3.00pm: Argo Blockchain in demand but Mobile Streams sees gains ebb away
Argo Blockchain PLC (LON:ARB), the crypto mining services provider, was wanted on Monday, with some 1.6mln shares changing hands.
Market tittle-tattle indicates that sellers are drying up, hence the share price rise to 4p from 3.625p overnight.
RT AlignResearch "High volume day noted in Argo Blockchain #ARB today. Market intell tells us sellers drying up. Won't take much to see these at 6-7p in our opinion. At that price small premium to cash."
— Zak Mir (@ZaksTradersCafe) January 7, 2019
Elsewhere in the technology sector, one of the best performers of the morning session, Mobile Streams PLC (LON:MOS), now finds itself in the red.
The shares, which closed on Friday at 0.57p, hit an intra-day high of 0.9p on the back of a partnership announced with Reliance Jio, India's largest 4G network, to provide HTML5 games content for their JioGames store.
Since then, the shares have fallen to 0.55p, to be down 4.4% on the day.
12.30am: Kibo and Rose Petroleum energised by news flow
Kibo Energy PLC (LON:KIBO) was one of many energy tiddlers going well on Monday.
In an open letter to shareholders, Louis Coetzee, the chief executive of Kibo, set out the company’s position as one purely focussed on energy in 2019.
Coetzee referred to a “multi-project portfolio,” including “three major and equally exciting African energy projects, and a UK flexible energy project” that could generate near-term revenue.
“In 2018, through strategic acquisitions and divestments, we successfully repositioned Kibo as a purely energy-focused company, and our projects are now positioned to be critically important in the effort to provide power to more of Africa,” he said.
The market liked the sound of that and pushed the shares up three-eighths of a penny to 2.3p.
Sector peer Rose Petroleum PLC (LON:ROSE) blossomed after it highlighted the findings of a Schlumberger study of the Gunnison Valley Unit (GVU) project area in Utah’s Paradox basin.
The fracture characterisation study’s detailed analysis of the proposed GVU22-1 well location concluded that it would be situated optimally.
In the video below, Roses chief executive officer, Matt Idiens tells Proactive London what this means for the company and offers a timeline for production as well as detailing news on the significant interests in the multi-stacked play at Paradox.
11.30am: After strong 2018, market cools on Alaska-focused Red Emperor
Alaska-focused Red Emperor Resources NL (LON:RMP) found the market hard to please on Monday morning.
News that it has started work on an ice road to connect the Winx-1 exploration well presaged a 7% fall in the share price.
The company said that spudding of the Winx-1 well is on schedule for mid-to-late February 2018 after the company posted the requisite application for a permit to drill to the Alaska Oil and Gas Conservation Commission.
"It is very exciting to reach this significant operational milestone with commencement of ice road construction. We are on schedule and fast approaching what will be a very exciting and potentially company transforming well,” said Red Emperor’s chief executive officer, Gracjan Lambert, to the apparent indifference of the market.
As with Anglo Africa Oil and Gas (see below), this might just be a case of traders taking the opportunity to bank some profits; Red Emperor’s shares at 3.2p are more than double the level they were at a year ago.
10.20am: Anglo African Oil and Gas succumbs to profit taking
Tough crowd, comedians are won’t to say after an apparently sure-fire gag falls flat. Anglo African Oil & Gas PLC (LON:AAOG) know the feeling.
The company said that Schlumberger wireline logging of the recently drilled TLP-103C well has confirmed multiple discoveries at its Tilapia licence in the Republic of the Congo.
The shares responded by diving 11.5% to 14.65p.
Tough crowd.
Wireline logging completed on the TLP-103C well confirms a combined 44 metres of oil columns across multiple horizons at #Tilapia https://t.co/euNV5mIRGI #AAOG
— Anglo African Oil & Gas (@angloafricanog) January 7, 2019
Having said that, the shares were trading at half that level just a month ago so Anglo African shareholders are probably not too downhearted.
David Sefton, the company’s chief executive, is certainly not down in the dumps; he described the logging outcome as a “fantastic result”.
READ Anglo African Oil & Gas confirms multiple discoveries in TLP-103 well
9.15am: Mobile Streams curries favour; Dunelm reports strong LFL sales growth
Mobile Streams PLC (LON:MOS) shareholders had a hard time in 2018 when the shares lost four-fifths of their value so today’s good news is welcome.
The shares shot up by a third to 0.77p on Monday morning after the global mobile content retailer announced a partnership with Reliance Jio, India's largest 4G network, to provide HTML5 games content for their JioGames store.
A cracking RNS for #MOS Mobile Streams.https://t.co/UE8T9GGC1g
— Lee Bartholomeusz (@leedbartz) January 7, 2019
Simon Buckingham, the chief executive officer of Mobile Streams, says that Reliance Jio is the world’s fastest growing telecom company, and who are we to gainsay him?
Titles available on the JioGames store will include Mobile Streams' top sellers such as ColorPin, Get10 and Neon Biker.
This week is traditionally the one in which the retailers come out with their Christmas period trading updates and the market is expecting a mixed bag with, perhaps, a bias towards disappointment.
Home-wares flogger Dunelm PLC (LON:DNLM) perhaps did not read the script as it managed to surprise the market – pleasantly – with a trading update covering the second quarter of its fiscal year.
Like-for-like (LFL) revenues in 13 week period to 29 December were up 9.0% year-on-year, with the stores racking up 5.7% improvement in LFL sales while the online sales were up 37.9%.
The shares were up 12.2% at 649p.
Good news! Dunelm shares soar 11.6% after better than expected Christmas trading. Outlook cautious, but that's realistic. There's life in retail yet! pic.twitter.com/g6JH3mIKBb
— Garry White (@GarryWhite) January 7, 2019
In contrast, under fire fashion firm Ted Baker PLC (LON:TED) remained in a bear hug as it announced it would issue a trading update on Wednesday covering the five-week period to 5 January.
READ Ted Baker boss Ray Kelvin to take voluntary leave of absence while allegations about conduct investigated
The shares shed 59p at 1,527p as the market waits to see whether the brand has been holed below the waterline by the high profile allegations against its boss, Ray Kelvin.
Around 2% of Ted Baker’s shares have been sold short in the market by traders gambling that the shares have further to fall.
Proactive news headlines:
Nektan PLC (LON:NKTN) shares jumped in early trading Monday after reporting “another record quarter” as revenues in the second three months of its 2019 fiscal year surged 83%.
88 Energy Ltd (LON:88E) told investors it is scheduled to spud the Winx-1 conventional exploration well in Alaska in mid-February. The explorer said that the construction work is presently underway for the 11 mile ice road to access the Winx-1 site, it will take around three weeks to complete and the well pad will be completed thereafter.
OptiBiotix Health plc (LON:OPTI) has inked a supply and profit sharing agreement with Zeon Lifesciences Ltd for its SlimBiome weight loss product.
Rose Petroleum PLC (LON:ROSE) has highlighted the findings of a Schlumberger study of the Gunnison Valley Unit (GVU) project area in Utah’s Paradox basin. The fracture characterisation study’s detailed analysis of the proposed GVU22-1 well location concluded that it would be situated optimally.
Bloomsbury Publishing PLC's (LON:BMY) digital arm has entered strategic sales partnerships with leading publishers Rowman & Littlefield and Manchester University Press.
Amryt Pharma PLC (LON:AMYT) said a pre-clinical study of a cream for a severe and very difficult to treat skin condition has delivered encouraging results.
HemoGenyx Pharmaceuticals PLC (LON:HEMO) expects to soon begin talks with a global pharmaceutical company over a possible licensing deal for its CDX antibodies – its flagship treatment for blood cancer.
Berkeley Energia Ltd (LON:BKY) has told the Australia stock exchange in a filing that it knows of no reason for the recent rise in the company’s share price. Berkeley noted that a major seller had now completed its exit from the company.
Sound Energy PLC (LON:SOU) confirmed it has completed the drilling of the TE-10 well which identified gas bearing sands. The reservoirs were observed within and below the currently mapped TAGI structural closure which potentially de-risks upside in the North East Lakbir across the Tendrara project area, the company noted.
Anglo African Oil & Gas PLC (LON:AAOG) told investors that Schlumberger wireline logging of the recently drilled TLP-103C well, has confirmed multiple discoveries at its Tilapia licence in the Republic of the Congo.
Carmeltazite, a mineral found in one of the gemstones from the Mount Carmel property in Israel owned by Shefa Yamim ATM LTD (LSE: SEFA) has been recognised and approved as a new mineral by the International Mineralogical Association.
In an open letter to shareholders Louis Coetzee, the chief executive of Kibo Energy PLC (LON:KIBO), has set out the company’s position as one purely focused on energy going into 2019.
Physiomics Plc (LON: PYC) has said that it will be attending the Biotech Showcase partnering conference in San Francisco from 7-9 January 2019 during the JP Morgan Healthcare Conference week.
Rambler Metals and Mining PLC (LON:RMM) (TSXV: RAB) has applied for voluntary delisting of its ordinary shares from the TSX Venture Exchange, with the shares set to continue to trade on London’s AIM exchange where the vast majority of trading activity takes place. The group said its directors believe that the minimal trading activity of the company's shares on the TSXV no longer justifies the expense and administrative requirements associated with maintaining this dual listing.