Cineworld (CINE) shares see light relief, ticking up 9.56% to 62.75p
This morning, the Times reported that leisure and travel stocks had enjoyed a relief rally.
On Thursday, Cineworld’s share price fell as low as 56p, its cheapest for five months. The fall follows rising scepticism that UK cinemas will return to full capacity from 19 July 2021.
Entertainment stocks, particularly cinemas, are also feeling the pressure as subscriber numbers for online streaming platforms such as Netflix, Disney and Amazon increase.
According to Bloomberg, cinema stocks have failed to receive the boost it needed after Walt Disney Co.’s new movie “Black Widow” was almost as popular online as it was at the cinema.
‘As a result, the largest cinema chains fell. AMC Entertainment declined 7.8% last Monday, its sixth drop in seven trading days, despite announcing it had a pandemic attendance record.’
“The film may inform other studios that want to test a quicker release to streaming, especially as the pandemic continues to trouble parts of the world’ the publication wrote on Sunday.
Agriterra (AGTA) shares soared 23.74% to 5.46p as subsidiary secures $6.1m refinancing
The African agricultural firm said on Thursday that its subsidiary, “DECA", had secured $6.1m in refinancing which will enable it to secure the purchase of up to 39,000 tonnes of raw maize.
The Company explained how the financed maize will then be processed and sold by DECA from its facilities in Chimoio, Mozambique into the local wholesale, retail and NGO markets.
Caroline Havers, Executive Chairman of the Group, said the refinancing and extension of the facility should enable the company to benefit from “a strengthened purchasing position” and set up the Group’s maize operations for a successful trading, processing and sales season.
Pantheon Resources (PANR) shares jumped 14.23% to 59.25p as it upgrades resource
After completing its internal analysis of the SMD-B sequence encountered in the Talitha #A well, the firm has projected a 50% plus upgrade in the resource at one of the well’s sections.
“Today's resource upgrade is significant in that it is both (a) materially larger in size, and (b) management believes it meets the higher resource classification of 'Contingent Resource', than the previous 'Prospective Resource',” the Company highlighted to shareholders today.
It noted, ‘Today's news is another important step, with the SMD resource upgrade following the 1.4bn barrel resource estimate on the Theta West/Basin Floor Fan earlier this year.
The analysis to date is very encouraging, as is the strong oil price outlook which has resulted in greater interest in the sector from corporates, investors and industry players alike."
Zoltav Resources (ZOL) shares rose 10.71% to 45.5p after slashing its losses by 69%
Shares in the London-listed resource firm have increased by over 55% since the end of June.
In its recent final results for the year to 31 December 2020, the Russia-focused oil and gas exploration and production firm noted that it had slashed its losses over the period by 69%.
Revenues grew 2% to RUB 1.24bn (FY19: RUB 1.22bn) while the Group’s operating loss decreased by 69%, compared to its FY19 results which were affected by impairment charges.
The Group said it continued to progress the drilling programme at the West Borovoy field during 2020 while the group also completed a feasibility study on the East Bortovoy fields.
Trustpilot Group (TRST) shares fall 3.61% to 363.5p despite revenue growing 31%
In a recent 1H21 trading update, Trustpilot said it expects to report total revenue of $62m - that’s about 31% growth over the prior-year period, or c.+22% at constant currency.
The Company said it expects to report 1H21 annual recurring revenue (ARR) of $134m, compared to $99m in the prior year, representing about 27% constant currency growth.
After feeling the effects of the COVID-19 pandemic in 1H20, Trustpilot said the subsequent re-acceleration in its business has continued into 1H21, as anticipated, which has resulting in bookings growth of c.+37% over the prior-year period, or c.+28% at constant currency.
As a result, the Company told investors on Monday that it reiterates its guidance for high-teens constant-currency revenue growth for FY21, in line with FY20 bookings growth.