Pensana PLC (LSE:PRE) jumped 11% to 71p after breaking ground at its Saltend rare earth processing hub.
According to its statement, it is an “important step in the world’s first independent and sustainable rare earth supply chain.”
Production is due to commence in 2023, with plans to produce 5% of global magnet metals.
As well as that, the US$195mln plant to “play a key role in levelling up, creating long term, high value jobs.”
1.12pm: Titon falls as macro-conditions bite
Titon Holdings (LSE:TON) PLC, the manufacturer and supplier of ventilation systems, fell 13% to 71p after warning that the group’s interim results will be “affected by shortages of raw materials and components.”
Business in the UK and Europe will also be affected by price increases for components, labour and energy, which will have a negative impact on its sales.
Despite some respite, the last three months have continued to see margin erosion and this will have a “significant bearing” on its results.
"We are obviously disappointed that the Group's trading performance for the FY21/22 full year will be lower than previously indicated due to the margin pressures we have experienced and the production and despatch issues we have suffered from in the last three months,” said chief executive Keith Ritchie.
11.32am: Beazley jumps despite fall in profits
Beazley PLC (LSE:BEZ) climbed 7% to 513p following the release of its results which showed the “best half-year combined ratio since 2015.”
Although profit before tax fell to US$223mln from US$167.3mln, investors latched onto the combined ratio, which fell 7% to 87%.
A combined ratio is a measure of an insurance company’s profitability expressed in terms of the ratio of total costs divided by total revenue.
For insurance companies, it is a key metric of performance, and the lower the number, the better.
10am: Stanley Gibbons (AIM:SGI) jumps as delisting planned
Stanley Gibbons (AIM:SGI) Group PLC jumped 3% to 1.5p after telling investors it plans to delist from the AIM list.
It has been asked to do so by Phoenix Asset Management Partners, on behalf of the company’s biggest investor, Phoenix SG, which owns 58% of the philatelic, coins and medals specialist.
It is seen as cost-effective to exit the market, a move it hopes will also help stem the “negative operational influences on the business”.
A process will be put in place that allows investors who do not want to hold unlisted stock in Stanlet Gibbons to sell their shares.
Mirriad Advertising nosedived 37% to 9.1p after announcing it expects to generate £2mln in revenue in 2022 as it moves away from the Chinese market.
The digital advertising company plans to double down on the US market, where turnover grew 57% in the first half of the year, and away from China following the country's stringent Covid-19 lockdowns.
"Mirriad is extending its lead in the in-content advertising market with an augmented focus and position in North America," said Stephan Beringer, chief executive of Mirriad.