Market ReportMarket Movers

IG Group: up the polls!

Companies featured: HaloSource, Ascent Resources, Inspirit Energy, Clear Leisure, Safestyle, Nyota MInerals, IG Group, Polemos, Ortac Resources

Polling station
Trading on IG's platform was boosted by a number of plebiscites

It was worth taking a punt on the shares of spread betting outfit IG Group Holdings PLC (LON:IGG) after its full-year results.

The stock rose steadily throughout the day and was up 16% at 644.5p near the close.

READ IG Group's full year profit rises despite strict regulation and low volatility in financial markets

The rest of the world may be suffering from election fatigue but IG can’t get enough of them, as they give a handy boost to trading levels.

Investment company Polemos PLC (LON:PLMO) shed 19% at 0.023p after it placed shares this afternoon at 0.225p a pop, raising £500,000.

Directors put their hands in their pockets to buy shares and provide the company with some funds to boost working capital and provide some firepower for the investment policy.

Ortac Resources Ltd (LON:OTC) found the market hard to please. It has restarted mining activities in Slovakia after a small-scale underground mining permit was re-issued last month, and has now fulfilled the conditions required by the authorities in order for it to preserve the company’s right to exploit the Šturec ore deposit located in the Kremnica Mining License Area for a minimum period of three years.

The market’s reaction was perverse; the shares shed 15%.

Clear Leisure denies bid approach has been made

If a takeover approach has been made to Clear Leisure PLC (LON:CLP) then that’s news to the directors.

The board confirmed it is not in any discussions regarding a possible takeover.

The announcement lopped 12% off the share price at 1.125p.

The shares have been on the volatile side over the last month, rising from 0.65p in the middle of June to 1.53p towards the end of it, and bobbing around in July between 1.25p and 1.43p.

If the directors were in the dark about any takeover approach, they did profess to be aware of attempts by certain shareholders to block the special resolution at the forthcoming annual general meeting to allow the company to issue a set number of shares during the year to support possible future funding requirements.

The company raised £150,000 yesterday by placing 13mln shares at 1.15p a pop, but clearly wants the leeway to issue more shares if needed.

It’s an investment company, so an urge to raise funds should not come as a surprise.

The directors said its current investments currently do not generate sufficient income to support the company and should it not be able to issue shares to raise cash, it would have to take on more debt, which, it observed, might not be in the best interests of shareholders.

Gaining market share in a falling market is not enough to prevent a profit warning for Safestyle

Safestyle UK PLC (LON:SFE) is a retailer and manufacturer of PVCu replacement windows and doors.

It’s not a glamorous sector at the best of times, and industry data suggests that since the end of May there has been a volume decline of more than 10%.

The good news is that Safestyle has significantly outperformed the market and gained market share, but a falling market is a falling market and the company is now expecting only a modest year-on-year improvement in revenues, which will lead to profits being lower than expected.

So, after all that, it’s a profit warning. The shares fell 11%.

Nomadic existence issue for Nyota Minerals

Yesterday, we featured in the Market Movers KEFI Minerals, the owner of the Tulu Kapi gold asset in Ethiopia, and mentioned in passing the asset was owned for a looooooooong time by Nyota Minerals Limited (LON:NYO).

Today, we feature Nyota as one of the big fallers – down 5.3% - on the resignation of its nominated adviser (Nomad).

Beaumont Cornish Limited will give up the gig on 17 August, or possibly before, which has set the clock ticking on the search for a replacement.

Aim rules stipulate that trading in the shares of a company that does not have a Nomad must be suspended.

Investors fill their boots with Halosource

Halosource Inc (LON:HALO) shares shot up 64% this morning on news of a supply agreement.

The clean water technology company was in danger of going under last month before it raised funds, but things have been looking up of late.

Today’s news concerned a three-year supply agreement with its manufacturing partner Chematek SpA for production of the company's new lead reduction media.

That’s “lead” as in Zeppelin (the band was originally called Lead Zeppelin but changed the spelling to ensure the correct pronunciation of the name of a band that The Who’s drummer Keith Moon said would “go down like a lead zeppelin”), not “lead” as in “lead from the front”.

Halosource said this media is expected to be the class-leading product for reduction of lead in drinking water for gravity-cartridge applications.

It’s about 2,000 years too late for the inhabitants of Ancient Rome but welcome news for the rest of us.

Here Inspirit and in body

I have no trivia-based factoids to impart on the origins of the name Inspirit Energy Holdings PLC (LON:INSP), the maker of micro combined heat and power (microCHP) boilers, which saw its shares rise 10% to 0.115p in early deals.

Improvements in the design of its microCHP boiler have resulted in a peak electrical output in excess of 3.2 kilowatts (kW) of electricity against the unit's benchmark output of 3.0kW, while maintaining the same fuel input and heat output.

Ascent ready for take-off

Ascent Resources Plc (LON:AST) was living up to its name this morning, rising 11% to 1.78p, and making good all of yesterday’s losses, when it fell from 1.7p to 1.6p.

Yesterday’s fall was down to the issue of equity as a result of conversion of loan notes, whereas today’s rise was occasioned by an operational update from the Petisovci gas field.

READ Ascent Resources shares rise as investors look forward to start of gas production

Proactive News Headlines:

Organic growth, a currency boost and full contribution from recent acquisition Link Healthcare helped Clinigen Group PLC (LON:CLIN) increase gross profits rose by 22% in the year to June. Shaun Chilton, Clinigen’s chief executive said it had been an excellent year for all three of its divisions, clinical trial services, unlicensed medicines and commercial medicines.

Allergy Therapeutics plc (LON:AGY) will report sales well ahead of market forecasts after strong organic growth combined with a hefty currency boost.  Revenues for the year to June will be £64.1mln (2016:£48.5mln), comprising 15% annual growth stripping out the foreign exchange effect and 32% on an actual basis. BP in January.

Cello Group plc (LON:CLL) has bolted-on pharmaceutical product consultancy Advantage Healthcare to its US operation. Founded 20 years ago, Advantage specialises in critical analysis and insights on new drug products.

dotdigital Group PLC (LON:DOTD) has reported strong growth in full-year revenues and says it expects its underlying earnings (EBITDA) to be in line with expectations. In a pre-close season trading update ahead of full-year results, the email and marketing software-as-a-service (SaaS) group said its overall revenues have grown by 19% organically to approximately £32.0mln, up from  £26.9mln a year earlier.

Alliance Pharma plc (LON:APH) has said its overall trading in the first half has been in line with the board's expectations, with sales over the period showing a solid increase.

Kin Group Plc (LON:KIN) has requested the suspension of trading in its shares on AIM from today as it continues discussions to raise additional funding after Belastock Capital LP said it will not now proceed with the release of three further tranches of its Convertible Loan Note financing.

Motif Bio Plc (LON:MTFB) has amended the terms of its consultancy agreement with Amphion Innovations Plc's (LON:AMP) Robert Bertoldi, increasing his fee from US$75k to US$125k p.a. to better reflect his time commitment to Motif.

Harry Potter publisher Bloomsbury Publishing PLC (LON:BMY) saw revenues rise 13% year-on-year on a constant currency basis in the first quarter of its financial year. It expects trading for the full-year will be in line with expectations.

Midatech Pharma Plc (LON:MTPH) told investors to expect a 37% increase in first half gross revenue as its US business continued to grow strongly. In an update ahead of interim results, the company said total gross revenue of £5.2mln is anticipated when it reports on the six months ended June 30, that compares to £3.8mln in the comparative period of 2016.

As 88 Energy Ltd’s (LON:88E) Icewine-2 well programme is undergoing a six-week hiatus the explorer is now undertaking an analysis to determine what the findings to date mean for the chance of success in the HRZ shale play.

Africa-focused DekelOil Public Limited (LON:DKL) told investors it has seen a 22.1% increase in product sales, with the palm oil producer bringing in €18.8mln in the first six months of 2017. In a production update, coming ahead of interim results, the company said that the increase in sales income was primarily due to better global crude palm oil prices as well as its own improved storage capacity which in turn helped improve local pricing terms.

Ortac Resources Ltd (LON:OTC) told investors it has restarted mining activities in Slovakia after a small-scale underground mining permit was re-issued last month. Now that mining is underway, the company said it has fulfilled the conditions required by the authorities in order for it to preserve the company’s right to exploit the Šturec ore deposit located in the Kremnica Mining License Area for a minimum period of three years.

Petropavlovsk PLC (LON:POG) has announced the resignation of founder and chief executive Pavel Maslovskiy. It follows the recent ousting of chairman Peter Hambro at the company's AGM. The company also announced a half-year production increase.

Hummingbird Resources PLC (LON:HUM) remains on track to pour first gold from the Yanfolila gold project in Mali by the end of this year. Construction is now more than 50% complete. BP in April.

Horizonte Minerals Plc (LON:HZM) has submitted environmental plans for its Araguaia nickel project in Brazil.

ECR Minerals PLC (LON:ECR) has acquired new exploration ground in Victoria. The company has also completed 592 metres of RC drilling at its Bailieston project and is now awaiting results.

Premier African Minerals Limited (LON:PREM) has increased its stake in privately-held Circum Minerals, the owner of a sizeable African potash project. The consideration is to be paid in PREM shares, issued at 0.4p. Simultaneously, PREM has also uncovered six new pegmatites at its Zulu lithium project worthy of further exploration.

Abzena plc (LON:ABZA) has signed a licence agreement with Telix Pharmaceuticals Limited, granting it an exclusive worldwide, royalty bearing, sub-licensable licence to the AIM-listed firm’s prostate-specific membrane antigen ('PSMA) antibodies in the field of radio-immunoconjugation. The agreement has the potential, subject to successful development, to deliver in excess of US$65mln in licence fees and milestone payments to Abzena.

IXICO Plc (LON:IXI) is today holding an Expert Symposium on the impact and future of imaging and digital biomarkers in Alzheimer's disease.  The digital technologies company serving neuroscience said the symposium is set to coincide with the Alzheimer's Association International Conference (AAIC) in London.

Action Hotels PLC (LON:AHCG) has said Andrew Lindley, who was appointed finance director of the operator of branded three and four-star hotels in the Middle East and Australia on June 1, has been appointed to the group’s board with immediate effect.

Base Resources Limited (LON:BSE) said it has repaid in full the US$20mln unsecured debt facility provided by one of its major shareholders, Taurus Funds Management with a final payment of US$11.8mln. The group noted that the  repayment of the Taurus Facility continues the rapid debt reduction achieved on the back of the strong operational performance of the Kwale Mineral Sands Operations. 

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