Primorus Investments OLC (LON:PRIM) shares jumped 13.3% to 0.17p in late afternoon trading as the company said it plans to exit some of its investment positions this year so it can create “tangible value” for its shareholders.
Among a swathe of other investments, Primorus has a 5% stake in Horse Hill Developments, which itself has a 65% interest in the ‘Gatwick Gusher’ oil project.
It also has stakes in recruitment software specialist Engage Technology and Aussie restaurant and food services group Fresho, as well as a handful of others.
Glencore PLC (LON:GLEN) shares dropped 6.5% to 371.5p after Bloomberg reported that the mining giant may face an investigation by the Serious Fraud Office into bribery allegations.
The allegations relate to Glencore and its work with Israeli billionaire Dan Gertler and the leader of Democratic Republic of Congo.
Sources told Bloomberg that investigators at the SFO plan to seek formal approval for a full probe into Glencore’s dealings in Congo.
And Union Jack Oil PLC (LON:UJO) shares increased 8.8% to 0.12p as executive chairman David Bramhill said he’s delighted with the government’s statement which yesterday gave “wholehearted support” to the UK's onshore shale gas industry.
Bramhill was reacting to a written ministerial statement from the Department of Business, Energy and Industrial Strategy and the Department for Housing, Communities and Local Government.
Only this week, Union Jack increased its stake holdings in an early stage UK shale project, and, it has separately built a portfolio of conventional oil and gas interests onshore UK.
1.20pm: SSP Group shares rise as Citi upgrades it to ‘buy’
SSP Group PLC (LON:SSPG) shares rose 0.9% to 633.8p in lunchtime trading as Citigroup upgraded its recommendation to ‘buy’ and increased its price target to 720p from 685p.
In a note to clients, analysts at Citi said: “SSP’s first half results re-confirmed the group’s strong track record of delivering results ahead of expectations.”
Meanwhile Hikma Pharmaceutical Plc (LON:HIK) shares added 0.2% to 1.403.0p as Numis Securities tincreased its price target to 1,560p from 1,300p, but trimmed its rating to ‘add’ from ‘buy’ on valuation grounds following an as expected trading update.
Numis’ analysts said the target hike reflected reflected a general improving backdrop in the group’s key markets of the Middle East and North Africa (MENA), a general improvement in sentiment for generics, and continued diversification of Injectables.
However, Thomas Cook Group PLC (LON:TCG) shares fell 2.9% to 135p as the same broker also downgraded the travel group to ‘add’ from ‘buy’ as a recent strong performance by the shares left it within striking distance of the broker's target price.
Following interim results yesterday, when Thomas Cook saw its pre-tax losses reduce by £20mln and bookings for its summer period already 59% filled, analysts at Numis said “TCG's material improvement in its NPS over the last three years (+9 ppts) has yet to be fully reflected in customer demand, given the duration of the holiday booking cycle.”
11.00am: Andrews Sykes weak as annual profit falls
Andrews Sykes Group PLC (LON:ASY) shares fell 5.5% to 507.5p in late morning trading after the air conditioning, pumps, and heating hire specialist reported a drop in annual profit, though revenue grew.
The AIM-listed company said its pre-tax profit for the 12 months ended 31 December 2017 fell to £17.3mln from £17.5mln a year ago due to the £1.8mln increase in operating profit. Andrews Sykes revenue grew 9% to £71mln from £65mln a year ago.
Meanwhile Ophir Energy Plc (LON:OPHR) shares dropped 3.5% to 63.5p after it revealed that chief executive Nick Cooper is stepping down.
Cooper has stepped down from the board with immediate effect though will remain an employee of the company during a short handover period.
And Vodafone Group PLC (LON:VOD) shares slipped 1.3% to 193.4p. as Citi downgraded the company to ‘neutral’, saying the deal to buy continental European assets from Liberty Global is highly likely to receive the go-ahead from regulators but that could be a long way off.
The broker said: “We believe deal clearance is highly likely but the market will likely wait to see the remedies that may be required before it credits Vodafone for the full synergy potential.”
9.15am: Dixons Carphone Plc shares jump as RBC increases its price target
Dixons Carphone Plc (LON:DC.) shares gained 0.4% in early morning trading as RBC Capital Markets raised its price target for the FTSE 250-listed electricals retailer to 250p from 230p and reiterated an ‘outperform’ rating.
In a note to clients, RBC's analysts said: “We reiterate our positive view on Dixons Carphone as we think under new management it should benefit from its dominant position in UK and Nordic electrical markets, and from changes in the competitive environment.”
Meanwhile Echo Energy Plc (LON:ECHO) shares rose 17.2% to 15.65p as the company announced a gas discovery in the ELM-1004 exploration well, at the Fracción C asset, onshore Argentina.
As the first well in a four well programme, it marks a successful start to Echo’s exploration campaign.
And Mkango Resources Ltd (LON:MKA) shares added 5.9% to 8.8p as the firm signed off its agreement with trading group Noble to develop the Songwe Hill licence in Malawi.
Talaxis, a subsidiary of Noble, will acquire up 75% of Lancaster Exploration, which holds the licence, and up to 49% of Maginito, a downstream rare earths business.
Proactive news headlines:
Echo Energy Plc (LON:ECHO) has announced a gas discovery in the ELM-1004 exploration well, at the Fracción C asset, onshore Argentina. As the first well in a four well programme, it marks a successful start to Echo’s exploration campaign.
Scotgold Resources Limited (LON:SGZ) said it has secured the final tranche of funding for the construction of the Cononish gold mine.
Rare earths group Mkango Resources Ltd (LON:MKA) has signed off its agreement with trading group Noble to develop the Songwe Hill licence in Malawi. Talaxis, a subsidiary of Noble, will acquire up 75% of Lancaster Exploration, which holds the licence, and up to 49% of Maginito, a downstream rare earths business.
SDX Energy Inc (LON:SDX, CVE:SDX) has revealed better than expected gas flow rates from the latest gas discovery well at the South Disouq project, onshore Egypt. The Ibn Yunus 1X well had encountered just over 100 feet of net natural gas pay in the Abu Madi formation, and, in flow testing it yielded a stabilised rate of 39.3 mln cubic feet. Big Pic in November.
Finance provider S & U Plc (LON:SUS) said loan applications at its motor finance business, Advantage Finance, have reached record levels.
Union Jack Oil PLC (LON:UJO) executive chairman David Bramhill said he’s delighted with the government’s statement which yesterday gave “wholehearted support” to the UK's onshore shale gas industry.
Live Company Group Plc (LON:LVCG) said its BRICKLIVE Kids Café will launch next month at the Dongdaemun Design Plaza in Seoul, South Korea.
OptiBiotix Health plc (LON:OPTI) has announced that its weight management ingredient SlimBiome has won the award for Weight Management Ingredient of the Year at the Vitafoods European tradeshow in Geneva.
Arc Minerals Ltd (LON:ARCM) said it has been notified that its executive chairman, Nick von Schirnding, purchased 471,075 shares in the company yesterday at a price of 2.73p each. Following the transaction, the group added, von Schirnding holds a beneficial interest in 7,631,075 ordinary shares representing approximately 1.42% of the company's issued share capital.
Greencoat UK Wind PLC (LON:UKW) said today that the share placing it announced on 8 May 2018 raised gross proceeds of £118.8mln. The group added that net proceeds will be used to complete the purchase of UKW's further shareholding in the Clyde wind farms on 30 May 2018.
PowerHouse Energy Group PLC (LON:PHE) announced an equity issue of 17,894,737 ordinary shares to service providers for the settlement of fees. Of the total shares, 7,894,737 are being issued at 0.76p each and 10,000,000 at 0.5p per share in accordance with the terms of the relevant service agreements.
Thor Mining PLC (LON:THR) (ASX:THR) today posted a notice of a general meeting to be held at 9am on 7 June 2018 at the offices of Grant Thornton UK, 30 Finsbury Square, London EC2P 2YU.