B&M European Value Retail SA sunk 13% to 400.1p as the discount store seemed to be approaching rocky territory following the bowing out of its chief executive (CEO).
Investors were unimpressed that chief financial officer Alex Russo was promoted into the role of CEO after Simon Arora stepped down last month (read more).
This announcement coincided with its full-year preliminary 2022 results, which on the surface appeared relatively strong with better than expected underlying earnings (EBITDA).
Although it reported diluted earnings per share of 42.1p for the period, slightly below the 42.7p it posted a year earlier, while margins are expected to shrink.
When one delves deeper, however, the question may be posed whether B&M's fundamentals are strong enough and if the retailer can survive sustainably in the future given soaring costs.
11.36am: CPP Group strategy to take longer, cost more and have fewer benefits
CPP Group PLC shares dropped 23% to 186p after a mixed trading update, where it said a contract had been extended in India but a review of its future strategy proved less hopeful than anticipated.
The company, which provides insurance and assistance for flight cancellations, phone and gadget protection, monitoring personal data breaches, said its plans to design and build a new IT platform for its Indian operations, a new IT platform to manage the group's legacy back book, and the exit from the UK managing general agent (MGA) business "will take longer, cost more to implement, and secure fewer benefits than originally anticipated".
In particular, the benefits hitherto anticipated from the migration to new IT platforms are unlikely to materialise until the final quarter of 2024, with the result that IT costs will remain at a significantly higher level than anticipated for the next two years.
Chief exec Simon Pyper said the board has "made good progress" in finding the "clear and executable strategy for the UK" that he promised in the last annual report, and said, "I expect that we will later this year update shareholders and other stakeholders on our direction of travel and on our plans to build a business which delivers long term profitable growth and increased value to shareholders".
10.34am: Altus Strategies shines after announcing gold discoveries in Egypt
Altus Strategies PLC shot up 9.7% to 51p after announcing multiple high-grade gold discoveries in Egypt.
The company announced multiple gold discoveries have been made across all four of the company's Projects in Egypt, with more than 100 hard rock artisanal gold workings mapped with grades up to 100 grams per tonne (g/t) gold.
The results indicate the potential for several multi-kilometre long prospective structures, Altus said.
9.05am: Yamana Gold and IQ-AI are top early risers on Tuesday
Yamana Gold Inc shares jumped 21% to 492.5p after agreeing to be taken over by Gold Fields Limited for a valuation of US$6.7bn.
The offer will see each Yamana share exchanged for 0.6 of a share in Gold Fields or 0.6 of a Gold Fields American depositary share (ADS).
"With the combination of Gold Fields' and Yamana's portfolio of assets, Gold Fields will become a new global gold major able to create value at every stage of its pipeline," the prospective owners boasted.
Elsewhere, IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF) rose 11% to 4.44p after subsidiary Imaging Biometrics submitted an application to the US regulator for a patented artificial intelligence (AI) software that it said could introduce "a paradigm shift in radiology departments".
By eliminating the need for gadolinium-based contrast agents (GBCAs) in routine MRI exams, the AI software would not only reduce concerns around the long-term side effects of repeated GBCA use, but also create a more comfortable patient experience, and make radiology departments more productive, the company said.
"In addition to the potential benefits of eliminating or reducing the routine use of GBCAs, the recent world-wide shortages of iodinate contrast agents have illustrated how vulnerable routine radiology operations have become to the continuation of smooth-running global supply chains which we have previously taken for granted," said Trevor Brown, CEO of IQ-AI.