At Friday’s close, the stock market in London showed more activity compared to New York. The FTSE 100 ended the day down by 0.22%. The top performer was the mining firm Antofagasta, which rose by 3.6%, closely followed by another mining company, Fresnillo, with a 3.4% increase.
The largest decline was seen in the gambling firm Entain, which fell by 5.5%, with equipment rental company Ashtead trailing with a 4.5% decrease. In the meantime, the FTSE 250 fell by 0.35%. Hochschild Mining led the gainers, up by 5.7%, with Premier Foods, the company behind Mr Kipling, rising by 3.7%.
The AIM All-Share Index, which tracks small-cap stocks, remained mostly stable this week, showing a slight increase of 0.3% by Friday afternoon.
FireAngel Safety Technology Group experienced a significant surge in its shares, with a remarkable 50% increase on Friday and a nearly 75% rise over the entire week. This upward trend was triggered by the Secretary of State’s approval of a £28 million takeover bid by Intelligent Safety Electronics (ISE), sanctioned under the National Security and Investment Act of 2021. The approval process had previously been on hold due to unresolved conditions.
Zotefoams announced a 22% increase in their shares after revealing significant technical achievements with their ReZorce beverage carton product during a Wednesday keynote by CEO David Stirling. Stirling emphasized the product’s sustainability, noting its full recyclability, inclusion of recycled materials, and reduced carbon footprint, aligning with EU regulations.
Orchard Funding is contemplating an exit from the junior market under less favourable conditions. High regulatory and legal costs, poor liquidity, and a lack of institutional interest due to significant undervaluation are the primary factors driving this consideration. As a result, its shares plummeted by 13%.
Cornish Metals presented a puzzling situation, with shares rising by 17% on Friday despite a one-third decline over the week, without any clear reasons. Interim CEO Ken Armstrong reported no known causes for the stock’s volatility, even though the preliminary economic assessment for its South Crofty tin project indicated a promising future with substantial returns.
Phoenix Copper Ltd experienced a significant financial development this week with a successful $80 million corporate copper bond issue, fully subscribed by a single investor. Copper prices are currently soaring, reaching new record highs this week and contributing to BHP’s recent, though unsuccessful, £34 billion bid for Anglo American. Following the news of the bond subscription, Phoenix shares surged by 33%. While they have since receded somewhat, they still ended the week with a solid 8% gain.
The week also saw a general downturn in small-cap mining stocks, with notable declines in shares of Vast Resources, Metals Exploration, and Touchstone Exploration.
Meanwhile, Active Energy Group reported a 44% decrease in its shares by Friday, amidst ongoing negotiations for the sale of its environmentally-friendly CoalSwitch technology. The company also noted its efforts to conserve cash and explore other possible asset sales.
Harland & Wolff, the Belfast shipbuilder, faced setbacks as reports emerged of a £200 million government funding request being turned down. Although Chief Executive John Wood refuted these claims, negative press persisted. On Friday, The Telegraph reported that a £1.6 billion Ministry of Defence contract secured by the company in 2022 was now in jeopardy. At the time of winning the contract, Wood had described it as “a truly defining moment.” Given these developments, it’s not surprising that Harland & Wolff’s share price dropped 26% over the week.
