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Fast Forward Innovations higher on marijuana buy

Main share price rises and falls at 3.15pm: FastForward, Rose Petroleum, Aggreko

pick of marijuana plants
Nuuvera specialises in medicinal marijuana

FastForward Innovations Limited (LON:FFWD) did itself a power of good with acquisition of a 4.7% stake in Nuuvera, a Canada –based medicinal marijuana company.

FFI subscribed C$3 mln for its stake as part of a C$43.65 mln fundraise and Lorne Abony, its chief executive, has joined the Nuuvera board.

Nuuvera will use the money to apply for more producer and dealer licences in Canada, acquisitions and brand development.

“Nuuvera also intends to seek to develop a state-of-the-art production facility in Canada and is in late stage discussions to receive a very significant government backed incentive program."

Shares in FastForward rose 30% to 13.35p.

Rose Petroleum PLC (LON:ROSE)  was another late riser as  11% to 0.128p  as it announced a new 3D seismic exploration programme in the Paradox Basin, Utah.

The company told investors that the Bureau of Land Management has accepted the environmental assessment study that supports its application for a permit to carry out the survey.

Investors deserted Aggreko PLC (LON:AGK), with its shares dropping over 12.5% to 926p after the firm reported a 24% slump in its 2016 profits, and said 2017 profits will be even lower.

The temporary power provider saw its post-exceptional pre-tax profits fall to £172mln, down from £226mln a year earlier.

12.15pm ...Force is with Tandem Group as toy stalwarts star

Toys, leisurewear and bike group Tandem Group plc  (LON:TND) picked up on a bullish trading update.

Stalwart toys such as Batman, Disney Princess, My Little Pony, Paw Patrol, Shopkins and Trolls and  'evergreen' licences such as Peppa Pig, Star Wars and Thomas & Friends all did the business, while Tandem’s own brands Kickmaster and Hedstrom, also did well.

Profitability  for the year ended 31 December 2016 for sports, leisure and toys is expected to be significantly ahead of the previous year, the company added, although bikes, which contain the Claud Butler and Dawes brands, is still in the red.

“We remain confident, despite a degree of macro-economic uncertainty, that the Group will show increased profitability in 2017, “ said Steve Dawes, chief executive. Shares rose 21% to 124p.

Amur Minerals PLC (LON:AMC) tumbled 14% to 7.69p as it announced another 15,000m of drilling at its Kun-Manie nickel prospect in Russia. The drill programme is to develop more targets while it carries out engineering and design at Maly Kurumkon / Flangovy , which is likely to be the first deposit into production.

Rare disease specialist Mereo BioPharma Group Plc (LON:MPH) has received the go-ahead to continue a trial of all three doses of its treatment for hypogonadotropic hypogonadism (HH).  

An Independent Data Monitoring Committee (IDMC) made the decision, with the company having no sight of the data received so far.

The drug, BGS-649, is being developed as a first-line therapy for the treatment of obese men suffering from HH.

The trial currently underway is a Phase 2b clinical study in 268 HH patients with a body mass index (BMI) of more than 30. This study compares three doses of BGS-649 with placebo and measures both safety and indications of efficacy.

Data on 93 patients who had completed at least one month's treatment was considered by the IDMC,

In addition to safety, the efficacy analysis assessed if each dose was likely to normalise testosterone in at least 75% of patients, the primary endpoint, over the six months course of treatment.

Denise Scots-Knight, Mereo’s chief executive, said she was delighted with the recommendation. The headline results are due in the second half of the year.

Hypogonadotropic hypogonadism (HH) results from inadequate levels of testosterone. There are approximately six million cases of HH in obese men in the US and approximately four million cases in Europe. 

Shares rose 7.5% to 309p.

9.15am ...Mountfield Group buoyed by resurgent City building

Mountfield Group Plc (LON:MOGP) delighted its supporters by revealing both arms of its flooring business traded profitably in 2016 and should do better again this year.

Connaught Access Flooring did especially well, Andy Collins, chief executive said, with two new contracts in the City worth £3.7mln also making for an ‘extremely strong’ start to this year. That followed completion last year of a £6mln contract in the Square Mile.

Mountfield Building has also started the year with a good order book while a new strategy of focusing on low risk contracts is paying off said Collins.

“The problems it faced in past years are now behind it as MBGs business has become more profitable and CAF continues to develop on the basis of strong sector demand."

Shares leapt 55% to 1.59p.

Blur Group PLC (LON:BLUR) more than doubled  as the e-commerce group said it was close to signing a global electronics group to its user base.

The e-commerce enabler said it has entered into final negotiations with the electronics group for a multiple six figure on-boarding programme across three territories.

Shares rose 109% to 14.40p.

Air purification technology firm MayAir Group PLC (LON:MAYA) saw its shares slide 15% to 75p as it said a contract worth US$7.1mln had been delayed.

The company had hoped to book the deal in its 2016 results, but the revenue from the contract will now be recognised in the first quarter of the current year.

 

Proactive news headlines

BATM Advanced Communications Limited (LON:BVC) has developed the world’s first mobile agri-waste treatment unit and landed its first customer for the product.

Top-level domain specialist CentralNic Group PLC’s (LON:CNIC) revenues more than doubled last year and underlying earnings increased 65%.

Shares in ATTRAQT Group plc (LON:ATQT) fell 3.67p to 44.83p after it announced around one-quarter of the shares available at 35p each were taken up in its open offer.

Kromek Group PLC (LON:KMK) advanced 2.8% to 32p as it revealed an existing US customer is upgrading its security screening kit, which is provided by Kromek.

Metal Tiger PLC (LON:MTR) has arranged £514,000 of funding for its Thai joint venture ahead of its listing on Aim later this year.

Haydale Graphene Industries PLC has received a second payment of £160,000 from its tie-up with New York-based tech investor Everpower. 

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