A look at the day’s big share price movements
Jangada Mines Plc (LON:JAN) listed at the end of last month and has just made its first stock market announcements, and it’s a goodie.
The company released an updated JORC resource for its Pedra Blanca platinum group metals project in Brazil.
The release initially sent the shares surging 14% higher but the stock has since come off the top, though it is still up 6.8% at 5.875p. The shares floated at 5p.
#JAN Jangada adds US$500mln of value with the addition of copper and nickel https://t.co/zIWX4Sf25U via @proactive_uk
— Jangada Mines Plc (@jangadamines) July 11, 2017
Results from Ilika PLC (LON:IKA), a solid-state battery technology company, disappointed the market.
The shares tumbled almost 10% to 35.5p after full-year losses were unchanged from the year before.
House broker Numis said the results were in line with expectations but noted that initial licensing has still not been secured for the battery, although the pipeline is building.
“Activity is particularly strong in the medical device sector, with over half of the current battery evaluation engagements in this area. There has also been strong interest in the industrial sector (building off the P180 battery launch which can withstand harsh environments) and from potential foundry partners who could scale manufacturing of the solid state battery,” the broker said, going into bat for its client.
Galliford Try brings some much needed cheer to the FTSE 350
Mid-cap Galliford Try plc (LON:GFRD) rose steadily throughout the morning session after a reassuring trading update.
Galliford Try reassures after contract shock - by @GarryWhite - now on CS: Live https://t.co/7OTarSnAOF pic.twitter.com/bn37dnzRUw
— Charles Stanley (@_CharlesStanley) July 11, 2017
Not everyone seems to be on board with the message, however.
Galliford Try confirms 2017 profits will be hammered https://t.co/6TkYARwS6H pic.twitter.com/46aI5FHhbk
— Construction (@construct1on) July 11, 2017
The housebuilding, regeneration and construction group said all three parts of its business put in a strong underlying performance in the financial year just ended.
The stock climbed 9.2% to 1,274p, making it comfortably the best mid-cap performer, as it said profits would be at the upper end of the market’s expectations.
Highlands higher: crystal ball gazers at work?
Shares in Highland Natural Resources PLC (LON:HNR) were among the top three risers despite there being no news flow.
The most recent announcement from the company came last Friday when it said it had raised £2mln of fresh capital to fund the first well at its East Denver project.
Either there is some crystal ball gazing going on, or it could be a case of the share subscription via the Primary Bid platform going well.
Shares were up 18% at 13.14p in lunchtime trading compared to a subscription price on Primary Bid of 12p.
Abzena and Bango defy the trend
Abzena plc (LON:ABZA) was wanted after it bagged a licensing deal with Taiwanese biopharmaceutical company, OBI Pharma.
The life sciences firm is licensing its ThioBridge technology in a deal worth £128mln.
The shares were up 2.1% on the news.
No one ever said "you know when you've been Bango'd", which is probably just as well, but the mobile payments specialist was certainly full of fizz this morning after a trading update.
READ Bango booms as end user spend continues to soar
Annualised end user spend at the end of June exceeded £300mln a year, compared with £195mln a year at the end of December 2016, Bango plc (LON:BGO) told investors.
Tailoring products group Bagir a snip after 31% fall
Rarely a day goes by without at least one stock on the London Stock Exchange having about a third of its value wiped out, and this morning’s unfortunate victim was Bagir Group Ltd (LON:BAGR).
The tailoring products group slumped to 3p from 4.375p overnight as it warned first half profits will be materially below forecasts due to slower than anticipated progress on the development of new production lines in Vietnam and Ethiopia.
“This will be a bitter pill for the group which made significant progress in 2016, when it repaid all borrowings, reduced annual costs by around 30% and created a stable platform for growth,” declared Russ Mould, the investment director at AJ Bell.
“Bagir has continued to implement its restructuring programme to create internationally competitive manufacturing bases but delays in Vietnam and Ethiopia have meant it has been unable to clinch some larger volume orders,” he added.
Dead cat bounce for Carillion
Anyone still holding Carillion PLC (LON:CLLN) shares, hoping for a rebound, keep stroking that dead cat …
The shares were off another 15% this morning as the brokers started putting out revised forecasts. Suffice to say, if you are printing out the broker research notes, make sure you have plenty of red ink in your printer.
Liberum Capital Markets slashed its earnings forecast by 27% and said the balance sheet is “a mess”.
The broker reckons the only way out is to issue equity.
Morgan Stanley, having participated in yesterday’s analysts’ conference call with management, said it saw “limited risk” of a breach in banking covenants in the short term.
It has a price target of 260p for Carillion, which currently trades at 99p, though it might be that the broker has not got around to updating its price target given that its rating on the stock is “equal weight”.
“The objective to delever is paramount, in our view, but there is a question over whether this can be achieved organically, as working capital outflows are likely as the construction business unwinds and we see limited trophy assets that can realise value,” the US broker said.
Providing some cheer in a slightly downbeat market was Matomy Media Group Ltd (LON:MTMY) after an upbeat trading statement.
The shares rose 14% to 110p after the media company said the group’s adjusted underlying earnings (EBITDA) in the first half of 2017 were 60% higher than in the same period while revenue was up about 15%.
Both metrics outperformed expectations.
Proactive News Headlines:
Flying Brands Ltd (LON:FBDU) said analysis of two studies for their Stone Checker, kidney stones treatment have reproduced and validated the results from a preliminary study, meaning the next phase of investigation can start ahead of schedule.
Shares in Abzena plc (LON:ABZA) surged on Tuesday Morning after the life sciences group signed an agreement with a Taiwanese biopharmaceutical company worth up to £128mln to license out its ThioBridge technology.
Ebiquity plc (LON:EBQ), the marketing and media analytics consultancy, has launched its Total View Attribution service, which measures how big a bang it gets for its buck (or how big a punch it gets for its pound).
Scancell Holdings Plc (LON:SCLP) has told investors that its SCIB1 skin cancer treatment continues to produce remarkable survival data from the ongoing phase I/II clinical trial. Overall, 18 of the 20 stage III/IV melanoma patients with resected disease (i.e. some or all of the tumour has been surgically removed in the past) remain alive and have lived significantly longer than the ‘established norms’.
OptiBiotix Health plc’s (LON:OPTI) calorie-free sugar substitute, SweetBiotix, has been given the thumbs up from expert taste testers at the University of Reading.
ITM Power plc (LON:ITM) has signed an agreement to provide Honda with hydrogen for its fuel cell powered vehicles in the UK. The contract is priced at 10/kg, in line with other fuel supply deals ITM has signed recently.
BOS GLOBAL Holdings (LON:BOS) has announced the first of its additional strategic new board appointments, naming Adam Webb as a non-executive director with effect from today. The workplace efficiency software developer said Webb is a senior qualified solicitor and corporate financier with an expansive career spanning City lawyers Slaughter and May and mainstream investment banking with Morgan Grenfell, CIBC/Wood Gundy and Société Générale.
Chaarat Gold Holdings Limited (LON:CGH) has granted options to new chief executive Robert Benbow that incentivise him to hit specific construction and production targets. The company also extended a waiver that allows a concert party to purchase its shares without triggering a mandatory offer.
Jangada Mines Plc (LON:JAN) has added US$521mln of in situ value to its Pedra Branca platinum group metals project in Brazil through the addition of significant copper and nickel credits.
Avesoro Resources Inc (LON:ASO) has increased quarterly gold production from its New Liberty gold mine in Liberia and remains on target to produce between 90,000 and 100,000 ounces this year. The all-in sustaining costs should run at between US$925 and US$975 per ounce.