CRH shares up as UK tarmac owner says it could float ist US division

By Giles Gwinnett / April 20, 2018 / www.proactiveinvestors.co.uk / Article Link

Top riser on Footsie was building materials group CRH (LON:CRH), which added over 3% to 2,506p on Friday.

The stock rose as the boss of the tarmac owner Albert Manifold reportedly said a listing of its US business in New York and launching a share buyback program were options amid  a share price discount to American peers.

Manifold said that the company, which owns Tarmac in the UK and supplies building materials, kept "an open mind" on the prospect of a float on Wall Street.

Last month, analysts at Deutsche Bank said that there was growing shareholder interest in the idea because it could unlock value in the group as US stocks trade at a premium to their European equivalents.

Specialty drug maker Immmupharma (LON:IMM) saw shares make a comeback after the recent sell-off, with the stock up nearly 25% to 47.60p.

Shares slumped nearly 77% on Tuesday on the back of trial results for its lupus candidate Lupuzor but the firm stressed the topline results provided evidence for the continued investigation of Lupuzor as it has the potential to offer patients and physicians a much needed effective and safe treatment.

The data revealed Lupuzor was more effective than the placebo (52.5% versus 44.6%) however because the response rate for those taking the non-active medication plus the "standard of care" was so high the end-point of the study was not achieved.

Koovs (LON:KOOV)  shares were up again and today added over 15% to 10.10p.

On Wednesday, the stock gained 21% and it said it did not know of any reason behind the sudden share price rise but did confirm that it is close to securing interim funding via a loan of ?1.5million from one of its directors, Lord Waheed Alli.

The firm had cash balances of ?3.5m as of March 1 2018, with future monthly outgoings forecast to be ?750,000 per month.

Also today, shares in mining group IronRidge Resources Limited (LON:IRR) lurched up almost 10% on Friday, as the stock completed its farm-in to the Saltpond and Cape Coast lithium projects in Ghana.

The newly acquired licences are adjacent to the IronRidge's Ewoyaa prospect where earthworks are currently underway and drilling is imminent.

Saltpond is directly along strike from the Ewoyaa prospect and was owned by Joy Transporters, a local Ghanian firm.

Following the acquisition, Ironridge's land package in Ghana covers 645 sq km including Ewoyaa and Abonku and the re-discovered historic Egyasimanku Hill lithium deposit.

IronRidge has already started soil sampling at Saltpond to identify additional pegmatite targets.

 

1pm: Wolf Mineral slides..

Devon tungsten and tin miner Wolf Minerals Ltd (LON:WLFE) saw shares slide on Friday as it settled an ongoing dispute with an engineering group, bringing the matter to a close.

GR Engineering secured the deal with Wolf in 2013 for the engineering, procurement and construction (EPC) at the Hemerdon mine, but Wolf later claimed it had failed to fix a noise and vibration issue.

GR Engineering has agreed to pay an undisclosed sum to Wolf to fund the expected cost of the noise and vibration issue.

Wolf will  then return all security it holds under or in connection with the contract, including a ?7.5mln performance bond.

The settlement is not expected to provide any change to Wolf's operating performance or cashflows.

Another small cap mover on Friday was KEFI Minerals (lON:KEFI), which went north and added over 9% to 3p as the gold explorer revealed progress at the Tulu Kapi project in western Ethiopia.

The joint committees of the company and the Ethiopian authorities have now triggered the formalisation of the resettlement arrangements for each of the effected individual households in the area.

KEFI will now execute its preparations for community re-settlement, which flow from new government leadership at several levels since the appointment of the new Ethiopian Prime Minister, Abiye Ahmed.

9.40am:  Symphony shares sing ...

Plastic waste is big news at the moment and one of Friday's early share movers was Symphony Environmental Technologies PLC (LON:SYM).

It comes after deputy chairman Michael Stephen made comments on Sky News yesterday, saying he hopes that the UK will soon join other countries and make oxo-biodegradable plastic technology (OBP) compulsory.

The UK Government is now considering banning single-use plastic items such as plastic straws, stirrers and cotton buds, and he was asked if this initiative goes far enough.

He also added that Symphony's CEO Michael Laurier had attended the Commonwealth Heads of Government Conference this week and explained the technology to delegates from all over the Commonwealth.

Shares added over 7% to 22p in early London deals.

Another riser was drinks brands owner Distil PLC (LON:DIS), which fizzed up over 12% to 2.475p.

It said that another leading national pub chain has listed RedLeg Spiced Rum for its outlets and announced strong growth in sales volumes and revenues during the fourth quarter.

Year-on-year fourth quarter revenues rose by 28% and volumes grew by 37%.

The group said the Premium gin brand continues to remain buoyant and Blackwoods gin was enjoying strong growth especially in the UK.

RedLeg Spiced Rum volumes and revenues continue to grow ahead of the market and showed excellent progress across both On Trade and retail markets, it added.

Proactive news headlines:

ECR Minerals PLC (LON:ECR) has added to its portfolio in Victoria, Australia with the acquisition of the Creswick gold project at no cost. The site is believed to be highly prospective for the yellow metal hosted within the Dimocks Main Shale (DMS) and only two holes has been drilled to test this area, both in the 1990s.

SDX Energy Inc (LON:SDX) (CVE:SDX) has announced a new discovery with gas bearing horizons encountered in the LNB-1 exploration well, in the Lalla Mimouna permit onshore Morocco. The company told investors that the gas horizons were present in a significantly over-pressured section - mudlog data indicated elevated gas readings of more than 20%, and above 50% in multiple sections - though further logging could not be undertaken by conventional methods.

Michael Stephen, deputy chairman of Symphony Environmental Technologies plc (LON:SYM) has said he hopes that the UK will soon join other countries and make oxo-biodegradable plastic technology (OBP) compulsory.

Wolf Minerals Ltd (LON:WLFE) said it has settled a dispute with GR Engineering over a contract for the Hemerdon tungsten and tin project. GR Engineering secured a contract with Wolf Minerals in 2013 for the engineering, procurement and construction of the Hemerdon project in Devon, south England.

Brazil-focused Harvest Minerals Limited (LON:HMI) has expanded its sales team and manufacturing plant for its KPfertil fertiliser product a Wolf Minerals Ltd (LON:WLFE) said it has settled a dispute with GR Engineering over a contract for the Hemerdon tungsten and tin project. GR Engineering secured a contract with Wolf Minerals in 2013 for the engineering, procurement and construction of the Hemerdon project in Devon, south England.head of product certification and a mining permit. The company has been producing KPfertil on a trial basis in anticipation of a permit from Brazil's Ministry of Agriculture, Livestock and Supply (MAPA).

United Oil & Gas Plc (LON:UOG) has raised ?2.5mln of new capital to support exploration activities in UK and offshore Jamaica. It has earmarked ?1mln for its share of drilling costs for the Colter exploration well, off England's south coast, and, ?1.1mln will go to the 3D seismic work that's being advanced by operator Tullow Oil in Jamaica.

Amphion Innovations Plc (LON:AMP) has said its chairman, Richard Mansell-Jones, as well as a non-executive director, Miroslaw Izienicki, have stepped down from the board with immediate effect.

Curzon Energy Plc (LON:CZN) said it will begin an additional fieldwork programme to accelerate gas production at its 100% owned Coos Bay Coalbed Methane (CBM) project in Oregon. The oil and gas producer said it believes the additional work will allow access to twice as many "pay zones" as well as shortening the time-frame to commercial gas production and increasing overall production volumes.

Gold mine developer Galantas Gold Corp (LON:GAL) (CVE:GAL) ended 2017 with C$779,758 in cash (2016: C$557,005) as it continues to advance Northern Ireland's first underground mine. As has been well documented, mining is currently suspended at the site and revenues for the year came in at C$35,308 (2016: C$74,068), mainly from jewellery sales.

Summit Therapeutics PLC (LON:SUMM, NASDAQ:SMMT) has highlighted new analysis from the group's Phase Two clinical trial, for its potential treatment for Duchenne muscular dystrophy (DMD).

Wishbone Gold PLC (LON:WSBN) has told investors that the processing plant in Honduras is now operational. Following several visits by the team to ensure the project remained on track, the plant is now fully operational under a small-scale licence.

Bacanora Lithium PLC (LON:BCN) said on Friday that chief executive Peter Secker has been appointed as a main board director of the company with immediate effect. Secker, who has been chief executive since May 2015, brings more than 35 years of experience in developing, constructing and operating mines.

IronRidge Resources Limited (LON:IRR) has completed its farm-in to the Saltpond and Cape Coast lithium projects in Ghana. The newly acquired licences are adjacent to the IronRidge's Ewoyaa prospect where earthworks are currently underway and drilling imminent.

KEFI Minerals plc (LON:KEFI) said it has started the community resettlement at its Tulu Kapi gold project in western Ethiopia. The AIM-listed firm said that joint committees of the company together with Ethiopian authorities have now triggered the formalisation of the resettlement arrangements for each of the affected individual households in the area.

Mining group Metminco Limited (LON:MNC) (ASX:MNC) revealed there had been take-up of around 72% of the previously announced revised rights issue. A shortfall of around 191mln new shares will be placed with the underwriter, Patersons Securities Limited and overall the cash-call is expected to raise around A$5.56 million before costs, compared with A$5.1mln before it was revised.

Capital Network has published a research report on PCF Group Plc (LON:PCF) in which analyst James Dolman concluded that he believe that the firm can continue to fund in either deposit or third party wholesale markets sufficiently to match its aspiration for future portfolio asset growth.

Capital Network has published a research report on Avacta Group Plc (LON:AVACT) in which analyst Riccardo Lowi, in his view, said recent stock price weakness reflects uncertainty around a likely capital raise before the year-end rather than the company's strong fundamentals.

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