Alexander Mining (LON:AXM) shares rose 6% to 0.13p as its subsidiary MetaLeach Limited has been granted a patent in Chile for a method for ammoniacal leaching.
The AIM-listed firm the patent forms part of its ammoniacal leaching technologies and has a standard term of 20 years.
Martin Rosser, Chief Executive Officer, said: "We believe that there are significant opportunities in the country where AmmLeach has major benefits compared to conventional acid leaching methods."
Meanwhile, Hastings Insurance Group PLC (LON:HSTG) shares dropped 6.4% to 236.00p as JP Morgan Cazenove downgraded company to ‘neutral’ from ‘overweight’.
The broker said the UK motor market continues to see pressure on pricing, which JPM believes is driven by regulatory reform, improvements in accident frequency trends and increased competitive activity.
JPM said the insurer was one of the first to react to the new environment by slowing its growth in the fourth quarter of 2017 and with average premiums looking set to decline year-on-year it has further reduced its top-line estimates.
And shares in defence contractor Cohort PLC (LON:CHRT) fell 2% to 357.50p as it reported lower order intake due to delays, but said financial results were ‘in line with expectations.’
The AIM-listed firm said for the 12 months ended April 30, revenue was £111.8mln down 1% on the £112.7mln in the preceding year, whereas adjusted pre-tax profit was stated at £15.5mln, up 7% from £14.5mln
IAG shares rise as Credit Suisse ups target price ahead of traffic stats
Shares in International Consolidated Airlines Group (LON:IAG) rose 2.6% to 670.4p in lunchtime trading as Credit Suisse raised its price target for the British Airways and Iberia owner, saying it expects efficiency gains to drive up margins for the flag carrier.
IAG is due to announce its latest traffic numbers tomorrow, with low-cost rivals Wizz Air Holdings PLC (LON:WIZZ) and Ryanair Holdings PLC (LON:RYA) both having reported an increase in June passenger numbers today.
The increase in traffic last month came despite Ryanair having cancelled over 1,100 flights in June due to air traffic control strikes and staff shortages.
Elsewhere, shares in Kibo Mining PLC (LON:KIBO) gained 8.2% to 4.6p after the firm signed a Strategic Development Agreement with China based SEPCOIII, one of the world's largest power engineering, procurement and construction contractors, to work towards enhancing its strategy and the development of Kibo's portfolio of energy projects.
As part of the agreement, SEPCOIII has committed to a two-stage equity investment into Kibo, endorsing the company's strategy and its position in the African power market.
And RM Plc (LON:RM. shares jumped 7.5% higher to 242p after it hiked its interim dividend with half-year results showing a leapp in revenue following the integration of its acquisition of The Consortium.
The education software group reported an adjusted pre-tax profit for first-half of £7.6mln, up from £6mln in the same period last year, while revenues climbed to £94.9mln from £71.3mln.
11.00am: Paragon higher on acquisition, Peel Hunt ups to ‘buy’
Paragon Banking Group PLC (LON:PAG) shares jumped 7.6% to 506.0p in mid-morning trading as broker Peel Hunt raised its rating for the FTSE 250-listed firm to ‘buy’ from ‘add’ following acquisition news.
Paragon is paying around £48mln to buy Titlestone Property Finance Limited, a leading provider of residential development finance, and is also acquiring a portfolio of development finance loans for circa £226mln from a series of special purpose vehicle companies, both ultimately controlled by Oaktree Capital Management LP.
In a note to clients, the Peel Hunt analysts said: “Today’s acquisition has two important components – a further diversification of Paragon’s business and the delivery of high single-digit profits enhancement. We believe this is a positive transaction and subsequently upgrade our recommendation”.
Among small cap stocks, AIM-listed Frontier Developments PLC (LON:FDEV) added 8.4% to 1,480.00p as the company increased its expectations for the current financial year as a result of the ‘strong’ digital sales of Jurassic World Evolution video game.
In a trading update, the company said its current projections indicate that Frontier could achieve total revenue for the year ending 31 May 2019, towards the upper end of the current market analysts' range of £58mln to £88mln.
“This is based on sales forecasts for Jurassic World Evolution extrapolated from its initial performance, together with the expected performance of Frontier's first two franchises, Elite Dangerous and Planet Coaster,” Frontier added.
And Utilitywise PLC (LON:UTW) jumped 19.7% higher to 33.45p as the company teamed up with Vodafone PLC (LON:VOD) and US computer giant Dell to launch a new Internet of Things platform which can help businesses slash their energy bills.
The idea is that the platform will make it easier for facility and property managers to assess where energy is being wasted and react accordingly. Vodafone and Utilitywise will work together to take the platform to the market here in the UK.
“This is a truly ground-breaking technology that will produce significant savings for businesses,” said Utilitywise managing director Brin Sheridan.
9.30am: Glencore drops as on subpoena from US Department of Justice
Glencore PLC (LON:GLEN) shares dropped 8.4% to 319.65p in early morning trade as the mining company received a subpoena from the US Department of Justice.
The FTSE 100-listed company said it has received a subpoena dated 2 July, 2018 from the US Department of Justice to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and United States money laundering statutes.
Glencore said the requested documents relate to its business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to present.
Meanwhile, Swiss mining giant Ferrexpo PLC (LON:FXPO) saw its shares shed 3.2% to 177.5p after it reported a fall in first-half iron ore pellet production.
The FTSE 250-listed company produced just shy of 5.10mln tonnes of pellets – used in steelmaking – in the six months through to June 30, compared with 5.16mln tonnes a year earlier.
Ferrexpo said the fall was mainly due to a planned 65-day refurbishment of its pellet line.
And McBride PLC (LON:MCB) shares dropped 8.6% to 120.60p as the consumer goods company announced the sale of its European personal care liquids business as it issued its second profit warning of the year.
McBride has agreed to sell the European business, which includes two manufacturing sites in the UK and Belgium, to Royal Sanders Group for £12.5mln in cash after poor trading.
Proceeds of the disposal will be used to pay down net debt and settle transaction costs. The deal is expected to be complete in the final quarter of 2018.
Proactive news headlines:
Eurasia Mining PLC (AIM:EUA) has received approval for its Monchetundra platinum group metals mine from the Russian Ministry of Economic Development (MOED). The mine permit application, for the Monchetundra project, which contains more than two million PGM ounces, is now awaiting sign off at the Ministry of Natural Resources. The application process remains on track to be completed by late summer.
Kibo Mining PLC (LON:KIBO) has signed a Strategic Development Agreement (SDA) with China-based SEPCOIII, one of the world's largest power engineering, procurement and construction contractors, to work with Kibo towards enhancing its strategy and the development of its portfolio of energy projects. As part of the SDA, SEPCOIII has committed to a two-stage equity investment into Kibo, endorsing the company's strategy and its position in the African power market.
Echo Energy PLC (LON:ECHO) told investors it has begun drilling on its fourth and final well in its Argentina programme, with the spudding of the CSo-2001d well at the Fracción D asset. The well is targeting a prospect that was identified on 2D data and it is due to have a 1,514 metre measured depth.
Bango PLC (LON:BGO), the mobile commerce company, has partnered with Pandora (NYSE:P), the largest music streaming service in the USA. The arrangement will see Bango’s technology used to power subscriptions through Pandora’s reseller partners.
Shefa Yamim Ltd (LON:SEFA) has boosted the number of carats recovered from bulk sampling at Kishon Mid-Reach Zone 1 in Israel. The recovery from 6,384 tonnes of ore sampled in Zone 1 now stands at approximately 9,778.15 carats. A total of 2,176.77 carats of garnets were recovered.
App monitoring service AppScatter Group PLC (LON:APPS) has completed the £13.5mln acquisition of German firm Priori Data.
Motif Bio PLC (LON:MTFB) (NASDAQ:MTFB), a clinical-stage biopharmaceutical company specialising in developing novel antibiotics, announced that Robert Bertoldi, president and CFO of Amphion Innovations PLC (LON:AMP), has informed the company of his decision to resign as a director with effect from July 16, 2018.
Mporium Group PLC (LON:MPM), the technology firm delivering event-driven marketing, announced that finnCap Ltd has been appointed as its nominated adviser and broker with immediate effect.
Arc Minerals PLC (LON:ARCM) announced that it will be hosting an Investor presentation in London on 11 July 2018 at Prince Philip House, 3 Carlton House Terrace, St James', London SW1Y 5DG from 6pm-8pm.
Vast Resources PLC (LON:VAST), the AIM-listed mining company with operating mines in Romania and Zimbabwe, announced that Andrew Prelea, the company's CEO, will be presenting at an investor evening hosted by Turner Pope Investments Ltd on Monday 16 July 2018, in London EC2, which will commence at 5pm.