surges

UK shares headed higher at the close after a topsy turvy day, with the FTSE100 stuck in neutral throughout the morning session.

UK shares headed higher at the close after a topsy turvy day, with the FTSE100 stuck in neutral throughout the morning session.

FTSE100 closed up 42 at 6,242, while FTSE AIM 100 added 0.88% to 3,429, while the FTSE AIM All share gained 0.58% to 725.840.

Big cap miners were grappling for the top spot on Footsie with Anglo (LON:AAL) the winner, up 9.16% to 638.7p after its De Beers diamond division made an eye watering $660mln from rough diamond sales. Glencore (LON:GLEN) and BHP Billiton (LONM:BLT) also made the top five cut.

Metals firm Ferrum Crescent Ltd (LON:FCR) raced up over 62% to 0.24p as it revealed the growth potential of two Spanish lead-zinc projects.

lt follows a period of due diligence on the Toral and Lago lead-zinc projects in Iberia, which are wholly owned by GoldQuest.

Ferrum has an option, valid until the end of July this year, to buy GoldQuest for around £460,000, consisting of up to £320,000 in cash and issuing 100 million new shares worth £140,000.

Justin Tooth, executive chairman of Ferrum, who went on the due diligence field trip, said: "I believe that the Toral and Lago assets both hold significant potential for the generation of shareholder value."

Also higher was Iofina (LON:IOF), up over 45% to 13p, still celebrating good times, as it restated its production guidance yesterday after a tough, but ultimately resilient start to the year.

Output of iodine for the first quarter was 124.6 metric tonnes (MT).

On the other hand, investors were throwing shares of Fishing Republic PLC (LON:FISH) back after its full-year results disappointed, despite the online fishing tackle seller saying they were in line with market expectations. Shares eased 4.69% to 30.50p.

Snoozebox (LON:ZZZ) dropped almost 22% to 1.88p as the hotel's group share price continued the decline seen over last few days.

LiDCO Group plc (LON:LID), the blood monitoring medtech company, dropped over 11% to 7.75p after it tumbled into the red, for which it blamed delayed sales.

Red Rock Resources PLC (LON:RRR) climbed 15% to 0.575p after Paul Johnson, chief executive of Metal Tiger plc, bought 7.5mln shares, representing just over 3% of Red Rock's issued share capital.

There was good news for Gulf Keystone Petroleum Limited (LON:GKP), the Kurdistan-focused oil producer, as it confirmed the receipt of a US$15mln gross payment from the Kurdistan Regional Government for crude oil deliveries in March, bolstering its coffers up to US$69.5mln.

The shares advanced 8.2% to stand at 6.60p, which lifted the group's market capitalisation to £65mln.

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