Shares in Poolbeg Pharma (LON: POLB) following yesterday’s announcement that there is evidence that POLB-001, which was developed as an influenza treatment, could be effective in reducing side effects suffered by cancer patients undergoing immunotherapies. The share price rose a further 18.6% to 9.55p.
Zoo Digital (LON: ZOO) has rebounded 8.5% to 69p on the news of the ending of the actors strike in Hollywood. The writers strike ended a few weeks ago and film and TV productions should be able to get going again. This will mean that the flow of work for Zoo Digital will build up again as these new productions require services, such as subtitles and dubbing. Film services provider Facilities By ADF (LON: ADF) is up a more modest 0.9% to 58p, because the UK film and TV sector was less hard hit.
Yet another upgrade following a trading statement by cosmetics supplier Warpaint London (LON: W7L). Current trading is better than expected and the company is selling through more retailers. The growth is across all regions. Full year sales should be at least £85m, up from £64m last year. Shore Capital raised its earnings forecast by 11% to 16p/share with further increases for 2024 and 2025. The share price is 7.03% higher at 335p.
Argentex (LON: AGFX) admits that 2023 results will be 15% lower than expectations. This follows the departure of the chief executive and finance director. Revenues and EBITDA will be similar to 2022. The share price had already slumped this week and it recovered 3.55% to 61.3p.
FALLERS
Ethernity Networks (LON: ENET) has concluded discussions with 5G Innovation Leaders Fund over its share subscription agreement, but it leaves the technology company owing $600,000. This leaves Ethernity Network in a weak financial position. The share price slumped 28.6% to 1.75p.
Boweven (LON: BLVN) believes that New Age’s sale of it operated interest in the Etinde oil and gas project, where Bowleven has a 25% stake, to Perenco will go ahead and that means that Bowleven will need more cash to fund its share of the development of the project. Bowleven had $1.5m in cash at the end of June and that has fallen to $1m in October. The cash will last until next spring. Major shareholder Crown Ocean is offering a cash injection at a significant discount to the current share price. There will be $25m payable under the farm-out deal for the project. Zeus believes that the risked NAV is 33p/share. The share price slipped 23.1% to 0.5p.
Yesterday, MobilityOne (LON: MBO) was perked up by the news that he joint venture with SuperApps is progressing. The deal relies on the partner’ merger with a cash shell and shareholder approval will be sought by the partner. The share price lost some of yesterday’s gains, falling 12.2% to 6.5p.
Helium One Global (LON: HE1) has suspended drilling in Tanzania because of a fault with the hydraulic system, which is hampering the iron rough neck mechanism. Results from the drilling so far have been positive. The share price dipped 10% to 5.4p.
