Small & MidCap Roundup: Energean, Wizz Air, Vast Resources, Hutchmed

The FTSE 250 and AIM were trading down 0.4% and 0.7% to 20,619 and 1015, respectively, as trading slowly resumed after investors return from the long weekend in the UK.

FTSE 250

Energean shares rose 4.8% to 1,241p after the group announced that its subsidiary Energean Israel has signed a gas sales and purchase agreement with the East Hagit Power Plant Ltd Partnership.

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Energean will supply gas to East Hagit for a term of 15 years, with a total contract quantity of up to 12bn cubic feet. The group said the agreement has the potential to generate revenue of up to $2bn over the offtake period.

Wizz Air shares were trading up 3.5% to 3,285p after the company reported a 542% increase in passengers carried during April 2022 compared to April 2021, at a load factor of 83.4% in its latest CO2 emission statistics.

Wizz Air also continuously operates amongst the lowest CO2 emissions per passenger/km among all competitor airlines, with 61.8g per passenger/km for the rolling 12 months to 30 April 2022.

In April, CO2 emissions in grams per passenger/km were 24.7% lower compared to 2021, as the group witnessed an improvement in load factors over the same time.

Mitie Group shares increase 1.6% to 55p following the company’s announcement of the acquisition of 8point8 for £10m to broaden its telecoms offering.

The acquisition of 8point8 by Mitie Group covers three companies, 8point8 Support Ltd, as well as its training provider 8point8 Training Ltd, and specialist contract lifting business Vantage Solutions Ltd.

8point8 generated revenue of £18.3m in 2021 and £600,000 in pretax profit. Mitie forecasts revenue for the business to grow “significantly” with the rollout of 5G networks in the next three to five years, and the replacement of Huawei infrastructure. 

Inchcape shares gained 0.9% to 721p after the company announced the acquisition of ITC Group and Simpson Motors. The businesses are expected to add around £120m of annualised revenue and be accretive to Inchcape’s margins.

Plus500 shares were trading marginally down 0.06% to 1,560p due to reporting a positive trading update including a $105m series of share buyback programmes.

Indivior shares were down 2.7% to 304p following the company’s commencement of a share buyback programme for up to $100m by signing a non-discretionary agreement with Stifel Nicolaus Europe concerning the programme.

AIM

Vast Resources shares soared 40% to 0.48p after the company reported that group revenue increased 236% to £2.28m compared to £970,000 in Q1 2021.

Petrel Resources shares jumped 25% to 2.7p after the group reported that the High Court injunction over the 32.1m shares previously held by the Tamraz Group had been lifted.

Wishbone Gold shares rose 7.6% to 8.5p after the company said it signed an important contract for the drilling of the company’s Red Setter Gold-Copper Project in the Patersons Range area in Western Australia.

Nostra Terra shares gained 10% to 0.7p following the company’s announcement of the Grant East #1 well, in the Permian Basin, West Texas being spudded on 29th April 2022.  

Eneraqua Technologies shares were trading up 8.3% to 275p after the company announced that its ClimateSmart Irrigation solution has been selected by the Department of Horticulture for the State Government of Uttarakhand, India.

The £0.9m contract will see Eneraqua Technologies supply the systems to 340 horticultural farms across the state reducing their carbon emissions and improving water efficiency. This is the first major zero-carbon irrigation initiative of its kind in India.

Hutchmed shares lost 16.4% to 205p after the drugmaker said the US FDA had rejected its surufatinib for the treatment of pancreatic neuroendocrine tumours. 

Oilex shares fell 2.5% to 0.19p after the company signed a letter of intent with US oilfield services giant Schlumberger NV for the supply by Schlumberger of hydraulic fracturing services, coiled tubing and nitrogen services and perforation services for the planned re-frac of the Cambay C-77H well in July.

Price Target

Auction Technology Group shares jumped 5.7% to 929p after JPMorgan raised Auction Tech ‘overweight’ from ‘neutral’ and increased its price target to 1,150p from 1,041p.

Currys shares rose 0.16% to 93.5p despite RBC cutting its price target from 105p to 95p.

Wetherspoon shares gained 0.2% to 737p after Deutsche Bank initiated JD Wetherspoon with a ‘buy’ rating and a price target of 875p.

Mitchells & Butlers’ shares dropped 0.26% to 227p despite Deutsche Bank initiating Mitchells & Butlers with a ‘buy’ rating and a price target of 270p.

Spectris shares were trading down 0.03% to 2,949p after Barclays cut its price target from 3,980p to 3,650p.

Rotork shares fell 1.4% to 288p after Barclays and SocGen cut the group’s price target to 345p and 315p respectively.

Hill & Smith shares dropped 0.6% to 1,376p after HSBC cut Hill & Smith’s price target to 1,600p from 2,010p.

Lancashire Holdings’ shares gained 0.8% to 427p following Jefferies’ move to raise the group’s price target from 500p to 550p.

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