Baillie Gifford US Growth Trust (USA) sees light relief with shares ticking up 9.75% to 312p
Shares in the technology-orientated fund saw some light relief today with the stock rising back up to 312p following the recent heavy selling of technology stocks from concerned investors.
Several technology-based stocks have seen a recent slump after investors decided to trade in growing technology companies in favour of those set to profit as the economy recovers.
Despite the fund generating a 110% return last year, shares in the trust have shed around 23% in value since mid-February as rising interest rates continue to ward off investors.
“Tech stocks are far from having corrected fully (after) their sharp rise, as is the case of Tesla, ... as higher long-term interest rates compete with the dividend sometimes paid by such stocks,” commented Sebastien Galy, Senior Macro Strategist at Nordea Asset Management.
Mineral and Financial Investments (MAFL) shares jump 22.22% to 11p
Last week, the company informed investors that there had been a 44% uplift to the measured and indicated (M&I) resources, funded by Ascendant Resources Inc, for the copper rich South Zone at its Lagoa Salgada project located on the Iberian Pyrite Belt ("IPB") in Portugal.
The new Mineral Resource Estimate, which has resulted in a “significant upgrade and expansion” of the resources at the South Zone at the Lagoa Salgada Volcanogenic Massive Sulphide ("VMS") Project, now stands at 4.4Mt at 1.51% copper equivalent. Meanwhile, the Group said inferred resources also increased by 21% to 7.7 Mt at 1.41% copper equivalent.
“The updated Mineral Resource Estimate and the large increase in resulting tonnage at consistent grades, highlights how it is possible to add material volume to the overall size of the South Zone Resource,” commented Jacques Vaillancourt, President & CEO of M&FI.
Vaillancourt highlighted to investors: “There is justified cause for high optimism that Lagoa Salgada can be grown quickly and efficiently to a size of economic significance to M&FI.”
UniVision Engineering (UVEL) shares more than double since Chairman sells stake, up 21.21% to 2p
Shares in the Hong Kong based group have nearly doubled since its Chairman, Stephen Koo, agreed to sell an around 52.4% stake in the Group at a price of c.£8.2m, equivalent to a price of around 4.1p per Ordinary Share in UniVision to Singapore IT investment group SinoCloud.
Following the sale, Koo will retain around 20.5% in UniVision. Should the transaction prove successful, the group will receive HK$10m from SinoCloud within three months of completion.
The Company has also reminded shareholders that the UK Takeover Code does not apply to UniVision and, should the Proposed Transaction complete as envisaged, SinoCloud will own 52.4% of the issued share capital of UniVision. In addition, SinoCloud has indicated that it has no current intention to make a general offer for all of the share capital in the Company.
Westmount Energy (WTE) shares were up 17.24% to 13.6p with drilling to kick-start tomorrow
Shares in the company jumped after it informed investors that it expects drilling for the next well at the Jabillo-1 wellsite on the Canje block, offshore Guyana, to commence tomorrow.
Jabillo-1 is the second of 3 exploration wells scheduled for drilling the Canje block in 2021. Previously published information indicates that Jabillo-1 is a circa 1,000 MMbbl oil prospect targeting a Late Cretaceous, Liza-age equivalent, basin floor fan, the company highlighted.
Westmount holds an indirect interest in the Canje Block as a result of its c.7.7% interest in the issued share capital of JHI Associates Inc. ("JHI"). Following a 2018 farm-out to Total, JHI is carried for the drilling of the Jabillo-1 well and is funded for the drilling of additional wells.
TP ICAP (TCAP) shares fell 6.84% to 244.5p despite hailing a 'robust' performance for FY20
Shares in the UK-based business focused on the electronic financial market fell today. For the year ended 31 December 2020, group revenue was down 2.2% to £1.79bn from £1.83bn in 2019. It said subdued trading volumes in the 4Q20 was largely responsible for the drop.
However, while revenue came in marginally below its FY20 guidance, TCAP said it had delivered an overall “robust” performance” despite the difficult macroeconomic backdrop. The company reported pretax profit at £129m, a 39% increase from £93m recorded in 2019.
TP ICAP declared a 2p per share final 2020 dividend, resulting in a 6p payout for the full-year. It noted that the full-year dividend is a one-off 50% reduction to help pay for the acquisition of New York-based electronic trading network Liquidnet which was approved in February 2021.