Hammerson (HMSO) shares ticked up 16.06% to 42.72p despite posting £1.7bn loss
Shares in the European property firm have increased by over 66% in value since the start of the month despite posting a pre-tax loss of £1.7bn for the year ended 31 December 2020.
However, shares rallied following reports that the company is seeking to convert a former flagship Debenhams in Leicester into housing. Hammerson said it has submitted plans to redevelop the former store at its Highcross shopping centre into 300 residential units.
The group told investors that all of these units will be available for rent. Following the news, Hammerson said it has now submitted the application in conjunction with Packaged Living.
Mark Bourgeois, MD of Hammerson’s UK and Ireland division said, "Since opening its doors in 2008, Highcross has firmly established itself as an integral part of Leicester’s city core.
"While the structural shift in retail and changing consumer shopping habits have meant that destinations such as Highcross need to adapt their offer and mix of uses, well-connected city centre locations such as this will always be places where people want to be.”
Kodal Minerals (KOD) shares rose 37.50% to 0.138p as the price of lithium soars
Shares in the mineral exploration and development company jumped as high as 70% during Tuesday trading despite the company not making any significant news announcements.
The Company, which is focused on developing its Bougouni Lithium Project in West Africa, is currently awaiting the granting of the Mining Licence application for the flagship asset.
The group said it maintains regular communications with the Mali Transition Government and that it soon hopes to work alongside the Government to develop a new lithium mine. The Bougouni Lithium Project has significant lithium resources, as confirmed by a JORC Mineral Resource data.
Meanwhile, according to a report by Benchmark Mineral Intelligence, lithium prices continue to rise vastly in China as a result of heavy demand for lithium iron phosphate (LFP) batteries.
Benchmark’s battery grade lithium carbonate midpoint price for mid-March shows lithium up 88% since the start of the year to over $12,600 a tonne, the highest level since March 2019.
Europa Metals (EUZ) shares jumped 25.00% to 15p while it continues drilling at Toral
Shares in the European focused lead-zinc and silver developer have increased by nearly 10% in value since the group announced back in January that it had started drilling at its wholly owned, Toral lead, zinc and silver project in the Castilla y León region in north-west Spain.
The campaign forms part of a Pre-Feasibility Study initiated at Toral. The initial phase will focus on refining the planned design and economics for the early years of the project, which have become ‘an attractive feature’ of the preliminary economic study as “a result of a comparatively low level of capex, early mining and break even within four years."
The company informed investors back in January that it will announce material work/progress on the achievement of milestones and findings on a timely basis, as appropriate, and that it looks forward to updating shareholders on other workstreams during the course of 2021.
Europa also recently announced that it had hired senior banker Adam Habib as a corporate development adviser as it seeks to advance to the next stage in its development.
Aura Energy (AURA) shares rose 18.75% to 0.475p as it expects to set out resolutions
The Australian based minerals company released a statement on Tuesday morning stating that it is currently working with its auditors to complete the December 2020 half year report.
It said ‘several resolutions will be considered by shareholders to settle previous issues and set up a solid foundation for resuming operating activities’ in its AGM which is scheduled for tomorrow.
Petrofac (PFC) shares fell 9.05% to 99.45p after UAE bans the group from new work
Shares in the oil and gas facilities services provider fell on Monday after the group was notified that it has been suspended from competing for new contracts in the United Arab Emirates after a former Petrofac executive pleaded guilty to bribery over past work in the country.
The additional pleas were reported from the former employee under the Bribery Act 2010 in relation to historic contract awards in the United Arab Emirates in 2013 and 2014.
The news marks a blow for the company with UAE having represented its largest market for new work with the area accounting for $14bn or 31% of its bidding pipeline.
Petrofac said it will continue to execute two EPC projects for Abu Dhabi National Oil Company (ADNOC) currently under construction. ADNOC said it recognises the long-standing nature of the pair’s relationship and has confirmed that its decision will be reviewed on a periodic basis.