This morning's trading update from recruitment firm Robert Walters PLC (LON:RWA) was just the job for the share price.
The shares were up 7.4% at 591.5p in afternoon trading after a short and sweet trading statement that said profit for 2017 is expected to be materially ahead of current market expectations.
The first two months of the final quarter of the year have seen strong trading across all divisions.
“Although further details are due to follow with the FY17 trading update on 9 January we take the opportunity to increase our FY17 PBT [profit before tax] estimate by 10% at this stage,” said Liberum Capital Markets.
“Given the momentum building in the business we also take the opportunity to increase our estimates in later years, increasing our FY18 forecast by 8%. This strong earnings momentum reflects a number of structural opportunities across a number of its key regions, which when combined with its attractive outsourcing business leaves it better placed than many of its peers, in our view,” the broker added.
Liberum reiterated its 'buy' recommendation and bumped up its target price to 650p from 595p.
Ambrian PLC hit by cash-flow crisis
Ambrian PLC (LON:AMBR) shares were wearing cement shoes today, topping the market’s casualty list.
The shares plunged more than 31% after the Africa-focused cement firm and metals trader flagged up short-term liquidity issues due to difficulties in moving cash resources.
The group added that general economic conditions in Mozambique have been "very challenging" over the last twelve months, however, it said the construction sector has seen improvement, and the fourth quarter of 2017 has been very strong so far.
READ Ambrian shares plung e as it warns of short-term liquidity issues due to difficulties in moving cash resources
Ambrian forecasts 25% sales growth in 2017 for Mozambique operations https://t.co/tfMesLQq9B #cement
— Global Cement (@GlobalCement) December 12, 2017
The board is closely monitoring the company's cash position and anticipates that short-term, external financing will be required in order to ensure the company can continue to meet its obligations as they fall due.
W Resources surges on funding deal for La Parilla
W Resources PLC (LON:WRES) has received preliminary approval for a US$30mln term loan with a US special situations fund.
The funds will finance the La Parrilla tungsten/tin mine in Spain.
The fund’s investment committee has agreed the term loan with financial close targeted for late December 2017 or January 2018.
#WRES Significant RNS from W Resources this morning. Rec'd preliminary approval of funding for their Tungsten Tin mine in Spain, $30million. After several years, company now approaching an inflection point in Q1/H1 2018. SP +18% today. https://t.co/T5VoP6yDIn
— Tony Watson (@tonywatsonm) December 12, 2017
Shares in W shot up 15% to 0.375p on the news.
Meanwhile, letters of intent with two leading Tungsten customers have been signed and final off-take contract documentation is under-way.
Kantar Worldpanel data paints bleak picture for Sainsbury's and Morrisons
Supermarket chains J Sainsbury plc (LON:SBRY) and Wm Morrison Supermarkets PLC (LON:MRW) were in the doghouse after the release of inflation data.
Grocery inflation hit its highest level since 2013 in the 12 weeks to 3 December, according to market research group Kantar Worldpanel.
Price rises in products such as butter, fish and fresh pork drove the increase.
Overall supermarket sales increased in value by 3.1% year-on-year during the period.
Coincidentally, the headline consumer price index (CPI), which includes food and energy, was up 3.1% year-on-year in November.
“Inflation continues to weigh on households as wages have not kept up with the recent rise, whilst savers have continued to suffer with low interest rates. Looking on the positive side the inflationary bump should start to work its way out of the figures and inflation looks close to its peak,” suggested Adrian Lowcock, investment director at fund management group Architas.
“Savers should, however, not expect inflation to collapse and need to continue to make sure they are on the best rates available to them or consider alternatives such as investments to try and generate a real inflation-beating return,” he added.
Kantar's data showed Tesco PLC (LON:TSCO) performed best of the big four supermarkets in the three months to the end of November.
Its sales rose 2.5%, whereas Sainsbury's and Morrisons clocked up rises of 2% and 1.4%, respectively – but at least they beat Asda, which was sales rise 1.2%.
ValiRx's impressive run continues
The share price of ValiRx Plc (LON:VAL) has doubled in the last five days, with the shares up another 41% today.
ValiRx said today its VAL401 anti-cancer compound had a “statistically significant” improvement in overall survival for patients with non-small cell lung cancer.
READ ValiRx surges once again as top-line data from phase II lung cancer trial impresses
“I am delighted to confirm that our patients benefited in overall survival, with the other measures of disease impact still to be analysed and presented,” said Suzy Dilly, the chief executive of ValiSeek, the joint venture company that has developed VAL401 through the clinic.
Proactive news headlines:
ValiRx Plc (LON:VAL) shares surged on Tuesday after the biotech said its VAL401 drug had a “statistically significant” improvement in overall survival for patients with non-small cell lung cancer compared to those receiving no treatment.
Life sciences group Abzena plc (LON:ABZA) is starting to realise the benefits of its investment programme, with average bookings in the months since September more than 30% higher than in preceding six months.
The draft report from the scientific inquiry into fracking in Australia’s Northern Territory is in – and on first reading it looks like good news for Falcon Oil & Gas Ltd (LON:FOG, CVE: FO). Falcon is sitting on a major shale discovery in the Beetaloo basin, within the NT, though its recent progress has been halted by a moratorium on fracking. Big Pic in February.
Hurricane Energy PLC (LON:HUR) has followed up yesterday’s massive resource upgrade with an operations update confirming that it remains on-track for first production from the Lancaster oil field during the first half of 2019.
Rainbow Rare Earths Ltd. (LON:RBW), , the high grade rare earth producer, today announces a proposed share placing by way of an accelerated bookbuild to raise between £2.6mln and £2.8mln before expenses at a price of not less than 14p per share. The AIM listed firm said the placing will allow it to bring forward its growth plans at its producing Gakara Rare Earth Project in Burundi, including an exploration campaign and the expansion of the mining fleet.
Life sciences group OptiBiotix Health plc (LON:OPTI) has signed a manufacturing and supply agreement with US-based speciality ingredients manufacturer Cereal Ingredients Inc. The deal grants CII a licence to manufacture and supply Opti’s SlimBiome appetite suppressant in its range of cereal and protein-based particulates in the USA.
Allergy vaccine maker Allergy Therapeutics plc (LON:AGY) has teamed up with fellow AIM company Ergomed Plc (LON:ERGO) to progress the clinical development of three of its OralVac immunotherapy products. Under the terms of the co-development collaboration agreement, Ergomed will take the treatments for dust mite, tree pollen and grass pollen allergies through the clinic.
PCG Entertainment Plc (LON:PCGE) continues to examine potential additional deals across geographies and sectors. The , the Asia-Pacific online gaming and media company posted a slightly reduced half-year loss of US$588,332.
NetScientific PLC (LON:NSCI) has announced the issue by the US Patent and Trademark Office of two new patents exclusively licensed to its portfolio company, Wanda. The transatlantic healthcare IP commercialisation group said the patents will significantly extend protection for the core technology used in Wanda's software application for remote health and patient management.
Belvoir Lettings PLC (LON:BLV) said Brook Financial Services has reported £570,000 of net written business in the two months since its acquisition, which is up 57% on October and November 2016. In a statement, Belvoir - the UK's largest property franchise group – said Brook’s net written business is also running at over 40% ahead of the average business achieved in the first seven months of 2017, prior to being acquired by the group.
Sunrise Resources Plc (LON:SRES) has revealed that Canadian firm VR Resources Ltd. (TSX.V:VRR), in which has a stake, has announced the discovery of high grade, polymetallic copper-silver-gold sulphide mineralization at its Junction property in north-central Nevada.
Premier African Minerals Limited's (LON:PREM) chief executive George Roach has described as 'spectacular; results from the latest drill hole at its Zulu lithium deposit in Zimbabwe. Elsewhere, Roach said Premier also does not expect to have provide any more significant finance for the RHA tungsten mine, also in Zimbabwe other than a short-term bridge loan while it waits for shipment payments.
Ferrum Crescent PLC (LON:FCR) is hoping to add silver as an additional metal at its Toral lead and zinc project in Spain. Myles Campion, executive director, said identifying a potential silver credit was very exciting but would require verification to be included under Australian standard JORC guidelines.
Berkeley Energia PLC (LON:BKY) is awarding major contracts and filling key management positions for construction of the Salamanca mine, commencing in the New Year.
W Resources PLC (LON:WRES) has received preliminary approval for a US$30mln term loan with a US special situations fund to fund the La Parrilla tungsten/tin mine in Spain. The fund’s investment committee has agreed the term loan with financial close targeted for late December 2017 or January 2018.
Tlou Energy Limited (LON:TLOU) has confirmed that its listing on the Botswana Stock Exchange has been approved, and it has also now issued £2.4mln worth of new shares to investment funds managed by a Botswana based asset manager. Tlou’s equity will be tradable on the BSE from Wednesday onwards.
European Wealth Group Ltd. (LON:EWG) has confirmed that it has put the facilities agreement entered into by the company and Kingswood on 7 November 2017 in connection with the financing of the proposed acquisition of the Newbridge broker dealer platform in the US into a syndicated format. The group said the syndicated format will enable other parties approved by Kingswood to participate in due course as syndicated lenders, including those larger shareholders of the company who have already confirmed an interest in so participating.
CentralNic Group PLC (LON:CNIC), the global software platform company supporting subscription web services including domain names, has announced the appointment of Nplus1 Singer Advisory LLP as its joint broker with immediate effect.
Up 60% in the year to date and 140% over the past 12 months, it would be easy to assume shares in the electronics component business discoverIE Group PLC (LON:DSCV) are up with events. But, according to analysts at Berenberg, there is still plenty left on the table for investors new to the story. Why? Well, the number crunchers at the German investment bank believe the shares, currently changing hands for 363p, are worth 460p.