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IGAS Energy shares zoom up after peer gets greenlight for fracking

Last updated: 15:30 12 Oct 2018 BST, First published: 09:24 12 Oct 2018 BST

shale gas

IGAS Energy PLC (LON:IGAS) shares charged up 12% to 120p after a move by a UK court allowed shale gas company Cuadrilla to start a fracking campaign in Lancashire.

The High Court in London dismissed a ‘last minute’ request made by protestors for an interim injunction to block the project. The legal greenlight aids AIM-market quoted IGas Energy, as it holds shale gas assets in North West England.

READ: IGAS Energy shares boosts as Cuadrilla get greenlight to start fracking in Lancashire

Chemring Group PLC (LON:CHG) fell 5.3% to 197.40p following a ratings downgrade of the decoy flares maker at Barclays.

The rating on the FTSE All-Share company was cut to “underweight” from “overweight”, and the price target was cut by 28% to 185p, from 258p. “We think company-gathered consensus is materially outdated following the Salisbury fatality in August,” Barclays analyst Charlotte Keyworth wrote in a research note.

READ: Chemring sees £15mln hit from Salisbury factory explosion

On the main market, Carclo PLC (LON:CAR) slumped 9.1% to 78.20p, with the plastics maker warning that trading in its first half has been below expectations.

Carclo in an update said there’s been “underperformance” in its Technical Plastics division. It said three new medical programmes for the division had been delayed by its  customers before entering production at the end of the period.

READ: Carclo issues profit warning for first half as Technical Plastics division falls short

Haydale Graphene Industries PLC (LON:HAYD) shares gained 3.8% to 27.50p after the chemicals maker received a grant of £120,000 for research and development. 

AIM-listed Haydale said the cash infusion is part of a £249,000 grant from the Niche Vehicle Network that has been awarded to a consortium led by Haydale. The grant is to finance the development of graphene-enhanced composite tooling and graphene-enhanced automotive body panels.

READ: Haydale receives grant for automotive materials research

On the FTSE 250, Man Group PLC (LON:MAN) rose 6.6% to 152.05p after the hedge fund posted a rise in quarterly funds under management.

Man Group said third-quarter funds under management rose to US$114.1bln, from US$113.7bln in the second quarter. The company is also proposing the establishment of a new holding company in Jersey. 

READ: Man Group posts increase in Q3 funds under management, proposes new holding company

Symphony Environmental Technologies plc (LON:SYM) shares dropped 33% to 6.50p as the plastics maker said its marketing spend has increased.

The AIM-quoted said revenues for the full year would be around 6% higher than last year, with full year earnings expected to be £100,000. It also noted increased investment in its communications and marketing department, which rose to £380,000 for the year.

READ: Symphony Environmental revenues rise but so does marketing spend

 

 

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