Sector movers: Greenland drilling lifts Angus & Ross
Mining stocks are in demand this morning, particularly Lonmin and Vedanta, which are higher on vague bid talk. Vedanta has recently been the subject of intense speculation that a bid from China is looming and this has helped push its share price up 10% over the last week.
Explorer and miner Angus & Ross is also on the rise as news of another successful drilling season in Greenland overshadowed a widening of interim losses.
The group said new drilling has shown the overall grade of mineralisation in South Lakes Glacier is higher than before with zinc metal up 66% and contained lead up 114%.
"The significant increase in the metal contained figure is particularly encouraging and with further definition drilling, could go still higher," said chairman Robin Andrews.
For the half-year, pre-tax losses increased to £2.4m from £1.9m previously due to active exploration programmes being carried out in both Greenland and Brazil.
Kiosk companies such as Photo Me and Sinclair Interactive have been having a tough time of it this year and this morning Felix Group joined the list of unfortunates, as it shed three quarters of its market value following a bleak trading update.
The company has been running a trial of kiosk placements in High Street chain stores and also beefing up the product offerings in its Max Boxes, but the results of these efforts have been lacklustre enough to spark a detailed management review of the viability of the company's business model.
Elsewhere in the media sector, Parallel Media Group gives up the gains it made yesterday when it confirmed it had raised £100,000 through a placing of 10m shares.
Top performing sectors so far today
Industrial Metals 6,829.50 +3.09%
(Article continues below)Advertisement
Mining 24,744.10 +2.26%
Life Insurance 5,429.30 +1.90%
Banks 9,049.20 +1.78%
Automobiles & Parts 4,935.30 +1.71%
Bottom performing sectors so far today
Electricity 7,905.20 -0.78%
Media 3,848.50 -0.64%
Oil Equipment Services & Distribution 14,293.50 -0.59%
Beverages 7,190.50 -0.56%
General Retailers 2,000.00 -0.51%
