Industrial conveyor belt maker Fenner (FENR) slips 5.6% to 421.1p on foreign exchange-related concerns as it confirms results for the six months to 28 February will be lower year-on-year. The company says, in constant currency terms, the outcome for the year as a whole will show modest growth but flags an £8.7 million hit from currency movements. Investec reckons the share valuation is still too rich for a low-teens margin business with rising net debt and a recent history of earnings downgrades. It reiterates a 'sell' rating. Finncap downgrades from 'buy' to 'hold', saying the company's cautious stance warrants a reduction in its profit forecasts, adding that the shares are fully up with events.
Having spun out its African assets into a separately-listed company in 2010, Barrick Gold (ABX:NYSE) is now expected to sever ties completely with the UK-quoted entity. It has sold a 10% stake in African Barrick Gold (ABG) at 275p and says it won't sell the remaining 64% stake for at least another 120 days. The parent has previously said it would sell down the holding, yet today's news means it has finally got serious about the disposal. That has created a definite share overhang in African Barrick Gold as the market anticipates the remaining shares will be sold post the lock-up period, hence why it falls below the placing price, down 12.9% to 268.4p. We take a closer look at the story here.
Marketing services group St Ives (SIV) nudges ahead 2.3% to 202p after reporting a 13.1% rise in underlying interim pre-tax profit to £19.2 million. The dividend's gone up 7.5% and there's a bullish outlook statement.
Industrial services provider Cape (CIU) gains 5% to 315p as the market welcomes its £37 million acquisition of Scottish tank storage specialist Motherwell Bridge. The target is focused on the energy and steel markets.
An ecommerce portal contract win in India has buyers swoop on CloudBuy (CBUY:AIM), the shares 5.7% higher at 51p. The company spells out an Indian ecommerce market growing rapidly, up 88% in 2013 to more than $16 billion.
Two more contracts for Fusionex's (FXI:AIM) Giant big data suite reverses recent share price weakness, rising 4.6% to 630p. The Malaysian company's stock has pulled back from record 748p levels in February.
Petrol retail software supplier Kalibrate Technologies (KLBT:AIM) posts a robust first set of results since floating on Aim in November at 79p. Interims to December show revenues up 18% and underlying pre-tax profits 70% higher, nudging the shares 1p higher to 114.5p.
Luxury motor dealer Inchcape (INCH) accelerates 3% to 633.5p on full-year figures. Taxable profits speed 11.2% higher to £274.6 million on sales up 7.7% to £6.5 billion for 2013, the emerging markets-focused retailer's fourth year of double-digit earnings growth. Investors are treated to a 20% hike in the dividend to 17.4p.
Male sexual health specialist Plethora Solutions (PLE:AIM) leaps 32% to 11.8p on positive talks with the US regulator on approving its premature ejaculation treatment. The company forecasts that the product could generate peak sales of $1 billion.
Blood monitoring specialist Deltex Medical (DEMG:AIM) improves 7.3% to 14.6p on a positive outlook following a 20% rise in gross profit in 2013 to £6.3 million. Its cash also increased 119% during the year to £1.5 million on the back of a 24% uplift in surgical probe sales. Deltex has also started distributing its new training aide simulator.
Stem cell specialist ReNeuron (RENE) rises 6.1% to 3.5p on securing funding and support for the trials of its retinitis pigmentosa eye disease treatment from the Foundation Fighting Blindness charity.