(Alliance News) - The following stocks are the leading risers and fallers on AIM on Thursday.
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AIM - WINNERS
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Northern Bear PLC, up 12% at 58.76 pence, 12-month range 50.5p-64p. The Newcastle Upon Tyne, England-based specialist building and support services company issues a trading update for the financial year ending March 31. Is "delighted" to announce that earnings before interest and tax "is likely to exceed market expectations" and total between GBP3.2 million and GBP3.5 million. Adds that "we are hopeful of a good end to the financial year" as the order book "remains strong". Says it has benefited from a "strong performance" in its building services division, including "continued growth" at fire protection business Isoler, attributing this to its investments in operations. Also, a "relatively mild and dry" winter has "supported trading for our roofing division, in particular". Furthermore, company announces decision to close its fit-out operation at H Peel & Sons, and integrate the business and ongoing contracts into specialist building solutions business Arcas.
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Xtract Resources PLC, up 19% at 0.60p, 12-month range 0.5p-1.1p. The Australia and Zambia-focused miner updates on exploration at Western Foreland and the Fold & Thrust Belt, and on drilling at the Silverking copper project. Says that successful reconnaissance in Zambia at Western Foreland and Fold & Thrust has triggered a phase 2 exploration programme focusing on identified anomalies and regional analogues found on all 5 licences. Says the licences "remain highly prospective" with eight stream sediment copper anomalies identified on four licenses within the Fold & Thrust Belt. Says the phase 2 programme will "commence at the end of the rainy season". Company also announces the start of a diamond drill programme at the Silverking copper mine and accompanying exploration licence in Zambia. "At this juncture the final depth of mineralisation on the main pipe is unknown and the purpose of this first hole is to determine the trending shape and depth continuity for a guide to potential future mine development which we intend to fast-track," says Executive Chair Colin Bird. "We perceive a simple high-grade open pit to be the outcome and if practical depth is exceeded, we will consider underground extension from the open pit."
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AIM - LOSERS
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Petrel Resources PLC, down 34% at 1.25p, 12-month range 0.675p-2.85p. The Iraq and Ghana-focused oil & gas explorer says it has raised GBP250,000 before expenses through a placing of 23.8 million new shares at 1.05p each. Adds that each placing share has one warrant attached, with the right to subscribe for one new ordinary share at 2p for two years. Notes that placing price represents a 45% discount to the closing price of 1.90p on Wednesday. Plans to use proceeds "for additional working capital" as it "continues to assess new projects in Iraq", noting that the security situation there "continues to improve".
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By Emma Curzon, Alliance News reporter
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Northern Bear (NTBR)
Xtract (XTR)
Petrel Resources (PET)
