14.45pm … Tiger roars again …
Shares in resources investor Metal Tiger PLC (LON:MTR) leapt higher again, extending yesterday’s advance by 43.9% to 2.95p as investors continued to anticipate good news from its joint venture partner in Botswana, MOD Resources (ASX:MOD).
The small cap firm said yesterday that MOD is about to release “significant drill results” from below the proposed T3 copper/silver pit on a prospect in the Kalahari copper belt.
Elsewhere, shares in wellbeing, fitness and digital health monitoring group CloudTag Inc. (LONCTAG) gained 15% at 6.63p after it said £100,000 of loan notes have been converted at a price of 4.5p each, resulting in the issue of 2.222 mln new ordinary shares.
But Laura Ashley Holdings plc (LON:ALY) was a big faller, shedding 6.6% to 17.5p after the fashion and homewares retailer revealed that its first-half profits fell, it cut its interim dividend and warned that full year profits would be below consensus forecasts.
11.30am … Commodities weak ...
Miners remained among the biggest FTSE 100 fallers in late morning trading as commodity prices retreated, with Anglo American PLC (LON:AAL) shedding 2.9% at 1,354p, while Antofagasta PLC (LON:ANTO) lost 2.4% at 845p.
Oil majors also suffered, with Royal Dutch Shell PLC (LON:RDSA) falling 1.9% at 2,130p, while BP PLC (LON:BP.) was down 1.8% at 449.95p as crude prices drifted lower.
But drugs giant AstraZeneca PLC (LON:AZN) was the top blue chip faller, losing 3.8% at 4,504.5p after the failure of a Merck Alzheimer’s drug in late-phase trials raised worries over its own treatment for the disease.
The top FTSE 100 riser was European soft drinks bottler Coca-Cola HBC AG (LON:CCH) up 3% to 1,877p after reporting a rise in 2016 profits thanks to price increases and cost-cutting.
Among the small caps, healthcare communications and public-relations firm Huntsworth PLC (LON:HNT) jumped almost 13% higher to 45.75p after it said its results for 2016 will beat market expectations.
And oil and gas explorer Gulfsands Petroleum PLC (LON:GPX) gained 3.5% at 11p on new it has secured a £4mln financing facility with three of its major shareholders. Waterford Finance & Investment, Blake Holdings and ME Investments are clubbing together to provide the money.
9.30am ... Taking off ...
Airlines were the main positive focus for the FTSE 100 this morning, with British Airways-owner International Consolidated Airlines Group PLC (LON:IAG) the top blue chip gainer, up 2% to 514p, and discount carrier easyJet PLC (LON:EZJ) ahead 0.7% at 961.5p as European peer Air France KLM reported strong results for 2016.
Eastern European budget airline Wizz Air Holdings PLC (LON:WIZZ) was also higher on the FTSE 250 index, up 1.2% at 1,665p after announcing it will open its first UK airport with base operations at London Luton Airport in June.
Insurer Lancashire Holdings (LON:LRE) was the top FTSE 250 riser, gaining over 9% at 746p after reporting above-forecast full-year results.
But aero engineer Cobham PLC (LON:COB) crashed 18% lower at 110.7p % as it issued an update on the dire state of its finances and said it needed to strengthen the balance sheet.
Among the small caps, back office workforce optimisation specialist EG Solutions plc (LON:EGS) surged 23% higher to 66p on news it has won a contract worth £692,000 which will see it supply its eg operational intelligence software to a public sector organisation.
Chariot Oil & Gas Limited (LON:COPL) also moved higher, up nearly 6% to 10.5p after it said it has expanded its interests offshore Morocco, snapping up an area close to upcoming drilling activity.
The AIM quoted explorer already owns a 10% stake in the Rabat Deep project, where Italian partner ENI plans to drill an exploration well in 2018.
And shares in Avation PLC (LON:AVAP) rose 6.8% to 212.5p on the back of an impressive half-year trading update, that saw lease revenue rise 43% year-on-year and pre-tax profits surge 51%.
Proactive’s other Small Cap headlines:
Solo Oil PLC (LON:SOLO) has raised £2mln by placing shares at 0.5p a pop. The company has issued 400mln new shares, representing around 5.7% of the issued share capital of Solo. Shares dropped 8% to 0.56p.
88 Energy Limited (LON:88E) has appointed a rig contractor for the upcoming Icewine-2 appraisal well, which is now confirmed for the second quarter of this year. Shares added 3% at 2.475p.
Akers Biosciences (LON:AKR) has received US patent protection for a cartridge used in wellness monitors that link to mobile phones and tablets. Shares were flat at 105p.
WideCells Group PLC (LON:WDC), the stem cell services group, has appointed Alan Greenberg a non-executive director. Shares were flat at 13.5p.
There were also boardroom changes at e-Therapeutics (LON:ETX). Shares were flat at 8.25p.