A rebound in resources stocks is helping to recover some of the previous session’s losses with the FTSE 100 up 0.61% at 6128.73 this morning.
Online second hand car marketplace Auto Trader (AUTO) is down 1.7% to 384.7p as directors and management sell shares following the expiry of their lock-up period post the company's IPO. Between them chief executive Trevor Mather and finance director Sean Glithero sell £32.3 million worth of stock.
Tile specialist Topps Tiles (TPT) ticks 0.75p higher to 149.75p after announcing 4.7% growth in like-for-like sales for the half ending 2 April. Like-for-likes growth accelerated to 4.9% in the second quarter, impressive given the negative impact of this year's earlier Easter.
Troubled oil exploration and production firm Petroceltic (PCI:AIM) is recommending shareholders accept a £6.4 million bid from activist shareholder Worldview after it failed to refinance debts of $232.5 million in the face of a looming examinership hearing at Ireland's high court. Management had previously been squarely against the deal and had fought a bitter battle with Worldview over the running of the company. The shares are currently suspended.
Profit takers emerged for 88Energy (88E) despite the oil explorer publishing an independent audit which identifies a potential resource of 1.4 billion barrels on its Icewine project in Alaska. The company is still ahead more than 600% year-to-date.
Advanced materials engineering group Versarien (VRS:AIM) advances 5.5% to 12.7p as the £12.6 million cap reports significant progress with its two core technologies, graphene and copper foam thermal solutions. Revenue and loss before income tax for the year ended 31 March are expected to be broadly in line with market forecasts.
Independent parcels, mail and logistics specialist UK Mail (UKM) adds 1% to 293p as the £161.6 million cap informs investors it would report lower revenues than expected but that profits would hit target.
Sustainable pallet producer RM2 International (RM2:AIM) gains 1.4% to 37.5p after entering a manufacturing agreement with China-based Zhenshi, which will enable it to produce pallets more quickly and at a lower cost per unit. Some of RM2's manufacturing assets will be transferred to China and, as a consequence of reduced production in Canada, it will fall well short of its 2016 production target.
Suit hire specialist Moss Bros (MOSB) is in demand, moving 4% higher to 104p as the feel good factor from Tuesday's superb final results, showing 23.1% growth in underlying pre-tx profit to £5.9 million, flows through into Wednesday.