TP ICAP PLC (LON:TCAP) was easier in mid-afternoon trading, losing 0.7% at 536p after Australian broker Macquarie downgraded its rating for the interdealer broker to ‘neutral’ from ‘outperform’ despite raising their estimates and target price, citing valuation grounds and the margin outlook.
In a note to clients, Macquarie’s analysts said: “Although our revenue outlook remains above current consensus on further benefits for US base rate increases, we remain more conservative on the operating margin outlook in the near/medium term vs. what is currently implied in consensus”.
But fellow mid cap financial firm, Man Group PLC (LON:EMG) was a gainer, up 2.8% of 175.6p as French broker Exane BNP Paribas raised the its rating for the hedge fund manager to ‘outperform’ from neutral’ ahead of its third quarter results due this Friday, October 13.
And broker comment also supported Telecom Plus PLC (LON:TEP), ahead 2.5% at 1,147p after RBC Capital upped its stance for the multi-utility services firm to ‘outperform’ from ‘sector perform’.
1.15pm: easyJet PLC flies lower as HSBC trims target
Discount airline easyJet PLC (LON:EZJ) was the biggest FTSE 100 faller in early afternoon trading, shedding 1.9% at 1,239p amid reports that talks about the purchase of up to 30 planes from between the insolvent German carrier Air Berlin are at risk of falling apart.
In addition, global bank HSBC has trimmed its price target for easyJet to 1,500p from 1,550p following last week’s trading update.
Meanwhile, broker comment impacted mid cap metals group Ferrexpo PLC (LON:FXPO), with its shares down 3.4% to 286p after Deutsche Bank downgraded its rating to ‘hold’ from ‘buy’.
But FTSE 250-listed fashion firm Ted Baker PLC (LON:TED) gained 4.7% at 2,848p after Panmure Gordon raised its stance to ‘hold’ from ‘sell’ ahead of the group’s first half results due tomorrow.
12.10pm: XP Power PLC boosted by hike in earnings expectations
XP Power Ltd (LON:XPP) got a boost at lunchtime, taking on 7.7% to 3,090p after the small cap firm raised its annual earnings expectations as it reported robust trading for the third quarter of year.
In a trading update for the quarter ended 30 September, the company - which manufactures power convertors - said its performance for 2017 will be ahead of the previous expectations it outlined in July due to strong order intake and end markets remaining buoyant.
Elsewhere, Xtract Resources PLC (LON:XTR) was up over 15% to 2.75p after the miner revealed the production of first gold from sluice boxes has started at its Manica concession in Mozambique
The AIM-listed firm said contractor Sino Minerals started processing alluvials through their number 1 plant over the weekend. The smelting of first gold is expected to start today or tomorrow.
And ReNeuron Group Plc (LON:RENE) also found gains, adding 9% to 1.8p after it said is to present more pre-clinical data highlighting the potential of its exosome therapy as a cancer treatment.
The firm said data will show a significant reduction in cancer cell proliferation when treated with ExoPr0 and provides important proof-of-concept for applications across a range of cancers.
10.30am: Cap-XX Ltd weak as losses widen
Cap-XX Ltd (LON:CPX) was a big faller by mid-morning, shedding 6.5% to 14.5p after the supercapacitor company revealed a widening in its full year losses on lower revenue after a manufacturing plant was rendered out of action for nearly two months.
For the year ended June 30, the AIM-listed firm saw its pre-tax loss widened to A$1.7mln from A$1.3mln a year earlier, as revenue fell to A$4.1mln from A$5.0mln.
The company said that revenue was down "principally" after a manufacturing plant was out of operation for seven weeks due to a "raw material supply issue” but added that the plant was back in normal operation by the end of the third quarter of the year.
Also among the fallers, Columbus Energy Resources PLC (LON:CERP) shed 9.2% to 5.45p after the firm unveiled a new £4mln equity funding effort which is earmarked for an acceleration of the group’s growth strategy.
The AIM-listed firm has already secured £3mln through a share placing to Schroder Investment Management, with some 60mln new shares being issued at a price of 5p per share.
Petra Diamonds tarnished
Among the small caps, Petra Diamonds Ltd saw its shares lose 4.8% to 79.5p after it warned that the risk of breaching its earnings covenants at the end of 2017 has risen due to the sensitivity to changes in diamond prices, exchange rates and expected production.
The miner, however, said its forecasts indicate that it retains sufficient liquidity from existing cash resources, operating cashflows and existing facilities to meet its liabilities as they fall due under the forecasts and reasonably possible sensitivities.
9.20am: DX Group gets funding boost
DX Group PLC was a strong gainer in early morning trading, jumping 15% higher to 9.1p as the under-pressure courier and logistics company said announced plans to raise £24mln through a loan note issue and said it has appointed Lloyd Dunn as its chief executive officer with immediate effect.
The AIM-listed group also that Ron Series has been appointed as its chairman and Russell Black and Paul Goodson will become non-executive directors of the company. Dunn was formerly CEO of Tuffnells Parcel Express Ltd.
DX said proceeds of the loan issue will be used by the company to address its working capital shortfall and capital expenditure and restructuring costs.
Jersey takes the cream
But DX’s advance was by far eclipsed by fellow AIM player Jersey Oil and Gas PLC (LON:JOG), shares in which surged over 210% higher to 174p after it revealed a new oil discovery in the North Sea, with the side-track to the originally unsuccessful Verbier well hitting hydrocarbons.
The Statoil led exploration venture has proven the oil accumulation in what are described as good quality sands, and the results are now being evaluated alongside 3D seismic data to assess what the find means for the rest of the nearby acreage.
Mid cap hotel group Millennium & Copthorne PLC (LON:MLC) also saw strong demand, gaining over 21% to 552.5p on news it is set to go private after its Singaporean owner offered to buy out the remaining shares it does not own.
City Development (CDL) is offering 552.5p in cash for the shares, a premium of 21% to the close on Friday. Hong Leong Group owns CDL, and already has a 65.2% stake in M&C. Both companies are part of Kwek Leng Beng’s stable of companies.
Proactive news headlines:
Jersey Oil and Gas PLC (LON:JOG) shares jumped almost 300% in Monday’s opening deals after it revealed a new oil discovery in the North Sea, with the side-track to the originally unsuccessful Verbier well hitting hydrocarbons. The Statoil led exploration venture has proven the oil accumulation in what are described as good quality sands, and the results are now being evaluated alongside 3D seismic data to assess what the find means for the rest of the nearby acreage.
Tests have revealed that gold recoveries from the BAM East deposit in Ontario held by Landore Resources Limited (LON:LND) ought to be very high. A combination of gravity and cyanidation recovery methods was used, and was able to extract 99% of the gold contained in the ore.
Columbus Energy Resources PLC (LON:CERP) has unveiled a new £4mln equity funding effort which is earmarked for an acceleration of the group’s growth strategy.
ReNeuron Group Plc (LON:RENE) is to present more pre-clinical data highlighting the potential of its exosome therapy as a cancer treatment. Data will show a significant reduction in cancer cell proliferation when treated with ExoPr0 and provides important proof-of-concept for applications across a range of cancers, said ReNeuron.
Emerging markets fund manager APQ Global Limited (LON:APQ) has strengthened its International Advisory Council (IAC) with the appointment of experts in the Middle East and global currency markets.
Liquid biopsy firm ANGLE PLC (LON:AGL) announced today that one of its customers has successfully grown circulating tumour cells (CTCs) harvested by its Parsortix system. In a separate announcement, ANGLE told investors that it might have found a new use for Parsortix: enabling researchers to examine the effects of different drugs on circulating tumour cells (CTCs).
Union Jack Oil PLC (LON:UJO) has stuck a deal to acquire the onshore UK assets of Nautical Petroleum, a Cairn Energy PLC (LON:CNE) subsidiary. It delivers stakes in a number of onshore oil projects – including 10% of the Keddington oil field, 10% of the Louth prospect, 16.67% of the Kirklington oil project and 16.67% of the historic Dukes Wood oilfield. All the assets are operated by UJO partner Egdon Energy Ltd (LON:EDR).
Tidal power specialist Atlantis Resources Ltd (LON:ARL) has moved a step closer to securing a firm order for its turbines in Indonesia, with its customer, SBS Energi Kelautan, deciding to proceed with investment on Phase 1 of the Nautilus tidal stream project in Indonesia.
Bezant Resources plc (LON:BZT) has commenced extraction and processing of the higher-grade virgin gravels from the within the deeper levels of the open pit at its Choco platinum-gold project in Colombia.
Tlou Energy Limited (LON:TLOU) told investors it has kicked off a new 250 square kilometres seismic survey in Botswana, spanning its flagship Lesedi coal bed methane project and the adjacent Mamba area. The programme is aimed at areas that are believed to be highly prospective for additional gas reserves, and the objective is to deliver greater resources for both project areas.
Base Resources Limited (LON:BSE) has continued to mine successfully at the Kwale mineral sands project such that reserves at the Central Dune were depleted by 11.2 mln tonnes of ore containing 790,000 tonnes of heavy mineral, while resources were reduced by 12.8 mln tonnes containing 870,000 tonnes of heavy mineral.
KEFI Minerals plc (LON:KEFI) is now pulling together project finance for the Tulu Kapi gold project in Ethiopia, according to Harry Anagnostaras-Adams, the company’s executive chairman. "It has been an exceptionally busy quarter,” he says.
Cora Gold Limited (LON:CORA) listed on Aim today, following a £3.45 mln fundraising exercise. The company is just over 33%-owned by Hummingbird Resources PLC (LON:HUM), and aims to develop a gold project in Mali.
Scotgold Resources Limited (LON:SGZ) has announced the appointment of Richard Barker as a director of the company effective immediately. The group said Barker is a corporate advisor with extensive experience within Australia and the UK in the oil and gas and mining sectors.
Frontier IP (LON:FIPP) announced that its portfolio company Exscientia Limited was the winner of the Best Emerging Biotech Company Award at the OBN Annual Awards ceremony, celebrating outstanding achievement in the UK life sciences sector, held in Oxford on October 5 2017.