London’s top share index concludes a lacklustre week in the red. London’s FTSE 100 slipped on Friday, capping a muted week of trading, despite revised economic growth figures offering a slightly more optimistic view of the UK economy.
The index hovered around zero at the end of the session but ultimately closed 0.2% lower at 8,164.12.
This tepid performance coincided with the release of updated gross domestic product (GDP) figures by the Office for National Statistics, indicating that the UK economy grew by 0.7% over the first quarter, a slight increase from the previously reported 0.6%. Although this news did little to invigorate the London markets, it provided a potentially positive outlook for the prime minister ahead of next week’s general election, aligning with his previous pledge to grow the economy.
In Europe, it was a mixed session for major indexes: Germany’s DAX edged up 0.1%, while France’s CAC closed down 0.7%.
Eurasia Mining (LON: EUA) will suspend share trading on July 1 due to the delay in publishing its 2023 accounts. Despite this, the share price rose by 9.76% to 2.30p hitting an interday high of 2.50p on Friday.
UK Oil & Gas (LON: UKOG) reported that a competent person report on the Horndean field, where it holds a 10% interest, estimates its share of the net 2P reserve at 106,400 barrels of recoverable oil, slightly higher than previous estimates. This investment generated net earnings of £147,000 last year. The share price rose by 6.06% to 0.0175p.
Directors of Firering Strategic Minerals (LON: FRG) have subscribed £230,000 at 2.9p per share, raising the total from the recent fundraising to £2.32 million. The share price climbed by 8.06% to 3.35p.
Ethernity Networks (LON: ENET) has secured a $1.1 million contract in the US to supply networking technology, with the potential for additional business. However, project implementation awaits US government approval. The share price increased by 31% to 0.95p.
Tavistock Investments (LON: TAVI) has confirmed it is considering disposals, including selling parts of the group to financial planning and investment services provider Saltus. The share price increased by 7.35% to 3.65p.
On Thursday an independent report confirmed that Longboat Energy’s (LON: LBE) Kertang prospect in Asia holds gross unrisked mean prospective resources of 9.1 trillion cubic feet (tcf) of gas and 146 million barrels (mmbbls) of non-gas liquids. Longboat Energy plans to initiate a farm-out process involving larger oil and gas companies. Additionally, the company has received consent from Norwegian authorities for the sale of its joint venture stake in Longboat Japex Norge. Following these developments, the share price increased by 17.3% to 23.75p.
M Warner has raised his stake in Clontarf Energy (LON: CLON) from 3.13% to 5.98%. Following this increase, the share price surged by 29.2% to 0.0775p on Thursday with an overall 5-day gain of
Mercantile Ports and Logistics (LON: MPL) has reported its 2023 figures, which slightly exceeded expectations. Despite a £9.9 million impairment charge, the pre-tax loss decreased from £12.1 million to £11.4 million. Ongoing debt restructuring discussions aim to solidify the financial position of the Indian port facility developer. An operating profit is anticipated for 2024, although it will not be sufficient to cover post-interest expenses. Cavendish has set a price target of 4.8p. Following the announcement, the share price surged by 40.6% to 2.25p.
Fallers
Pubs and bars operator Nightcap (LON: NGHT) has announced its decision to cancel its AIM listing due to a weak share price and difficulties in raising additional funds. The company faces challenging trading conditions, which are expected to persist throughout the year.
EBITDA for the year ending June 2024 has fallen below expectations, and the integration of The Piano Works has been more costly than anticipated. A general meeting is scheduled for July 17, but there is already sufficient support to approve the resolution to exit AIM. The cancellation of the quotation is expected on July 29, with a matched bargain facility provided by Asset Match. The share price has dropped 52.2% to 1.65p.
Mirriad Advertising (LON: MIRI), an in-game advertising technology company, had a poor start to the year but expects improvement in the second half as new business begins. First-half revenues are projected to decline from £592,000 to £400,000, impacted by delays in connected TV rollouts. However, cost savings are being realized. The share price fell 31.8% to 0.675p.
musicMagpie (LON: MMAG) reported a decline in revenues in its interim figures. Management attributed this partly to transforming its US business into a sourcing operation. While UK technology sales slightly increased, disc and book sales decreased. Costs were reduced, lowering the loss from £3.2 million to £3 million. As of May 2024, net debt was £13.8 million. The company has diversified into buying branded fashion from individuals. The share price decreased by 17.2% to 6p.
Vast Resources (LON: VAST) has received an acceleration notice for its outstanding debt of $5.82 million owed to A&T Investments. If the debt is not repaid by September 26, the lender will enforce the security provided. The lender states it is protecting its position and is engaged in negotiations regarding debt standstill agreements. Vast Resources is seeking restructuring finance to repay the debt. Following this news, the share price fell by 22.5% to 0.155p.
Renewables investment company I(X) Net Zero (LON: IX.) plans to cancel its AIM listing. The share price has declined since its AIM debut, partly due to unfortunate timing. Initially favoured, renewables businesses later faced changing investor sentiment towards unprofitable companies. Additionally, there has been limited liquidity in the shares. With cash outflows and a potential need for more funds, the company recorded $81.1 million in unrealized gains in 2023, mainly from a valuation increase in WasteFuel following BP’s investment. The NAV stands at $122.2 million. The share price dropped 35.4% to 10.5p, valuing I(X) Net Zero at £14.2 million. Plans are in place to obtain a matched bargain facility through JP Jenkins.
