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Welcome to taking stock on...on Thursday 6th July 2023
It's a look at today's top business news & investment views. Including: The indices, winners & losers, most read RNS's & RNS of the Day
INDICES
WINNERS
Petro Matad - Operational Update: Block XX Land Permit
Petro Matad Limited (AIM:MATD), the AIM quoted Mongolian oil company is pleased to announce that the Cabinet of the Mongolian Government has approved the certification of the Block XX Exploitation Area, including the Heron oil discovery, as special purpose land.
i(x) Net Zero - WasteFuel Announces $10m investment from bp
i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on the Energy Transition, is pleased to announce that its portfolio company, WasteFuel Global, LLC ("WasteFuel"), has secured a $10m investment from bp, the multi-national energy company. The investment will further assist WasteFuel's plans to develop a global network of plants to convert municipal and agricultural waste into bio-methanol, a biofuel which could play a significant role in decarbonising hard-to-abate sectors like shipping.
bp's $10m investment, leading the Series B investment round, results in a a material uplift in the NAV attributable to the Company's holding in WasteFuel. Following bp's investment, the unaudited NAV of the Company's equity interest in WasteFuel is $131.69m, a 181% uplift from the last reported audited NAV ($46.91m as at 31 December 2022). Furthermore, the Company's Portfolio NAV has increased from $63.84m as at 31 December 2022 to $148.62m*.
LOSERS
Environmental approval?
Following a recent evaluation meeting, the Commission Régionale Unifiée d'Investissement ("CRUI"), the regional investment authority, was unable to approve the application, and consequently the Company has exercised its right to refer approval to the Ministerial Committee, which is chaired by the Head of Government and includes several Government ministers.
Most Read RNS
Horizonte Minerals - MINING APPROVAL RECEIVED FOR ARAGUAIA
Horizonte Minerals a nickel company developing two Tier 1 assets in Brazil, is pleased to announce that it has received its mining approval permit for its 100%-owned Araguaia Nickel Project in Brazil. The approval enables Horizonte to commence its mining activities, with initial work underway to establish ore stockpiles on the run of mine pad ahead of the commissioning phase.
Over the course of the next six months, stockpiles will be established, with sufficient ore to feed the plant for the subsequent six months. The Pequizeiro Pit, located 750 metres from the plant site, will be the primary source of ore to Araguaia, supplying the first two years of the Project's mine life and contributing over 50% of the mine production for the first ten years.
ABOUT HORIZONTE MINERALS
Horizonte Minerals plc (AIM & TSX: HZM) is developing two 100%-owned, Tier 1 projects in Pará state, Brazil, the Araguaia Nickel Project and the Vermelho Nickel-Cobalt Project. Both projects are large scale, high-grade, low-cost, have low-carbon emission intensities and are scalable. Araguaia is under construction with first metal scheduled for 1Q 2024.
RNS of the Day
Destiny Pharma - Positive findings from recent SAB meeting
Destiny Pharma recently held a meeting with its Scientific Advisory Board and a number of international experts from the UK and US focused on the XF-73 Nasal development programme.
The panel of surgeons and infectious disease experts concluded that:
· The rapid antimicrobial action of XF-73 Nasal gives greater flexibility in the scheduling of surgeries than existing offerings and provides direct value to patients and institutions.
· Antimicrobial resistance remains of global importance, with S. aureus and resistant strains such as MRSA and MupRSA of great concern clinically. XF-73 Nasal, through its unique and rapid mechanism of action, can play an important role in antibiotic stewardship by reducing the need for post-op systemic antibiotics. Additionally, XF-73 Nasal could prevent horizontal transmission of S. aureus, thus further contributing to good antibiotic stewardship.
About Destiny Pharma
Destiny Pharma is a clinical stage, innovative biotechnology company focused on the development of novel medicines that can prevent life-threatening infections. Its pipeline has novel microbiome-based biotherapeutics and XF drug clinical assets including NTCD-M3, a Phase 3 ready treatment for the prevention of C. difficile infection (CDI) recurrence which is the leading cause of hospital acquired infection in the US and also XF-73 nasal gel, which has recently completed a positive Phase 2 clinical trial targeting the prevention of post-surgical staphylococcal hospital infections including MRSA. It is also co-developing SPOR-COVTM, a novel, biotherapeutic product for the prevention of COVID-19 and other viral respiratory infections and has earlier grant funded XF drug research projects.
Most Followed Company's on Vox Market
Chart of the Day
Byotrol - Patent Grant for Novel Anti-viral Seaweed Extract
Byotrol the specialist infection prevention and control company, is pleased to report the approval today of a UK patent following its discovery of unique anti-viral properties of certain enhanced extracts of commonly available brown seaweed.
In the UK and Europe, seaweed extracts are not as yet approved as active materials for biocidal products, Byotrol's established area of expertise. So, we are now actively exploring alternative applications in very sizeable markets such as over-the-counter (OTC) products for the prophylactic treatment of viral conditions including colds, flu, coronaviruses and cold sores.
Top Business Stories
1. UK house building slumps as interest rates rise: PMI
British house building fell in June at the sharpest pace in more than 14 years, excluding two months early in the COVID-19 pandemic, as higher borrowing costs dampened demand and weighed on the broader construction sector, a survey showed on Thursday.
The S&P Global/CIPS construction Purchasing Managers' Index (PMI) dropped to a five-month low of 48.9 in June from 51.6 in May, below economists' forecast of 51.0 in a Reuters poll and the 50 level that divides growth from contraction.
2. Cutting oil and gas production would be "dangerous and irresponsible", the boss of energy giant Shell has told the BBC.
Wael Sawan insisted that the world still "desperately needs oil and gas" as moves to renewable energy were not happening fast enough to replace it.
He warned increased demand from China and a cold winter in Europe could push energy prices and bills higher again.
Mr Sawan angered climate scientists who said Shell's plan to continue current oil production until 2030 was wrong.
3. Worry for Bank of England as higher wages become 'biggest driver of price rises'
Higher wages are the "biggest driver of price rises" for two-thirds of businesses, according to the findings of a report which will do nothing to ease worries at the Bank of England that inflation is coming under control.
The British Chambers of Commerce's (BCC) economic survey of its members, covering April to June, showed that the pace of wage increases had become the biggest cost headache in the period, replacing energy bills.
4. Ten million users signed up for Meta's newly-launched Threads app in its first seven hours, the company's chief Mark Zuckerberg says.
He pitched the app as a "friendly" rival to Twitter, which was bought by Elon Musk in October.
Experts say Threads could attract Twitter users unhappy with recent changes to the platform.
Threads allows users to post up to 500 characters, and has many features similar to Twitter.
INDICES
FTSE 100
6 MONTH PERFORMANCE: 0.13%
12 MONTH HIGH: 8,014 - 19/02/2023
12 MONTH LOW: 6,826 - 12/10/2022
FTSE 250
6 MONTH PERFORMANCE: -2.6%
12 MONTH HIGH: 20,614 - 01/02/23
12 MONTH LOW: 16,611 - 12/10/2022
FTSE AIM All-Share
6 MONTH PERFORMANCE: -9.5%
12 MONTH HIGH: 934 - 15/08/2022
12 MONTH LOW: 750 - 29/06/2023
CURRENCIES / BONDS / COMMODITIES