Cineworld (CINE) shares ticked up 3.63% to 106.63p as it nears re-opening of cinema sites
Shares in the cinema group have increased by over 60% in value since the start of 2021. Today, shares continued to see light relief following the group’s previous announcement that it is to re-open its cinemas across most markets over the next few months.
Last week, the company informed investors that it had received a further $213m in addition to US tax refund of US$200m in order to see the company through the re-opening period.
The impact of the coronavirus pandemic has been reflected through the group’s recent final results in which it posted losses of over $3bn while revenues tumbled to $852m.
Looking forward, however, the group has described its outlook as 'more positive', with restrictions expected to ease in light of the vaccination programmes underway across its territories.
“We believe that we can return to previous performance levels should the situation normalise, given that consumer demand remains strong - our guests want to go out and socialise, and we are confident they will do so as soon as they are permitted,” the group told investors.
88 Energy (88E) shares rose 32.86% to 2.325p as drilling data shows hydrocarbon potential
The Alaskan-focused explorer said recently acquired data from drilling at the group’s Merlin-1 well in Northern Alaska has highlighted the potential of hydrocarbon-bearing zones at the site.
The company which told investors that it discovered the potential hydrocarbon-bearing zones while drilling at Merlin-1, which forms part of Project Peregrine, which holds nearly 200,000 contiguous acres on the North Slope of Alaska and where drilling started earlier this month.
Last week, the group told investors that Merlin-1 was successfully drilled to a depth of 1512ft. Today, 88E said drilling data from the Nanushuk Formation has encountered around 600 ft low to prognosis and is interpreted to be around 500 ft thicker than that encountered in the wells drilled into the Willow Oil Field to the north of the Project’s acreage.
Commenting on the hydrocarbon potential, Managing Director, Dave Wall, said, "Whilst there is still work to do to confirm a discovery, the results to date are encouraging and we look forward to providing an additional update on the wireline program in 7 to 10 days."
Today’s results from recent drilling are considered ‘encouraging’ and 88E’s wireline program will now be run over the next week to determine the presence of mobile hydrocarbons.
Proteome Sciences (PRM) shares rose 27.06% 4.81p as the group expects higher profits
In a trading update, and about its upcoming full year results, Proteome said on Friday that it expects to report profit after tax materially higher than previously announced on 25 January.
The firm, which operates as a specialist provider of contract proteomics services to enable drug discovery, development and biomarker identification, said this is primarily due to higher-than-expected royalty receipts from Thermo Scientific for the last quarter of 2020.
The group’s annual results, which are still subject to finalisation of the audit and approval by the Board, are expected to be released on Thursday, 1 April 2021.
Aura Energy (AURA) shares jumped 24.00% to 7.75p following return to AIM
Shares in the minerals firm soared again today after the group was restored to trading on the AIM market on Friday following a temporary suspension which had followed a suspension of its shares in Sydney. Aura’s 1,233.33% rise reflected the firm’s 13-into-1 share consolidation.
John Wood Group (WG.) shares fell 4.56% to 276.6p after swinging to a loss
Shares in the British multinational engineering and consulting business have shed over 10% in value in the past two weeks after the firm told investors that it had swung to a loss for 2020.
In its FY20 results, the group reported revenue of $7.56bn, down 24% from $9.89bn in 2019. Meanwhile, the group swung to a pretax loss of $148.6m from a previous profit of $148.7m.
The company noted to investors that the global engineering and consultancy market had faced "unique and unparalleled challenges" from COVID-19 and oil price volatility in 2020.
“Despite improving commodity pricing we have seen delays to larger conventional energy awards and deferral of investment decisions in process & chemicals being partly offset by strength in the built environment and robustness in renewables,” the group told investors.