FTSE 100 closes up after earlier sell-off on Friday. The FTSE 100 experienced initial losses of up to 0.9% in today’s trading session due to concerns surrounding conflict in the Middle East. However, shares rebounded later in the afternoon, ultimately closing up by 0.2%.
Leading the gains was Mondi, soaring by 9.3%, following its announcement that it would not engage in a bidding war for competitor DS Smith. Rentokil Initial followed closely behind as the second-highest riser, climbing by 2.4%. On the flip side, DS Smith experienced the largest decline, dropping by 10.3%, while JD Sports fell by 2.8%.
Meanwhile, the FTSE 250 also faced initial losses of up to 1% during trading, eventually closing down by 0.3%. Cybersecurity firm Darktrade emerged as the top gainer, rising by 3.9%, closely followed by oil and gas exploration company Energean, also up by 3.9%. Conversely, hedge fund Man Group experienced the biggest drop, declining by 6.6%, followed by landscaping products group Marshalls, which fell by 3.1%.
During the past five trading days, both the FTSE 100 blue-chip index and the AIM All-Share junior index experienced declines of more than 2%, exacerbated by disappointing retail sales data for March released last Friday, contributing to a pessimistic market mood.
Conversely, commodities performed well, with gold nearly reaching its historical peak due to a ‘flight to safety’ and Brent crude oil increasing by 4.4% to US$90 a barrel on Friday, although it later dropped to US$88.25. Currently, metal prices are robust, which naturally led to a rally among mining companies.
Battle Lines Drawn
Chill Brands Group PLC, a provider of nicotine-free vaping products, is currently facing an activist campaign from its largest shareholder.
Jonathan Swann of CFC Underwriting, who owns a 13.45% stake in the company, is advocating for the removal of two key board members, Chief Commercial Officer Antonio Russo and Chief Operating Officer Trevor Taylor. Swann is proposing Graham Duncan and Aditya Chathli as their replacements. The specific goals Swann aims to achieve through this potential board reshuffle remain unclear.
Despite the fact that Chill’s stock has declined by a third this year, the downturn is largely attributed to increased regulatory scrutiny over disposable vaping products. Chill has expressed significant concern about these developments and continues to support its current board directors.
Risers & Fallers
Tungsten West spearheaded market gains with a 57% increase in its share price, while Metals One surged ahead in anticipation of upcoming results from its yet-to-be-assayed intersections at the P5 target within the Black Schist Ni-Zn-Cu-Co Project in Finland, expected in May.
Serabi Gold focusing on Brazil, saw its shares rise by 9.5% over the week, buoyed by a first-quarter production report that surpassed expectations, largely due to the strong performance of its Coringa operation.
Shares in Greenland-focused graphite, titanium, and iron ore miner Greenroc Mining PLC jumped over 37%, and Cornish Metals saw a 40% increase. Cornish Metals confirmed that the preliminary economic assessment for the South Crofty mine in Cornwall is anticipated to be completed this quarter, amidst a surge in tin prices.
Cornish Metals also reported progress on the refurbishment of the New Cook’s Kitchen (NCK) shaft, with the installation and commissioning of two winders and cages now complete, facilitating the safe transportation of equipment and personnel within the shaft.
Interim CEO Ken Armstrong remarked on the fortuitous timing of these developments alongside rising tin prices, which recently surpassed US$30,000 per tonne, and the growing recognition of tin as a critical metal by the UK and other governments.
AIM-listed SEED Innovations Ltd, an investor in early-stage health, wellness, and medical cannabis companies, saw a 29% rise following an announcement of strong performance by its portfolio company Little Green Pharma, which reported a record quarterly revenue of £3.7 million—a 34% sequential increase and over 36% year-on-year growth.
Ed McDermott, CEO of Seed Innovations, lauded the results as “outstanding,” highlighting the company’s expanding influence in the medical cannabis market, both in Australia and across Europe, especially given recent legislative changes in Germany.
Meanwhile, shares of 88 Energy dropped 29% this week despite positive updates. The Alaska-focused oil and gas explorer informed investors about ongoing post-flow test studies for the Hickory-1 well aimed at upgrading contingent resource estimates and exploring commercialization options.
Horizonte Minerals faced the steepest decline, plummeting 45% after failing to secure full financing for its 100%-owned Araguaia Nickel Project.
