Chesterfield Resources identifies new drilling target at Troodos West

A look at the day's major movers, including Greatland, IDE, Cobham, RELX, Metro Bank, Tyman and Hansard Global

Copper wire
Good news for the copper exploration company

Chesterfield Resources PLC (LON:CHF) has identified a new drilling target at the Troodos West group of exploration permits in Cyprus.

The shares climbed 12% to 4.75p after the company told investors about a previously untested target, which it has dubbed KinValley, that has been interpreted to be a shallowly buried volcanogenic massive sulphide deposit.

"This is the second major target of our upcoming drill programme at Troodos West,” said executive chairman, Martin French.

2.30pm: Greatland Gold glistens as Newcrest's drilling at Havieron confirms high-grade mineralisation

Shares in Greatland Gold PLC (LON:GGP) glittered following the publication of the first results from Newcrest’s drilling campaign at Havieron.

The shares rose 15% to 2.05p after the company said “excellent drill results” confirm the presence of higher grade gold-copper mineralisation at the Havieron licence in the Paterson region of Western Australia.

Australian mining giant Newcrest Mining Ltd (ASX:NCM), which has the right to acquire a 70% stake in the project by spending up to US$65mln on exploration and development work, started drilling in May.

1.15pm: IDE back in the black

IDE Group Holdings PLC (LON:IDE) returned from suspension 145% higher at 1.9p after publishing its delayed full-year results.

The mid-market network, cloud and information technology managed services provider saw its revenue decline to £41.1mln in 2018 from £53.7mln in 2017.

The adjusted loss before interest, tax, depreciation and amortisation from continuing operations was £3.9mln, versus a profit of £4.1mln the year before.

Since the year-end there has been a marked improvement in the pipeline of opportunities across the business both with existing and new customers and the group has been trading profitably at an adjusted before interest, tax, depreciation and amortisation level in the year to date.

12.05pm: Cobham shares jump as it succumbs to private equity offer

Cobham PLC (LON:COB) shares shot up 35% to 166.1p after a cash takeover offer was recommended by the board.

Funds managed by Advent International Corporation have offered to pay Cobham shareholders 165p per share.

The directors have recommended acceptance of the offer.

11.15am: RELX's interims underwhelm

Information provider RELX PLC (LON:REL) slipped by 5% to 1,843p after underwhelming half-year results.

The group saw underlying revenue and adjusted operating profit growth across all four business areas, and recent acquisitions are reportedly performing well.

The group completed £400mln of share buybacks in the first half of 2019 and plans to spend half of that amount in the second half of the year.

10.30am: Metro Bank chairman steps down as profits plunge

Metro Bank PLC (LON:MTRO) shares were the biggest fallers, down 19% at 386p on Thursday, after it revealed a plunge in profits.

Pre-tax profit fell to £3.4mln in the first half of the year from £20.8mln a year ago as customers withdrew £2bn of deposits over the period following a misreporting scandal.

Total deposits dropped to £13.7bn at the end of June from £15.7bn at the start of the year.

9.30am: Tyman fails to blow the bl**dy doors off

Door-and-window-parts supplier Tyman PLC (LON:TYMN) saw its shares slide 8% to 218p after a first-half performance that was below expectations.

The company saw a 10% increase in half-year revenue to £301.9mln compared to £274.9mln in the same period of 2018 but this was due to the contribution from acquisitions; on a like-for-like basis, revenue was down 1%.

Profit before tax slumped 24% to £11mln from £14.5mln the year before.

Specialist long-term savings provider Hansard Global PLC (LON:HSD) put a dent in the net worth of shareholders in the company merely by issuing new business results for the year to the end of June.

The shares were off 8.0% at 41p despite the chief executive officer, Gordon Marr, expressing delight at the group achieving a 6% year-on-year increase in sales despite “the amount of regulatory change taking place in our market”.

“While we have incurred a number of costs for the full year to support future growth and improve operational efficiency, our implemented strategy in the UAE [United Arab Emirates] is proving a significant success and we look forward to capitalising on our recently announced licence in Japan during the course of the current financial year," he added.

Proactive news headlines:

Advanced Oncotherapy PLC (LON:AVO) chief executive Nicolas Serandour said the company remained on course to treat its first patient with its next-generation proton therapy system for cancer by the end of 2020.

Trading in the current fiscal year has been strong at custom electronics maker discoverIE Group PLC (LON:DSCV).

Primary Health Properties PLC (LON:PHP) said that its March merger with MedicX has already delivered a 22.7% total shareholder return as well as the expected efficiencies.

Frontier IP (LON:FIPP) said an investee company specialising in artificial intelligence has signed a drug discovery deal with an American biotech.

Shares in Greatland Gold PLC (LON:GGP) glittered in early deals following the publication of the first results from Newcrest’s drilling campaign at Havieron.

Strategic Minerals PLC (LON:SML) has restructured its purchase of the outstanding half of its Cornwall tungsten and tin mine joint venture Redmoor.

Base Resources Limited (LON:BSE) hit production targets in 2019 while it shifted operations to a different area of mining at Kwale in Kenya.

Highlands Natural Resources PLC (LON:HNR) financial results highlight a significant period in which the company has added a second distinct business.

Shefa Gems PLC (LON:SEFA) has had its exploration permits for the Kishon River and Kishon Mid Reach Zones 2 and 3 prospects for a further year.

PCF Group Plc (LON:PCF) has appointed a former Virgin Money director to its board. Marian Martin, who was chief risk officer at Virgin Money, has joined PCF as a non-executive director with immediate effect.

Personal Group Holdings PLC (LON:PGH) said it remains confident in the long-term outlook for the business after a solid first half.

A substantial shareholder in forestry and timber group Woodbois Limited (LON:WBI) has agreed to vary the redemption terms of an internal trade finance note.

Union Jack Oil PLC (LON:UJO) highlighted comments made by the operator of the West Newton oil discovery.In a stock market statement, the company relayed what Rathlin Energy told a community liaison group which said that it is progressing plans to test the WNA-2 well.

TomCo Energy plc (LON:TOM) told investors that its field testing programme continues to run to schedule in Utah.

Westminster Group PLC (LON: WSG) has conditionally raised £1mln through the placing of new shares to support its contracts and project developments.

PowerHouse Energy Group plc (LON:PHE) said non-executive chairman Cameron has bought £492,000 worth of shares in the company.

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