AJ Bell PLC (LSE:AJB) fell 5.8% after analysts at Barclays said they believe the investment platform's shares are “expensive” compared with peers.
The bank reiterated its 'underperform' rating on the stock as part of a wider note modelling the impact of a range of potential market scenarios across five investment platforms.
"While worsening conditions would have a direct negative impact on earnings, our analysis suggests valuations would remain modest even in downside scenarios," Barclays said, remaining 'overweight' on Integrafin Holdings PLC, Hargreaves Lansdown PLC (LSE:HL.) and Allfunds Group PLC, with Quilter PLC (LSE:QLT) the "key 'underweight'."
14.30pm: Chariot rises on Zambian solar and wind partnership
Chariot Limited climbed 4.3% to 10.9p after entering into a partnership to develop a 430 megawatt solar and wind project for its mining operations in Zambia.
The transitional energy company said its Chariot Transitional Power Division, alongside French renewable energy power producer Total Eren, have entered a partnership with First Quantum Minerals (TSX:FQM), a global mining and metals company.
This flagship project would complement and expand Zambia's existing renewable energy capacity and would provide First Quantum with competitive and sustainable power for its Zambian mining operations, Chariot’s stock market announcement said.
13.26pm: Bigblu (AIM:BBB) Broadband climbs on strong full-year results
Bigblu (AIM:BBB) Broadband PLC advanced 11% on strong full-year results.
The super-fast and ultra-fast broadband service provider saw its total revenue rise 15.8% to £27.1mln for the year ended 30 November compared with the comparative period in 2020,
The company’s total customers grew 3.5% to 59,000, while its adjusted earnings per share (EPS) profit of 4.3p increased significantly from 1.9p in full-year 2020 with reported EPS up to 46.9p from 16.8p.
Much of Bigblu (AIM:BBB)’s success was attributed to acquisitions, regional expansions, infrastructure upgrades and the successful disposal of its shareholding in Quickline to Northleaf, for a consideration of roughly £48.6mln.
12.24pm: Inspired sinks on fears of Gazprom ceasing trade
Inspired PLC (AIM:INSE) fell 14% after it estimated approximately 5% of its revenues, all within its Energy Assurance services division, are dependent on clients contracted with Gazprom.
Gazprom, which is a Russian state-owned multinational energy corporation, may be forced to stop trading on Russia’s invasion of Ukraine, which would likely cause severe disruption (£3mln less full-year EBITDA) that could not be mitigated against in the short-term.
Inspired confirmed it would still be able to operate and meet its banking covenant and liquidity tests.
Gazprom is a large gas supplier to British business and would also impact the supply chain of Inspired.
"Whilst the potential impact on the financial performance of the Group should Gazprom cease to trade in the UK would be disappointing, these factors are unfortunately outside of the Group's control,” Mark Dickinson, Inspired chief executive, said.
Meanwhile, the green energy-focused technology service provider said it continues to help its customers mitigate the cost of energy and manage their energy consumption during this energy crisis.
11.24am: Blencowe advances after starting exploration work at its Ugandan nickel project
Blencowe Resources PLC (LSE:BRES) rose 5.8% to 5.1p after telling investors it has begun exploration work on the Akelikongo nickel project, a month after acquiring it.
The nickel sulphide and copper project was previously joint-owned by Rio Tinto PLC (LSE:RIO) and Sipa Resources Ltd (ASX:SRI) and is located near Blencowe’s existing Orom-Cross project in Northern Uganda.
Blencowe's geologists have started a detailed re-analysis of the existing database, which contains about US$15mln (£11mln) worth of work carried out by Sipa and Rio Tinto, to help target additional exploration work.
“Akelikongo is a highly prospective nickel sulphide deposit and previous drilling has already identified three impressive zones of mineralisation over approximately 800 meters,” said executive chairman Cameron Pearce.
10.24am: Tintra advances on agreed further funding
Tintra PLC (AIM:TNT) climbed 16% on Monday morning after receiving the subscription agreements under its current funding round for another US$2mln.
The family of a New York-based private equity company, which had already agreed to invest US$250,000, will now invest the further amount – taking its total investment to US$2.25mln.
"This investment… is perhaps the strongest validation we have yet received of the substance and future of our model and execution plans,” Richard Shearer, Tintra chief executive, said.
The subscriptions are priced at 504p per ordinary share, which is a 218% premium on its current share price of 231p.
For each new ordinary share purchased, the investor will receive two warrants at an exercise price of 50p per share for a period of five years, conditional on the market capitalisation of the company exceeding US$250mln for three consecutive trading days or a future funding round being concluded with a post-money valuation of US$250mln or more, Tintra said.