HaloSource, Centrica and Windar Photonics

“The FTSE100 was up in early trading as sterling fell after the Conservatives lost their majority in the Commons. Prime Minister Theresa May's gamble on a snap election to give her a strong mandate for Brexit talks failed, casting a pall of uncertainty over the forthcoming negotiations,” says AJ Bell Investment Director Russ Mould.

“Clean water technology group HaloSource’s shares plummeted in early trading. The group has enough cash to last until the end of the month and its future rests on it completing a £1.9m fundraising before then. This, though, is conditional on a key cornerstone investor getting Chinese governmental approval to take part in the fundraising. This approval has not yet been granted and the investor is now going to make another application. If the fundraising fails, HaloSource will have to start insolvency proceedings and trading in its shares will be suspended with the prospect of shareholders losing all or a substantial amount of their investment. HaloSource’s shares were down by more than 45.1%.

“British Gas parent Centrica’s shares rose after it continued to streamline its exploration and production activities. Centrica is set to receive around £240m from the sale of its 60%-held Canadian E&P joint venture, CQ Energy Canada Partnership. Centrica announced in 2015 that it would focus its E&P activities solely on its European assets and earlier this month sold its gas assets in Trinidad and Tobago. Centrica’s shares were up by over 3%.

“Windar Photonics was down in early trading despite pre-tax losses narrowing to of €3.3m from €3.9m a year. Revenues rose by 26% and the group has seen further growth this year with revenue and new orders in the first four months already exceeding the total for 2016. The group’s shares were down by more than 15.8% in early trading.”

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