The FTSE 100 closed up 97.06 points, or 0.9%, at 10,736.23 on Friday as oil prices fell back below US$100 a barrel. The index was supported by a sharp reversal in Brent crude, which dropped more than 5% during the session to around US$96 a barrel.
The wider AIM market recovered during the week, with the AIM All-Share rising 1% to 768.74, outperforming the FTSE 100, which gained 0.7%.
London’s blue-chip index was also lifted by a rebound in software stocks. Relx and Sage Group both rose sharply, as investor confidence returned to parts of the sector following strong results from Relx. Software shares have come under pressure in recent months amid concerns over the potential impact of artificial intelligence on growth and margins.
Risers
Among the week’s winners, IQE jumped 34% after guiding to full-year revenue growth of more than 30%, supported by strong demand for indium phosphide used in AI and data centre applications. The compound semiconductor group expects first-half sales of at least £64 million and ended June debt-free with £41.6 million of cash.
Sunrise Resources rose 30% after acquiring the Lake copper-silver-gold project in Nevada, where historic drilling returned 50 metres grading 0.73% copper, 31 g/t silver and 0.2 g/t gold from surface.
Tooru advanced 28% without an obvious catalyst, although the move followed a previously upbeat trading update alongside preliminary results.
Hardide rose 27% after third-quarter revenue of £4.1 million took year-to-date revenue to £8.9 million. The coatings specialist said full-year results are now expected to be materially ahead of the previously forecast £13.4 million, while it is investing £4.5 million in three new reactors.
Valereum gained 12% following two blockchain-related announcements. The first related to Quorium Global Photonics, a partner with which Valereum is pursuing a transaction. Quorium has launched a stablecoin designed to support activity within its ecosystem.
Menel Energy and Resources is investing £750,000 in Shuka Minerals through a share subscription priced at 4p per share. Shuka has also agreed to extend the final repayment date of its loan facility with Gathoni Muchai Investments to the end of 2027. Shuka Minerals shares rose 7.69% to 2.8p.
Fallers
The week’s biggest faller was Celsius Resources, which tumbled 96% after a lender moved to seize and auction its 40% stake in the Makilala copper-gold project in the Philippines. Celsius said Kiri Industries, which owns Equinaire, has reiterated that it acquired the loan linked to Makilala Mining Company because it wants to secure an offtake agreement for copper ore or concentrate from the MCB project in the Philippines.
Scancell Holdings shares fell 27% this week, but the sharp move may obscure a more significant strategic development for the oncology research specialist. The company is pursuing a reverse takeover of US-based Neuphoria Therapeutics, a transaction that would give Scancell access to a Nasdaq listing.
Harvest Minerals shares retreated following yesterday’s announcement that the company is acquiring a portfolio of eight rare earth projects in Brazil. The share price fell 18.2% to 0.225p, reversing the previous session’s gains and returning to Monday’s closing level.
Orosur Mining Inc has completed the second phase of exploration at its El Pantano gold and silver project in Argentina and has now assumed 100% ownership of the asset. The company may seek a joint-venture partner to help finance the next stage of development. Shares slipped 4.22% to 14.75p.
TheWorks.co.uk reported a solid improvement in annual trading, with revenue from continuing operations rising 3% to £260 million and underlying pre-tax profit jumping 44% to £7.2 million. Despite the encouraging update, shares fell 4.05% to 75.8p.
