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FTSE 100 lower with Scottish Mortgage trust leading the retreat; Wall Street mixed as Dow crosses 35K Tech shares appear to be out of fashion this week, as the US Nasdaq gave up more than 1%
The FTSE 100 down 6 points
Tech stocks out of favour
Centricafriendless after downbeat trading update
12.05pm: Major diversion among US indices as midday
The FTSE 100 ended down 6 points at 7,124, while the FTSE 250 lost 78 points, 0.3%, to close at 22,697. Sterling traders seem unperturbed by the prospect of the UK economy moving into another period of political uncertainty, as the elections put the SNP’s independence plan back on the agenda, IG Chief Market Analyst Chris Beauchamp wrote. An attritional battle through the courts to decide on the legality of a referendum seems likely, taking some of the shine off the prospects for the UK economy. Nonetheless, with the dollar now finding it harder to rally in the wake of the non-farms report it looks like sterling c
Red Rock Resources listing plans for Elephant Oil, Red Rock Resources Australia and Jupiter Mines
Red Rock Resources PLC s (LON:RRR) Andrew Bell joins Proactive London to explain his listing plans for Elephant Oil, Red Rock Resources Australia and Jupiter Mines.
Elephant Oil Corp is a newly incorporated entity based in the US which has stated that it intends to raise pre-IPO capital of approximately US$2mln, followed by a larger offering and admission to trading on NASDAQ in September of this year.
Regarding Jupiter Mines, Red Rock said the final dividend for the firm for the year ending February 28, 2021, of A$0.02 per share will be payable on May 27, from which Red Rock will receive around £150,000.
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A look at some of the major movers in London on Monday
Amino Technologies PLC (LON:AMO) fell 5.9% to 151.5p after it revealed it has submitted a bid to acquire the trade and assets of MobiTV.
The media technology company said that if it is successful in its bid for MobiTV – a US live and on-demand TV platform provider – would establish a TV as a service (TvaaS) infrastructure capability in the USA for Amino.
As well as the purchase cost, the acquisition would require “significant investment” over a 6-12 month period to develop organically.
1.35pm: Superdry co-founder s stake dips below 7%
IN BRIEF: Red Rock to swap Elephant Oil shares for that in EOC
Mon, 10th May 2021 16:37
Red Rock Resources PLC - gold explorer in Kenya and Australia, copper-cobalt in DRC - Has accepted an offer to exchange its 4.7% stake in Elephant Oil Ltd - which holds hydrocarbon exploration licenses onshore Benin - to exchange its shares in Elephant Oil Ltd for shares in Elephant Oil Corp.
Red Rock will receive a third of a share in EOC for every one share held in EOL, resulting in the issue to Red Rock of 362,318 shares.
EOC is a newly incorporated entity based in the US which has stated that it intends to raise pre-IPO capital of approximately US2 million followed by a larger offering and admission to trading on Nasdaq Capital Market in September of this year.
We last reported to you in March in announcing our interim results, when we already had to consider what the impact of the Covid-19 pandemic might be on the world s economy, on commodities, and on our activities in the various countries in which we operate. This has remained a consideration as the year progressed, but the impact on the Company has been mitigated by amending our programmes so that they fell within what was permissible and practicable for our local teams. Nowhere were we brought to a complete halt. Currently a ground geophysics field programme is under way in Congo, and in 2021, ground exploration activities will begin once again in Kenya. In both Australia and Kenya, community engagement activities have already begun in preparation for exploration activities.