The FTSE 100 ended the week with a gain of 0.28%. Leading the rise was Standard Chartered, which saw an increase of 4.85%, and Rightmove, which went up by 1.85%. On the downside, St James’s Place, an investment company, experienced the largest drop, falling by 2.96%, with Admiral, an insurance company, following with a decline of 1.40%.
In contrast, the FTSE 250 experienced a decrease of 0.44%. The top performer was biotech company PureTech Health, soaring by 11.55%, and TBC Bank, based in Georgia, rising by 3.21%. The largest decline was seen by Domino’s Pizza, which fell by 4.25%, and WAG Payment Solutions, which dropped by 4.13%.
Risers and Fallers
Shares of Coro Energy PLC (AIM: CORO) experienced a significant rise in early trading on Friday, following the announcement by the AIM-listed company of a major regulatory advancement for its Mako field development project in Indonesia, including the approval of sales terms.
In a recent statement, the company confirmed that the Indonesian Minister of Energy and Natural Resources has sanctioned the gas price and volume allocation for the project.
Several companies in the AIM market experienced notable movements, particularly Marlowe PLC (AIM: MRL). Marlowe’s shares surged by 48%, leading the AIM market, following the announcement of a £430 million asset sale to Inflexion Private Equity. This sale, amounting to 121% of Marlowe’s market value, is intended for debt repayment and shareholder returns. Chairman Kevin Quinn highlighted the sale as a testament to the company’s potential and a strategic move to enhance Marlowe’s financial flexibility.
SpaceandPeople PLC (AIM: SAL), a smaller player in advertising and promotions, reported a stronger-than-expected performance in the second half of 2023, especially from its Brand Experience division, the introduction of its ‘Rock Up and Pop Up’ retail kiosk service, and growth in its German retail sector. With sales reaching approximately £5.8 million, up from £4.7 million in 2022, the company’s shares rose by 23% over the week.
Harvest Minerals Ltd (AIM: HMI, OTC: HMIFF), an AIM-listed fertilizer producer, saw its shares increase by 28% following the announcement of a 70,000-tonne order target for 2024.
In the energy sector, Empyrean Energy PLC (AIM: EME) experienced a 27% share price increase. This rise came after the Indonesian government approved key terms for the Mako field development project, a significant step towards finalizing gas sales agreements and advancing towards production.
Powerhouse Energy Group PLC (AIM: PHE) also saw its shares climb by 25% following a groundbreaking five-year agreement with National Hydrogen of Australia, marking a major expansion into new markets including Australia, Italy, Switzerland, and Hong Kong.
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The plant is expected to be operational by the end of February, potentially sooner. It is approaching full operational capacity, having installed key components and conducted… https://t.co/VRWdDvvtW2 pic.twitter.com/KSQspnyZKG— Share_Talk ™ (@Share_Talk) February 23, 2024
Conversely, TomCo Energy PLC (AIM: TOM, OTC: TMCGF) faced a 40% decline in share value after raising £300,000 through an equity offering, aimed at funding its Utah project.
Horizonte Minerals PLC (AIM: HZM, TSX: HZM, OTC: HZMMF) saw its shares halve following news that the cost to complete its Brazilian nickel mine had nearly doubled to $1 billion. Despite this financial hurdle, the company remains optimistic about producing its first metal by early 2026.
Finally, CAB Payments Holdings PLC (LSE: CABP), a main market-listed company, experienced a significant downturn, losing 70% of its value since its IPO in July of the previous year. This decline was exacerbated by a profit warning issued just three months after its listing, leading to the departure of its chief executive.
