Footsie closes down despite weekly gain. The FTSE 100 ended the week down 0.4%, though it gained 1.8% over the entire week
The leading gainer was the gambling company Entain, which rose by 2.7%, with Burberry close behind, up 2.3%. On the downside, Rightmove dropped 2.8%, followed by housebuilder Berkeley, which fell 2.6%.
Similarly, the mid-cap FTSE 250 declined 0.2% on the day but saw a weekly increase of 2.1%. Playtech, a gambling software company, led the gains with a 3.5% rise, followed by Hochschild Mining, up 3.4%. The biggest loser was ICG Enterprise Trust, which was down 4.8%, followed by SSP, the railway food giant and owner of Upper Crust, which dropped 2.9%.
Positive momentum was evident in the broader junior market as well, with the AIM All-Share Index gaining a percentage point over the week, closing on Friday at approximately 774.
A gold bar pushed up shares in Artemis Resources Ltd (LON: ARV) up by a remarkable 66% this week. In imperial terms, Artemis extracted enough gold from a significant discovery at its Titan prospect in Pilbara, Western Australia, to produce a 10.4-ounce gold bar. “We are thrilled by the continued gold potential our tenements are revealing,” said Artemis executive director George Ventouras, as he showcased this impressive find.
Distil (LON: DIS) experienced a dramatic rebound after a steep decline earlier in the week. The spirits maker, whose shares plummeted 30% to 0.21p on Wednesday following a profit warning and urgent funding needs, saw a swift recovery as shares rallied back to 0.42p the next day.
Orcadian Energy (LON: ORCA) shares jumped 27% following an encouraging update on the progress of its three license awards in the 33rd Seaward Licensing Round.
LungLife AI (LON: LLAI), a developer of lung cancer diagnostics, announced that the Medicare Administrative Contractor, Noridian Healthcare Solutions, which oversees the company’s California laboratory, has issued a finalized Local Coverage Determination. This allows LungLife AI to apply for coverage to receive payments, with a price set at $2,030 per LungLB test. The next step involves securing coverage from public and private payers. The company’s share price rose by 14.3% to 14p.
Tungsten West PLC (LON: TUN) surged 22% after appointing Jeffery Court, a seasoned mining manager, as its new chief executive.
IXICO PLC (LON: IXI) shares soared 33% after a positive trading update revealed new contract wins worth £5.8 million since March, boosting investor confidence in the medical imaging specialist.
Fletcher King (LON: FLK), a commercial property services provider, reported a significant increase in full-year revenues, rising from £3.08m to £3.83m, with pre-tax profit more than tripling to £504,000. The final dividend has also been tripled to 2.25p per share. As of the end of April 2024, the company had £3.8m in cash, with income boosted by work on rating appeals. Management noted signs of recovery in the commercial property market, especially in the higher-quality segment. The share price climbed 5.26% to 50p.
Rank Group PLC (LON: RNK), the owner of Mecca Bingo, climbed 8% after announcing a return to profitability. CEO John O’Reilly expressed confidence in the future, citing easing inflation, improving disposable incomes, ongoing investments in the customer proposition, and a strong pipeline of growth initiatives.
Zambeef Products (LON: ZAM) clarified last evening that, contrary to media speculation, the Zambian authorities have not yet purchased Chiawa Farm, although a purchase is under consideration. Any successful offer will be announced to the market. The share price advanced by 4.65% to 5.625p.
EQTEC PLC (LON: EQT) shares rose by 11.5% mid-week after the waste-to-energy company indicated it was nearing a £2 million settlement deal with Logik Developments. This agreement, expected to be finalized once EQTEC disposes of the Deeside Industrial Park, would entitle the company to the funds.
SIMEC Atlantis Energy (LON: SAE) has been awarded the Green Economy Mark by the London Stock Exchange. The share price also increased by 4.65% to 5.625p.
Energy services provider Inspired (LON: INSE) is on track to meet full-year forecasts but needs to secure significant optimization contracts, the timing of which remains uncertain. Further updates are expected when the interim results are published. No more deferred consideration will be payable by the end of the year, and the ESG and software segments continue to grow. The share price edged up by 1.43% to 71p.
Kazera Global PLC (LON: KZG) saw a 23% boost after the AIM-listed investment company announced it had received certification from South Africa’s National Nuclear Regulator (NNR). This approval paves the way for the imminent start of mining and production at its Whale Head Minerals project, focusing on Heavy Mineral Sands (HMS).
Fallers
Berenberg has lowered its share price target for ITM Power (LON: ITM) from 60p to 59p. The share price dipped by 3.03% to 52.8p.
Biome Technologies PLC (LON: BIOM) shares were halved on Friday after the company announced a heavily discounted equity raise. The bioplastics and radio frequency technology business plans to raise £950,000 by issuing 19 million shares at 5p each, a significant 76.7% discount to the previous day’s closing price. Biome warned that without this immediate funding, it would run out of cash within a month.
Diagnostic testing company Abingdon Health (LON: ABDX) completed its acquisition of CS Lifesciences yesterday for up to £3.2m. The company intends to launch a retail offer to shareholders at 9.75p per share, following a placing that has already raised £5.225m. The share price declined by 4.41% to 9.75p.
Celadon Pharmaceuticals PLC (LON: CEL) shares plunged 43% due to delays that prevented access to £1.3 million in funding.
Finally, BiVictriX Therapeutics PLC (LON: BVX) announced plans to delist from AIM and re-register as a private limited company. This move, part of the company’s strategy to advance its next-generation cancer therapeutics, particularly its bispecific antibody-drug conjugates, was accompanied by a critical statement from CEO Tiffany Thorn. She argued that AIM had failed to support the company’s growth and that the current market valuation did not reflect its potential. Shares dropped 30% on the news.
