London shares set a positive path in early trade on Friday, following gains on Europe this morning, along with Wall St and Asia overnight. Glencore (GLEN) continues its volatile run, again heading the Footise leader board with a 3.6% gain to 122.05p, but there is minimal corporate news to provide firm direction.
Lending growth and solid credit quality reported in a third quarter update helps consumer lender Provident Financial (PFG) 4.7% higher to £33.26. Progress is especially strong in its Vanquis Bank credit card unit, according to chief executive Peter Crook.
US onshore hydrocarbons producer Magnolia Petroleum (MAGP:AIM) gains 23% to 0.56p as a quarterly update reveals it has pushed past the 200 well mark across its portfolio with a further seven wells coming on stream.
Sefton Resources (SER:AIM) jumps 20% to 0.03p on news that it is appointing Clement Chambers as interim CEO and Michael Hodges as a non-executive director from 23 October. Director Keith Morris will stand down, with executive chairman Jossy Rachmantio departing at or before the AGM. Nominated advisor Allenby Capital is standing down over the appointments and a replacement has yet to be appointed. The company also updates on ongoing litigation.
India-focused fashion site Koovs (KOOV:AIM) sheds another 0.5p at 37p on ongoing funding uncertainty. Directors including chairman Lord Waheed Alli are to buy £1.1 million worth of new shares to fund growth and a November marketing push, though this fails to calm investors' nerves. As previously announced last week, Koovs remains in talks over a much bigger funding, having realised it needs to invest much more than expected to scale up the business and compete.