Investment to improve drug development boosts Sareum Holdings share price

Liam Roche
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Investment to improve drug development boosts Sareum Holdings share price

Sareum Holdings share price

The Sareum Holdings share price jumped by 10.29% on Monday, at the time of writing, after the company confirmed it raised £1m courtesy of a high-net-worth individual to move forward its drug development programmes.

The drug discovery and development company has been on an excellent run as of late, just recently announcing positive results from its government-funded Covid-19 research project, As a result, interest from investors in the AIM-listed company has risen, as has the Sareum Holdings share price. Over the past six months, the Sareum Holdings share price is up by 242.73%.

£1m Investment

The investor subscribed to 14.3m shares at 7p per share, a 4.5% premium on last week’s close, Sareum Holdings revealed.

The drugs company said the money will be used to improve its SDC-1801 and SDC-1802 programmes, which Sareum is developing as therapies for autoimmune diseases.

Dr Tim Mitchell, CEO of Sareum Holdings plc, commented: “We are delighted that our proprietary TYK2/JAK1 development programmes are attracting such interest and new investment. With this new subscription, the total funds raised from recent subscriptions and warrant exercises is over £3.5 million.”

“These new funds will allow us both to advance SDC-1801 into clinical development in autoimmune diseases, including the immune overreaction to Covid-19 and other viral infections, and to progress the preclinical development of our second TYK2/JAK1 inhibitor SDC-1802 against cancers.”

Risks

As ever is it risky to invest in drug development programmes and companies. While some drugs make it through all the stages, many do not make it. Complications can also occur with timing, with delays being commonplace.

Having said that, the investment received is exciting for the company, along with recent news, and investors are clearly galvanised. This has been reflected in the recent upturn of the Sareum Holdings share price.

Sumo share price jumps as Tencent says it is buying UK video game developer

Liam Roche
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Sumo share price jumps as Tencent says it is buying UK video game developer

Sumo Share Price

The Sumo share price (LON:SUMO) is soaring on Monday as news emerged that Tencent, the Chinese gaming giant, is set to takeover the British video game developer. The Sumo Group share price is up by 38.13% on Monday and now stands at 494.50p per share. It is a continuation of a strong performance throughout the past 12 months for the growth stock, which is up by 172% over the time period.

Tencent Takeover

Tencent confirmed on Monday that it has agreed to acquire Sumo, the AIM-listed company, for £919m. The Chinese company tabled a 513p per share offer for Sumo, a 43% premium to the firm’s closing price on Friday.

The acquisition is an addition to Tencent’s present 8.75% holding in Sumo. Tencent is the largest gaming company in the world and already owns stakes in Rot Games and Epic Games.

“Chinese deals may imply a higher regulatory risk, but we see no likely resistance or counterbid,” analysts at Jefferies Financial Grou said in a note on Monday, as reported by Bloomberg.

“Tencent intends to bring its expertise and resources to accelerate the growth of Sumo both in the U.K. and abroad, supporting Sumo in the market for top-tier creative talent, and the U.K. as a hub for game innovation,” said James Mitchell, chief strategy officer at Tencent.

“We believe the proposed transaction benefits all stakeholders, and delivers compelling value for Sumo shareholders, while enhancing Sumo’s capabilities for the future.”

OPEC+ reaches agreement over deal to increase oil supply

Liam Roche
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OPEC+ reaches agreement over deal to increase oil supply

Brent crude oil is down by 2.26% to $71.64 per barrel

OPEC and its allies have reached an agreement to increase oil supply in an effort to keep soaring crude oil prices under control.

The group will now pump an additional 400,000 barrels per day each month during August, increasing output by 2m barrels per day by the end of 2021.

The monthly increases will rise next year, as OPEC+ confirmed it has extended the deal from April next year to December 2022.

During the pandemic, OPEC and its allies slashed production by 10m barrels a day as the downturn saw a collapse in demand for oil and prices.

However, as economies are reopening, the price of oil is surging again, which is leading to inflationary pressures and brining the recovery of the world economy into doubt.

Brent crude oil is down by 2.26% to $71.64 per barrel, while West Texas Intermediate also slipped by 2.24% to $69.85.

Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said the deal proves that the group is able to strike agreements and gives more certainty over the future.

“This agreement should give market participants comfort that the group is not headed for a messy break-up and will not be opening up the production floodgates any time soon,” Helima Croft at RBC Capital Markets told The Times.

UK house prices rise again as homebuyers seek outdoor space

Liam Roche
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UK house prices rise again as homebuyers seek outdoor space

The average price of a UK home now stands at more than £338,000

The average price of UK homes coming to the market increased by 0.7% between the middle of June and early July, compared to the month before.

It is the biggest rise in UK house prices for the time of year since 2007, despite the stamp duty holiday being scaled back, according to data from Rightmove.

The average price of a UK home now stands at more than £338,000, an increase of more than £21,000 over the past six months.

The price surge has come about thanks to a number of factors. First, people are demanding larger properties with outdoor space as they are spending more and more time at home. There is also a narrowing of supply on properties following an extended hot-run thanks in part to the government’s stamp duty holiday.

While the housing boom has supported the UK economy during a downturn, it has also exacerbated wealth inequality between those who own homes and those who don’t.

Properties with four bedrooms and above are seeing the biggest imbalance in supply and demand, while homes with two bedrooms and fewer had an unchanged number of new sellers.

John Eastgate, Managing Director of Property Finance at Shawbrook Bank, commented: “The exceptional times in which we find ourselves makes any analysis of short term movements in house prices more than challenging. Extreme demand, extreme stimulus and a dearth of supply have created a unique scenario.”

“But if we look longer term, history shows us that the housing market has a long-term pattern of strength and resilience. While the ending of lockdown and the Stamp Duty Holiday will naturally lead to a slowdown in activity levels, a supply/demand imbalance and continued commitment to move from buyers will help to ride out any significant drop-off in activity.”

Freedom Day gives no cause for celebration for the FTSE 100

Liam Roche
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Freedom Day gives no cause for celebration for the FTSE 100

Freedom Day, 19 July, is finally here, but the UK stock market is not in a celebratory mood. The FTSE 100 is down by 1.94% during the morning session 6,872.38, well below the 7,000 mark it worked so hard to get above earlier this year.

“There is no ticker tape parade, cheers from the rooftops or people dancing in the streets as Freedom Day finally comes,” says Russ Mould, investment director at AJ Bell.

“Many of the stocks leading the UK stock market downwards are related to travel and leisure, suggesting that investors are extremely worried that we’ve lifted restrictions too soon and that another lockdown could be a month or two round the corner,” Mould added.

Covid is on the rise again and air travel firms, restaurants and other leisure companies may not get the positive summer period they have been crossing their fingers for. “The fact Cineworld is down 8%, Carnival falling 7% and Restaurant Group 4% implies that investors think the reopening trade is now a dud,” said Mould.

While many have been vaccinated, they are also finding out that the jab does not make them invincible, as cases begin to rise, or people are getting told to go into isolation.

“Pictures from UK airports would suggest some increase in flying but certainly nowhere near the levels one might have expected a few months ago. Then, everyone was talking about their big plans to celebrate once Freedom Day came around, and now it’s proved to be a damp squib.”

“The big concern for the market is whether we going to see a slowdown in the global economic recovery, and this could be the overriding force which results in a bad period for equities in the weeks ahead.”

FTSE 100 Top Movers

It’s never good news when only a handful for of companies are in the green. Today, on a dismal day for the FTSE 100, 3i Group, up 0.19%, is the only riser.

At the bottom end of the index out of the other 99 companies, Rolls-Royce (-4.25%), St James’s Place (-3.97%) and Glencore (-3.75%) are the top fallers on the FTSE 100.

Edison Group confirms senior appointments to drive technology and ESG expansion

Liam Roche
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Edison Group confirms senior appointments to drive technology and ESG expansion

Edison Group continues its expansion following a successful year

Edison Group, the international research and investor relations consultancy, confirmed on Monday that it has hired Paul Miller as CTO and Kelly Perry as head of ESG Client Services.

Paul Miller specialises in technology solutions, data management, e-commerce, and business process improvements, as well as founding a selling a number of companies. Miller has also consulted for and advised various companies undergoing technology transformations.

Miller’s role will involve overseeing the technology side of the company as it undergoes its own digital transformation, Edison said in a statement today.

Paul Miller, CTO, Edison Group, commented: “In today’s market, technology is at the cornerstone of any business. For a company like Edison, it is critical to ensure clients, readers, and other stakeholders are able to access the valuable market information they need in a timely manner, all the while making all the internal processes as efficient and smooth as possible.”

Kelly Perry joined Edison from the London Stock Exchange, where she focused on privates markets fundraising, in addition to being a member of WIN (Women inspired Network).

Before her time at the London Stock Exchange, Perry worked at Cowen and Company, leading Corporate Access across the US and Europe. She is also actively engaged with the CFA Institute ‘ESG Investing’ programme.

The appointment of Kelly Perry to head of ESG Client Services falls closely with Edison Group’s continued expansion and focus on its ESG offering.

In her role, Kelly will lead the firm’s efforts to commercialise ESG solutions and integrate them across existing Research and Investor Relations, Edison said in a statement on Monday.

Kelly Perry, Head of ESG Client Services, Edison Group said: “ESG is the fastest growing area of Capital Markets, with ESG funds on track to hold more assets under management than their non-ESG counterparts by 2025. Rapidly becoming one of the most important factors for companies when engaging with investors.”

“As scrutiny around ESG shows no sign of slowing, financial market participants will continue to hold sustainability at the centre of their decision making,” Perry added.

Morrisons testing new concept of store with no tills

Liam Roche
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Morrisons testing new concept of store with no tills

The Morrisons store is portable and can be transported to other locations

Morrisons (LON:MRW), the British supermarket chain, has opened a shop without tills, where customers can pick up their shopping and walk out with no assistance.

The store is a test of a new concept being developed by the supermarket, based close by to its head office in Bradford. The company has plans to open additional stores across the UK in due course.

Shoppers are able to go into the store once they have scanned their key on a special Morrisons app.

Digital cameras then track shoppers, identifying which items they put into their bags, and then charge their account accordingly.

As of now, the shop is a mini-version of a Morrisons store and is portable, meaning it can be transported to another location in a large vehicle.

This feature is especially useful as it means the stores can be set-up quickly and disassembled in not easily accessible areas, including university campuses or train stations.

It has been reported that a trial a version of the store that is available to the public will appear before the end of the year.

Amazon, earlier this year has opened a till-less grocery store in London, its first “just walk out” shop outside of America.

Morrisons remains in the middle of a takeover attempt as there is competition among leading private equity companies to acquire the supermarket.

The business consists of just under 500 stores and over 110,000 employees across the UK.

Shanta Gold cuts output guidance for 2021

Liam Roche
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0
Shanta Gold cuts output guidance for 2021

Shanta Gold says it remains on track to become a mid-tier gold producer in Africa

Shanta Gold (AIM:SHG), the East Africa-focused gold producer, announced its production and operational results for the quarter ended 30 June 2021 on Monday.

The update is regarding its East African assets, including New Luika Gold Mine (NLGM) and Singida Project in Tanzania and West Kenya Project in Kenya.

Shanta Gold cut its production guidance for the current year due to lower output in Q2 and a revised operating plan.

However, it also said it remains on track to become a mid-tier gold producer in Africa.

The company’s gold production of 14,201 ounces, down from 14,641 ounces in Q1, was restricted by lower than anticipated grades from underground mining.

Its annual production guidance for 2021 has been revised to 60,000–65,000 ounces at AISC of $1,325–$1,375 per ounce.

In better news Shanta Gold completed the installation and ramp-up of it third mill at New Luika resulting in throughput of 2,450 tonnes per day being achieved by the end of the period, higher than anticipated.

On Monday the AIM-listed company also released a new five-year plan for its gold assets in Tanzania, including a reserves and resources update for NLGM.

Eric Zurrin, Chief Executive Officer, commented: “We’ve had some real exploration success at Shanta Gold during 2021 leading to the positive five-year outlook that we’ve outlined this morning transforming us to a 110,000+ ounces gold producer by 2023. We’re proud and excited about this growth in our business and look forward to taking our investors on the journey with us over the next few years.”

“Whilst we are looking forward to the future, we are disappointed that we will be reducing this year’s production guidance to 60,000 – 65,000 oz. Whilst this is partly due to a deferral of ounces to 2022 onwards, it is not the outcome we hoped for this year. Our softer production for Q2 has also meant that our revenues have been slightly reduced for the quarter but we are pleased to confirm that we have received US$4.2 million in VAT offsets as we work with the Tanzanian government to clear the outstanding balance.”

New premium listing: Seraphine

Andrew Hore
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0
New premium listing: Seraphine

Although maternity wear supplier Seraphine Group operates its own shops, it is predominantly an online business. This is an international business covering more than 120 countries. Europe accounts for two-fifths of sales, the majority in the UK, and North America more than one-quarter.  
Management believes that growth can continue to be rapid. Medium-term online percentage growth rates are expected to be in mid-twenties, which is lower than previously but still impressive.
Seraphine plans to pay a dividend of between 20% and 40% of adjusted post-tax profit. There will be a final dividend...

New AIM admission: Orcadian Energy

Andrew Hore
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0
New AIM admission: Orcadian Energy

Orcadian Energy has a highly experienced management team that has worked at BP and LASMO among others, and they intend to build the company into a major viscous oil producer.
The cash raised in the placing will help Orcadian to secure a farm-out or find some other way of financing the Pilot field. There are also plans to acquire seismic data. A field development plan is required.
The shares started trading at 42.5p and ended the first week at 41.5p. On the first two days there were 810,540 shares traded.
Development is still at an early stage and much more cash will be required to commercialis...

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