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Anglo Asian Mining shares fly higher as it takes steps to identify new targets

Time:2018-09-25 16:51Turbochargers information Click:

Proactiveinvestors Market Rep

Anglo Asian Mining Plc (LON:AAZ) shares advanced 11.7% to 47.50p in Thursday afternoon trading after saying it would conduct an airborne geophysical survey over its Gedabek contract area in Azerbaijan.

The company, which is looking to identify a pipeline of new gold and copper targets to boost its production profile, said the survey will cover the entire 300 square kilometre area.

The survey will be carried out by Canadian firm Geotech Limited and is expected to begin in the coming weeks.

Xeros Technology Group PLC (LON:XSG) shares fell 7.1% to 43p as said it would push ahead with plans to raise funds to support the commercialisation of its applications by the end of 2019.

The company, which makes plastic water saving products for cleaning, laundry, tanning and garment finishing markets, also posted an adjusted loss of £11.6mln for the first half, compared to a loss of £13.2mln last year.

Total income rose to £1.9mln from £1.1mln, driven by growth in service income and machine sales.  

Creo Medical and Nektan on the front foot while redT energy shares edge lower

Creo Medical Group PLC (LON:CRO) motored 10.75%, or 18.00p higher to 185.50p after the medical device company announced the successful first use of its Speedboat endoscopic advanced energy device in seven upper gastrointestinal (GI) tract patients in South Africa.

Speedboat is the first device developed for use with the Welsh company's CROMA generator, which allows doctors to carry out surgical procedures without the need to puncture the skin.

Craig Gulliford, Creo's chief executive officer, said: "This is a double first for Creo. The use of our lead product, Speedboat, in upper GI procedures and in a clinical setting outside of the UK is a key step in the commercialisation of our technology”.

Nektan PLC (LON:NKTN) shares are up 10.8% to 20.50p after the gambling software and services provider said its Evolve white label platform helped deliver record revenues for The Sun Play, the online slots site from News UK.

The company said through its platform, the site achieved a 47% year-on-year increase in net gaming revenue (NGR) to £1.8mln.

Nektan manages the entire operation of the site, TheSunPlay.co.uk, on behalf of News UK, including customer support, regulatory approvals, licensing, games content, and payment processing.

redT energy PLC (LON:RED) shares dipped 4.35% to 8.8p after it posted a wider first-half loss.

The energy storage company said it posted a trading loss of £5.4mln for the first six months of the year, compared to £2.8mln last year. The operating loss from continuing operations grew to £5.7mln from £3.1mln.

Revenue from continuing operations rose 33% to £1.2mln. mainly due to the residual Camco consulting business. 

Bushveld Minerals shares jump as it increases interest in Vametco in 'very good deal'

Bushveld Minerals Ltd (LON:BMN) shares gained as it increased its indirect interest in the Vametco mine in South Africa in what analysts described as “very good deal”.

The company bought a 21.22% stake in Strategic Minerals Corporation (SMC), an intermediate holding company of vanadium producer Vametco Alloys Proprietary Limited, from Sojitz Noble Alloys. Bushveld now owns 100% of SMC.

SMC owns 75% of Vametco, so Bushveld’s stake in the vanadium group is also now 75% compared to 59.1% previously.

Bushveld will pay Sojitz US$20mln for its 21.2% share in SMC, which values the venture at US$94mln in total.

Analysts at Shore Capital said US$20mln is a “very good deal at first glance”.

“We have not yet attempted to value Vametco, but very simplistically, Bushveld’s circa £210mln market cap would have implied a value for 100% of c.US$463m (ignoring cash and other assets and liabilities), or c.US$98m for Sojitz’s 21.22% interest,” they said.

Shares are up 15% to 22p in late morning trading. 

Going the other way, Malvern International PLC (LON:MLVN) shares tumbled after the education company widened its first-half loss and warned that private education was a “volatile and competitive business”.

The company, whose partners include the University of East London, the London School of Business and Management and the University of Wales, posted a loss before tax of £370,000 for the six months to June 30, compared to a loss of £395,000 last year.

Revenue increased to £2.61mln from £1.65mln a year ago as improvements in its London and Singapore divisions offset a decline in the Malaysia business.

Shares fell 19.4% to 6.2p in morning trading. 

Retail shares tank after John Lewis earnings highlight 'challenging times' for market

Retail shares were under pressure on Thursday as disappointing first-half results from John Lewis Partnership underlined the struggles facing the high street.

John Lewis, the owner of the department store chain of the same name and Waitrose supermarkets, posted a near 99% plunge in first-half profits as it battled to match heavily discounted prices by rivals and took a hit from higher costs related to IT and store openings.

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