Petra Diamonds in demand as gem prices recover
A look at the major movers on the London market on Tuesday
3.08pm: Diamond company sparkles
Petra Diamonds Limited (LON:PDL) has a bit of sparkle after its latest update.
Its shares have added 3.33% or 0.05p to 1.55p after it reported a 16% rise in third quarter revenues to US$106mln, with prices back to to pre-COVID-19 levels.
After the period end it sold what it calls an exceptional 11.82 carat blue stone for US$9.5mln and an exceptional 39.34 carat blue stone was recovered, to be sold via special tender.
A successful capital restructuring saw net debt fall from US$700mln to US$290mln.
West Newton Operations Update
Reabold, the investor in upstream oil and gas projects, is pleased to announce an operations update in respect of the West Newton B-1Z ( WNB-1Z ) conventional appraisal well, operated by Rathlin Energy (UK) Limited ( Rathlin ).
Reabold holds a ca. 56 per cent. economic interest in West Newton via its ca. 59 per cent. shareholding in Rathlin, which, in turn, has a 66.67 per cent. interest in PEDL183. In addition, Reabold has a 16.665 per cent. direct licence interest in PEDL183. The licence contains the conventional West Newton A-1 ( WNA-1 ) discovery well and the successful West Newton A-2 ( WNA-2 ) appraisal well, along with the recently drilled West Newton B-1Z ( WNB-1Z ) discovery.
FTSE 100 in the doldrums as Wall Street opens in negative territory
Companies
FTSE 100 in the doldrums as Wall Street opens in negative territory
The main indices in New York pulled back in early deals, following the trend set by global markets
FTSE 100 down 86 points
Tobacco firms under pressure
2.45pm: Wall Street opens in the red
The main indices on Wall Street started Tuesday’s session in negative territory, following a similarly cautious trend set by global markets.
Shortly after the opening bell, the Dow Jones Industrial Average was down 0.37% at 33,952 while the S&P 500 dropped 0.28% to 4,151 and the Nasdaq fell 0.19% to 13,888.
The short to medium term focus will be on maturing this asset further to commercialisation, analysts said
Union Jack Oil PLC (LON:UJO) was given a reiterated ‘strong buy’ recommendation from broker SP Angel after it said well testing operations are expected to begin in May.
Keeping its price target at 176p, the broker said analysis of the recent drilling campaign gave investors “clear line of sight” on the much-anticipated extended well tests on both the WNB1Z and WNA-2 appraisal wells.
The analysts said they “would also not be surprised to see a material in uplift volumetrics given the highly successful drilling reports, notwithstanding the thicker structure and contiguous nature of the Kirkham Abbey formation between the A and B sites, but also the elevated mudgas concentrations observed”.
FTSE 100 closes 2% lower as coronavirus concerns hit sentiment
Britain s blue-chip index finished down 140 points, or 2%, at 6,859 InterContinental Hotels among the day s fallers
FTSE 100 closes down 2%
Tobacco firms under pressure
5.05pm: FTSE in the red
FTSE 100 closed firmly in the red on Tuesday as coronavirus (COVID-19) fears continued to dampen investor sentiment, while the strong pound didn t help the internationalised share index.
Britain s blue-chip index finished down 140 points, or 2%, at 6,859. FTSE 250 also fell, shedding over 382 points, or 1.7%, at 22,108. European markets have been hit hard today, with rising global coronavirus cases serving as a timely reminder that the pandemic is far from over despite recent vaccination progress, said Joshua Mahony, senior market analyst at trading group IG.