The FTSE 100 closed down 0.2% on Friday after an exciting week. The biggest gainer was BT, up 3.4%, followed by Tesco, up 2.6%. The biggest loser was Burberry, down 4.2%, followed closely by aerospace manufacturer Melrose, also down 4.2%.
Meanwhile, the FTSE 250 fell 0.5%. The top performer was Crest Nicholson, the housebuilder and takeover target, which rose 13.7%, followed by Investec, up 4.4%. The biggest decliner was cruise ship operator Carnival, down 6.4%, followed by Dr. Martens, down 4.5%.
Across Europe, markets were unsettled by Emmanuel Macron’s unexpected decision to call a general election in France. The impact was more pronounced in the lower tiers of the UK market than among the blue chips, with the AIM All Share dropping 1.6% to 780.33. In contrast, the benchmark FTSE 100 lost just 1%.
Another company on radio silence @eurasiamining (LON: #EUA) broke out last week, @Share_Talk picked up on the volume and the team had the company on the Twitter (X) radar, what an end to the week, up 174.70% in the past five days.
Winners
An independent study of the West Newton field has confirmed the viability of a single well development. Reabold Resources (LON: RBD), which holds a majority stake in the field, is estimated by Cavendish to have an NPV10 valuation of £32m for the development, with Reabold’s stake worth £17.4m. Full field development could be worth $179m to Reabold Resources. Cavendish has set a risked target price of 0.37p. The share price rose 7.41% to 0.0725p.
Trident Royalties (LON: TRR) has recommended a cash bid of 49p per share from ASX-listed Deterra Royalties. The share price has surged by 20% to 48p following the announcement. This deal values the mining royalties investor at £144 million. The acquisition will be financed through a £150 million bridge loan facility, with additional facilities available for further investments. Deterra Royalties has a market capitalization of A$2.4 billion.
Clontarf Energy (LON: CLON) rose 132%. The shares reacted positively to an update accompanying its outdated prelims (to December 31, 2023), which seemed favourable for its lithium assets in Bolivia, with positive implications for Clontarf’s funding. This left many scratching their heads.
Baron Oil (LON: BOIL) shares increased by 50%, gaining momentum ahead of a significant value catalyst. Baron is currently conducting preliminary work, including site surveying, rig contracting, and permitting for the Chuditch gas discovery in Timor Leste.
The latest drilling results for the Basin lithium project bring Bradda Head Lithium (LON: BHL) closer to receiving a substantial royalty payment from the LRC. A new mineral resource estimate is being calculated, expected to significantly surpass the current figure of 1.08MT of LCE. The estimate could potentially triple in the coming weeks, boosting the share price by 16.1% to 1.8p.
Finally, the volatility appeared to settle for SRT Marine (LON: SRT) a navigation equipment maker, which had confused the market with a mixed trading update last week. After a full week to digest the information, investors responded positively, pushing the stock 27% higher.
Physiomics (LON: PYC), a provider of mathematical drug modelling services, announced that its personalized dosing software will be included in the DoseMeRx platform. This follows an oncology modelling contract worth £186,000, bringing committed 2024-25 revenues to £500,000. Consequently, the share price increased by 7.41% to 1.45p.
Understanding the situation at Kibo Energy (LON: KIBO) a micro-cap company, is challenging. Last week, it announced a fundraiser and several boardroom changes, but earlier this week, those plans were reversed, causing the share price to more than double.
Despite a volatile five trading days, Kibo’s shares were up only 7% compared to the same point last week.
Losers
The week’s biggest loser, down 81%, was R&Q Insurance (LON: RQIH) which alarmed the market by indicating it is considering provisional liquidation in Bermuda before completing the sale of its Accredited business.
ActiveOps (LON: AOM) shares have declined by 2.88% to 101p in anticipation of the decision intelligence software company’s full-year results announcement on 3 July.
Destiny Pharma (LON: DEST) lost a third of its value after Chairman Nigel Rudd stated that the group, which has developed two-phase III-ready anti-infectives, was evaluating its strategic options due to its current cash runway and feedback from potential partners.
Chief executive Nigel Theobald’s stake in N4 Pharma (LON: N4P) has decreased from 6.32% to 4.3%, likely due to the dilutive effect of the £630,000 placing at 0.5p per share. Consequently, the share price has fallen 4.76% to 0.5p.
Serabi Gold (LON: SRB) share price has slipped 1.48% to 66.5p following yesterday’s AGM. The Brazil-focused gold miner is on track to meet its 2024 production guidance of 38,000 – 40,000 ounces, with production ramping up at the Coringa project and new processing equipment delivered.
On Thursday, Empyrean Energy (LON: EME) requested an extension from CNOOC for the second phase of exploration on offshore China Block 29/11. The company has not drilled a commitment well at the Topaz prospect due to the absence of a farm-out deal. The well has an estimated 30% chance of success. Empyrean Energy needs a binding gas sales agreement to secure a farm-down transaction for the Mako gas project in the Duyung production sharing contract, where it holds a 7.5% working interest. A final investment decision for the Mako field could be made by mid-2024. The share price fell 26.5% to 0.25p.
Petards Group (LON: PEG) reported a £500,000 loss for 2023. However, WH Ireland anticipates the security technology company will return to a pre-tax profit in 2024, thanks to an upgraded revenue forecast from £10.9 million to £13.2 million. This revenue boost is primarily due to the acquisition of Affini Technology, a critical communications services provider focused on the aviation sector, for £2.8 million, which will help offset weaker demand in the rail and defense sectors. Additionally, the company has achieved £400,000 in annualized cost savings.
