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Pin to quick picksZenith Energy Share News (ZEN)

Share Price Information for Zenith Energy (ZEN)

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Share Price: 1.90
Bid: 1.80
Ask: 2.00
Change: 0.00 (0.00%)
Spread: 0.20 (11.111%)
Open: 1.90
High: 1.90
Low: 1.90
Prev. Close: 1.90
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UK WINNERS & LOSERS SUMMARY: Zenith Rises On Anglo African Asset Buy

Fri, 27th Dec 2019 10:25

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.

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FTSE 100 - WINNERS

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Glencore, up 2.0%, BHP, up 1.9%, Antofagasta, up 1.6%, Rio Tinto, up 1.5%. The internationally-exposed miners were higher amid positive investor sentiment as expectations grow for the elusive "phase one" trade deal between Washington and Beijing to be finalised next month. "Optimism about trade helped the outlook for global growth and with it the demand for oil," said AxiTrader's Stephen Innes.

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Polymetal International, up 1.5%. Shares in the Russian gold miner were in the green, tracking spot gold prices higher. The precious metal was quoted at USD1,511.40 an ounce, up from USD1,489.92 on Tuesday. Midcap peers Fresnillo, Centamin and Hochschild Mining were up 3.3%, 2.1% and 3.5%, respectively.

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FTSE 100 - LOSERS

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NMC Health, down 1.5%. The UAE-focused private healthcare firm defended itself against a specific line of attack by short seller Muddy Waters. NMC said STH Consultant, the engineering consultant retained by NMC, provided written confirmation of the total built-up floor area of NMC Royal Women's Hospital in Abu Dhabi at 18,595 metres squared. It also made publicly available floor plans for the hospital approved by the Health Authority of Abu Dhabi. The statement came in response to attacks on the hospital operator by Muddy Waters Capital over its accountancy practises. Last week, Muddy Waters highlighted a USD107.4 million investment by NMC in the redevelopment of NMC Royal Women's Hospital, previously known as Brightpoint Royal Women's Hospital. "Red flags" in this investment, it said, included the cost being USD7,700 per square metre, exceeding Muddy Waters' expectation of USD3,500 to USD4,000. Since the Muddy Waters attack, NMC shares have fallen around 38%.

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OTHER MAIN MARKET AND AIM - WINNERS

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Anglo African Oil & Gas, up 7.5% and Zenith Energy up 11%. The AIM-listed oil and gas firm said it has agreed to sell an 80% stake in its wholly-owned Congo subsidiary to oil & gas producer Zenith Energy for GBP1 million. Upon completion of the transaction, Anglo African Oil & Gas will become a cash shell on AIM. Anglo African said it intends to use the proceeds from the disposal to finance its day-to-day operations and consider potential reverse takeover options. The decision to sell its Congo subsidiary comes amid Anglo African's failure to raise finance for the planned work programme on well TLP-103C-ST amid limited cash resources. Anglo African Oil & Gas said it had mulled raising equity capital in the public markets in order to secure sufficient funds, but was advised that it was "highly unlikely" to generate the support necessary to raise the required amount. The disposal requires an approval from more than 50% of Anglo African Oil & Gas shareholders. Upon completion, the company said non-executive directors Brian Moritz and Nick Butler will resign from the board.

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By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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