The FTSE 100 struggled to regain ground on Friday after a turbulent week of losses amid Tariff Uncertainty. London’s blue-chip index edged down three points to 8,680, ending the day virtually flat.
Across the Atlantic, Wall Street also faced a week of losses, with the S&P 500 down another 1.1% as UK markets closed. Trade concerns and weaker-than-expected US jobs data released earlier in the day weighed down the market. Meanwhile, the Dow Jones slipped 0.8%.
ALT Resources PLC (ALTR) is one to watch as it transitions its listing to AIM while acquiring a cash-generating gold royalty from Theta Gold Mines. The move, set for March 24, will provide ALTR with exposure to gold revenues without the risks associated with direct mining. Led by growth-company veteran Paul Welch as chairman, ALTR believes AIM will offer greater flexibility for deal-making as it expands within the mining royalty sector.
APQ Global (APQ) is seeking shareholder approval for its departure from AIM, and in an unusual move, its share price surged 83.3% to 0.55p. As of November 2024, the company’s book value stood at 17.9p per share. Trading activity has been minimal, with just five trades today totaling slightly over £230. The decision to delist is driven by low liquidity and the costs associated with maintaining the listing.
Additionally, APQ plans to extend the settlement date for its convertible unsecured loan notes to the end of 2025. The interest rate on these notes will rise from 6% to 10% between the end of March and December 2025. The company is actively working to refinance its outstanding debt of over £26 million.
Kenmare Resources PLC (KMR) soared 41% after rejecting a takeover bid from a consortium led by Oryx Global Partners and former managing director Michael Carvill. The offer, priced at 530p per share, was dismissed as undervaluing the company’s true worth.
Shield Therapeutics PLC (STX) has kicked off 2025 with strong momentum, with shares rising 28% year-to-date. The company specializes in developing prescription treatments for individuals with low iron levels. On the commercial front, Shield is accelerating its growth. Last year, it reported $32.2 million in revenue—a surge of over 150% compared to 2023—and is on pace to achieve $54 million in sales this year.
Xtract Resources (XTR) has commenced drilling at the Silverking copper prospect in Zambia, where it is earning a 70% interest. The drilling aims to assess the depth extension and width of the main high-grade pipe, while also evaluating a second pipe structure and an additional anomaly. Meanwhile, a Phase 2 exploration program is set to begin at the Western Foreland project in Zambia once the rainy season ends. Following the announcement, the share price climbed 10% to 0.55p.
Empyrean Energy (EME) has finalized a farm-in agreement for ATP1173, securing a 52.8% working interest in exchange for partially funding the drilling of the Wilson River-1 well in Queensland. Following the announcement, the share price rose by 6.36% to 0.15p.
Avacta (AVCT) has announced the completion of phase 1a dose escalation for its lead peptide drug conjugate (PDC), AVA6000, with promising results in patients with salivary gland cancers. Notably, no severe cardiac toxicity events were observed. Enrolment for phase 1b is now underway. Additionally, Avacta has agreed to sell Launch Diagnostics to Duomed Belgium NV for £12.9 million, securing sufficient funding until the first quarter of 2026. The company’s share price has risen by 4.83% to 38p.
FALLERS
It was a tough week for Team Internet PLC (TIG), which plummeted 43% after prospective buyer Verdane confirmed it would not proceed with a formal bid. As a result, Team Internet is now exploring strategies to enhance shareholder value, including optimizing capital allocation and reassessing its asset ownership.
Jersey Oil & Gas (JOG) has been impacted by Dana Petroleum’s decision to terminate its agreement with NEO Energy for the purchase of the Western Isles FPSO vessel. The move stems from uncertainty surrounding government policy ahead of the upcoming consultation on fiscal policy for the oil and gas sector. As a result, the Buchan joint venture faces delays in committing to the FPSO purchase.
Under its farm-out agreement, Jersey Oil & Gas is set to receive $20 million upon the final investment decision for the Buchan field. Following the news, the company’s share price has dropped 9.92% to 54.5p.
Tower Resources (TRP) is acquiring an additional 5% interest in the PEL96 license offshore Namibia for $375,000, with a farm-out agreement potentially finalized by the end of March. In Cameroon, the company has submitted documentation for a farm-out agreement and is awaiting government approval to proceed with drilling the NJOM-3 well. Following the update, the share price has dipped 2.08% to 0.0235p.
Meanwhile, Vela Technologies PLC (VELA) (-46%), Premier African Minerals Ltd (PREM) (-36%), and Petrel Resources PLC (PET) (-40%) saw sharp declines after issuing heavily discounted shares to raise funds.
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