Canadian Overseas Petroleum Limited (LON:COPL, CVE:XOP) shares fell 12% to 0.21p after the oil company updated investors about a dispute between partners in its Nigerian venture.
“The parties have exchanged correspondence setting out their respective positions but no formal proceedings have been issued in respect of the dispute and no other action has been taken by either party,” COPL told investors. COPL said it will continue to work on its OPL226 project in shallow waters offshore Nigeria.
READ: COPL updates on Nigeria partner disagreement
At the same time, shares of JD Sports Fashion PLC (LON:JD) fell 3.8% to 402.90p after the FTSE 250 retailer said chief financial officer Brian Small is stepping down from the board at the end of October.
Small, who has served as CFO for 15 years, will be replaced by the company’s finance director, Neil Greenhalgh, who joined in 2004. Greenhalgh has been increasingly taking on many CFO tasks in recent years in anticipation of an orderly succession.
READ: JD Sports CFO Brian Small to leave at the end of the month
Shares of British American Tobacco PLC (LON:BAT) fell 1.2% to 3,289.83p after the FTSE 100 company cut its annual revenue target for cigarette alternatives, pointing to flat performance in Japan and a product recall in the US.
BAT now expects revenue from next-generation products, which include e-cigarettes and tobacco-heating devices, of £900mln this year, down from a previous target of £1bn.
READ: British American Tobacco cuts full year revenue target for cigarette alternatives
But on the upside, Dotdigital Group PLC (LON:DOTD) shares marched higher by 4.8% to 4p after the marketing automation firm issued an upbeat assessment of the start of its current financial year.
The AIM-quoted bulk emailer said the opening few months “have started very well”, with customer numbers ticking higher in all of the regions. Expansion into the US has resulted in revenues from the region, rising 43% year-on-year to £5.4mln.
READ: Dotdigital’s new financial year has got off to a flier
Also gaining ground was Drax Group PLC (LON:DRAX), with shares rising 4% to 380.80p as the company reached a £702mln cash deal to acquire Scottish Power’s UK power generation assets from Spanish utility Iberdrola.
The deal allows FTSE 250-listed Drax to continue its diversification away from coal, and the company said the transaction strengthens its ability to pay a ‘growing and sustainable’ dividend to shareholders.
READ: Drax Group confirms £700mln UK power acquisition
SolGold PLC (LON:SOLG) shares jumped 17% to 41.30p after the copper explorer said BHP Billiton PLC (LON:BHP) is nearly doubling its stake in the company.
SolGold said it has raised £45mln through the issuance of 100mln shares to BHP for 45p each. BHP will hold an 11.18% stake in the Ecuadorian miner, up from 6% previously.
Meggitt PLC (LON:MGGT) climbed 5.2% to 25.90p as the aerospace and defence engineer raised its revenue guidance for the year.
The FTSE 250 company now expects full-year organic revenue growth of 7% to 8%, compared with its previous estimate of 4% to 6%. But operating margins are expected to be towards the lower end of its guidance range of 17.7% to 18.0%.
READ: Meggitt raises 2018 revenue forecast but sees margins at lower end of guidance range
But shares of Merlin Entertainments PLC (LON:MERL) were dragged down 7.4% to 342.50p after the theme park operator issued a trading update for the 40 weeks ended October 6.
Group organic revenue growth rose 4.7% and like-for-like revenue growth was 1.4%. Like-for-like revenue at the Legoland Parks group declined 0.3%. Merlin said its overall 2018 outlook is unchanged.
Proactive news headlines
Marketing automation firm Dotdigital Group PLC (LON:DOTD) has got off to a hot start in its current financial year as it continues to build on the progress made over the past 12 months.
African Battery Metals PLC (LON:ABM) has commenced geological work on its recently acquired 380 square kilometre Lizetta II nickel, cobalt and chrome exploration project in Ivory Coast.
Arc Minerals LTD (LON:ARCM) has intersected mineralisation in all holes drilled to date as part of the current 11,000 metre programme at the Kalaba prospect in Zambia.
Highlands Natural Resources PLC (LON:HNR), the natural resources company, has formed Highlands Water Resources to provide services to the fracking industry.
Nektan PLC (LON:NKTN), the gaming technology platform and services provider, has signed a "landmark" contract with BetVictor, one of Europe's leading gaming companies.
Vast Resources PLC (LON:VAST) has agreed terms with Baita SA, the holder of the head licence at the Baita Plai mine, and now has the right to commence mining.
Middle East-focused hotel owner and developer Action Hotels PLC (LON:AHCG) has struck a deal to sell off a large plot of land within Dubai’s Media City for US$10.5mln.
Sound Energy PLC (LON:SOU) told investors that it has received ministerial approval for an eight-year petroleum agreement for the Greater Tendrara project area.
Canadian Overseas Petroleum Limited (LON:COPL, CVE:XOP) has updated investors on the dispute between partners in its Nigerian venture.
Metallurgical test work at the T3 copper project in Botswana has indicated lower production costs than previously estimated, Metal Tiger PLC (LON:MTR) reported today.
ClearStar PLC (LON:CLSU) has agreed to integrate its mobile staff vetting kit into Virtual Badge, a smartphone-based ID badging system.
appScatter Group PLC (LON:APPS) has raised £968,445 before costs via the placing of 1,383,493 new ordinary shares in the company at an issue price of 70p per share.