Game Digital (GMD)

 

FTSE heads down as resources lead blue-chip fallers

Shares in London are headed lower in early Friday deals, with blue chips guided down by oil majors, general miners and utilities.

United Utilities (UU.) fell 1.7% to 883.25p, with SSE (SSE) down 0.71% to 1461.5p and Centrica (CNA) off 0.67% to 201.35p.

Also lower were BP (BP.), off 1.58% to 442.78p, and Shell (RDSA), down 1.3% to 2034.75p. WTI and Brent prices were moderately ahead, while gold and silver rose as copper fell.

A string of general miners were down after Glencore (GLEN), lower 1.44% to 286.23p, and Antofagasta (ANTO), off 1.03% to9 796.25p. More followed.

Not long after the open, the FTSE 100 was down 20.68 points, or 0.28%, to 7329.64, while the FTSE 250 was down 30.23, or 0.16%, to 19,316.1.

European indices are mixed, while Wall St was firmly lower overnight. Sterling was broadly sideways against the dollar, but mildly ahead on the euro.

Other sectors among the fallers were pharmas, supermarkets, property and banks, but some in these sector made gains.

To the upside, airlines did well after IAG (IAG), up 2.18% to 620.75p, and easJet (EZJ), up 1.6% to 1368.5p.

The market is looking to UK current account, GDP and services data out mid-morning, while in Europe inflation data is in focus.

BIGGER MOVERS

Proxama (PROX), down 68.97% to 0.05p, has proposed raising a total of about £5.3m via a placing of £1.2m and an open offer of up to £4.1m. News of the hike came as Proxama posted a narrower FY pretax loss of £5.8m, from a loss of £6.1m.

San Leon Energy (SLE) rose 31.62% to 38.5p after receiving a conditional and indicative offer of 67-76p a share. The offeror was China Great United Petroleum (Holding) Ltd. The offer was conditional on due diligence, with a formal offer possible within 45 days.

Game Digital (GMD) fell 27.27% to 24p as it said it expect its adjusted EBITDA for the FY to be substantially below previous expectations.

LONDON HIGHLIGHTS

Beowulf Mining (BEM) fell 24.36% to 7.38p as it stated its Kallack Exploitation Concession application was back with the Government of Sweden, almost 12 months after the government asked the Mining Inspectorate to conduct a further review in respect of the Norra Karr judgement, and matters relating to Laponia.

Sabien Technology (SNT), up 20% to 1.5p, has been awarded a contract worth £287,750 by Interserve. The order would be recognised as sales revenue during Q1 of the 2017/18 financial year. China New Energy (CNEL) rose 16.95% to 1.73p as it posted a group-level FY pretax profit of RMB3.6m, from a loss of RMB26.4m. Group revenue had improved to RMB78.6m, from RMB61.7m.

Union Jack Oil (UJO), up 9.68% to 0.17p, Egdon Resources (EDR), up 1.56% to 8.13p, noted North Lincolnshire County Council's Planning Committee will meet on 3 July to determine the new application for the Wressle Development.

Eden Research (EDEN), up 8.33% to 11.38p, said it was well-positioned to grow by building market acceptance, share and reach of its products through strong partners. Fox Marble (FOX), down 8.33% to 8.25p, has reduced its expected order book value for this year to €3.6 million due to potential project delays arising from the Pisani administration.

Metals Exploration (MTL), down 6.9% to 3.38p, said its two major shareholders have agree to provide it with a a $10m short-term loan. This would enable the group to meet amounts due on 30 June.

Shanta Gold (SHG), down 4.65% to 5.13p, noted the publication of draft legislation in Tanzanian that proposes changes to the legal framework governing the natural resources sector in that country. Anglo Asian Mining (AAZ), up 4.23% to 18.5p, said its return to profitability in 2016 was evidence of its success over the last several years to transform its performance.

Other stocks in the news included Graphene NanoChem (GRPH), Omega Diagnostics (ODX), Inland Homes (INL), Gfinity (GFIN), AudioBoom (BOOM), Serco (SRP), Michelmersh Brick (MBH), Active Energy (AEG), Providence Resources (PVR), Satellite Solutions Worldwide (SAT), Fastjet (FJET), N4 Pharma (N4P), Proteome Sciences (PRM), Bank of Ireland (BKIR), and Falcon Media House (FAL).