There was nothing academic about the rise in the share price of Wey Education PLC (LON:WEY) this afternoon, with the virtual secondary school operator’s stock jumping nearly 22% higher, up 1.12p to 6.25p.
There was no news out on Wey, which was simply extending the strong gains made earlier in the week after it said it expects to report turnover for the six months to 28 February 2017 approximately 50% higher than the corresponding period last year.
The AIM-listed firm also said on Tuesday that its trading result for the period is expected to be “significantly better than the corresponding period in 2015/16.”
Also moving higher after news earlier this week was global big data technology firm Rosslyn Data Technologies PLC (LON:RDT), which added 7.7%, or 0.5p at 7.0p.
Yesterday the firm revealed that its Rosslyn Analytics business has secured a pilot project with a leading UK financial services firm worth £50,000.
The AIM-listed firm said the pilot project “marks an important milestone for the Group” being its first inroad in to the financial services market.
And Thor Mining PLC (LON:THR, ASX:THR) was in demand as well, gaining 12.5%, or 0.15p at 0.95p helped by news of director share buying, with non-executive Paul Johnson buying 1 mln shares at 0.805p each.
Thor revealed yesterday it has kicked off a drilling campaign designed to expand the tungsten resource at its Pilot Mountain tungsten project in Nevada.
2pm ... Engineering good gains ...
A good day for the metal bashers saw three industrial giants top the market risers.
Melrose Industries PLC (LON:MRO) saw its shares soar to a record high after the engineering turnaround specialist signalled that it could be ready to buy again this year.
Revenues in 2016 were strong and boosted by improving margins at US firm Nortek, which it acquired last year.
In early afternoon trading, Melrose shares were up almost 14%, or 30p to 248.5p.
Shares in Vesuvius Plc (LON:VSVS), formerly and perhaps still better known as Cookson, jumped 18% to 549p as revenue and profits rose in spite of challenging conditions in the steel market.
The company, which services steel and foundry industries, said a weaker pound following June’s Brexit vote had given its full year results a boost.
The group raised its dividend 1.7% to 16.55p from 16.275p, adding it is confident trading margins will pick up and net debt will fall.
A dividend cut and £500mln cash call, meanwhile, did the trick for troubled aerospace group Cobham PLC (LON:COB).
Poor results had been expected and Cobham did not disappoint, but hopes this at least marks the end of the decline sparked some recovery interest.
Shares rose 10.5% to 135p.
9.45am .. Plutus PowerGen turned off by Ofgem proposals
What were seemingly very technical proposals from Ofgem yesterday about flexible power generation tariffs have had a dramatic impact on Plutus PowerGen PLC (LON:PPG).
Shares dropped 27% to 1.73p today as it warned that the regulator's changes could cause “significant harm to the UK's industrial sector, and are deeply flawed, narrowly focused and potentially very damaging."
PPG chief executive Phil Stephens said, "Network charging is a very complicated and an emotionally charged topic in the UK, which has dramatic knock-on effects across many sectors.”
Charges at times of peak demand is what it’s about and Ofgem has proposed a reduction in payments from £45Kw to £2.
House broker Cantor Fitzgerald said this is clearly negative for Plutus and it could reduce typical project revenue by 35% in the longer term.
Jubilee Platinum PLC (LON:JLP) jumped 28% to 5.95p as the Tjate platinum project, in which it has a major stake, was awarded its mining permit.
The execution of the mining right is a significant milestone in the development of the project, located in the Limpopo province of South Africa, and adds extra credibility to Jubilee's mine-to-metals strategy.
The timing of the decision by the Department of Mineral Resources is particularly good, Jubilee said, as commodity markets continue to bounce back.
Financial trading services provider TechFinancials Inc (LON:TECH) is set to receive US$1.53mln from its subsidiary, DragonFinancials. The board of DragonFinancials has declared a final dividend payment of US$3mln in respect of the 2016 financial year. TechFinancials shares jumped 38% to 10.4p.
Proactive news headlines
88 Energy Ltd (LON:88E ASX:88E) plans to raise £10.6mln ahead of upcoming Icewine-2 shale drilling programme in Alaska, trading in Australia suspended.
Savannah Resources Plc (LON:SAV) confirms it has raised an additional £1mln, as expected, as major shareholder maintains its 29.9% stake following its recent share placing.
Sound Energy PLC (LON:SOU) is making rapid progress with its third well on the on the Tendrara licence in Morocco.
TE-8 has now reached the second casing point in the Triassic Basalt at 2,076 metres just 10 days after drilling began. The third casing point sits at a measured depth of 2,640 metres.
Plexus Holdings PLC (LON:POS) has received an order for its breakthrough technology from Nexen, which is owned by Chinese giant CNOOC.
Infrastructure and support services firm Stobart Group Limited (LON:STOB) opened higher after telling investors that underlying full-year results are expected to be in line with management expectations, while the company also maintained its quarterly dividend of 3p.
Last-mile broadband provider Satellite Solutions Worldwide Group PLC (LONSAT) is set to continue its recent shopping spree after it agreed a new five-year, £5mln revolving credit facility with HSBC.
Cell-based medicines developer MaxCyte Inc (LON:MXCT) has hailed the potential of its CARMA immuno-oncology platform after recent pre-clinical testing showed it had a significant effect on tumour growth.
Sunrise Resources Plc (LON:SRES) is to broaden testwork at its pozzolan project in Nevada to include possible perlite production.
Perlite is used as an insulator in paint, plaster, concrete fillers and in soil aeration with its main characteristic that it expands hugely when heated. Shares rose 10% to 0.127p.
Mineral sands producer Base Resources Ltd (LON:BSE) expects to boost reserves at Kwale in Kenya after drilling indicated mineral zone extensions to the north and south.
Strategic Minerals PLC (LON:SML) is ready to go with its first drilling programme at its tin and tungsten project at Redmoor in Cornwall, though shares were little changed at 0.9p.