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Rose Petroleum leaps as energy investor Jon Fitzpatrick picks up 5% stake in the company

A look at the day's major movers, including Xeros Technology Group, Redx Pharma, Bango, PageGroup, Hays, Jaywing and One Media iP Group

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Fitzpatrick is the founder and managing director of energy consultancy Gneiss Energy

Rose Petroleum PLC (LON:ROSE) shares leapt 18.3% higher to 1.77p in late afternoon trading following notification that serial AIM energy investor/executive Jon Fitzpatrick has picked up a 5% stake in the company.

Fitzpatrick is the founder and managing director of energy consultancy Gneiss Energy and was previously senior managing director and head of natural resources for Europe, Middle East and Africa at Macquarie Capital. He is also a non-executive director of Solo Oil PLC (LON:SOLO).

2.35pm: Jaywing flaps lower after warning on profits

Jaywing Plc (LON:JWNG) shares flapped 30% lower to 8.35p in Wednesday afternoon trading after it issued a profit warning for the year ahead.

The consulting business company has not even published its results for last year yet but felt compelled to inform investors that trading has been “very weak” in the first quarter its new financial year.

Citing the heightened political and economic uncertainty, Jaywing said clients’ focus on the short term had resulted in discretionary spending “well below” previous years.  

It was little comfort for shareholders to hear that preliminary results for the year to 31 March 2019, which it intends to publish before the end of August 2019, were expected to show underlying earnings in line with market expectations.

11.15am: PageGroup turns down on 'more challenging' macro

Investors have turned over PageGroup PLC (LON:PAGE) after the recruiter warned that profits will be at the lower end of current analyst forecasts after a disappointing second quarter.

The problem is the UK, where a 2.4% drop in fee income in the period led to group gross profit growth slowing to 7.9% in the second quarter from 11.2% in the first quarter.

It is “clear that macro-economic conditions in a number of our regions are becoming more challenging”, said chief financial officer Kelvin Stagg, and as a result the company expects operating profit to be at the lower end of analysts’ estimates of £156.5mln-£168.0mln.

Page shares were down 15% to 431p by late morning, with the news also dragging down recruitment rival Hays PLC (LON:HAS), which fell 6% to 147p ahead of its trading update next Tuesday.

10.45am: Markets move in mysterious ways for One Media

God moves in mysterious ways, and it's the same with the stock market sometimes, as One Media IP Group PLC (LON:OMIP) will have thought after it trumpeted its US$725,000 acquisition of the publishing and writer’s share of income of the Christian pop hit, “God’s Not Dead”.

Released as a single in 2011 by written by Daniel Bashta, an American contemporary Christian singer and songwriter, the ditty became a big hit on Christian radio, spending 22 weeks on the Billboard Hot Christian Songs.

One Media IP, a digital media content provider, also released interim results showing cash balances of £5.2mln as reported profits before tax fell 21% despite a 32% rise in sales.

Shares in the company fell 13% to 6.1p.

9.45am: Xeros the heroes on pollution-busting news

Capitalising on worries about plastic pollution, Xeros Technology Group PLC (LON:XSG) saw its shares bounce 39% higher to 8.7p in early trading on Wednesday on the back of the approval of its patent application for a special filter suitable for domestic washing machines.

The patent for XFiltra, which can be licenced by any domestic washing machine manufacturer to capture 99% of microplastic particles shed from washing clothes, has been published by the World Intellectual Property Organization.

"XFiltra is a low-cost solution to one of today's most pressing environmental issues: plastic pollution,” said Xeros chief executive Mark Nichols.

He added that the company was “engaged in meaningful discussions with washing machine manufacturers, retailers and clothing brands regarding XFiltra”.

Besting that gain, Redx Pharma PLC (LON:REDX) shares almost tripled to 18p in early trade after the biotech firm sold one of its cancer research programmes for up to US$203mln.

Under the agreement to acquire the pan-RAF inhibitor programme designed to tackle ‘mutant’ tumours that are resistant to certain current front-line cancer treatments, US-based Jazz Pharmaceuticals (NASDAQ:JAZZ) will pay Redx US$3.5mln up-front and make another payment when preparatory work begins for a new drug application.

Another big riser was Bango PLC (LON:BGO), up 9% to 87.25p after the mobile commerce firm reported a jump of almost two-thirds in first half revenues and forecast that end user spend on its mobile carrier-billing platform will rise by over 100% this year.

Bango said it expects “significant” revenue and end-user spending increases in 2020 and beyond, driven by recent wins of new routes into the Google Play, Amazon and Microsoft app stores as well as strong performances from its existing routes and further agreements with “major media players”.

Proactive news headlines:

Investors in Redx Pharma PLC (LON:REDX) received some welcome good news after the company announced it had sold one of its cancer research programmes for up to US$203mln. Like all deals of this kind, the agreement with Jazz Pharmaceuticals (NASDAQ:JAZZ) of the US has a tiered payment structure. So, Redx will receive a far more modest upfront sum of US$3.5mln.

Feedback PLC (LON:FDBK) said it is prioritising its Cadran picture archiving system ahead of its TexRAD technology for uncovering biomarkers in medical images. The change of tack follows a strategic review by new chief executive Tom Oakley, who believes Cadran can become the go-to method of securely sharing patient information by mobile phone or tablet.

Bango PLC (LON:BGO) has reported a jump of almost two-thirds in first half revenues and has forecast that end user spend (EUS) on its platform will rise by over 100% in 2019. In a trading update for the six months ended 30 June, the mobile commerce firm said EUS for the period had been over £465mln compared to £220mln a year ago.

Tidal power specialist SIMEC Atlantis Energy Limited (LON:SAE) has revealed that the underwater turbines of the MeyGen operation in the north of Scotland have set a new record. The company said it has now exported 17.5 gigawatt hours (GWh) of electricity to the national grid, eclipsing the previous record of 11GWh. This year alone, the group said it has produced enough energy to power 2,200 homes.

Applied Graphene Materials PLC (LON:AGM) has hailed “significant technological progress” in development work on using graphene in water-based anti-corrosion coatings.

Circle Property PLC (LON:CRC) has grown the value of its assets by more than 20% for the third successive year and sees a “clear prospect of further growth” from regional office property in coming years.

Equals Group Plc (LON:EQLS) shares were lifted on Wednesday after the firm announced plans for new product launches after a strong first half. The e-banking and payments group, which changed its name from FairFX in June, said turnover for the six months ended 30 June had risen 17.5% year-on-year (YOY) to £1.3bn, in line with its expectations, while revenue margins had “slightly improved” as the effects of supply chain rationalisation outweighed the impact of the strongest growth being in its lower-margin products.

Eland Oil & Gas PLC (LON:ELA) told investors that it has completed remedial work on  the Gbetiokun-3 well, which will be part of the early production system (EPS) due online this month. In June, the company identified a small leak in the shorter of the well’s two production strings and this has now been remedied.

TLOU Energy Ltd (LON:TLOU) told investors that the Lesedi 4 production pod has now reached ‘Critical Desorption Pressure’, or CDP, which is the point at which coal bed methane wells can start being producible.

Bezant Resources PLC (LON:BZT) is to carry out further exploration at its Buffalo copper/gold option in Zambia after identifying possible extensions to the existing mine pit. A review of the historic data and site visit suggests that the steeply-dipping target shear zone is open at depth and to the southwest into the Buffalo hill.

Amur Minerals Corporation (LON:AMUR), the nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, announced that it has today issued 4,751,699 new ordinary shares of no par value of the company to Cuart Investments PCC Ltd and YA II PN Ltd in settlement of US$104,602 of principal and accrued interest under the convertible loan agreement entered into on 22 March 2019.

Oracle Power PLC (LON:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant located in the south-eastern Sindh Province of Pakistan, advised that it has received a further tranche of £50,000 from Brandon Hill Capital Limited, the second amount drawn down under the loan agreement that was announced on 30 May 2019.  It said the total amount drawn down under this arrangement now totals £100,000.

Asiamet Resources Limited (LON:ARS) has announced the appointment of Feng (Bruce) Sheng as a non-executive director with effect from 10 July 2019.  The group noted that Sheng is the chairman of Melbourne based Asipac Group Pty Ltd, a diversified company with investments across the resources and financial sectors, and various property businesses.

BlueRock Diamonds PLC, the AIM listed diamond producer, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, announced that its executive chairman, Mike Houston will be delivering a presentation to investors at the SVS Securities and UK Investor Magazine investor evening on Thursday 18 July 2019 at the Skinners Hall, Dowgate Hill, London EC4R 2SP which commences at 6:00pm

ValiRx PLC (LON:VAL), the AIM-quoted clinical stage biotechnology company announced that its chief executive, Dr Satu Vainikka will also be delivering a presentation to investors at the SVS Securities and UK Investor Magazine investor evening.

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