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SolGold lifted by drilling results at Porvenir Project

A look at some of the major movers in London on Thursday

Halfords Group PLC -

Solgold PLC (LON:SOLG) advanced 11% to 30.75p after an update on its wholly owned Porvenir Project.

PDH-20-001, the first drill hole at the project at Cacharposa (formerly Target 15), has so far intersected over 500 metres (m) of visual copper sulphide mineralisation, hosted by potassium-rich intrusions, as the hole continues towards a planned depth of at least 700m.

"Cacharposa also exhibits classic porphyry metal- and hydrothermal alteration-zoning at surface with coincident Cu, Mo, Au, Mn, and high Cu-Zn ratio anomalies nested within a classic magnetic high surrounded by an annular magnetic low. Geological mapping and spectral mineralogy data obtained from soil samples show a central potassic alteration zone surrounded by an intermediate argillic halo which is typical of many porphyry copper-gold deposits,” said Benn Whistler, the gold explorer’s technical services manager.

2.20pm: PCF weathering the storm

PCF Group Plc (LON:PCF) jumped 12% to 20.7p after it said it remained profitable and was generating positive cash flow.

The credit supplier did acknowledge that the current coronavirus pandemic would have some impact on this year’s results but said its trading performance this year had exhibited “an encouraging combination of operational resilience, cautious lending and continuing profitability”.

The number of customers currently in forbearance is significantly lower than it was at peak levels this year.

1.30pm: Renewi trading materially ahead of expectations

You can add Renewi PLC (LON:RWI) to the list of companies that are faring better during the coronavirus pandemic than was feared sx months ago.

Shares in the waste-to-product business shot up 16% to 22.55p after it said overall trading in the first half of its financial year (April – September) had been “materially ahead of the board’s COVID-19 adjusted expectations”.

The board now anticipates a performance for the full year that is well above expectations that were, admittedly, toned down because of the coronavirus.

12.30pm: Rolls-Royce reverses after heavily discounted rights issue

The market has been waiting for the other shoe to drop for ages … and now it has, with Rolls Royce Holdings PLC (LON:RR.) confirming it is to reaise £3bn through share and debt issues.

The fact that the market new a big cash call was on the way did not stop the shares tumbling 13% to 113.7p.

A hugely discounted rights issue priced at 32p will raise £2bn for the aero-engine maker, while a bond offering will bring in an additional £1bn, having said last month it was looking to raise £2.5bn after months of speculation about a rescue fundraising.

11.20am: Immotion buoyed by release of "Let's explore oceans" mega pack

Immotion Group PLC (LON:IMMO), up 18% at 3.6p, was buoyed by the launch of its “Let’s explore oceans” home entertainment mega pack.

The new offering comes as a complete boxed solution, including virtual reality (VR) goggles, carry case, holographic cube, hardback colour fact book, plus ten VR movies and four augmented reality (AR) experiences, Immotion said.

Once users have bought the mega pack they will in the future be able to purchase additional ocean experiences, and potentially new packs without the need to repurchase either a new headset or cube; they will simply download additional offerings from the Apple, or Android stores.

10.15am: Corero knocks it for six in the third quarter

Corero Network Security PLC (LON:CNS) shot up 15% to 8.875p after it reported a record order intake in the three months to September 30.

The provider of real-time distributed denial of service (DDoS) defence solutions bagged orders worth more than US$6mln.

The orders included its largest ever customer order, nine new customer wins, including three customers in Asia-Pacific and continued traction with partners such as Juniper and GTT.

9.30am: Halfords pumped-up after lifting half-year guidance

It seems those reports of Britons getting on their bikes during lockdown had some truth in them, judging by Halfords Group PLC’s (LON:HFD) trading update.

The retailer of motoring and cycling products saw its shares rise 19% to 215p in the first hour of trading as it revealed sales in its Cycling division had increased 46% year-on-year on a like-for-like (LFL) basis in the five weeks to September 25p.

The UK has not exactly turned its back on the old jam-jar, however, with LFL sales in the Motoring division up 7.5% over the same period.

Given stronger than expected trading since the 20th week of its fiscal year, the retailer now expects half-year profit before tax will top £55mln.

Connect Group PLC (LON:CNCT) will be hanging out the bunting – but not chief executive officer Jonathan Bunting – after the newspapers, magazines and parcels delivery firm revealed the final quarter of its fiscal year had been stronger than management had anticipated.

In the fourth quarter ending August 29, trading EBITDA (underlying earnings) clocked in at £10mln. As a result, the group expects to deliver adjusted EBITDA for the full year of between £38.5mln and £39.0mln, which is above the top-end of the guidance previously announced in July 2020.

“Service and cost control have been first-rate, driving a strong result and giving us positive momentum into the first quarter of the current year," Bunting said.

Proactive news headlines

Corero Network Security PLC (LON:CNS) has reported a record order intake in the three months to September 30, with over US$6mln booked. The provider of real-time DDoS defence solutions said it includes its largest ever customer order, nine new customer wins, including three customers in Asia-Pacific and continued traction with partners such as Juniper and GTT. 

Digitalbox PLC (LON:DBOX) is adding the student publisher Tab Media to its stable of digital titles that includes The Daily Mash and Entertainment Daily. The £750,000 acquisition will be funded from a £1.2mln direct subscription by the Downing Strategic Micro-Cap Investment Trust at 4.9p a share.

Tally said customer numbers for its gold-backed bank account topped 7,000 at the end of the quarter to September 30. Ahead of a planned return to a public listing and disposal of some assets, the company completed a private capital raising round at 2p per share to bring in £300,000, with the board subscribing £20,000.

Oriole Resources PLC (LON:ORR) told investors that drilling at the Hesdaba gold project, in Djibouti, has unearthed significant grades. The Thani Stratex Djibouti (TSD) venture, 11.8% owned by Oriole, has drilled a total of 3,460 metres with highlights including 16 metres at a grade of 3.84 grams per tonne gold.

Alien Metals Ltd (LON:UFO) said it set to acquire 117sq km of acreage adjacent to its Elizabeth Hill silver project in Western Australia. The acquisition comes with historical technical data on precious and base metal prospects identified by previous operators.

Anglesey Mining PLC (LON:AYM) told investors that a preliminary economic assessment (PEA) is now underway at the Parys Mountain project, in North Wales. It is expected that the production rate can be expanded from that envisaged in a scoping study and that the prior eight-year life-of-mine can be extended significantly.

Caledonia Mining Corporation PLC (LON:CMCL) has increased its quarterly dividend payment by 18% to 10c per share, making a 45% cumulative increase over the past twelve months. The Zimbabwe-focused gold miner said equipping the central shaft at the Blanket Mine is on schedule to be completed in the final quarter of this year with commissioning by end first quarter 2021.

Primary Health Properties PLC (LON:PHP) said its fourth quarterly interim dividend in 2020 of 1.475p will be paid on 20 November to shareholders on the register on 9 October. 

Despite the difficult times faces by the aviation industry, Stobart Group Limited (LON:STOB) is trading much as expected at the time of its June fundraising and has a healthy cash balance and undrawn bank facilities of around £119mln.

Immotion Group PLC (LON:IMMO) announced the launch of its brand new 'in-home' product, the 'Let's Explore Oceans' mega pack. The new offering comes as a complete boxed solution, including virtual reality (VR) goggles, carry case, holographic cube, hardback colour factbook, plus ten VR movies and four augmented reality (AR) experiences.

Learning Technologies Group PLC (LON:LTG) confirmed that all conditions relating to the acquisition of eCreators have been satisfied and that the transaction completed on October 1.

Scott Maybury, chief executive of PCF Group Plc (LON:PCF), said the specialist lender’s most recent performance exhibited an "encouraging combination of operational resilience, cautious lending and continuing profitability”.
A trading statement revealed PCF had progressively tightened risk credit appetite, meaning prime lending for the year would be 83% of the total, up from 74% a year earlier.

Coinsilium Group Limited (LON:COIN) told investors it is well-positioned to capitalise on the burgeoning decentralised finance and crypto finance sectors after shifting its focus in 2020.

Bahamas Petroleum Company PLC (LON:BPC) has raised £9.5mln in an institutional share placing to boost the explorer’s funds ahead of the high impact Perseverance-1 well.

Adamas Finance Asia (LON:ADAM) said it has received confirmation that the remaining subscription monies due from its recent share placing have been transferred and should be credited to its bank account “shortly”. In the same announcement, investors were told financial guidance for Future Metal Holdings for 2020, which was to be provided in September, will now be given in the quarterly portfolio update to be released by the end of October or early November.

AFC Energy PLC (LON:AFC) has been invited to present its AlkaMem anion exchange membrane technology to industry at the prestigious Fraunhofer Society today focused on areas where it sees "significant growth potential": alkaline water electrolysis and green hydrogen generation.

Xpediator PLC (LON:XPD) has appointed Robert Ross as chief executive officer of the group with immediate effect. He has been working as the freight management services provider's interim CEO and chief financial officer.

Metal Tiger PLC (LON:MTR) has appointed David Wargo to the board as a non-executive director with immediate effect. Wargo is a senior natural resource investment banker with over 21 years of experience in the mining industry and banking industry, currently managing director of investment banking at Sprott Capital Partners. Chairman Charles Hall said: “David’s appointment will complement the board greatly, bringing his specialist knowledge and contact base as a senior natural resources investment banker with a strong technical background. His position with Sprott Capital Partners will also be of benefit to the company as we continue to focus on growing the business opportunistically in today’s market.”

Silence Therapeutics plc (LON:SLN)(NASDAQ:SLN) chief executive officer Mark Rothera and Giles Campion, head of R&D and chief medical officer, will participate in a fireside chat at the Chardan Virtual 4th Annual Genetic Medicines Conference on Monday, October 5, 2020 at 2pm EDT (9pm BST). A live webcast can be accessed via the investors' section of the company's website at www.silence-therapeutics.com with an archived replay available for 90 days.

Ergomed PLC (LON:ERGO) is today posting a circular to shareholders giving notice of a general meeting where it lays out the process of a proposed capital reduction, which is conditional upon a shareholder vote and court approval. The general meeting, where shareholders need to vote by proxy in advance will be held at 9.30am on October 19.
 

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