London shares head lower in early trade on Wednesday as traders took the opportunity to book profits from yesterday's heady trade. The FTSE 100 is down 28 points at 6,240.
E&P Soco International (SIA) falls 18% to 146p as it reports production from its H5 platform on the Te Giac Trang field in Vietnam is slightly below expectations and warns future cash returns to shareholders will be dependent on ‘the oil price, cash flow generation from Vietnam and expected capital expenditure’.
Investors are pleased with an update from Regency Mines (RGM:AIM) on plans to move into the oil and gas space, sending the shares up 20% to 0.03p. The former iron ore-to-gold small cap hopes to take a 50% working interesting in the redevelopment of an oil project in the US.
Metals exploration group ECR Minerals (ECR:AIM) falls 7.7% to 0.03p after a heavily discounted share placing to raise £250,000 for working capital. Subscribers are getting stock at 0.02p and one warrant per placing share exercisable at 0.04p, valid for three years.
Upholstered furniture and floorings retailer ScS (SCS) rises 3.2% to 189p on news of a good start to the new financial year, with like-for-like order intake up 7.9% for the 16 weeks ended 14 November.
Calls and payments automation firm Eckoh (ECK:AIM) rallies 3.5% to 48p as it saw continued double-digit organic growth in the six months to the end of September and announced the acquisition of Product Support Solutions today to support international expansion.
Non-life insurer Hastings (HSTG) gains 1.5% to 169.7p on gross written premiums rising 26% to £454.3 million in the nine months to 30 September. Policy numbers were 19% higher during the period to 1.9 million thanks to its share of the car policy market increasing to 5.7% from 4.9%.