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InfraStrata slides as it secures more time for due diligence on Barrow-in-Furness project

A look at the day's major movers, including 88 Energry, Forterra, Gear4Music and Vianet

Rickenbacker guitar

Infrastructure developer InfraStrata PLC (LON:INFA) has secured more time to perform due diligence on a proposed floating storage regasification and reloading unit project (FRSU).

The company's shares dipped 8.9% to 0.46p after the company said its exclusivity agreement on the project, planned to be built off the coast of Barrow-in-Furness in Cumbria, had been extended by around three months to 8 January 2019.

Discussions have commenced with leading global liquefied natural gas terminal construction companies based in South Korea and Japan who have expressed interest in partnering with the company to construct the FSRU project.

1.30pm: Anglo African Oil & Gas lifted by Tilapia field development

Anglo African Oil & Gas PLC (LON:AAOG) shares jumped by a sixth to 3.33p on news of a possible off-take agreement for its Tilapia field.

The exploration and development company announced it had a non-binding agreement with “an international oil marketing and trading company” that would provide up to US$25 million in off-take and prepayment financing for the development of the Tilapia field.

The AIM-listed firm holds a 56% interest in the asset, located in the Republic of the Congo.

12.30pm: Pendragon motors as it returns to the black

Car dealer Pendragon PLC (LON:PDG) returned to underlying profit before tax in the third quarter, driving the shares 7.8% higher to 12.5p.

Profits clocked in at £3.0mln, compared to a profit of £1.1mln a year earlier and a loss before tax in the first half of the current fiscal year of £32.2mln.

Group like-for-like new revenue grew by 11.0% in the third quarter, with like-for-like gross profit up by 2.0%.

11.30am: 88 Energy continues the countdown to Charlie-1 well in Alaska

88 Energy PLC (LON:88E) advanced 4.1% to 0.765p as the countdown to its Charlie-1 well continues.

The explorer’s quarterly update today highlighted details of the upcoming programme, located in one section of Project Icewine on Alaska’s North Slope.

Today’s statement further detailed the scope and opportunity at Charlie, which is planned as an appraisal of the conventional and undeveloped Malguk discovery, made by BP in the early 1990s.

10.30am: Forterra's full-year expectations prove to be not set in concrete

Masonry products maker Forterra PLC (LON:FORT) saw its share price crumble 7.5% to 276.5p after a profit warning.

The group's sales volumes have been affected by this recent weakening of activity, with brick and block volumes down in line with the overall market while precast concrete sales have slowed in recent weeks despite good growth earlier in the year.

As a result of the above factors, and recognising the current macroeconomic uncertainty, the board now expects profit before tax to be modestly below last year's result (2018: £64.8mln).

9.30am: Gear4music rocks up with a strong trading statement

Gear4music (Holdings) PLC (LON:G4M) was number two in the stock market charts with a 15% rise at 232.5p after an upbeat trading statement.

The online retailer of musical instruments and music equipment said it had restored its gross margins to levels enjoyed in the year to 31 March 2018 while growing sales by 16% in the six months to the end of September 2019.

Gross profit in the six-month period increased by 29% to £12.4mln from £9.6mln the year before.

Internet of Things platform operator Vianet Group PLC (LON:VNET) saw its shares rise 4.9% to 128.5p after a strong first-half trading performance.

Revenue and operating profit growth in the six months to the end of September were in line with market expectations.

“Double-digit growth in the period builds on our successful recent track record and further demonstrates that the strategy of leveraging the power of our cutting edge technology to bring game-changing business insight to our customers has exciting prospects," said James Dickson, the chairman of Vianet.

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