2.45pm … Tiger mauled …
Proving it is better to travel than arrive, shares in Metal Tiger PLC (LON:MTR) ran into some profit-taking in late afternoon trading as it confirmed that a new zone of mineralisation has been discovered at the Kalahari copper belt in Botswana by its partner.
The group’s shares shed 16% at 2.33p - albeit having soared in the last two days on expectations of the announcement - even though the firm said the results "could be the most significant" since it discovered the T3 site last March, though sampling and assays are still in progress.
Metal Tiger holds a 30% stake in the joint venture project, with the remaining 70% held by Australian-listed MOD Resources Ltd.
Digital media and social video broadcaster Brave Bison Group PLC (LON:BBSN) was the market’s biggest faller, losing a fifth of its value as it warned revenues this year would likely be sUBStantially lower than those achieved in 2016.
The group’s shares dropped 20% to 1.5p after it said suffered two material contract losses at the end of 2016 and is also pondering discontinuing certain low margin business activities.
But the market’s biggest gainer was AIM-listed online media and entertainment company, PCG Entertainment Plc (LON:PCGE) which soared 43% higher to 0.17p after it said it has begun disposing of the shares received from its sale of Centre Point Development Corp.
The Asia-Pacific company opted to sell the Centre Point sUBSidiary in January after a dispute between the vendors of Centre Point and its major supplier.
11.45am ... Broker comment of interest …
In the absence of much corporate news, broker comment was a feature in late morning trading.
South African paper and packaging group Mondi Plc (LON:MNDI) got a lift as JPMorgan Cazenove upgraded its stance for the stock to 'overweight' from 'neutral', with shares up 1% to 1,860p.
But commercial broadcaster ITV PLC (LON:ITV) slipped 0.4% lower to 207.2p as Panmure Gordon cut its rating back to ‘hold’ from ‘buy’ ahead of full-year results due on March 1.
In a note to clients, analyst Jonathan Helliwell said: “We do still see good long term value in ITV, based on a resilient structural position in UK TV viewing. However, after a 30% bounce from post-Brexit lows of c160p, we now see more negatives than positives looming in the near term.”
On the second line, after an initial slump in its share price, plastics and fibre products manufacturer Essentra PLC (LON:ESNT) rallied 2.5% higher to 431.9p.
The group’s initial drop came after warned that full year revenue in the current fiscal year will decline as it posted a fall in 2016 earnings.
But Millennium & Copthorne Hotels PLC (LON:MLC) stayed 0.5% lower at 428 after it reported a dip in 2016 pre-tax profit although it said group revenue per available room rose by 6.6% to £76.71.
Among the small caps, shares in European Metals Holdings (LON:EMH) gained almost 8% to 69p after it announced an increased resource at the Cinovec lithium deposit in the Czech Republic.
9.45am ... Real estate in focus …
Real estate group SEGRO PLC (LON:SGO) was the biggest FTSE 250 gainer, adding 3% at 497.3p after results showing its net asset value rose in 2016 and it said there has been little apparent impact from the Brexit vote on occupier or investor demand for warehousing.
The market’s biggest riser was also in the same sector, with shares in Industrial Multi Property Trust PLC (LON:IMPT) jumping 25% higher to 307.25p after Hansteen Holdings plc(LON:HSTN) a £25.2mln offer for the small cap firm.
Under the terms of its offer, Industrial Multi Property shareholders will receive 300p per share, a 5.6% premium to the group’s last reported net asset value as at June 30.
FTSE 250-listed Hansteen, which invests in industrial property assets in the UK and Europe, saw its shares edge 0.3% lower to 116.7p.
The biggest FTSE 250-faller was satellites operator Inmarsat Plc (LON:ISAT) which shed 4.7% at 620p as Swiss broker UBS reportedly downgraded its rating for the stock to sell from neutral, chopping its target price back to 550p from 810p.
Back among the small caps, Tern PLC (LON:TERN), which specialises in investing in companies in the Internet of Things sector, saw its shares jump nearly 8% higher to 10.25p as it trumpeted a 560% uplift in its net asset value during 2016.
Proactive's other small cap headlines:
Jersey Oil & Gas (LON:JOG) told investors that it expects that a rig contract will be in place in the near future for the Verbier prospect in the North Sea. Project operator Statoil is due to drill the exploration well this summer. Shares up 4% to 202.5p.
Landore Resources Ltd (LON:LND) announced a maiden resource of 301,000 ounces of gold at its BAM East project in Canada. Shares up 1.5% to 3.375p.
Video games services provider Keywords Studios has purchased animation and digital design company Spov for about £1.2mln.AIM-listed Keywords said the acquisition of Spov will “strengthen our market position” as a provider of digital art services and will contribute to its continuing growth in this area. Shares gained 0.9% at 626.5p.
Ithaca Energy Inc (LON:IAE) has declared a successful start-up of the Stella field in the North Sea. The oil company, which earlier this month received a US$1.24bn takeover approach, today said that production has begun at Stella and oil transportation via shuttle tanker has started. Shares slipped 0.6% lower to 117p.
Driver Group (LON:DRV) fell after the construction company launched a fund-raising as it swung to a full year loss. The AIM-listed group plans to raise £8mln through an accelerated book-built placing of 22.8mln shares at a minimum price of 35p per share with existing and new institutional investors to reduce outstanding debt. Alongside the announcement, Driver reported a loss before tax of £0.4mln in the year to 30 September 2016, compared to a profit of £1.1mln the previous year. Shares lost 10% at 42p.
Arix Bioscience (LON:ARIX) rose to a modest premium in the first hour of trading in London. The shares, listed at 207p, advanced to 210p on thin volumes. Arix raised £100mln as part of the float – money that will be ploughed into early-stage drug developers and university partnerships.
Highlands Natural Resources Plc (LON:HNR) offers investors access to significant upside, so says City broker Cenkos which has initiated coverage with a 'buy' recommendation. With a 66p price target Cenkos sees almost 150% upside to the current price of 26.7p.
Thor Mining PLC (LON:THR, ASX:THR) has completed the sales of its residual interest in the Spring Hill gold project. The company announced the sale of Spring Hill in February for A$3.5mln, with the payments to come in stages. Shares were flat at 0.7p.