The FTSE 100’s rise this week finally appears to have run out of steam, the blue-chip benchmark being 26.7 points down at 7342.9 early on. Spread betters appear to have seen this coming, with one firm expecting a 23 point drop this morning. In China, the Shanghai Composite Index is up 12.3 points to 3222.5, although still someway off Monday’s high of 3280.5.
However, John Menzies (MNZS) jumps 45.5p to 680.5p as it looks set to sell its distribution arm to parcel delivery business DX (DX.:AIM). The latter is currently suspended from the AIM market as the news comes through but the deal is thought to be worth £60m for Menzies.
Indian youth fashion portal Koovs (KOOV:AIM) clips ahead 4.2% to 55.25p on plans to take the Koovs brand into new growth markets in Asia-Pacific and the Middle East, having inked a first distribution deal for the Middle East.
Veterinary services star turn CVS (CVSG:AIM) bounds 43p higher to £10.78 on superb interim results revealing 47% growth in taxable profits to £16.5m. While a substantial proportion of the 28.5% growth in sales to £129.4m came from acquisitions, investors like the fact like-for-like sales grew by 7.2% and there’s also a confident outlook statement to chew on.
Pharma firm Oxford Biomedica (OXB) adds 0.05p at 5.25p as Hardman & Co releases a positive analysis of the firm, suggesting it is worth £225m when taking into account a potential royalty stream of £46m.
Anglo African Agriculture (AAAP) advances 7.5% to 1.08p as it reveals first quarter results with revenues up 53% on year-on-year basis. The firm is also boosting capacity at its South African spices plant with the addition of new equipment.
Stockbroker Numis (NUM:AIM) softens 4% to 236.5p after warning that first half total income will be moderately lower than last time. The group, though, has a number of corporate transactions which are due to complete in the next few weeks and it remains confident in the out-turn for the full year based on the strength of its pipeline.
Condor Gold (CNR:AIM) improves 1.5% to 66p after confirming that work has begun on a drilling programme at its La India project in Nicaragua following a £5.2m fundraising. The programme’s dual objectives are to increase the existing mineral resource and try to find new resources in additional veins.