After less than two years as chief executive officer, Lance Batchelor has resigned from Domino's Pizza (DOM) to take up a job with an undisclosed private equity-backed business. He leaves in April. The market is nervous about potential troubles inside Domino's given that chief financial officer Lee Ginsberg handed in his resignation just five months ago. The shares fall 8.6% to 483.3p.
Investors mark shares in back-office optimiser EG Solutions (EGS:AIM) despite winning a new cloud services contract. The shares tumble 14% to 77.5p after chairman John O'Connell walked out just three months into the job. We look at the news in more detail here.
Lloyds Banking (LLOY) rises 0.7% to 77.7p after agreeing to sell a portfolio of non-performing Irish mortgages for £257 million. The £610 million of assets were bought by an affiliate of Apollo Global Management (APO:NYSE) as part of Lloyds’ non-core asset disposal programme.
Drug company Shire (SHP) falls 1% to £26.77 on disappointing results for its dry eye treatment. Trials proved it reduced symptoms of the condition, but failed to measure signs of the disease based on corneal staining.
Property search website Rightmove (RMV) rises 0.4% to £24.92 as investment bank Jefferies eases back on its negative stance, upgrading from 'underperform' to 'hold', citing the recovery in the UK residential property market. Jefferies' upgrade also works its magic with Persimmon (PSN) which rises 2.2% to £11.79 after the bank upgraded its price target for the housebuilder to £12.75 from £11.62.
Central Rand Gold (CRND:AIM) is offering the chance for shareholders to buy new shares at a large discount to yesterday's market price. This has been expected for several months – as we discussed in this analysis article – as the 8.78p offer price matches the level at which cornerstone investor Redstone Capital bought in August. The shares fall 22.8% to 11p today in anticipation of cheaper-priced stock being issued.
US-focused onshore oil company Nighthawk Energy (HAWK:AIM) gushes up 6% to 11p as it reports commercial oil flows from successful tests on its Big Sky 12-11 and John Craig 1-2 wells. Both wells are currently being completed for production to commence within the next few days.
Indian unconventional gas play Oilex (OEX:AIM) sinks 6.1% to 2.7p as it announces an £7.5 million equity finance facility with Darwin Strategic. Investors appear to be reacting to the possible dilution associated with such facilities.
Trafalgar New Homes (TRAF:AIM) jumps 12.6% to 3.8p after the small cap housebuilder posted a 30% rise in revenue to £846,000 in the six months to the end of September which generated £101,000 in pre-tax profit.
Microcap events telco Pinnacle Telecom (PINN:AIM) crashes 16% to 16p after a profit warning. Blaming major events last year (London Olympics, Diamond Jubilee etc) not being repeated in 2013 looks a poor excuse.