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Risers & Fallers: Baobab Resources, China Chaintek, IGas Energy, Independent Resources, Kalimantan Gold, Optare

Published: 01:16 09 May 2015 AEST

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Below are some of the main news-driven share price changes at 4.15pm.

RISERS

Optare (LON:OPE), up 28.6%. The shares have been in free-fall since the company announced plans to delist, but they have bounced back a little today.

Kalimantan Gold (LON:KLG), up 18.9%. Drilling of the first four holes at the Beruang Kanan Main deposit has been completed. 

Igas Energy (LON:IGAS), up 16.8%. The British oil and gas company unveiled a number of cost-cutting measures including a 25% reduction to headcount and the closure of the acquired Dart Energy offices in Stirling, Scotland.  

FALLERS

Independent Resources (LON:IRG), down 40.0%. The shares were marked down 0.75p to 1.125p after the company placed 80mln new shares at a penny each.

Baobab Resources (LON:BAO), down 37.8%. The takeover offer by Redbird Investments has received acceptances in respect of 85.59%, and not the 87.62% reported a week ago; the discrepancy was down to an administrative mix-up.

China Chaintek (LON:CTEK), down 6.8%. First quarter revenues for the Chinese logistics services provider were down 21% year-on-year.

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Below are some of the main news-driven share price changes among FTSE 350 stocks at 1.00pm.

RISERS

Laird (LON:LRD), up 9.9%. The wireless connectivity and radio frequency engineering firm said it has got off to a food start in 2015, while the second half looks promising, with a number of new products set to be launched by Laird's customers.

Ladbrokes (LON:LAD), up 9.9%. BNP Paribas reiterated its 'outperform' rating for the bookie, which yesterday announced its chairman, Peter Erskine, would be heading for the door this year.

Berkeley Group Holdings (LON:BKG), up 8.9%. The Conservative election win has proved very popular with holders of shares in house builders and estate agents, as it lays to rest fears of the introduction of a so-called Mansion Tax. Said tax would hit house prices in the wealthy south the hardest, so London-focused firms such as Berkeley are benefiting most.

Savills (LON:SVS), up 8.5%. As mentioned above, a Tory win was warmly welcomed by estate agents. Savills' rival Foxtons is another stock sharply higher.

FALLERS

Just Eat (LON:JE.), down 4.6%. The company that acts as a clearing house for online takeaway orders is to splash out £455mln on an Aussie firm that does much the same thing down under. The purchase price looks hefty, and the fact that it will be financed by a share issue is weighing heavily on the share price.

Man Group (LON:EMG), down 3.5%. The hedge fund manager's first quarter trading update looked good on the surface, with funds under management shooting up by US$9bn in the first quarter to a new high of US$82bn, but the outlook statement was cautious.

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 Below are some of the main news-driven share price changes at 9.15am.

RISERS

New World Oil & Gas (LON:NEW), up 85%. The shares rise sharply for the second day in succession. Yesterday, the LSE issued a market notice flagging settlement delays in the New World securities; speculators appeared to sniff a ‘short squeeze’.

African Copper (LON:ACU), up 25.0%. After plummeting yesterday on the announcement of the company's impending delisting, the shares are experiencing the proverbial dead cat bounce today.

Aeroema Communications (LON:AEO), up 16.5%. The company anticipates a strong end to its financial year ending 30th June 2015 based on recent order intake for events scheduled for May and June. Pre-tax profits are now expected to exceed £350,000.

FALLERS

John Lewis of Hungerford (LON:JLH), down 20.0%. The "other John Lewis" has had a bad morning after a disappointing half-year trading update. The retailer fell into the red, with an operating loss of £174,000, after the loss of key personnel hit sales.

Falanx (LON:FLX), down 26.3%. The shares have fallen 5.25p to 14.75p after the risk management consultancy announced plans to raise money by issuing shares at 14p.

Xtract Resources (LON:XTR), down 17.4%. Another company issuing shares at a discount is gold and copper miner Xtract, which is raising £3mln through a placing of shares at 0.25p each. The shares have fallen to 0.285p from 0.345p.


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