London's growth shares were failing to keep pace with the blue-chip heavyweights in the lunchtime trading session.
While the FTSE 100 was up 21 points (0.3%), buoyed by warm receptions to trading updates from the likes of Standard Chartered, BP and Whitbread, the FTSE Aim 100 was off 13 points (0.4%) at 3,416, while the broader-based FTSE Aim All-Share was down a point (0.2%) at 730.
Aurasian Minerals PLC (LON:AUM) defied the trend, rising 0.05p to 0.45p as it welcomed a new strategic investor. The mineral exploration company is raising £163,400 through a share subscription at 0.38p a pop, so it can meet its obligations in relation to the exploration programme for the Chadine project in Serbia.
The response to the interims from onshore UK oil & gas specialist Egdon Resources PLC (LON:EDR) was enthusiastic, even though the debt-free company's half-year loss before tax widened slightly to £2.00mln from £1.74mln the year before.
A loss per share of 0.9p vs a loss of 0.8p per share a year early was mainly due to non-cash items, VSA Capital Research noted.
“As we have previously highlighted 2016 has the potential to one day be looked back upon as the year that kicked the UK’s shale gas industry into action. A number of UK shale players expect decisions to be made on their applications in the coming months, including the Springs Road planning application at the IGas (IGAS LN) operated PEDL 139/140, where EDR has a carried 14.5% WI [working interest]. Positive decisions on these applications should improve sentiment among the investment community and support EDR’s share price,” said the broker, which rates the shares a 'buy', with a price target of 38p.
The shares rose 10% to 8P.
Summit Therapeutics PLC (LON:SUMM) was wanted, rising 9% to 116p, as it revealed the US Food & Drug Administration (FDA) had given the green light for the company's PhaseOut DMD clinical trial to be extended to the US.
Environmental consultancy RPS Group PLC (LON:RPS) told shareholders at its annual general meeting today that it would enter 2017 with a much lower dependency on the fortunes of the oil & gas sector, but in the meantime the expectation remains that this year's performance will be hampered by the lack of drilling activity.
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Big caps outshone small caps in early deals, with small cap miners again in focus.
The FTSE100 was up over 28 at 6,289, while FTSE AIM 100 lost 0.07% to 3,462 and the FTSE AIM All share was practically flat at 731.770.
Among the top ten risers was Greatland Gold (LON:GGP), which added over 31% to 0.32p each as the director Paul Johnson bought over 2.2mln shares in the firm at an average price of 0.24p.
Also continuing the good run was Strategic Minerals (LON:AML), which was up 30.36% to 0.37p riding the wave of higher iron ore prices and a potential start of drilling at the Hanns Camp nickel/copper prospect in Australia.
Eurasia Mining plc (LON:EUA) added 3.45% to 0.725p as it has had the Russian equivalent of a pre-feasibility study for its Semenovsky gold tailings project (STP) in Bashkiria, Russia approved by the local mines department.
Eurasia, which is partnered on the project by resources investor Metal Tiger (LON:MTR), has started metallurgical work with five holes drilled in to the tailings dam and samples being prepared for analysis.
Elsewhere, Mirada PLC (LON:MIRA), the digital television software provider, also sparked over 11% higher at 4.88p as it inked what it called two value added agreements with resellers in India and Latin America to expand Mirada's presence into Asia and the Pacific region.
On the flip side, portable hotel group Snoozebox (LON:ZZZ) fell almost 60% to 0.45p as its declined continued after the resignation of chief executive Lorcán Ó’Murchu.
On the Footsie front, oil giant BP advanced 3.45% to 372.80p, despite a dip in profits. The company said weak supply growth should start to underpin crude prices by the end of the year.
Miners made up the list of biggest laggards on the blue chip board, with Glencore (LON:GLEN) the biggest loser, down 1.74% to 152.30p.
Early snapshot
Good receptions to trading updates from Whitbread plc (LON:WTB) and BP PLC (LON:BP) gave the FTSE 100 an early boost.
Coffee Costa and Premier Inn outfit Whitbread saw its share price perk up, rising 3.5% to 4,004p, as it hiked the full-year dividend 10% on the back of a 5.8% increase in profit before tax.
Integrated oil giant BP advanced 3.3% to 372.2p, despite a dip in profits. The company said weak supply growth should start to underpin crude prices by the end of the year.
Weak miners tempered the top-share index's advance, however, and at 8.35am the index was up 32 points (0.5%) at 6,292.