Goldstone Resources Limited (LON:GRL) shares surged 13.1% to 2.1p in late-afternoon trading after it confirmed high-grade gold intersections at its Akrokeri gold mine in Ghana.
The AIM-listed miner said a re-logging of the diamond core confirmed mineralised intercepts of up to 1.0 metre at 51.01 grammes per tonne gold.
The Akrokeri mine previously produced 75,000 ounces gold at a recovered average grade of 0.73 ounces per tonne, equivalent to 24 grammes per tonne between 1904 and 1909.
A defined work programme is being finalised, with GoldStone hoping to re-open the mine and become a gold producer there within two years.
Elsewhere, shares in FTSE 250 holiday group On The Beach PLC (LON:OTB) jumped 4.9% to 507p as City broker Numis upgraded the stock to ‘buy’ from ‘add’ and left its price target unchanged at 663p.
In a note to clients, analysts at Numis said although On The Beach shares have fallen by 25% since its interim results in May, they view this as an overreaction to the marginal earnings downgrade.
In the fallers, OnTheMarket PLC (LON:OTMP) dropped 0.9% to 160.5 after it reported maiden full-year results showing deeper losses due to higher costs and a fall in revenue, as it highlighted a sharp rise in visits to its site in the current year.
For the year ended January 31, the AIM-listed online property portal saw its pre-tax loss widen to £12.1mln, up from a £2.5mln loss in the previous year, while revenue fell to £16.0mln from £17.8mln.
1.00pm: Tiziana Life Sciences slides as annual loss worsens
The AIM-listed drug developer reported a pre-tax loss of £8.3mln for the year, wider than the £7.3mln loss the year prior, after research and development costs rose to £4.7mln from £3mln previously.
This was marginally offset by a fall in operating expenses to £3.6mln from £4.3mln in 2016.
The AIM-listed firm said for the year ended 31 March 2018, its revenues increased 11% to £9.2mln from £8.3mln a year ago, boosted by growth in the company’s key markets of government, defence contractors and large corporate enterprises.
The Medicines and Healthcare products Regulatory Agency (MHRA) and the Commission on Human Medicines (CHM) have given market authorisation to Diclectin, for women suffering nausea and vomiting during pregnancy.
Developed by Duchesnay Inc, Alliance acquired the UK rights to the product in 2015.
11.00am: Inspiration Healthcare soars on news of NeuroproteXeon IPO
AIM-listed medical device company Inspiration Healthcare Group PLC (LON:IHC) soared 16.5% to 74p in late-morning trading after news that NeuroproteXeon Limited (NPXe), a company in which it holds a 10% stake, was seeking an initial public offering (IPO) on AIM in the second half of 2018.
The group said NPXe would use the net proceeds from the capital raise to complete a Phase III trial for XENEX, in conjunction with targeted temperature management, to improve survival and functional capabilities of patients with Post-Cardiac Arrest Syndrome.
In a statement issued ahead of its annual general meeting (AGM), the company said last year’s positive momentum has continued this year with the company signing new business that is underpinning performance expectations for the full-year.
“Full year revenue visibility for 2018 from contracted business and recurring revenue streams is now up 34% at US$23.5mln, compared to US$17.5mln at this time last year - an all-time high for our mid-year AGM report,” the company was set to tell shareholders at the AGM.
Despite stating Ryanair is “among the very best airlines in the sector”, analyst James Hollins said he had concerns over costs in the nearer-term, while the recent rally meant there was limited upside to Exane BNP Paribas’ €17 price target.
“Our earnings estimates have reduced materially (FY19 -15%, FY20 -22%) to reflect both higher fuel and additional costs associated with making the business more resilient,” read the research note.
“Despite robust FCF (free cash flow) supporting buybacks in our estimates, we no longer see compelling value in [the] stock.”
9.30am: Zinc Media shares leap on news of US representation deal and TV commissions
The AIM-listed media group said it had signed the representation deal with ICM Partners, one of the world’s largest talent and literary agencies, in an effort to expand its presence in the US market and would work with ICM to secure commissions for its brands in the United States.
The firm added that its TV subsidiaries, Tern Television Productions Limited and Reef Television Limited have been awarded two new significant TV commissions.
In the FTSE 250, shares in Auto Trader Group PLC (LON:AUTO) rose 6.7% to 377.9p after a strong set of full-year results.
The company, which specialises in advertising second-hand cars, reported that pre-tax profits had risen 10% to £210mln in its full-year results, with revenues rising 7% to £330.1mln.
The group also upped its final dividend to 4p from 3.5p the previous year, with a total dividend of the year of 5.9p, up from 5.2p last year.
Meanwhile, OptiBiotix (LON:OPTI) shares were lifted 1.4% to 71.5p after a dietary supplement containing its cholesterol and blood pressure-reducing LPLDL strain launched in the US.
Seed Health struck a deal with AIM-quoted Opti to produce, market and commercialise products containing the LPLDL strain in May.
In the fallers, Daily Mail & General Trust PLC (LON:DMGT) shares dropped 2.4% to 672.5p following the decision by Daily Mail editor Paul Dacre, to step back from the role.
The media group said Dacre had been appointed chairman and editor-in-chief of Associated Newspapers with effect from 1 October, but would not be involved in day-to-day editorial responsibilities.
Other Proactive news headlines:
Sound Energy PLC (LON:SOU) has taken a material step towards production from the Tendrara project, with the award of a front end engineering design contract. A consortium – comprising Enagas, Elecnor and Fomento – has signed heads of terms for the design, conditional construction and financing for the infrastructure that will be needed (including pipelines) for the commercialisation of Sound’s gas discoveries in Eastern Morocco.
Specialty group Alliance Pharma PLC (LON:APH) has received a boost with the news that an important drug in its portfolio has received UK regulatory sign-off. The Medicines and Healthcare products Regulatory Agency (MHRA) and the Commission on Human Medicines (CHM) have given market authorisation to Diclectin, for women suffering nausea and vomiting during pregnancy.
VR Education PLC (LON:VRE) is to launch an upgraded version of its Titanic experience in August, slightly later than it originally scheduled. Dave Whelan, chief executive, said the additional time would allow it to finesse some of the final details to turn Titanic VR from “a great experience to an exceptional one."
The proposed acquisition of Newridge Corporation by European Wealth Group PLC (LON:EWG) has been called off by mutual consent.
G3 Exploration Ltd (LON:G3E) chairman Randeep Grewal told investors that the company is now working closely with partners to rapidly advance producing wells, focusing on monetising natural gas sales. The company, which has gone through significant change, today reports financial results for the 12-months ended December 31.
From a standing start, appScatter Group PLC (LON:APPS) rustled up revenue of £1.9mln in 2017 after its app distribution platform went live in November.
i3 Energy PLC (LON:I3E) has announced that on 5 June 2018, in relation to the Loan Note Agreement as announced on 6 February 2018, it received notice of exercise from James Caird Asset Management (JCAM) to convert part of the loan with an aggregate par value of US$1mln into shares. Following this conversion, the value outstanding on the loan will be zero and the firm has today allotted 1,851,852 ordinary shares to JCAM.