Kodal Minerals (KOD)

 

FTSE retreating as last session of 2016 begins

London stocks began their last session of 2016 on the back foot with the blue-chip and mid-cap indices mildly lower, weighed down by several falling oil majors, pharmas and utilities.

BP (BP.) dropped 1.03% to 505.95p, while Shell (RDSA) eased 0.78% to 2229p. Among utilities, United (UU.) lost 0.61% to 902p and SSE (SSE) faded 0.35% to 1557.5p.

At 8.29am, WTI crude was up 0.41% to $53.99/bbl and Brent was up 0.47% to $57.12/bbl. Gold was ahead 0.14% to $1159.70/oz, with both silver and copper making gains, too.

Pharmas notable lower included Shire (SHP), down 0.35% to 4617.5p, and Glaxosmithkline (GSK), down 0.34% to 1557.25p. Blue-chip risers and fallers were roughly evenly split.

Soon after the open, FTSE 100 was down 14.6 points, or 0.21%, to 7105.66, while FTSE 250 was down 22.48, or 0.12%, to 18,007.0.

To the upside, house builders were notable. Persimmon (PSN) rose 1.2% to 1767p. Barratt (BDEV) firmed 0.77% to 467.45p. High-street retailers rose after Next (NXT), up 0.76% to 4981.5p.

Commercial property was also up. Hammerson (HMSO), up 0.4% to 565.25p, has contracted to sell 50% of Watermark in Southampton to GIC, Singapore's sovereign wealth fund and Hammerson's Westquay joint venture partner, for a total consideration of £48.5m.

In a shift away from the themes of the past two sessions, blue-chip miners were out of the driving seat and off the pace, being scattered across both the winners' and losers' ladders.

BIGGER MOVERS

Kodal Minerals (KOD), up 16% to 0.15p, confirms further high grade rock chip results from the reconnaissance rock chip sampling at its lithium interests in southern Mali.

Pantheon Resources (PANR), up 14.29% to 76p, reports the presence of two new potentially significant zones in the VOBM#4 well in Tyler County, East Texas, both of which are productive regionally and have the potential to be significant also for the company.

LONDON HIGHLIGHTS

Caribbean Investment Holdings (CIHL), down 5.0% to 9.5p, has posted a net loss from operations of $3.8m for the six months ended 30 September, from net income of $2.5m.

ValiRx (VAL), down 4.65% to 5.13p, said YA Global Master SPV Ltd (Yorkville) has elected to convert a further portion of tranche 1 of the Convertible Loan Facility (CLN).

Provexis (PXS), down 3.78% to 0.89p, has narrowed its H1 pretax loss to £139,617, from a loss of £228,447. Revenue improved to £123,456, from £40,908.

San Leon Energy (SLE), down 3.21% to 52.75p, has issued an update on operations and cash flow receipts related to its initial indirect 9.72% interest in the OML 18 project, onshore Nigeria.

Georgia Healthcare Group (GHG), up 2.71% to 359.50p, has launched a new ambulatory cluster in Tbilisi. The cluster is located in the Didi Digomi neighbourhood and covers a population of about 140,000.

Metal Tiger (MTR), down 1.69% to 1.45p, has agreed to issue 7.5m new shares in lieu of cash for marketing, communications and other professional services provided to the company.

Harvest Minerals (HMI), up 1.32% to 19.25p, has completed the second air core drilling programme at the Maximus prospect, part of its Arapua fertiliser project in the Brazilian state of Minas Gerais.

Other stocks in the news included Harworth (HWG), TP ICAP (TCAP), Mkango (MKA), Inspirit Energy (INSP), AssetCo (ASTO), John Laing Infrastructure Fund (JILF) and Milamber (MLVP).