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“Blue-chips opened lower following falls on Wall Street and in Asia, with investors looking ahead to a raft of UK and EU data throughout the day. In the UK, the market will be looking to UK current account, GDP and services data, while in Europe it will be inflation data in focus,” says AJ Bell Investment Director Russ Mould.
“Fox Marble’s shares fell after it reduced the expected order book value for this year following problems at its agent, the Pisani group, where one of its companies has gone into administration. Fox Marble has removed all consignment stock and stock for which payment has not yet been received from Pisani storage. Fox Marble is currently in talks over potential new offtake, distribution and sales agreements with customers in the UK, Europe, the US and Asia, which, if concluded, will have a positive impact on revenues. Fox Marble’s shares were down by over 5.5%.
“Shanta Gold was an early faller following the publication of draft legislation in Tanzania that proposes changes to the legal framework governing the natural resources sector. The proposals will be debated in an extended parliamentary session but a new Finance Act has already been approved which imposes a 1% clearing fee on the value of all minerals exported from the country. Shanta is seeking advice about the impact of the proposed changes while the new clearing fee takes effect from tomorrow. Shanta Gold’s shares were down by more than 2.3%.
“Low-cost African airline fastjet edged higher in early trading following steady progress on its stabilisation plans. These have included a re-fleeting process, relocation of its headquarters from London to Johannesburg and a right-sizing of its operations in Zimbabwe and Tanzania. The group has also bought the intellectual property rights to the brand from easyJet founder Sir Stelios Haji-Ioannou, who established fastjet in 2012. fastjet is paying $2.5m for the IP which is less than it would have had to pay for the licence over the next five years. fastjet’s shares were up by more than 1.5%.”
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