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Oxford BioDynamics moves higher as it joins ALS study backed by Mitsubishi subsidiary

Last updated: 14:47 03 May 2019 BST, First published: 09:15 03 May 2019 BST

Scientist

Oxford BioDynamics PLC (LON:OBD) shares moved 2% higher to 151p in late-afternoon after the firm joined a study to analyse treatments for amyotrophic lateral sclerosis (ALS), also known as motor neurone disease, sponsored by Mitsubishi Tanabe Pharma America Inc, a subsidiary of the Mitsubishi conglomerate.

The biotech group said its analysis may offer insight into the progression of the disease and the effects of various treatments, adding that the study was expected to begin in the late spring of 2019 with early analyses planned for later in the year.

Elsewhere, easyHotel PLC (LON:EZH) shares rose 0.6% to 81.5p after the company revised its sales growth higher in a correction statement for its first-half trading update.

The budget hotels operator said revenue in the six months to the end of March rose 53% to £7.3mln, instead of the 47% growth it reported on April 11.

Total system sales advanced 25% to £20.2mln as opposed to the 24% gain previously posted while owned hotels like-for-like revenue per person was up 10.1%, rather than 5.4%.

In the FTSE 100, Intercontinental Hotels Group PLC (LON:IHG) slipped 0.9% lower to 4,951.5p  after it disappointed investors with lower occupancy rates despite making a strong start to the year in terms of openings.

Comparable revenue per available room (revpar) was up 0.3% against strong comparative numbers this time last year, with a 0.8% improvement in the Americas but down 0.7% in the Europe, Middle East, Asia & Africa region and flat in China.

Excluding the Middle East and South Korea, revpar improved 1%, with the UK up 2%, London up 4% and flat outside London.

Occupancy, however, was down 0.2 percentage points.

11.00am: Ultra Electronics sparks rally with positive update

Shares in Ultra Electronics Holdings PLC (LON:ULE) jumped 4.5% to 1,644p in late-morning after the FTSE 250 group delivered a confident statement at its AGM.

Tony Rice, the company's chairman, said that trading had continued in line with expectations and that the firm’s "Focus, Fix, Grow" initiative and a move to average working capital throughout the year were producing “positive early results”.

He added that the group was confident 2019 would be “a year of good underlying progress”.

In the miners, Rambler Metals and Mining PLC (LON:RMM) sparkled after processing a record level of ore for the second year running through its Nugget Pond facility in Newfoundland, sending the shares 25.9% higher to 1.8p.

In total, the facility processed 364,176 dry tonnes in 2018 at a feed grade of 1.24% copper and 0.57 g/t gold.

That averaged out at 1,108 tonnes daily, though recently it achieved a rate of 1,492 tonnes in a day.

In the fallers, Numis Corporation PLC (LON:NUM) shares dropped 2.1% to 259.8p after the stockbroker posted a 64% slump in first half profit, blaming a “challenging market backdrop”.
Pre-tax profit fell to £7.1mln in the six months to March 31 from £19.5mln a year ago on revenue down 24.9% to £55.7mln.

Numis said political uncertainty surrounding Brexit, volatile equity markets and a material decline in transaction activity hit its performance.

9.15am: Volga Gas deflates as production falls in April

Volga Gas PLC (LON:VGAS) shares sprung a leak in early trading, falling 1.9% to 79.5p after the Russia-focused oil and gas explorer reported a drop in production in April.

During the month, the company’s total production had averaged out at 4,905 barrels of oil equivalent per day (boepd), down from 6,332 boepd in March, which it blamed on a 5-day shutdown of a gas plant for routine maintenance as well as a reduction in gas processing capacity at the end of April.

Volga added that oil production had also been restricted by seasonal muddy road conditions to its Uzen field.

Meanwhile, mid-cap group Intu Properties PLC (LON:INTU) sank 7.8% to 92.4p after warning that it expected more UK retailers to fail this year, which will likely weigh on the amount of rent collected from its portfolio of shopping centres.

The FTSE 250 Trafford Centre and Lakeside owner is now guiding for like-for-like net rental to fall by 4-6% in 2019, with most of the pain to be felt in the first half. It had previously expected a 1-2% dip in like-for-like net rental income.

In the risers, Itaconix Plc (LON:ITX) shares shot 21.1% higher to 2.7p has received its first European order for its bio-based detergent polymer.

No financial details were given, while the end customer was simply described as a “major producer of non-phosphate automatic dishwashing detergent products”.

The deal is a significant milestone for the business, which has seen traction for its environmentally-friendly product in North America.

 

Proactive news headlines: 

Avation PLC’s (LON:AVAP) deal with airBaltic has won the ‘Operating Lease Deal of the Year 2018’ award from industry publication Airfinance Journal at its Deal of the Year Awards in New York. 

Florida has moved to legalise self-driving cars – good news for Tekcapital PLC’s (LON:TEK) portfolio company, Guident, which has hailed the “visionary” decision. 

DP Poland PLC (LON:DPP) has expanded its store estate to 66 covering 30 towns and cities in its first quarter. In a trading update ahead of its AGM on Friday, the company, which operates the Domino’s Pizza franchise in Poland, said it had opened three new sites in the quarter as well as signing leases for another four. 

Symphony Environmental Technologies PLC (LON:SYM) said it was confident of hitting its financial targets for 2019 as it expects “significant growth” in the second half of the year. 

Alba Mineral Resources plc (LON:ALBA) told its investors that the BRX4Z sidetrack well, at the Brockham project, has been successfully perforated to the Kimmeridge formation. After the re-perforation, tubing was deployed and a hydraulically-set bridge plug was installed. 

Strategic Minerals PLC (LON:SML) has made its first sales of copper cement from the Leigh Creek mine in Australia. An initial shipment of five tonnes came from the Mountain of Light processing facility. 

Rambler Metals and Mining PLC (LON:RMM) processed a record level of ore for the second year running through its Nugget Pond facility in Newfoundland. In total, the facility processed 364,176 dry tonnes in 2018 at a feed grade of 1.24% copper and 0.57 g/t gold.

Oracle Power Plc (LON:ORCP) told investors that a memorandum of understanding between the company and its Chinese partners were ceremonially signed in Pakistan. It noted that the signed document certain sections present in a previous version had been removed, though in a letter dated 2 May, from one of two partners, indicates that the prior March 2019 agreement remains valid and the document received on 1 May 2019 is only ceremonial. 

Itaconix Plc (LON:ITX) has received its first European order for its bio-based detergent polymer. No financial details were given, while the end customer was simply described as a “major producer of non-phosphate automatic dishwashing detergent products”. 

Taptica International Ltd (LON:TAP) has launched a new specialist video advertising unit called the Creative Studio as it continues the integration with RhythmOne after last month’s merger. 

Virtual and augmented reality technology investor Sure Ventures PLC (LON:SURE) added stakes in a holographic company and advertising platform to its portfolio over the past three months. VividQ is a deep tech business specialising in software designed to trigger mass adoption of 3D holography, while Admix enables AR/VR developers to monetise their content. 

ITM Power PLC (LON:ITM) has welcomed the findings of the report from the Committee on Climate Change. The report was released yesterday at the request of the government, and, it contends that the UK can ‘end its contribution to global warming’ within 30 years via the adoption of new ambitious targets to cut greenhouse gas emissions to zero by 2050. 

Falcon Oil & Gas Ltd (LON:FOG) told investors that the environmental management plan for the Kyalla 117 N2 exploration well has been accepted. It is proposed that the well will be drilled, stimulated and tested.

PCG Entertainment Plc (LON:PCGE) said discussions regarding the proposed reverse takeover reverse takeover of Vox Markets Limited and Align Research Limited are ongoing and shares will remain suspended beyond the notice period.  The group’s advisor and nominated advisor Allenby Capital Limited, has quit and is in talks for replacement.

Physiomics Plc (LON:PYC) said it plans to follow up with participants at the SME Dragon's Den event it attended on Thursday to garner feedback, form partnerships and access further data for developing and validating its personalised oncology tools.

Nu-Oil and Gas PLC (LON:NUOG) has raised £130,098 through an open offer with the proceeds to be used for working capital requirements and its 50%-owned joint venture, Marginal Field Development Company, including implementation of its gas-to-wire initiative.

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