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The Markets
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The Markets
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Pharma & Biotech

Trending - Apple and ARM in focus as Britain dines out after Brexit vote

A look at some of the hot topics as the summer holiiday season starts to draw to a close

More fuel added today to the argument that Britain will excel post the Brexit vote with new report on the state of then service industry, which includes pubs and restaurants, over the last three months (vote was at the end of June).

A new report from the CBI shows people are enjoying dining out as they get used to the new potential status-quo and another report, perhaps surprisingly, says households are more confident about their financial prospects than at any time on record.

It was one of the hottest topics on line today, with other news in the frame from tech behemoth Apple (NASDAQ:AAPL) and the UK's equivalent to some - ARM Holdings plc (LON:ARM), on a fairly light day for corporate offerings.

All eyes are on the European Commission and the result of its three year probe into Apples' tax affairs with the Irish government.

It could lead to billions of pounds in back taxes being paid by the iPhone maker.

But both Apple and Irish government say they will appeal against a ruling that finds Apple liable to pay back tax.

It all hinges on whether the tech giant was given unfair state aid by being allowed to negotiate its tax rate.

Apple paid an effective rate of corporation tax on its European profits of 1% in 2003 down to 0.005% in 2014. https://t.co/yNgGUNVdjF

— Jo Maugham QC (@JolyonMaugham) 30 August 2016

Meanwhile, shareholders at ARM are expected to approve a £24bn takeover by Japan’s SoftBank amid concerns that it is a sell-off of another British firm where there has not been enough political involvement.

On the small cap front, miners were on the up, unlike on Footsie where the sector sank.

Argentina- focused Patagonia Gold added almost 11% to 1.80p as news emerged the group was on track to start start production at the open pit mine and heap leach processing facility at Cap-Oeste in Argentina in September.

Meanwhile, copper play Galileo Resources (LON:GLR) added almost 20%, as it sold its Gabbs property in Nevada for US$2.5mln (£1.9 mln) cash to help fund copper exploration in South Africa.

Colin Bird, Galileo’s chief executive, told investors: "The Gabbs sale allows us to focus on the Concordia copper project in South Africa, where the management has gained most of its success and experience."

Alexander Mining (LON:AXM) was the most traded stock with 209.18mln shares changing hands. Its shares also rose almost 33% to stand at 0.31p.

Shares have been on the up since last week the group inked a licence agreement with Accudo Metals - a new Australian company which has been established to exploit Alexander's proprietary leaching technologies.

Just to dampen any one getting too over exuberant, also in the news was a story over young people building up high levels of debt and losing sleep over it.

A survey from National Debtline said, excluding student loans and mortgages, up to 37% of 18-24 year olds are already in debt, and owe as much as £2,989 on average.

Fifty-one per cent of adults under 25 say they regularly worry about money, and 21 per cent lost sleep as a result.

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