UK shares barely budge in early trade on Tuesday, failing to make up much of yesterday's lower close, with a string of firming oil and mining, financials and property stocks. This after a mixed Wall Street and Asia overnight, as Europe ekes out mild gains.
The benchmark FTSE 100 index nudges barely a point higher 6,035, although investors may turn more positive through the session as they digest hints from the Chinese government at further stimulus measures.
A flood of resources minnow dominate the bigger movers, Infinity Energy (INFT:AIM), down 36% to 0.28p, says talks about the possible acquisition of 50% interests in 9 UK PEDL licenses in South Wales, and owned by Eden Energy in Australia, have been terminated.
Bahamas Petroleum (BPC:AIM) rallies 26% to 1.7p as it gets word that the Bahamian House of Assembly has passed the Petroleum Bill and associated regulations, as well as a Sovereign Wealth Bill. The Bills will now be sent to the Bahamian Senate and following successful passage the Governor General will receive the Bills for assent into law.
Stratex International (STI:AIM) leaps 17% to 1.68p as it sells its 1% net smelter return (NSR) royalty for the Oksut gold project in Turkey to former joint-venture partner Centerra Gold for $4.5 million.
Hosting minnow RapidCloud (RCI:AIM) crashes 35% to 13.5p on a revenue warning. It now anticipates barely any progress in sales this year to 31 December, admitting that this is 'below market expectations.'
Cash shell disaster Concha (CHA:AIM) tumbles another 16% to 0.53p as it books a full year pre-tax loss of £628,000. That may be down from the previous £1.2 million but investors are fed up with undelivered promises.
It’s a case of the news already priced in as cancer diagnostic-developer Angle’s (AGL:AIM) shares hold steady at 68.5p on receiving £700,000 cash from the sale of graphics technology developer Geomerics two years ago.