cloudBuy, Begbies Traynor and SDX Energy

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“Blue-chips opened in negative territory following the Easter break with investors in a cautious mood against a backdrop of increased geopolitical tensions,” says AJ Bell Investment Director Russ Mould.

“Online marketplace developer cloudBuy was a double-digit riser in early trading as it looked forward to better times ahead. The outlook for the business remains challenging but cost cutting initiatives and a sharper focus on realistic revenue growth has put it in an improved position for both this year and next. The marketplace for the Federation of Small Businesses was launched to its members this year and the take-up has been encouraging. One thousand FSB members have already registered and trading is expected to start in early summer. cloudBuy’s shares were up by more than 11.1% in early trading.

“Insolvency firm Begbies Traynor has warned that Britain's supply chain firms are starting to feel the pinch, with more companies showing increased signs of stress in the first quarter. The group’s latest research does not reflect the recent increase in the National Living Wage which came into effect on 1 April and will add even more pressure to the margins in these key sectors.

SDX Energy’s shares jumped after drilling on the SD-1X well at its South Disouq concession in Egypt’s Nile delta reached its first target depth. The well has been drilled to a total depth of 7,777ft and encountered conventional natural gas bearing horizons at its first target depth. SDX will now continue drilling to deeper sections, targeting oil. SDX Energy’s shares were up by more than 12.3%.”

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