Phase III trials of the Allergy Therapeutics (LON: AGY) treatment for grass allergy have met the primary endpoint. There was a highly statistically significant reduction in the combined symptom and medication score compared to placebo. The trial was conducted in the US and Europe. Full analysis of data is continuing. The share price increased 20.8% to 1.8p.
DP Poland (LON: DPP) bounced back 12.5% to 9p after a positive trading update. Third quarter like-for-like sales in Poland were 14.1% higher and they were 34.8% ahead in October. The Croatian business is growing even faster. Singer believes the pizza retailer could move into profit in 2024.
Steel structures supplier Billington (LON: BILN) is continuing its strong momentum and Cavendish has raised its 2023 earnings forecast by one-third to 83.9p/share. Manufacturing efficiencies are combining with higher revenues. Net cash of £16m is expected for the end of the year. The total dividend is still expected to be 20p/share. The 2024 forecast has not been changed. There is a good pipeline, but there is still economic uncertainty. The share price moved ahead by 10.4% to 350p.
Aeorema Communications (LON: AEO) is increasing its dividend by 50% to 3p/share after it announced a one-quarter improvement in pretax profit to £1m on revenues of £20.2m. The strategic communications company has £1.9m in cash. The share price improved 10% to 77p.
Lithium project developer Kodal Minerals (LON: KOD) has updated its mineral resource estimate for the Bougouni spodumene project in Mali. The total resource is 32 million tonnes, up from 21 million tonnes. There is scope for a much greater increase in resource. First production could be at the end of 2024. The share price rose 4.55% to 0.69p.
FALLERS
Nickel project developer Horizonte Minerals (LON: HZM) is reducing construction activities at the Araguaia nickel project while it continues financing discussions. The project has enough working capital until mid-December, although this could be extended into the first quarter of next year. This is when the due diligence of the finance providers should be completed. The share price slumped 44.3% to 10.375p, which is a new low.
Kidney disease diagnostics developer Renalytix (LON: RENX) reported halved third quarter revenues halved to $459,000. Testing volumes were maintained, but there were more that were not billable. A distribution agreement has been secured for the Middle East. Operating costs reduced and there is more cost cutting to come. The net loss fell from $12m to $10.2m. There was $13.9m in the bank at the end of September 2023 and there are discussions on financing until 2026. The share price slipped 30.7% to 26p.
Inspirit Energy Holdings (LON: INSP) has raised £200,000 at 0.01p/share. The share price is down 23.3% to 0.0115p. Nearly one-quarter of the shares are being taken up by directors. The developer of micro combined heat and power boilers requires the cash for working capital.
Trading recommenced in Rockfire Resources (LON: ROCK) shares yesterday afternoon after it said it was not going ahead with the acquisition of Emirates Gold because of UK sanctions on the current owner Paloma Precious. Rockfire Resources still has a 10% stake in Emirates Gold. The share price continues to fall and is 23.3% lower at 0.23p.
