Petropavlovsk (POG) shares jump 46.28% to 2.673p as the stock sees light relief

Last Monday, shares in the Russian gold miner fell 24.15% to 7.197p after Western nations ramped up sanctions. On Tuesday, it shed a further 30% in value. Since then, the stock has continued to plummet, trading 40.70% lower at 2.94p. Today, the stock sees some light relief.

Shares in the miner have plummeted as Russia-focused metals and mining stocks have taken a great hit as Western nations ramp up sanctions against Russia amid its invasion of Ukraine.

Ovoca Bio (OVB) shares jump 31.58% to 12.5p as it says subsidiary is clear from sanctions

The women’s health-focused firm said its Russian-based subsidiary, IVIX LLC, will not be facing any western sanctions imposed on Russia because the group is not state-funded.

Ovoca also reiterated to investors that none of its board members, nor any of its substantial shareholders, is on the list for any potential sanctions. The company further highlighted that most of its US$9.5 million cash position is also held within UK, Irish and Australian banks.

600 Group (SIXH) shares jump 19.57% to 13.75p as it agrees to sell division for $21m

Today, the 600 Group has entered into a conditional sale and purchase agreement to sell a number of businesses that comprise its Machine Tool Solutions Division for $21m (£15.9m).

The $21m is expected to provide it with the resources to pay down existing debts and support investment in growth strategies focused on industrial laser systems. The disposal also represents a complete shift of its strategy towards its industrial laser systems business.

Synairgen (SNG) shares rise 21.31% to 27.48p as it temporarily pauses activities

Last week, Synarigen was asked by the US National Institutes of Health to “temporarily pause activities” as it prepares clinical supplies for a phase III clinical trial of its lead asset, SNG001.

This is because there is a need to modify the study design in “light of the emergence of the Omicron variant” and “until the timeline for the activation of this agent in the trial is clarified.”

Synairgen said SNG001 has shown “potent antiviral activity” against Delta and Omicron virus variants in lab tests. The news follows a statement released a week prior in which it stated that its treatment for Covid had failed to meet its primary and secondary goals in a recent trial.