XLMedia plc (LON:XLM) lost about a third of its value on Tuesday following a ‘strategic and trading update’ which revealed plans to cut-back non-core activities to focus on its online publishing business in the gaming market.
It will lead to a write-off of US$11-13mln for 2018, along with a US$30mln dent in group revenue and a US$6-7mln drop in earnings (adjusted EBITDA) for 2019.
The share was down 25.1p or 32.18% changing hands at 52.9p.
Real estate fund LXB Retail Properties Plc (LON:LXB) was priced 21% lower at 4.25p, following the release of financial results for 2018.
Romania focused gas firm Serinus Energy plc (LON:SENX) fell 14% as it updated on the Moftinu asset where recently delivered equipment was found to be missing components or were not properly calibrated. It comes after lawsuits were filed by Serinus against subcontractors.
11:40am: Builders Persimmon and Travis Perkins cemented in market movers
The City had its attention on housebuilders on Tuesday morning in the wake of Persimmon PLC’s (LON:PSN) annual results – PSN itself was up 80p or 3.4% at 2,432p.
After a sharp sell-off, the numbers, and more likely the appointment of interim chief executive David Jenkinson as full-time boss, steadied nerves.
Rivals such as Barratt Developments (LON:BDEV) and Taylor Wimpey (LON:TW.) were also on the front foot, rising 2.86% and 3.68% respectively.
Bellway PLC (LON:BWY), meanwhile, gained 3.56% and Travis Perkins, which had its own results statement, climbed a more pronounced 13.66%.
It was with caution, however, as Persimmon’s profits topped £1bn, that analysts questioned the sustainability of the evident improvement if incentives such as the government-backed Help to Buy Scheme ends.
Shares in the precious metals miner Fresnillo (LON:FRES) fell 8% after it said 2019 was likely to be a challenging year.
Gold digger Centamin (LON:CEY), elsewhere, saw its shares recover a little lost ground, up 1.7%, after Monday’s production warning wiped more than a quarter from its value.
9:20am: Quadrise Fuels International PLC a highlight among early movers
Quadrise Fuels International PLC (LON:QFI) shares gained just over 13% in Tuesday’s early deals after revealing new business, with a services agreement signed with commodities traders in Kuwait.
It sees Aleph Commodities pursue opportunities on the company’s behalf, for Quadrise’s MSAR emulsion technology and fuels, which the company describes as a low-cost alternative to heavy fuel oil.
"Entering into this services agreement with Aleph is an important milestone for Quadrise in the Middle East,” said Mike Kirk, Quadrise executive chairman.
“Kuwait is a market in which we have undertaken substantial work over the past 18 months and where we have made good progress to establish a firm understanding of our technology in country.”
Quadrise shares were up 13.66%, changing hands at 3.66p.
Elsewhere, Travis Perkins PLC (LON:TPK) was up 9.72% at 1,393.5p as the builder merchant said trading at Wickes has stabilised while the proposed sale of the Plumbing & Heating division is making progress.
John Carter, chief executive, said: "We are making good progress on the preparation for the disposal of the Plumbing & Heating division, and are seeing an encouraging improvement in trading and good momentum in Wickes.
The buildings materials group, which dates back to 1797, reported 4.8% growth in revenues in 2018, driven by its Contract Merchanting businesses and its online retailing subsidiary Toolstation.
Defense and aerospace engineer Babcock International Group PLC (LON:BAB) saw its shares fall 6.5% on the news that it would spend £10mln a year on restructuring its aerial emergency services businesses in Europe for Brexit.
It also said it will take a one-off £10mln hit this year to ensure the businesses meet European operating requirements.
Proactive news headlines:
Amur Minerals Corporation (LON:AMC) has revealed details of a pre-feasibility study for its Kun-Manie nickel project in Russia’s Far East. Two scenarios were outlined, both capable of delivering cash flow of more than US$2bn over the life of the mine.
Ormonde Mining PLC (LON:ORM) is now in the commissioning stages at the Barruecopardo tungsten project in Spain, in which it holds a 30% interest.
Europa Oil & Gas Holdings PLC (LON:EOG) has highlighted a new prospect inventory for its priority exploration area in the Slyne Basin, off Ireland’s west coast. The Inishkea gas targets remain the company’s primary focus, and the new inventory confirms some 1.5 trillion cubic feet in prospective resources.
Block Energy PLC (LON:BLOE) has announced a deal that sees it take full ownership of the West Rustavi licence in Georgia. The company already owns 25% of West Rustavi and the new agreement with Georgian Oil and Gas Limited (GOG) will increase the stake up to 100%.
Corero Network Security PLC (LON:CNS) has announced the largest contract to date for its DDoS Protection as a Service (DDPaaS) product as it unveiled three new orders totalling US$1.6mln.
Kromek Group PLC (LON:KMK) has secured a contract to supply its CZT radiation detectors to a new customer, an original equipment manufacturer (OEM), for use in the nuclear security market.
A collection of pieces designed by celebrity jeweller Yossi Harari using gemstones recovered by Israeli miner Shefa Yamim (ATM) Ltd (LON:SEFA), has been completed.
Scotgold Resources LTD (LON:SGZ) has begun preparations for construction on the ground at the Cononish mine. The company has also secured an additional £1mln in loan finance from major backer Nat Le Roux
SigmaRoc PLC (LON:SRC) has gained the exclusive licensing of the Road Zipper System - T-shaped moveable barriers that are connected to form a continuous wall – after agreeing a partnership deal with Lindsay Corporation (NYSE:LNN). The AIM-quoted buy-and-build construction materials group pointed out that the Road Zipper System is used globally and accepted by many highways agencies, including Highways England.
88 Energy Ltd (LON:88E) revealed it is approaching its target in the Winx exploration well in Alaska. The explorer, in a statement, said that the drilling of Winx-1 was now entering the interval where the primary Nanushuk targets are anticipated.
ImmuPharma PLC (LON:IMM) said peer-reviewed journal Nature Communications has carried an article assessing the potential of Urelix, a technology developed by its subsidiary Ureka. The periodical has described for the first time the unique properties of oligourea foldamers as tools to improve the pharmaceutical properties of peptides.
Iain Clarkson, the chief financial officer at WYG PLC (LON:WYG), has resigned with immediate effect. The project management and consultancy group has begun its initial search for a replacement.
Echo Energy PLC (LON:ECHO) has told investors that a 3D seismic survey has been completed for the eastern portion of the Tapi Aike project onshore Argentina. Equipment is now being mobilised to the western portion, in order to complete the programme.
Premier African Minerals Ltd (LON:PREM) is to recommence drilling at the wholly-owned Zulu lithium and tantalum project in Zimbabwe. Mobilisation will commence immediately, and drilling is expected to commence as soon as mobilisation is complete and seasonal rains permit.
Life sciences and technology incubator Amphion Innovations PLC (LON:AMP) said £6.56mln of promissory notes due in December 2018 have been rolled over for a year. Under the terms of an amended arrangement, the notes can be converted into shares at 3p. The coupon will be 10% if the interest payments are made in cash or additional notes, or 12% if they are satisfied by shares.
Tekcapital LON:TEK), the UK intellectual property (IP) investment group focused on creating marketplace value from university technology, announced the publication of a research note update by Align Research which is available from: https://www.alignresearch.co.uk/cpt-company/tekcapital/.
Tekcapital also announced that it will host an investor and analyst conference call at 17:00 UK local time on 14 March 2019, hosted by its chief executive officer, Clifford Gross, followed by a question and answer session to which investors are invited to submit questions via email to tekcapital@yellowjerseypr.com.
G3 Exploration Ltd (LSE:G3E), announced that, following the recent announcement of a Dividend in Specie Declaration and Asset Sale Update, the company's management will be hosting an investor conference call at 9.30am UK time on Thursday 28 February 2019, where they will provide investors with an opportunity to ask questions on recent developments. Further information is available on the company's website. https://www.g3-ex.com/
Ariana Resources PLC (LON:AAU), the exploration and development company with gold mining operations in Turkey, announced that its registered office has changed, with immediate effect to 2nd Floor, Regis House, London EC4R 9AN.